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Beiersdorf AG

BEI.SW
64
Household & Personal Products · Consumer Defensive
Exchange
Swiss Exchange
Winston Score
64
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
Good
Cash Flow
Strong
Stability
Exceptional
Valuation
Mixed
Dividends
Good

Winston Score History

The full picture

Beiersdorf AG is a German consumer goods company that makes skin care and personal care products sold to everyday shoppers around the world. Its most famous brand is NIVEA, one of the best-selling skin care brands globally, and it also owns Eucerin, a dermatologist-recommended skin care line, and La Prairie, a luxury cosmetics brand. The company competes in the household and personal products industry alongside giants like Unilever and L'Oréal.

Beiersdorf makes money by selling its products through supermarkets, pharmacies, and online retailers, earning revenue each time a consumer buys a tube of cream, lotion, or sunscreen. It operates in over 100 countries, with strong roots in Europe but growing sales in emerging markets like Asia and Latin America. Its main competitive advantage is the deep consumer trust built around the NIVEA brand over more than a century. The key growth challenge is defending market share against both large multinational rivals and fast-growing local brands in developing markets.

Score breakdown

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Quality

Profit per sale
Gross Margin
58.3%
Premium pricing power — 58.3% gross margin
Profit after running costs
Operating Margin
14.0%
Healthy — 14.0% operating margin
Return on the money invested
ROCE
12.7%
Good — 12.7% 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
-2.2%
Shrinking sales (-2.2% YoY)
Profit growth
EPS YoY
+8.9%
Earnings growing (+8.9% YoY)

Single-digit earnings growth — steady but not exciting.

How steady the profit is
EPS Consistency
6/8 quarters
Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash
Cash Conversion
112%
Turns 112% of profit into real cash
Spare cash per sale
FCF Margin
6.6%
Modest free cash flow (6.6%)

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
0.02
Conservative — low debt load (0.02)
Covers its interest
Interest Cover
50.69x
Comfortably covers interest (50.7x)

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

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Valuation

Price vs profit
P/E Ratio (TTM)
18.5x
no trend
Fair value — P/E 18.5

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
-0.4
SLOWING
Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend
Dividend Yield
1.31%
no trend
Small dividend — 1.31% yield

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

Dividend record
Dividend Growth
+16.3%
no trend
Dividend growing fast (16.3% YoY)

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