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Douglas AG

DOU.F
34
Specialty Retail · Consumer Cyclical
Price
€7.88
-0.04 (-0.51%)
Market Cap
€848.6M
Exchange
Frankfurt Stock Exchange
Winston Score
34
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
Strong
Stability
Weak
Valuation
Strong

Winston Score History

The full picture

Douglas AG is a European retailer that sells perfumes, cosmetics, skincare, and beauty products. It operates a large chain of physical stores across Europe, as well as an online shop, serving everyday consumers who want to buy branded and premium beauty items. Douglas is one of the largest specialty beauty retailers in Europe, competing with department stores, drugstores, and online platforms like Amazon.

The company makes money by selling products directly to customers in its stores and through its e-commerce platform, keeping a margin on each sale. Douglas operates primarily in Germany and other European countries, with hundreds of stores across the continent. Its competitive edge comes from its wide selection of prestige and niche fragrance brands, along with a loyalty program that keeps shoppers coming back. The main risk the business faces is pressure from online-only competitors and direct-to-consumer beauty brands, which can undercut Douglas on price and convenience.

Growth Profile

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

-84.9% 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

Insiders own a meaningful stake in the company

Cash Runway

~3 months

€169M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Short runway — potential dilution ahead through share issuance

Cash watch

Douglas AG has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

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

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Quality

Profit per sale
Gross Margin
0.0%
Thin — 0.0% gross margin
Profit after running costs
Operating Margin
-869.3%
Losing money on operations — -869.3%
Return on the money invested
ROCE
-379.6%
Weak — -379.6% 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
+0.9%
Nearly flat sales (+0.9% YoY)
Profit growth
EPS YoY
-84.5%
Earnings shrinking (-84.5% 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
1501%
Turns 1501% of profit into real cash
Spare cash per sale
FCF Margin
8.3%
Modest free cash flow (8.3%)

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
1.29
Elevated debt (1.29)
Covers its interest
Interest Cover
N/A
Data not available

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Valuation

Price vs profit
P/E Ratio (TTM)
23.6x
Growth-priced — P/E 23.6

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

Cheaper or dearer next year
P/E vs Forward
+18.0
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (23.6 → 5.6)

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Dividends

Not applicable for this business.
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