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Geratherm Medical AG

GME.DE
40
Medical - Devices · Healthcare
Price
€2.59
-0.06 (-2.26%)
Market Cap
€14.0M
Exchange
Deutsche Börse
Winston Score
40
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Aug 23, 2026 · filings through Dec 31, 2025
How the score breaks down
Quality
Mixed
Growth
Mixed
Cash Flow
Weak
Stability
Exceptional
Valuation
Data not available
Dividends
Mixed

Share count rising — dilution

+9.3% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 5.0M (2021) → 5.4M (2025)

Winston Score History

The full picture

Geratherm Medical AG is a small German healthcare company that makes medical measuring devices. Its main products include thermometers, blood pressure monitors, and respiratory diagnostic equipment. The company sells to hospitals, clinics, pharmacies, and individual patients across Europe and beyond.

Geratherm earns money by selling its medical devices directly and through distribution partners. It is headquartered in Geschwenda, Germany, and operates primarily in European markets, though it also exports globally. The company is known for producing mercury-free thermometers, which gave it an early advantage as regulations pushed the healthcare industry away from mercury-based products. With a gross margin above 60%, it retains solid pricing power on its niche product lines. The main risk is its small size, which limits its ability to compete with much larger medical device makers like Omron or Philips, and any slowdown in healthcare spending in its core European markets could weigh on revenue growth.

Growth Profile

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

Revenue Growth

+17.7% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-132.2% YoY

YoY Growth Rate

Earnings declining

R&D Spend

€1M/ year

9.1% of revenue

Below sector average (18%)

Research and development spending

Insider Activity

38.3%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

€10M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

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

Growth + cash flow

Geratherm Medical AG is a rare growth stock that's already generating positive cash flow while growing at 18%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

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
63.4%
Premium pricing power — 63.4% gross margin
Profit after running costs
Operating Margin
-3.3%
Losing money on operations — -3.3%
Return on the money invested
ROCE
8.6%
Below par — 8.6% 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
+5.2%
Slow sales growth (+5.2% YoY)
Profit growth
EPS YoY
-338.3%
Earnings shrinking (-338.3% 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
N/A
Data not available
Spare cash per sale
FCF Margin
7.4%
Modest free cash flow (7.4%)

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
0.13
Conservative — low debt load (0.13)
Covers its interest
Interest Cover
100.00x
Comfortably covers interest (100.0x)

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

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Valuation

Price vs profit
P/E Ratio (TTM)
N/M
Negative earnings — P/E not meaningful
Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

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Dividends

Dividend
Dividend Yield
3.88%
Moderate income — 3.88% yield

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

Dividend record
Dividend Growth
-61.5%
Dividend cut (-61.5% YoY) — warning sign

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