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Dutch (AEX) Industrials Sector Analysis

UpdatedApr 22, 2026
DataAggregated Company Financials
Companies25
  • 7D1.5%
  • 3M-1.4%
  • 1Y-23.4%
  • YTD-11.9%

In the last week, the Industrials industry is up 1.5%, with Wolters Kluwer up 7.3%. In contrast, the industry has lost 23% in the last 12 months. Looking forward, earnings are forecast to grow by 16% annually.

Sector Valuation and Performance

Has the Dutch Industrials Sector valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 22 Apr 2026€107.1b€77.9b€3.7b18.3x29.1x1.4x
Fri, 20 Mar 2026€108.4b€77.1b€3.6b17.3x30.5x1.4x
Sun, 15 Feb 2026€113.7b€76.6b€3.6b22.8x32x1.5x
Tue, 13 Jan 2026€58.6b€71.0b€2.8b20.8x21.2x0.8x
Thu, 11 Dec 2025€54.7b€71.1b€2.8b20.1x19.7x0.8x
Sat, 08 Nov 2025€56.6b€70.8b€2.8b18.4x20.3x0.8x
Mon, 06 Oct 2025€65.1b€71.1b€2.8b20.6x22.9x0.9x
Wed, 03 Sep 2025€61.5b€70.9b€2.9b19.8x21.1x0.9x
Fri, 01 Aug 2025€71.8b€71.2b€3.0b18.6x24.3x1x
Sun, 29 Jun 2025€75.9b€71.1b€2.9b19x25.9x1.1x
Tue, 27 May 2025€80.0b€71.1b€2.9b18.5x27.3x1.1x
Thu, 24 Apr 2025€74.5b€71.0b€3.0b16.8x25.1x1x
Sat, 22 Mar 2025€75.8b€71.2b€2.9b20.4x26x1.1x
Mon, 17 Feb 2025€87.6b€70.7b€3.1b19.8x28.7x1.2x
Wed, 15 Jan 2025€81.6b€70.6b€3.4b17.8x24.3x1.2x
Fri, 13 Dec 2024€83.5b€70.6b€3.4b18.6x24.9x1.2x
Sun, 10 Nov 2024€84.1b€70.6b€3.4b18.2x25.1x1.2x
Tue, 08 Oct 2024€82.8b€70.8b€3.4b18.3x24.4x1.2x
Thu, 05 Sep 2024€82.0b€70.6b€3.3b16.2x24.6x1.2x
Sat, 03 Aug 2024€79.7b€70.5b€3.4b15x23.1x1.1x
Mon, 01 Jul 2024€81.9b€70.4b€3.4b15.9x24.4x1.2x
Wed, 29 May 2024€84.9b€70.3b€3.3b20.9x25.4x1.2x
Fri, 26 Apr 2024€80.2b€70.2b€3.3b15.6x24.5x1.1x
Sun, 24 Mar 2024€83.3b€70.6b€3.4b16x24.6x1.2x
Tue, 20 Feb 2024€79.7b€69.8b€2.2b15.3x35.9x1.1x
Thu, 18 Jan 2024€85.8b€76.8b€2.7b16.1x31.2x1.1x
Sat, 16 Dec 2023€86.7b€76.8b€2.7b16.8x31.6x1.1x
Mon, 13 Nov 2023€79.2b€76.8b€2.7b15.7x28.9x1x
Wed, 11 Oct 2023€78.0b€77.7b€2.8b20.7x28x1x
Fri, 08 Sep 2023€78.7b€77.6b€2.8b21.1x28.2x1x
Sun, 06 Aug 2023€79.6b€77.8b€2.9b19.6x27.8x1x
Tue, 04 Jul 2023€77.9b€77.2b€3.1b22.1x25.1x1x
Thu, 01 Jun 2023€75.9b€77.2b€3.1b21.2x24.5x1x
Sat, 29 Apr 2023€75.8b€75.6b€3.1b21x24.8x1x
Price to Earnings Ratio

24.8x


Total Market Cap: €75.8bTotal Earnings: €3.1bTotal Revenue: €75.6bTotal Market Cap vs Earnings and Revenue0%0%0%
Dutch Industrials Sector Price to Earnings3Y Average 25.8x202420252026
Current Industry PE
  • Investors are optimistic on the Dutch Industrials industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 29.1x which is higher than its 3-year average PE of 25.8x.
  • The 3-year average PS ratio of 1.1x is lower than the industry's current PS ratio of 1.4x.
Past Earnings Growth
  • The earnings for companies in the Industrials industry have grown 6.4% per year over the last three years, while revenues have remained mostly flat.
  • This means that companies overall are more efficiently conducting business since profits are increasing while sales have been flat.

Industry Trends

Which industries have driven the changes within the Dutch Industrials sector?

