Baader Bank Aktiengesellschaft

BWB.DE

Investment - Banking & Investment Services · Financial Services

Exchange

Frankfurt Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Mixed

Cash Flow

Exceptional

Stability

Exceptional

Valuation

Good

Dividends

Strong

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Winston Score History

The full picture

Baader Bank AG is a German bank that specializes in capital markets services rather than everyday banking like savings accounts or loans. Its core business includes securities trading, market-making, and brokerage services, mainly for institutional clients like asset managers, fund companies, and other financial firms. The bank is one of the leading market makers on German stock exchanges, meaning it helps buyers and sellers trade shares smoothly by always being ready to quote prices.

Baader Bank earns money through trading commissions, spreads on securities transactions, and fees for services like custody and settlement. It operates primarily in Germany and the broader European market and is relatively small, with a market cap around €300 million. Its competitive position comes from deep expertise in European securities markets and long-standing relationships with institutional clients, though the business is sensitive to trading volumes, which tend to fall sharply when markets are quiet or uncertain — making revenue somewhat unpredictable from year to year.

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

-0.3% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-56.9% YoY

YoY Growth Rate

Earnings declining

Insider Activity

72.2%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

€3.5B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Baader Bank Aktiengesellschaft's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

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.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

81.8%

Premium pricing power — 81.8% gross margin

Profit after running costs

Operating Margin

14.3%

Healthy — 14.3% operating margin

Return on the money invested

ROCE

11.1%

Below par — 11.1% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+31.3%

Fast-growing sales (+31.3% YoY)

Profit growth

EPS YoY

-36.4%

Earnings shrinking (-36.4% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

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

286%

Turns 286% of profit into real cash

Spare cash per sale

FCF Margin

22.9%

Converts sales into free cash efficiently (22.9%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

0.40

Conservative — low debt load (0.40)

Covers its interest

Interest Cover

100.00x

—

Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

10.5x

no trend

Attractive valuation — P/E 10.5

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend

Dividend Yield

2.99%

no trend

Moderate income — 2.99% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record

Dividend Growth

+128.1%

no trend

Dividend growing fast (128.1% YoY)

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