1. Belgium Stocks

  2. •

    Consumer Defensive

  3. •

    Beverages - Non-Alcoholic
Spadel S.a.

Spadel S.a.

SPA.BR
Spadel S.a.BE flagEuronext Brussels
410.00
EUR
+10.00
- -
1.70BMarket Cap
Spadel S.a.
SPA.BR
(Euronext Brussels)

Recent

price

410.00

P/E

ratio

- -

div

yld

- -

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
FRC
47.34
47.44
47.77
50.69
55.68
58.31
60.34
69.63
75.76
71.9
64.24
67.99
77.29
83.36
86.09
- -
Revenue per Share
3.08
2.1
2.15
2.84
4.01
5.06
4.15
6.36
9.16
6.5
6.59
6.42
3.08
6.8
9.89
- -
Basic EPS, GAAP
3.1
1.52
1.84
4.09
5.49
5.33
5.04
5.57
5.47
4.63
6.89
6.86
4.83
9.68
10.85
- -
Free Cash Flow per Basic Share
15
1
0.8
0.84
1
1.24
1.6
1.6
1.8
2
2
2
2
1.5
2.2
- -
Dividend per Share
1.2
22.39
23.42
25.54
28.44
32.36
34.34
39.1
46.45
51.01
1.2
1.2
1.2
1.2
1.2
- -
Book Value per Share
19.14
19.88
20.86
21.18
24.32
28.5
30.84
9.26
17.23
21.84
25.9
31.5
33.92
39.72
47.9
- -
Tangible Book Value per Share
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
- -
Basic Weighted Avg Shares
196
197
198
210
231
242
250
289
314
298
267
282
321
346
357
400
Sales/Revenue/Turnover
8.28
6.13
6
8.17
10.1
12.25
9.9
11.05
16.79
12.44
12.06
12.94
7
9.84
13.37
15.41
Operating Margin (%)
13
12
12
13
12
12
13
17
20
20
21
20
21
22
22
24
Depreciation Expense
13
9
9
12
17
21
17
26
38
27
27
27
13
28
41
51
Net Income, GAAP
23.17
31.54
32.47
30.96
30.07
32.1
32.71
16.2
27.37
23.33
22.01
26.16
25.55
18.35
20.42
19.96
Effective Tax Rate (%)
6.51
4.42
4.5
5.6
7.19
8.68
6.88
9.14
12.09
9.04
10.25
9.44
3.99
8.16
11.48
12.81
Profit Margin (%)
20
23
31
40
53
54
68
16
32
37
40
48
54
77
106
133
Working Capital
1
- -
- -
2
- -
- -
- -
52
38
29
16
5
4
3
3
4
LT Debt
89
92
97
106
118
134
143
163
194
211
230
252
258
279
310
348
Total Equity
7.61
6.44
8.38
11.43
14.17
15.64
11.84
14.22
15.89
11.22
9.67
10.13
6.24
10.09
12.59
14.57
Return on Invested Capital (%)
24.4
10.16
9.38
11.53
14.54
16.55
12.44
14.75
16.25
10.95
18.92
92.45
78.79
290.03
429.05
487.95
Return on Capital (%)
255.64
17.76
9.38
11.59
14.84
16.65
12.44
17.33
21.41
13.34
25.23
532.98
255.76
564.68
820.56
1,023.8
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
No data availableFinancial data will appear here once available

Working Capital

FRC

•

in mil. unless spec.
No data availableFinancial data will appear here once available

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
10.07%
8.73%
12.23%
Free Cash Flow
10.47%
13.6%
-14.51%
Net Income, GAAP
18.79%
27.27%
24.77%
Sales/Revenue/Turnover
5.44%
8.49%
11.82%
Total Cash Common Dividend
- -
- -
45.45%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
- -
- -
- -
- -
346
2024
- -
- -
- -
- -
357
2025
- -
- -
- -
- -
400

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
- -
- -
- -
- -
6.8
2024
- -
- -
- -
- -
9.89
2025
- -
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
- -
- -
- -
- -
1.5
2024
- -
- -
- -
- -
2.2
2025
- -
- -
- -
- -
- -
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Business
Spadel SA (SPA.BR), a family-owned European group founded in 1980 and headquartered in Brussels, Belgium, produces and markets natural mineral waters, spring waters, flavored waters, and soft drinks under strong regional brands including Spa (Reine, Barisart, Marie-Henriette, Finesse, Intense, Fruit, Duo, Touch), Bru, Wattwiller, Carola, and Devin; it also offers lemonades, fruit syrups, natural zero-calorie beverages, and innovative products such as Eco Packs, returnable glass bottles, recyclable PET bottles, and the SPA Fountain water dispenser. The company operates five production sites in Belgium (Spa Monopole and Bru-Chevron), France (Wattwiller and Carola), and Bulgaria (Devin), serving primarily Benelux (65% of sales), Bulgaria (24%), and France (11%) with a focus on low-carbon, sustainable, 100% natural products for health-conscious consumers, athletes, families, and gastronomy; it additionally manages Thermes de Spa facilities. In recent developments, Spadel announced in April 2025 a €40 million investment through 2027 at its Spa Monopole plant to renovate production lines, add a new line for SPA Reine, reduce PET bottle weights by 15%, and enhance energy efficiency as part of an €80 million group-wide capex plan including new lines in Bulgaria and Alsace; the company launched Zyla natural low-calorie energy drinks and the SPA Fountain office dispenser in 2024, achieved record €379.3 million turnover and one billion liters sold in 2024, earned B Corp certification for all brands in 2022, and secured CO2 Neutral labeling across sites and products.