Campine N.V.

CAMB.BR

Waste Management · Industrials

Price

€201.00

+3.00 (+1.52%)

Market Cap

€301.5M

Exchange

Euronext Brussels

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 26, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Mixed

Growth

Exceptional

Cash Flow

Mixed

Stability

Exceptional

Valuation

Good

Dividends

Strong

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Winston Score History

The full picture

Campine is a Belgian company that recycles lead from old car batteries and produces specialty chemicals. It turns used batteries into reusable lead and lead alloys, which go back into making new batteries. It also makes antimony-based compounds used as flame retardants in plastics, textiles, and electronics.

The company earns revenue by selling recycled lead and antimony chemicals to industrial manufacturers, primarily in Europe. Campine operates recycling and production facilities in Belgium and is one of the leading secondary lead producers in the region. Its circular-economy model — turning waste into valuable raw materials — gives it a cost and regulatory advantage as environmental rules tighten across Europe. Key growth depends on rising demand for battery recycling and stricter sustainability mandates, though the business faces risk from volatile commodity prices for lead and antimony.

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

+94.8% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+82.5% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

€221,000/ year

↑ Rising (+22% vs prior year)

0.0% of revenue

Below sector average (4%)

R&D investment increasing — building for the future

Insider Activity

71.9%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

€18M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue accelerating

Campine N.V. grew revenue 95% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

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

0.0% over 4y

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

Diluted shares outstanding: 1.5M (2021) → 1.5M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

8.8%

Thin — 8.8% gross margin

Profit after running costs

Operating Margin

4.9%

Thin — 4.9% operating margin

Return on the money invested

ROCE

45.1%

Exceptional — 45.1% 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

+109.8%

Fast-growing sales (+109.8% YoY)

Profit growth

EPS YoY

+154.4%

Earnings growing fast (+154.4% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

7/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

72%

Modest — 72% of profit becomes cash

Spare cash per sale

FCF Margin

3.8%

Thin free cash flow (3.8%)

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

0.10

Conservative — low debt load (0.10)

Covers its interest

Interest Cover

39.64x

Comfortably covers interest (39.6x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

5.3x

Attractive valuation — P/E 5.3

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

Dividend

Dividend Yield

3.52%

Moderate income — 3.52% yield

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

Dividend record

Dividend Growth

+163.6%

Dividend growing fast (163.6% YoY)

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