Hochtief AG

HOT.SW

Engineering & Construction · Industrials

Price

CHF 408.40

-51.60 (-11.22%)

Market Cap

CHF 20.04B

Exchange

SIX Swiss Exchange

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

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

How the score breaks down

Quality

Mixed

Growth

Good

Cash Flow

Strong

Stability

Weak

Valuation

Good

Dividends

Good

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Share count rising — dilution

+10.3% over 4y

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

Diluted shares outstanding: 68.2M (2021) → 75.2M (2025)

Winston Score History

The full picture

Hochtief is one of the largest construction and engineering companies in the world. It builds major infrastructure projects like highways, bridges, tunnels, airports, and large buildings for governments and private clients. The company is headquartered in Germany but does most of its work through subsidiaries, most notably CIMIC in Australia and Turner Construction in the United States.

Hochtief earns money by winning large construction contracts and managing those projects from start to finish. It operates across Europe, the Americas, and Asia-Pacific, giving it a broad geographic footprint that reduces reliance on any single market. Its competitive edge comes from its scale, long track record, and ownership of strong regional brands like Turner, which is one of the biggest general contractors in the United States. The main risk the company faces is thin profit margins, which are typical in construction, meaning cost overruns on large projects can quickly erase earnings.

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

+13.8% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+48.7% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

€0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

79.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

€11.8B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Growth + cash flow

Hochtief AG is a rare growth stock that's already generating positive cash flow while growing at 14%. 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

23.1%

Thin — 23.1% gross margin

Profit after running costs

Operating Margin

3.9%

Thin — 3.9% operating margin

Return on the money invested

ROCE

15.5%

Strong — 15.5% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+7.9%

Steady sales growth (+7.9% YoY)

Profit growth

EPS YoY

+8.1%

Earnings growing (+8.1% YoY)

Single-digit earnings growth — steady but not exciting.

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

261%

Turns 261% of profit into real cash

Spare cash per sale

FCF Margin

4.7%

Thin free cash flow (4.7%)

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

7.13

Heavy debt load (7.13)

Covers its interest

Interest Cover

3.21x

Tight — interest eats into profit (3.2x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

34.6x

Pricey — P/E 34.6

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

Cheaper or dearer next year

P/E vs Forward

+13.2

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (34.6 → 21.4)

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Dividends

Dividend

Dividend Yield

1.50%

Small dividend — 1.50% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

+15.8%

Dividend growing fast (15.8% YoY)

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