Douglas AG

DOU.DE

Specialty Retail · Consumer Cyclical

Price

€7.96

+0.04 (+0.51%)

Market Cap

€857.2M

Exchange

Frankfurt Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

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

How the score breaks down

Quality

Weak

Growth

Weak

Cash Flow

Strong

Stability

Mixed

Valuation

Strong

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Winston Score History

The full picture

Douglas AG is a European retailer that sells beauty products — things like perfume, skincare, makeup, and hair care. It operates physical stores and an online shop, selling both well-known brands and its own private-label products to everyday consumers across Europe. Douglas is one of the largest specialty beauty retailers on the continent, competing in a crowded market alongside drugstores, department stores, and online giants.

The company makes money by selling products directly to shoppers, both in its roughly 1,800 stores and through its e-commerce platform, which has become a growing share of total sales. Douglas operates mainly in Germany and other European markets including France, Poland, Italy, and the Netherlands. Its loyalty program and brand relationships give it some competitive edge, but thin operating margins and heavy debt from a 2024 IPO leave little room for error. The key risk is that cost-conscious consumers trade down to cheaper alternatives during periods of economic pressure.

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

-115.1% YoY

YoY Growth Rate

Earnings declining

R&D Spend

€0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

69.6%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

€156M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Revenue declining

Douglas 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: 107.7M (2021) → 107.7M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

16.4%

Thin — 16.4% gross margin

Profit after running costs

Operating Margin

3.1%

Thin — 3.1% operating margin

Return on the money invested

ROCE

7.6%

Weak — 7.6% 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

+0.9%

Nearly flat sales (+0.9% YoY)

Profit growth

EPS YoY

-86.8%

Earnings shrinking (-86.8% YoY)

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

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

1748%

Turns 1748% of profit into real cash

Spare cash per sale

FCF Margin

8.6%

Modest free cash flow (8.6%)

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

1.31

Elevated debt (1.31)

Covers its interest

Interest Cover

1.42x

Dangerous — barely covers interest (1.4x)

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)

27.8x

Growth-priced — P/E 27.8

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

+21.8

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (27.8 → 6.0)

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Dividends

Not applicable for this business.

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