Euwax AG

EUX.F

Financial - Data & Stock Exchanges · Financial Services

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

Exceptional

Cash Flow

Good

Stability

Exceptional

Valuation

Mixed

Dividends

Good

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Winston Score History

The full picture

Euwax AG is a German financial services company that operates a stock exchange platform focused on securitized derivatives and structured products. These are complex financial instruments — like warrants and certificates — that banks and brokers use to give investors ways to bet on the price movements of stocks, commodities, or currencies. Euwax is part of the Boerse Stuttgart Group, one of Germany's largest stock exchange operators, and it specializes in making these derivative products easy to trade for retail investors.

The company earns money through trading fees and exchange services rather than selling physical products, which explains its 100% gross margin. It operates primarily in Germany and the broader European market. Its main competitive advantage is its established position within the Stuttgart exchange ecosystem and its focus on a niche but active segment of retail derivatives trading. The key risk is that trading volumes in structured products can drop sharply during periods of low market volatility or weak investor sentiment, which directly squeezes revenue.

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

+97.7% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+50.0% YoY

YoY Growth Rate

Strong earnings growth

Insider Activity

84.1%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

€81M cash & investments

Quarterly Free Cash Flow

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

Revenue accelerating

Euwax AG grew revenue 98% 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.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

100.0%

Premium pricing power — 100.0% gross margin

Profit after running costs

Operating Margin

30.7%

Excellent — 30.7% operating margin

Return on the money invested

ROCE

26.5%

Exceptional — 26.5% 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

+182.8%

Fast-growing sales (+182.8% YoY)

Profit growth

EPS YoY

+109.4%

Earnings growing fast (+109.4% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

93%

Modest — 93% of profit becomes cash

Spare cash per sale

FCF Margin

8.7%

Modest free cash flow (8.7%)

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

72.04x

Comfortably covers interest (72.0x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

15.1x

no trend

Fair value — P/E 15.1

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

6.88%

no trend

Healthy income — 6.88% yield

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

Dividend record

Dividend Growth

+0.0%

no trend

Dividend flat

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