AFC Ajax N.V.

AJAX.AS

Entertainment · Communication Services

Also trades as: 0DI7.L

Price

€8.90

-0.08 (-0.89%)

Market Cap

€163.2M

Exchange

Euronext Amsterdam

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 23, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Weak

Stability

Good

Valuation

Data not available

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Winston Score History

The full picture

AFC Ajax N.V. is a professional football (soccer) club based in Amsterdam, Netherlands. The club competes in the Dutch Eredivisie league and European competitions like the UEFA Champions League. Ajax is one of the most decorated clubs in European football history, having won four European Cups, and it runs a globally respected youth academy called De Toekomst.

Ajax earns money through several streams: matchday ticket sales, broadcasting rights, commercial sponsorships, and — critically — selling players it develops through its academy. The club operates primarily in the Netherlands but has a global fanbase and brand. Its main competitive advantage is its youth development system, which consistently produces top talent that can be sold to larger European clubs for significant fees. However, the club faces a real risk: it cannot easily compete with the massive budgets of England's Premier League clubs, making it difficult to retain star players and sustain on-field success long-term.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+16.1% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+35.1% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

€0/ year

0.0% of revenue

Below sector average (12%)

Research and development spending

Insider Activity

0.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~4 months

€46M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Short runway — potential dilution ahead through share issuance

Cash watch

AFC Ajax N.V. has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

−0.2% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 18.3M (2021) → 18.3M (2025)

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

21.6%

Thin — 21.6% gross margin

Profit after running costs

Operating Margin

21.6%

Excellent — 21.6% operating margin

Return on the money invested

ROCE

-5.6%

Weak — -5.6% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

+15.1%

Fast-growing sales (+15.1% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

-18.5%

Burning cash (-18.5%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

0.03

Conservative — low debt load (0.03)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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