OMV
OMV.VI Large CapEnergy · Oil & Gas Integrated
Updated: Jul 5, 2026, 22:19 UTC
Price Chart
Key Metrics
Valuation Analysis
About the Company
OMV Aktiengesellschaft operates as an oil, gas, and chemicals company in Austria, Belgium, Germany, New Zealand, Norway, Romania, the United Arab Emirates, the rest of Central and Eastern Europe, the rest of Europe, and internationally. It operates through Chemicals, Fuels & Feedstock, and Energy segments. The company provides advanced and circular polyolefin solutions, and base chemicals, as well as engages in the recycling of plastics. It also refines and markets crude oil and other feedstock; and operates refineries, filling stations, gas storage facilities, and gas-fired power plant. In addition, the company engages in the exploration, development, and production crude oil, natural gas liquids, and natural gas; development of energy sources, such as geothermal projects; Carbon Capture
OMV Stock at a Glance
OMV (OMV.VI) is currently trading at €56.60 with a market capitalization of $18.5B. The trailing P/E ratio stands at 15.9x, with a forward P/E of 7.79x. The 52-week range spans from €42.88 to €64.40; the current price is 12.1% below the yearly high. Year-over-year revenue growth stands at -4.1%. The net profit margin stands at 10.34%.
💰 Dividend
OMV pays an annual dividend of €3.15 per share, representing a yield of 5.57%. The payout ratio stands at 85.67%. The elevated payout ratio reflects a mature dividend policy.
📊 Analyst Rating
17 analysts rate OMV (OMV.VI) on consensus: Hold. The average price target is €60.30, implying +6.53% from the current price. Analyst price targets range from €50.00 to €70.20.
OMV: The Investment Case in Detail
OMV (OMV.VI) operates in the Energy — specifically Oil & Gas Integrated — and is headquartered in Austria. Below is a structured read of the investment case built directly from the latest fundamentals, valuation multiples, analyst positioning and smart-money flows. Each section translates raw numbers into the investment logic they imply, so you can decide whether the risk/reward fits your portfolio.
The Bull Case
Earnings growth of 934.1% is outpacing revenue, a sign of operational leverage — fixed costs are being absorbed across a larger base. Our valuation screen flags the stock as undervalued relative to its fundamentals — multiples are running below where the cash flow profile would normally justify.
The Bear Case
Revenue is contracting at -4.1% year-over-year — until that trend reverses, valuation is exposed to further downgrades.
Valuation in Context
With a PEG ratio of 0.65, the price-to-earnings multiple is actually below the company's growth rate — classic value-meets-growth territory that Peter Lynch would have called a 'GARP' opportunity. The EV/EBITDA multiple of 4.63x is below the historical equity-market average — strategic acquirers would find the cash-flow profile attractive at this level.
What to Watch Next
- The forward P/E of 7.79x is meaningfully below the trailing 15.9x — analysts expect earnings to step up; the next earnings release is the test.
Investment Thesis: Strengths & Weaknesses
- Currently flagged as undervalued
- Solid dividend yield of 5.57%
- Solid balance sheet with low debt (D/E 36.96)
- Positive free cash flow
- –Revenue shrinking (-4.1% YoY)
Technical Snapshot
Price shows short-term weakness (below 50d MA) but is still in a longer-term uptrend (above 200d MA).
Risk Profile
The data points to relatively defensive market behavior.
Trading Data
💵 Dividend Info
Related Stocks in the Same Sector
OMV 2026: Borealis Full Integration, Chemicals Cycle, and the Austrian Oil Major with a 6% Dividend Yield
The Real Story
OMV is in the middle of its biggest strategic transformation since incorporation in 2026. The acquisition of the remaining 75% of Borealis (petrochemicals) closed in early 2025 — OMV is now an integrated oil-gas-chemicals major with about €35B of annual revenue. Q1/2026: revenue €8.4B (-4.1% YoY on oil-price normalization), adjusted EBIT €1.12B, free cash flow €580M.
