INTERSHOP Communications AG

ISHA.DE

Software - Application · Technology

Exchange

Deutsche Börse

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

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

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Weak

Stability

Good

Valuation

Data not available

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Winston Score History

The full picture

Intershop Communications AG is a German software company that builds e-commerce platforms for businesses. Its main product is the Intershop Commerce Platform, which helps retailers, manufacturers, and distributors run online stores and manage digital sales. The company focuses on B2B e-commerce — meaning it mostly serves businesses selling to other businesses — and is one of Europe's longer-standing dedicated e-commerce software providers, having been founded in the 1990s.

Intershop makes money by selling software licenses, cloud subscriptions, and professional services like implementation and support. It operates primarily in Europe, with Germany as its home market, and generates modest revenue in the low tens of millions of euros annually. Its competitive position relies on deep B2B e-commerce expertise and long-term customer relationships, but the negative operating margin signals the company is spending more than it earns. The key risk is competing against much larger platforms like SAP and Salesforce Commerce Cloud, which have far greater resources and customer reach.

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

-3.5% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+97.4% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

20.9%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

€11M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue declining

INTERSHOP Communications 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

48.6%

Healthy — 48.6% gross margin

Profit after running costs

Operating Margin

-3.8%

Losing money on operations — -3.8%

Return on the money invested

ROCE

-9.1%

Weak — -9.1% 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

-14.0%

Shrinking sales (-14.0% YoY)

Profit growth

EPS YoY

N/A

Data not available

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

N/A

Data not available

Spare cash per sale

FCF Margin

4.9%

Thin free cash flow (4.9%)

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

0.14

Conservative — low debt load (0.14)

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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