Stock

Kendrion N.V.

KENDR.AS
47
Auto - Parts · Consumer Cyclical
Also trades as: 0G68.L GBP 0.19 (-0.41%)
Price
€19.40
-0.24 (-1.22%)
Market Cap
€306.6M
Exchange
Euronext Amsterdam
Winston Score
47
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Oct 10, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Mixed
13/30
Growth
Mixed
7/20
Cash Flow
Data not available
0/10
Stability
Strong
7/10
Valuation
Strong
8/10
Ownership
Good
10/15
Dividends
Mixed
2/5

47 of 100 counted points = Winston Score 47.

Share count falling — buybacks

−21.1% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 14.8M (2021) → 11.7M (2025)

§Winston Score History

The full picture

Kendrion N.V. is a Dutch industrial company that makes electromagnetic components — basically small devices that use electricity and magnetism to control movement, hold things in place, or stop machines. Its main products include electromagnetic brakes, clutches, actuators, and solenoids. These parts are sold to manufacturers in the automotive and industrial sectors, where they are built into cars, factory machines, and medical equipment.

Kendrion earns money by selling these components directly to manufacturers, typically under long-term supply contracts. The company operates primarily in Europe, with additional facilities in the Americas and Asia, and generates roughly €500 million in annual revenue. Its competitive position comes from deep engineering expertise and the high cost for customers to switch suppliers once a part is designed into a product. The biggest risk Kendrion faces is the ongoing slowdown in European automotive production, particularly as the shift to electric vehicles changes which components are needed and creates uncertainty around future demand for traditional parts.

Score breakdown

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Quality

Profit per sale
Gross Margin
17.0%
Thin — 17.0% gross margin
Profit after running costs
Operating Margin
12.4%
Healthy — 12.4% operating margin
Return on the money invested
ROCE
12.6%
Good — 12.6% 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
-18.1%
Shrinking sales (-18.1% YoY)
Profit growth
EPS YoY
N/A
Data not available
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
N/A
Data not available
Spare cash per sale
FCF Margin
N/A
Data not available

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Stability

What it owes vs what it owns
Debt / Equity
0.41
Conservative — low debt load (0.41)
Covers its interest
Interest Cover
6.95x
Adequate interest coverage (6.9x)

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

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Valuation

Price vs profit
P/E Ratio (TTM)
14.4x
Attractive valuation — P/E 14.4

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
+5.6
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (14.4 → 8.7)

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Dividends

Dividend
Dividend Yield
3.45%
Moderate income — 3.45% yield

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

Dividend record
Dividend Growth
-3.0%
Dividend cut (-3.0% YoY) — warning sign

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