Hoenle AG

HNL.DE

Electrical Equipment & Parts · Industrials

Exchange

Frankfurt Stock Exchange

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Mixed

Growth

Weak

Cash Flow

Weak

Stability

Mixed

Valuation

Data not available

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Winston Score History

The full picture

Hoenle AG is a German industrial company that makes ultraviolet (UV) light systems and equipment. Its products are used to cure adhesives, dry inks, and sterilize surfaces in factories. Main customers include manufacturers in printing, electronics, medical devices, and packaging industries.

The company earns money by selling UV lamps, LED systems, and related equipment, as well as replacement parts and service contracts. Hoenle operates primarily in Europe but sells globally, and its technical expertise in UV technology gives it a niche position in a specialized market. However, the company is currently unprofitable, with negative operating and return-on-capital margins, which signals real financial pressure. The key risk is that larger competitors and the broader shift toward LED-based UV systems could squeeze margins further, while a recovery in industrial manufacturing activity across Europe would be the main driver of any near-term improvement.

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

-7.4% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+275.0% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

35.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

€8M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue declining

Hoenle AG's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

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

63.7%

Premium pricing power — 63.7% gross margin

Profit after running costs

Operating Margin

3.6%

Thin — 3.6% operating margin

Return on the money invested

ROCE

-1.1%

Weak — -1.1% return on capital

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

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Growth

Sales growth

Sales YoY

-6.1%

Shrinking sales (-6.1% YoY)

Profit growth

EPS YoY

N/A

Data not available

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

4.2%

Thin free cash flow (4.2%)

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

0.60

Moderate — manageable debt (0.60)

Covers its interest

Interest Cover

N/A

Data not available

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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

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Dividends

Not applicable for this business.

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