Indus Holding AG

INH.DE

Conglomerates · Industrials

Exchange

Frankfurt Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

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

How the score breaks down

Quality

Mixed

Growth

Good

Cash Flow

Strong

Stability

Good

Valuation

Strong

Dividends

Good

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Winston Score History

The full picture

INDUS Holding AG is a German holding company that buys and owns small and mid-sized industrial businesses, mostly in German-speaking Europe. Its portfolio companies make things like engineered components, medical devices, and technical equipment, selling to manufacturers, construction firms, and healthcare customers. INDUS focuses on acquiring family-owned businesses that have strong market positions in narrow, specialized niches.

The company makes money by collecting revenue from its roughly 40 subsidiary businesses across sectors like engineering, infrastructure, and life sciences. Most operations are based in Germany, Austria, and Switzerland, giving INDUS a concentrated exposure to the health of European industrial activity. Its competitive edge comes from a decentralized model — acquired companies keep their management teams and brand identities — but the main risk is that weak demand in German manufacturing, which has been under pressure from high energy costs and slow growth, could weigh on earnings across the portfolio.

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

+9.8% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+0.0% YoY

YoY Growth Rate

Slow EPS growth

Insider Activity

21.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~5 months

€132M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Cash watch

Indus Holding AG has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

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

20.9%

Thin — 20.9% gross margin

Profit after running costs

Operating Margin

11.8%

Modest — 11.8% operating margin

Return on the money invested

ROCE

12.4%

Good — 12.4% 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

+3.5%

Slow sales growth (+3.5% YoY)

Profit growth

EPS YoY

+19.3%

Earnings growing fast (+19.3% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

143%

Turns 143% of profit into real cash

Spare cash per sale

FCF Margin

2.8%

Thin free cash flow (2.8%)

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

0.91

Moderate — manageable debt (0.91)

Covers its interest

Interest Cover

6.16x

Adequate interest coverage (6.2x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

8.1x

no trend

Attractive valuation — P/E 8.1

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year

P/E vs Forward

+1.0

GROWING

Earnings roughly flat

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Dividends

Dividend

Dividend Yield

3.96%

no trend

Moderate income — 3.96% yield

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

Dividend record

Dividend Growth

+8.4%

no trend

Dividend growing modestly (8.4% YoY)

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