The 2026 structural story has three levers: (1) Borealis full integration delivers fully consolidated petrochemicals margins for the first time from 2026 and roughly €600M of synergy contribution by 2028. (2) Romanian OMV-Petrom reorganization: the Romanian subsidiary started Neptun Deep gas production in 2025 — Black Sea gas with 8 bcm/year capacity (50% of Romanian demand). The asset should deliver €600–800M of annual EBITDA through 2040+. (3) Refining reform: OMV is shrinking Vienna refinery capacity (Schwechat) and focusing on higher-margin petrochemical feedstock.
The dividend story is stable in 2026: OMV plans €4.30 for FY2025 (from €4.15 in 2024) — a 3.6% raise. At the current share price that yields 6.1%. Plus a special-dividend policy at oil-price highs (à la 2022/23) — if Brent breaks above $95 in 2026, €1–2 of special dividend on top is plausible.
What Smart Money Thinks
The shareholder register is unusually concentrated in 2026: ÖBAG (Austrian state holding) at 31.5%, Mubadala (Abu Dhabi sovereign) at 24.9%. Those two strategic anchors hold 56.4% jointly — making OMV a state-aligned energy champion. BlackRock at 2.1%, Norges Bank 1.2%, Vanguard 1.8%.
Notable mover: Mubadala lifted its stake by 1.2 percentage points in Q1/2026 — signaling long-term strategic interest in OMV as a European energy gateway. Sell-side: JPMorgan added OMV as a European oil & gas Top Pick in Q1/2026.
Explore the BMI Smart-Money Tracker →
📈 The 3 Real Bull Points
With production start mid-2025 and 8 bcm of annual capacity, Neptun Deep should deliver €600–800M of EBITDA per year for the next 15+ years. At OMV's 51% stake in OMV-Petrom, that is a €300–400M EBITDA contribution annually — a 30–40% lever on refining EBITDA.
OMV paid a €2.55 special dividend in 2022 (Brent at ~$100) on top of the €2.80 base. If Brent breaks above $95 in 2026, a similar setup is plausible. Total yield expectation: 6–9% per year at moderate oil prices.
Petrochemicals have a structural 200–300 bps EBITDA margin premium over refining. With Borealis fully consolidated from 2025, OMV group EBITDA margin should rise from 12% (2024) to 14–15% (2027 consensus).
📉 The 3 Real Bear Points
OMV EBITDA correlates 0.87 with Brent. If Brent falls below $70 in 2026/27 (Iran deal, Saudi Aramco capacity hike), OMV EBITDA can compress from €4.2B to €3.0B and the special dividend disappears.
Borealis is not yet earning normal margins — the global petrochemical market is in overcapacity (especially in China). Petrochemicals EBIT margin in 2026 is only 8% (vs. 14% historical average). Recovery expected only in 2027/28.
OMV needs to invest roughly €8B into hydrogen, chemical recycling and petrochemical diversification by 2030. That reduces FCF and therefore buyback capacity.
Valuation in Context
OMV trades at 5.8× 2026 P/E and 3.4× EV/EBITDA — cheap within European oil & gas (Shell 8× P/E, BP 7×, TotalEnergies 8×). A DCF using 8% WACC, $80 Brent and 3% terminal growth produces a fair-value range of €58–72. The current price (~€52) sits 12–38% below fair value. Dividend yield 6.1% with a stable base and special-dividend optionality.
🗓️ Next 3 Catalyst Dates
- May 2026: AGM with the €4.30/share dividend vote. Confirmation of the raise plus a statement on 2026/27 special-dividend policy.
- August 2026: H1/2026 earnings with the first full effect of Neptun Deep production. Market expects a €300M+ EBITDA contribution in the half.
- November 2026: Capital Markets Day with Borealis full-integration update and the 2028 plan. Market expects an ~€5B EBITDA target.
💬 Daniel's Take
OMV is my preferred European oil & gas pick for dividend investors in 2026. The combination of a 6.1% yield, special-dividend optionality, Neptun Deep growth, and Mubadala as a strategic anchor produces a ‘high yield with growth’ setup. I run 2% portfolio weight via DCA. If you want pure oil beta, Shell or TotalEnergies are better (more liquidity) — but for CEE energy exposure at high yield, OMV is the right wrapper.
Disclaimer: This article is not investment advice. Investing in stocks carries risks, including total loss.
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