DocCheck AG

AJ91.DE

Medical - Distribution · Healthcare

Price

€10.90

+0.10 (+0.93%)

Market Cap

€55.3M

Exchange

Frankfurt Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Good

Growth

Mixed

Cash Flow

Strong

Stability

Exceptional

Valuation

Good

Dividends

Exceptional

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Winston Score History

The full picture

DocCheck AG is a German company that runs an online platform for healthcare professionals, mainly doctors, nurses, and pharmacists. Its most well-known product is a large medical reference database and community website where medical staff look up drug information, clinical tools, and professional news. The company also operates DocCheck Shop, which sells medical supplies and equipment directly to healthcare workers.

DocCheck makes money through a mix of advertising sold to pharmaceutical and medical device companies, e-commerce sales through its shop, and licensing its verified healthcare professional network to third parties. It operates primarily in German-speaking Europe — Germany, Austria, and Switzerland — and has built a meaningful moat by controlling access to a verified, credentialed audience of over 500,000 registered medical professionals, which is difficult for competitors to replicate quickly. The main risk is that its relatively small size and geographic concentration leave it exposed if pharmaceutical advertising budgets shrink or larger platforms move into the professional healthcare media space.

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

-2.0% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-14.9% YoY

YoY Growth Rate

Earnings declining

R&D Spend

€0/ year

0.0% of revenue

Below sector average (18%)

Research and development spending

Insider Activity

79.7%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

5+ years

Quarterly Free Cash Flow

↓ Burn rate worsening

€26M cash & investments at current burn rate

Revenue declining

DocCheck 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

+0.2% over 4y

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

Diluted shares outstanding: 5.1M (2021) → 5.1M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

22.2%

Thin — 22.2% gross margin

Profit after running costs

Operating Margin

15.1%

Healthy — 15.1% operating margin

Return on the money invested

ROCE

19.4%

Strong — 19.4% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+4.1%

Slow sales growth (+4.1% YoY)

Profit growth

EPS YoY

+1.0%

Flat earnings

Single-digit earnings growth — steady but not exciting.

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

112%

Turns 112% of profit into real cash

Spare cash per sale

FCF Margin

4.3%

Thin free cash flow (4.3%)

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

20.02x

Comfortably covers interest (20.0x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

10.4x

Attractive valuation — P/E 10.4

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

N/A

not available

Data not available

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Dividends

Dividend

Dividend Yield

9.17%

Healthy income — 9.17% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

+20.0%

Dividend growing fast (20.0% YoY)

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