DWS Group GmbH & Co. KGaA

DWS.DE

Asset Management · Financial Services

Also trades as: 0SAY.L

Price

€74.05

+0.35 (+0.47%)

Market Cap

€14.81B

Exchange

Frankfurt Stock Exchange

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

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

How the score breaks down

Quality

Exceptional

Growth

Good

Cash Flow

Good

Stability

Strong

Valuation

Strong

Dividends

Strong

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Winston Score History

The full picture

DWS Group is a German asset management company. It manages money on behalf of individuals, pension funds, insurance companies, and other large institutions. It offers investment funds, ETFs, and portfolio management services across stocks, bonds, real estate, and alternative assets — and it is one of the largest asset managers in Europe.

DWS earns money primarily through management fees, which are a small percentage of the total assets it oversees. The company manages roughly €900 billion in assets and operates globally, with a strong base in Germany and Europe. Deutsche Bank owns a majority stake in DWS, which gives it distribution reach but also ties its reputation to a single large shareholder. The key growth driver is expanding its ETF and sustainable investing (ESG) product lineup, as demand for low-cost and responsible investment options keeps rising. The main risk is fee pressure, since investors increasingly prefer cheaper passive funds over higher-fee actively managed ones.

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

+70.1% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+21.3% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

€0/ year

↓ Declining (-100% vs prior year)

0.0% of revenue

Below sector average (7%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

79.5%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

€7.3B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue accelerating

DWS Group GmbH & Co. KGaA grew revenue 70% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

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

−0.1% over 4y

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

Diluted shares outstanding: 200.0M (2021) → 199.8M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

64.4%

Premium pricing power — 64.4% gross margin

Profit after running costs

Operating Margin

35.2%

Excellent — 35.2% operating margin

Return on the money invested

ROCE

27.7%

Exceptional — 27.7% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth

Sales YoY

+51.7%

Fast-growing sales (+51.7% YoY)

Profit growth

EPS YoY

+1.3%

Flat earnings

Single-digit earnings growth — steady but not exciting.

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

71%

Modest — 71% of profit becomes cash

Spare cash per sale

FCF Margin

13.5%

Converts sales into free cash efficiently (13.5%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

0.00

Conservative — low debt load (0.00)

Covers its interest

Interest Cover

6.48x

Adequate interest coverage (6.5x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

19.3x

Fair value — P/E 19.3

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

+4.8

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (19.3 → 14.6)

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Dividends

Dividend

Dividend Yield

3.97%

Moderate income — 3.97% yield

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

Dividend record

Dividend Growth

+94.9%

Dividend growing fast (94.9% YoY)

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