Nedap N.V.
Nedap makes software and identification equipment that help care providers, retailers, farmers and security teams keep track of people, animals and goods, then act on that information.
Overview
Latest results
Reported in EUR
Latest financial publication
Q3 and nine-month 2026 revenue
Investment Thesis
Recurring software income built around everyday identification tasks
European Tech Equities analysis ·
The investment case
Nedap's investment case rests on making its software part of customers' daily work. Once a care team, retailer or security department relies on accurate records and connected equipment, additional subscriptions and services can deepen the relationship. This offers a route to growth beyond selling another reader, but recurring revenue is not automatically high-margin revenue.
Evidence of adoption
VF Corporation's planned deployment across more than 1,500 stores is a concrete test of iD Cloud at scale. Nedap also reported that the first Bayer CropScience building in Monheim was live on Pace in its October update. These examples show real customer use. They do not disclose contract profitability or establish that every announced rollout will finish on schedule.
What drives demand
Retailers need dependable stock information, care providers need to coordinate scarce staff, and farmers need timely animal information. Nedap addresses identifiable tasks rather than a single discretionary technology budget. Still, demand varies: Healthcare and Retail grew in Q3 2026, Livestock declined because of order timing and the subscription transition, and Security was flat. Group Q3 sales rose 7% to €76.0 million.
Profit and cash generation
First-half 2026 revenue was €152.0 million and operating profit €18.3 million, against €134.9 million and €13.8 million a year earlier. Operating cash flow of €30.2 million exceeded €6.0 million of cash investment. At June-end, cash was €3.9 million and financing debt including leases €4.7 million, after substantial dividend payments. Cash generation supports investment, but working-capital movements and distributions affect the cash balance.
What the valuation assumes
At 26 October 2026, Nedap's equity value was about €604 million, roughly 25 times 2025 net profit of €24.6 million. That dated comparison assumes no forecast growth and is not a live price target. A stronger recurring mix could support the valuation if growth translates into profit and cash. Slower customer rollouts or higher development costs would make that multiple harder to justify.
What would weaken the case
- Subscriptions can spread revenue over time while development and selling costs arrive earlier; a larger recurring share need not improve near-term margins.
- Large retail and security deployments depend on customer budgets, implementation work and reliable integrations. Delays can make quarterly growth uneven.
- Care records, access rights and connected devices create demanding privacy and cybersecurity obligations. A serious service or security failure could damage customer trust.
Sources
Financials
The business in numbers
Latest
Income statement
Cash flow
Balance sheet
Sources and details
Additional figures
- Revenue
- EUR 228.1m
The 15 October trading update reports Q3 and nine-month sales. The latest detailed income statement, cash flows and balance sheet remain those for June 2026.
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
IFRS group figures in EUR millions; basic EPS in EUR. Debt includes borrowings, overdrafts and leases, whereas Nedap’s own net-debt measure excludes leases. Capital expenditure is gross cash spending on tangible and intangible assets. Added value is revenue less materials, outsourced work and inventory movements, before personnel costs; it is not presented here as conventional gross profit. No unadjusted EBITDA line is published in the interim statements. Annual accounts are audited; half-year figures are unaudited.
Annual
Income statement
Cash flow
Balance sheet
Sources and details
The 15 October trading update reports Q3 and nine-month sales. The latest detailed income statement, cash flows and balance sheet remain those for June 2026.
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
IFRS group figures in EUR millions; basic EPS in EUR. Debt includes borrowings, overdrafts and leases, whereas Nedap’s own net-debt measure excludes leases. Capital expenditure is gross cash spending on tangible and intangible assets. Added value is revenue less materials, outsourced work and inventory movements, before personnel costs; it is not presented here as conventional gross profit. No unadjusted EBITDA line is published in the interim statements. Annual accounts are audited; half-year figures are unaudited.
Half-year
Income statement
Cash flow
Balance sheet
Sources and details
The 15 October trading update reports Q3 and nine-month sales. The latest detailed income statement, cash flows and balance sheet remain those for June 2026.
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
IFRS group figures in EUR millions; basic EPS in EUR. Debt includes borrowings, overdrafts and leases, whereas Nedap’s own net-debt measure excludes leases. Capital expenditure is gross cash spending on tangible and intangible assets. Added value is revenue less materials, outsourced work and inventory movements, before personnel costs; it is not presented here as conventional gross profit. No unadjusted EBITDA line is published in the interim statements. Annual accounts are audited; half-year figures are unaudited.
Quarterly
Income statement
Sources and details
The 15 October trading update reports Q3 and nine-month sales. The latest detailed income statement, cash flows and balance sheet remain those for June 2026.
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
IFRS group figures in EUR millions; basic EPS in EUR. Debt includes borrowings, overdrafts and leases, whereas Nedap’s own net-debt measure excludes leases. Capital expenditure is gross cash spending on tangible and intangible assets. Added value is revenue less materials, outsourced work and inventory movements, before personnel costs; it is not presented here as conventional gross profit. No unadjusted EBITDA line is published in the interim statements. Annual accounts are audited; half-year figures are unaudited.
Year to date
Income statement
Sources and details
The 15 October trading update reports Q3 and nine-month sales. The latest detailed income statement, cash flows and balance sheet remain those for June 2026.
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
IFRS group figures in EUR millions; basic EPS in EUR. Debt includes borrowings, overdrafts and leases, whereas Nedap’s own net-debt measure excludes leases. Capital expenditure is gross cash spending on tangible and intangible assets. Added value is revenue less materials, outsourced work and inventory movements, before personnel costs; it is not presented here as conventional gross profit. No unadjusted EBITDA line is published in the interim statements. Annual accounts are audited; half-year figures are unaudited.
Performance
About these figures
Dates link to the original reports. Bars compare the same period a year earlier, on a consistent accounting basis. Arrows show whether the number rose or fell, not whether it is good or bad for the business.
Research & updates
Interviews
Interviews are coming soon
No interviews with Nedap N.V. have been published yet.
Sources
Sources & data dates
Financial figures link to the company’s publications and retain their reporting period. Share prices have their own closing dates.
Q3 2025 · Published Oct 15, 2026 · Checked Oct 27, 2026
Q3 2026 · Published Oct 15, 2026 · Checked Oct 27, 2026
9M 2025 · Published Oct 15, 2026 · Checked Oct 27, 2026
9M 2026 · Published Oct 15, 2026 · Checked Oct 27, 2026
H1 2025 · Published Jul 16, 2026 · Checked Oct 27, 2026
H1 2026 · Published Jul 16, 2026 · Checked Oct 27, 2026
FY 2024 · Published Feb 24, 2026 · Checked Oct 27, 2026
FY 2025 · Published Feb 24, 2026 · Checked Oct 27, 2026
Checked 2026-10-27
Checked 2026-10-27
Checked 2026-10-27
Checked 2026-10-27
Checked 2026-10-27