NL Market-0.96%
Industrials1.46%
Commercial Services11.11%
Professional Services7.55%
Building5.71%
Trade Distributors5.35%
Logistics0.99%
Electrical0.78%
Machinery0.30%
Aerospace & Defense0%0
Construction-1.77%
Industry PE
  • Investors are most optimistic about the Logistics industry which is trading above its 3-year average PE ratio of 22.2x.
    • Analysts are expecting annual earnings growth of 30.1%, which is higher than its past year's earnings decline of 32.2% per year.
Forecasted Growth
  • Analysts are most optimistic on the Logistics industry, expecting annual earnings growth of 30% over the next 5 years.
  • This is better than its past earnings decline of 32% per year.
  • In contrast, the Professional Services industry is expected to see its earnings grow by 7.7% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
WKL Wolters Kluwer€69.727.3%
+€1.1b		-53.6%PE12x
RAND Randstad€24.6010.7%
+€417.1m		-25.6%PE14.8x
IMCD IMCD€96.065.4%
+€288.1m		-20.2%PE26.1x
THEON Theon International€35.6610.4%
+€264.1m		35.6%PE34.8x
ARCAD Arcadis€32.445.6%
+€147.2m		-19.3%PE13.3x

Latest News

THEON
€35.66
Theon International
7D
10.4%
1Y
35.6%
WKL
€69.72
Wolters Kluwer
7D
7.3%
1Y
-53.6%

WKL: AI Expansion And Capital Returns Will Support Long Term Upside Potential

Analysts have nudged their blended price target for Wolters Kluwer lower, with recent cuts including a move from €107 to €73 and another reduction of €26. These changes reflect updated views on fair value, discount rates, revenue growth, profit margins, and future P/E assumptions.
FUR
€10.50
Fugro
7D
-5.7%
1Y
-1.8%
LIGHT
€19.26
Signify
7D
-2.3%
1Y
4.8%

LIGHT: Dividend Stability And Cash Generation Will Support Post Downgrade Re Rating

Analysts have trimmed their average 12 month price targets for Signify by a few euros to around €26, reflecting recent rating downgrades and a slightly more cautious view on growth, margins and future P/E multiples. Analyst Commentary Recent Street research on Signify points to a more cautious tone overall, but there are still elements that constructive investors will focus on.
PNL
€1.07
PostNL
7D
-2.5%
1Y
10.4%
IMCD
€96.06
IMCD
7D
5.4%
1Y
-20.2%
FERGR
€7.94
Ferrari Group
7D
6.7%
1Y
21.4%
RAND
€24.60
Randstad
7D
10.7%
1Y
-25.6%

RAND: Lowered Street Views Will Ultimately Support Future Margin Resilience Potential

The updated analyst price target for Randstad has been reduced by about €2 per share, as analysts incorporate recent target cuts from several banks, a slightly higher discount rate, and modest adjustments to long-term revenue growth, margin assumptions, and future P/E expectations. Analyst Commentary Recent Street research on Randstad has centered on price target revisions, with several banks adjusting their models to reflect updated views on valuation, growth and execution risk.
INPST
€15.25
InPost
7D
0.7%
1Y
10.0%

INPST: Parcel Network Execution And Margin Resilience Will Support Future Upside

Analysts now set a slightly higher InPost price target of about €17.05, up from roughly €16.99, as they factor in recent downgrades and more cautious views on growth, margins, and future P/E multiples. Analyst Commentary Recent Street research has shifted toward a more cautious stance, with downgrades reflecting questions around how much upside is left in the current valuation and how quickly InPost can execute on its growth plans.
CSG
€21.04
CSG
7D
-3.4%
1Y
n/a
BAMNB
€9.53
Koninklijke BAM Groep
7D
-2.2%
1Y
85.0%
NXFIL
€2.68
NX Filtration
7D
-3.2%
1Y
-16.9%

NXFIL: Stable Fair Value Will Reflect Tighter Margins And Higher Future Multiple

Analysts have slightly adjusted their view on NX Filtration, with the average price target now set at €2.98. They cite updated assumptions for the discount rate, profit margin and future P/E multiple, while leaving the fair value estimate unchanged.
ARCAD
€32.44
Arcadis
7D
5.6%
1Y
-19.3%

ARCAD: Nuclear And Infrastructure Wins Will Underpin Post Reset Upside Potential

Analysts have made a small upward adjustment to Arcadis' fair value estimate to about €42.56. This reflects a slightly higher assumed P/E multiple and discount rate after recent earnings and fresh concerns that the business may face deeper challenges and require a significant strategy reset, as highlighted in recent downgrades to Sector Weight.
EBUS
€0.34
Ebusco Holding
7D
-9.2%
1Y
-5.9%
TWEKA
€42.36
TKH Group
7D
3.3%
1Y
23.9%

TWEKA: Future Dividend And Margins Will Support Confidence In Earnings Quality

Analysts have lifted their price target on TKH Group to €42.37, citing updated assumptions for a slightly lower discount rate, modestly higher revenue growth and profit margin expectations, and a marginally higher future P/E multiple. What's in the News TKH Group N.V. declared an annual dividend of €1.35 per share, with payment scheduled for June 2, 2026, an ex dividend date of May 15, 2026, and a record date of May 18, 2026 (Key Developments).
ENVI
€4.95
Envipco Holding
7D
-3.3%
1Y
-3.3%