Ceconomy AG

CEC.DE

Specialty Retail · Consumer Cyclical

Exchange

Frankfurt Stock Exchange

Winston Score

Winston is worried

Weak fundamentals across most pillars.

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

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Weak

Stability

Weak

Valuation

Data not available

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Winston Score History

The full picture

Ceconomy AG is a German retail company that owns and operates MediaMarkt and Saturn, two of Europe's largest consumer electronics store chains. These stores sell products like TVs, laptops, smartphones, home appliances, and gaming gear to everyday shoppers. Ceconomy is the largest consumer electronics retailer in Europe by store count, with hundreds of locations across more than a dozen countries.

The company makes most of its money by selling physical products in stores and online, keeping a small portion of each sale as profit after paying suppliers. Ceconomy operates primarily in Germany and other European markets, generating roughly €22 billion in annual revenue. Its main competitive advantage is its scale and brand recognition across Europe, but thin margins and negative returns on invested capital highlight how difficult it is to compete against online retailers like Amazon. The biggest risk the business faces is continued pressure from e-commerce, which makes it harder to drive store traffic and protect already razor-thin 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

+9.8% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+41.7% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

72.8%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

€1.4B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Growth context

Ceconomy AG is growing revenue at 10% 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

18.1%

Thin — 18.1% gross margin

Profit after running costs

Operating Margin

-0.5%

Losing money on operations — -0.5%

Return on the money invested

ROCE

6.5%

Weak — 6.5% 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

+4.3%

Slow sales growth (+4.3% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

3.1%

Thin free cash flow (3.1%)

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

4.42

Heavy debt load (4.42)

Covers its interest

Interest Cover

1.21x

Dangerous — barely covers interest (1.2x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

no trend

Negative earnings — P/E not meaningful

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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