Deep Value: cash covers more than 100% of the stock price

This company holds roughly $3.8B in cash and investments — more than its entire stock-market value, based on its latest quarterly filing. You're paying very little for the actual business. Sometimes that's a genuine bargain or a takeover target, sometimes it's cheap for a reason. Not a buy signal on its own — always ask why it's this cheap.

BB Biotech AG

BBZA.DE

Biotechnology · Healthcare

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

Exceptional

Growth

Weak

Cash Flow

Good

Stability

Good

Valuation

Good

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Winston Score History

The full picture

BB Biotech AG is a Swiss investment company that buys and holds shares in other biotechnology firms. Instead of making drugs itself, it acts like a specialized fund focused entirely on biotech stocks. Its "customers" are investors who buy BB Biotech shares to get exposure to a curated portfolio of biotech companies, many of which develop treatments for diseases like cancer, rare genetic disorders, and infectious diseases.

BB Biotech earns money through gains on its investments and pays out a portion of its net asset value as dividends each year, which makes it popular with income-focused investors. It is listed on the Swiss, German, and Italian stock exchanges and is managed by a small team with deep biotech expertise, which is its main competitive edge. Because its value is tied directly to its portfolio holdings, the biggest risk it faces is a broad downturn in biotech valuations or clinical trial failures at the companies it owns.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

100.0%

Premium pricing power — 100.0% gross margin

Profit after running costs

Operating Margin

410.3%

Excellent — 410.3% operating margin

Return on the money invested

ROCE

43.9%

Exceptional — 43.9% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth

Sales YoY

N/A

Data not available

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

22%

Weak — only 22% of profit becomes cash

Spare cash per sale

FCF Margin

208.2%

Converts sales into free cash efficiently (208.2%)

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

N/A

Data not available

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)

2.2x

no trend

Attractive valuation — P/E 2.2

P/E under 10. The price tag is small relative to last year's profit.

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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