WinstonWınston
Back
Enapter AG logo

Enapter AG

H2O.DE
19
Industrial - Machinery · Industrials
Exchange
Deutsche Börse
Winston Score
19
Winston is worried
Weak fundamentals across most pillars.
Data as of Aug 23, 2026 · filings through Dec 31, 2025
How the score breaks down
Quality
Weak
Growth
Weak
Cash Flow
Weak
Stability
Mixed
Valuation
Data not available
Track this stock — start free trial

Winston Score History

The full picture

Enapter AG is a German company that makes machines called electrolyzers, which split water into hydrogen gas using electricity. This hydrogen can then be used as a clean fuel or energy source. The company focuses on a specific type called anion exchange membrane (AEM) electrolyzers, which it claims are cheaper and more modular than many competing designs, and it sells to industrial customers, research institutions, and energy companies looking to produce green hydrogen.

Enapter earns money by selling its electrolyzer hardware, with larger "multi-core" systems aimed at scaling up hydrogen production for bigger customers. It operates primarily in Europe but sells internationally, and its main competitive angle is its modular, standardized design that can be stacked to meet different output needs. The company is still early-stage and unprofitable, as shown by its deeply negative margins, so its key risk is whether it can scale manufacturing fast enough to cut costs before its cash runs out or larger industrial rivals dominate the green hydrogen market.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+38.2% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

-28.9% YoY

YoY Growth Rate

Earnings declining

Insider Activity

59.1%ownership

Insiders own a meaningful stake in the company

Cash Runway

~14 months

€28M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Adequate runway but may need to raise capital within 2 years

Strong grower

Enapter AG is growing revenue at 38% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

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
-37.5%
Thin — -37.5% gross margin
Profit after running costs
Operating Margin
-108.4%
Losing money on operations — -108.4%
Return on the money invested
ROCE
-32.5%
Weak — -32.5% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Growth

Sales growth
Sales YoY
+3.1%
Slow sales growth (+3.1% YoY)
Profit growth
EPS YoY
N/A
Data not available
How steady the profit is
EPS Consistency
3/8 quarters
Earnings rarely grow — volatile business

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Cash Flow

Profit that turns into cash
Cash Conversion
N/A
Data not available
Spare cash per sale
FCF Margin
-35.9%
Burning cash (-35.9%)

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

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Stability

What it owes vs what it owns
Debt / Equity
0.84
Moderate — manageable debt (0.84)
Covers its interest
Interest Cover
N/A
Data not available

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Valuation

Price vs profit
P/E Ratio (TTM)
N/M
no trend
Negative earnings — P/E not meaningful
Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Dividends

Not applicable for this business.
🔒 See full fundamentals and if they are improving or declining — click here for your free trial now.
Start free trial