Deep Value: cash covers more than 100% of the stock price

This company holds roughly $11.2B in cash and investments — more than its entire stock-market value, based on its latest quarterly filing. You're paying very little for the actual business. Sometimes that's a genuine bargain or a takeover target, sometimes it's cheap for a reason. Not a buy signal on its own — always ask why it's this cheap.

Deutsche Lufthansa AG

DLAKY

Airlines, Airports & Air Services · Industrials

Price

$8.91

+0.03 (+0.34%)

Market Cap

$10.71B

Exchange

Other OTC

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

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

How the score breaks down

Quality

Weak

Growth

Weak

Cash Flow

Good

Stability

Weak

Valuation

Strong

Dividends

Strong

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Share count rising — dilution

+62.2% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 738.6M (2021) → 1.20B (2025)

Winston Score History

The full picture

Deutsche Lufthansa AG is a large German airline group that flies passengers and cargo around the world. Its main brands include Lufthansa, Swiss, Austrian Airlines, Brussels Airlines, and Eurowings, serving both leisure travelers and business customers across hundreds of destinations. It is one of the largest airline groups in Europe by passengers carried.

The company makes money primarily by selling airline tickets and cargo space, with additional revenue from its MRO (maintenance, repair, and overhaul) division, which services aircraft for other airlines. Lufthansa operates globally but is centered in Europe, with major hubs in Frankfurt and Munich. Its multi-brand portfolio and large MRO business provide some diversification compared to single-brand carriers, but the razor-thin operating margin of around 0.4% highlights how sensitive the business is to fuel costs, labor expenses, and economic downturns. Rising competition from low-cost carriers across Europe remains a persistent risk to 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

+7.9% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-88.2% YoY

YoY Growth Rate

Earnings declining

R&D Spend

€101M/ year

0.3% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

15.0%ownership

Insiders own a meaningful stake in the company

Cash Runway

~2 years

€8.1B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

€8.1B cash & investments at current burn rate

Growth context

Deutsche Lufthansa AG is growing revenue at 8% 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.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

10.0%

Thin — 10.0% gross margin

Profit after running costs

Operating Margin

3.1%

Thin — 3.1% operating margin

Return on the money invested

ROCE

3.8%

Weak — 3.8% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

+6.4%

Slow sales growth (+6.4% YoY)

Profit growth

EPS YoY

-63.1%

Earnings shrinking (-63.1% 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

566%

Turns 566% of profit into real cash

Spare cash per sale

FCF Margin

-3.1%

Burning cash (-3.1%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

0.90x

Dangerous — barely covers interest (0.9x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

Price vs profit

P/E Ratio (TTM)

16.2x

Fair value — P/E 16.2

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

+10.1

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (16.2 → 6.1)

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Dividends

Dividend

Dividend Yield

3.96%

Moderate income — 3.96% yield

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

Dividend record

Dividend Growth

+34.2%

Dividend growing fast (34.2% YoY)

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