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CropEnergies AG

0DXG.L
42
Chemicals - Specialty · Basic Materials
Price
14.30 GBp
+0.10 (+0.70%)
Market Cap
£1.25B
Exchange
London Stock Exchange
Winston Score
42
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Oct 9, 2026 · filings through Feb 28, 2024

§How the score breaks down

Quality
Mixed
14/30
Growth
Weak
2/20
Cash Flow
Strong
7/10
Stability
Good
5/10
Valuation
Weak
1/10
Ownership
Good
10/15
Dividends
Good
3/5

42 of 100 counted points = Winston Score 42.

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§Winston Score History

The full picture

CropEnergies AG is a German company that makes bioethanol — a type of fuel produced by fermenting sugar and grain crops like wheat and sugar beet. Its ethanol is sold to fuel blenders and oil companies across Europe, where it gets mixed into petrol to reduce carbon emissions. CropEnergies is one of Europe's largest bioethanol producers and is a subsidiary of Südzucker AG, one of the continent's biggest sugar groups.

The company earns revenue by selling bioethanol and related by-products like animal feed and liquid carbon dioxide, which come out of the same production process. It operates plants in Germany, Belgium, and the United Kingdom, and its scale gives it a cost advantage over smaller rivals. However, the negative operating margin signals that the business is currently losing money at the operating level, and its main risk is the volatile spread between crop input costs and ethanol selling prices, which are heavily influenced by EU renewable fuel policy and commodity markets.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-401.5% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-327.8% YoY

YoY Growth Rate

Earnings declining

R&D Spend

€0/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

94.2%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

€474M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue declining

CropEnergies AG's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

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: 87.2M (2022) → 87.3M (2026)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
181.3%
Premium pricing power — 181.3% gross margin
Profit after running costs
Operating Margin
7.9%
Modest — 7.9% operating margin
Return on the money invested
ROCE
-2.2%
Weak — -2.2% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth
Sales YoY
-99.7%
Shrinking sales (-99.7% YoY)
Profit growth
EPS YoY
-92.9%
Earnings shrinking (-92.9% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is
EPS Consistency
3/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
114%
Turns 114% of profit into real cash
Spare cash per sale
FCF Margin
1.6%
Thin free cash flow (1.6%)

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
N/A
—
Data not available

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Valuation

Price vs profit
P/E Ratio (TTM)
72.0x
Expensive — P/E 72.0

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

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Dividends

Dividend
Dividend Yield
1.40%
Small dividend — 1.40% yield

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

Dividend record
Dividend Growth
+77.8%
Dividend growing fast (77.8% YoY)

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