Bechtle AG

BC8.DE

Information Technology Services · Technology

Exchange

Frankfurt Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

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

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Mixed

Stability

Strong

Valuation

Strong

Dividends

Weak

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Winston Score History

The full picture

Bechtle AG is a German company that helps businesses set up and manage their technology systems. It sells hardware like computers and servers, and also provides IT services such as software installation, cloud computing, and cybersecurity support. Bechtle serves a wide range of customers including small businesses, large corporations, and government agencies across Europe.

The company makes money by selling IT products directly to customers and charging fees for ongoing IT services and support contracts. Bechtle operates mainly in Germany, Austria, and Switzerland, with a growing presence across other European countries, and generates roughly €6 billion in annual revenue. Its large network of local IT service centers gives it a strong regional presence that is difficult for smaller competitors to replicate, but the business faces margin pressure because hardware reselling is a low-margin activity, and any slowdown in corporate IT spending could quickly weigh on profitability.

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

+16.5% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+21.1% YoY

YoY Growth Rate

Steady EPS growth

Insider Activity

35.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~12 months

€583M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Adequate runway but may need to raise capital within 2 years

Growth context

Bechtle AG is growing revenue at 16% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

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

18.5%

Thin — 18.5% gross margin

Profit after running costs

Operating Margin

4.1%

Thin — 4.1% operating margin

Return on the money invested

ROCE

10.2%

Below par — 10.2% 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

+7.7%

Steady sales growth (+7.7% YoY)

Profit growth

EPS YoY

+14.6%

Earnings growing (+14.6% YoY)

Healthy double-digit earnings growth — what compounders look like.

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

61%

Modest — 61% of profit becomes cash

Spare cash per sale

FCF Margin

0.3%

Thin free cash flow (0.3%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.46

Conservative — low debt load (0.46)

Covers its interest

Interest Cover

11.20x

Comfortably covers interest (11.2x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

18.0x

no trend

Fair value — P/E 18.0

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

+3.1

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (18.0 → 14.9)

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Dividends

Dividend

Dividend Yield

1.97%

no trend

Small dividend — 1.97% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

-32.9%

no trend

Dividend cut (-32.9% YoY) — warning sign

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