Kion Group AG

KGX.SW

Industrial - Machinery · Industrials

Price

CHF 37.93

+0.00 (+0.00%)

Market Cap

CHF 4.97B

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

Good

Valuation

Strong

Dividends

Weak

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Winston Score History

The full picture

Kion Group AG is a German company that makes forklifts, warehouse trucks, and automated storage systems used in factories, warehouses, and distribution centers. Its main brands include Linde Material Handling and STILL, which are well-known names in the industrial equipment industry across Europe. Kion is one of the largest forklift and warehouse equipment manufacturers in the world, competing closely with Toyota Industries and Jungheinrich.

The company earns money by selling equipment outright, renting it through long-term leases, and providing service contracts and spare parts — the service business provides steadier income than one-time equipment sales. Kion operates primarily in Europe but has a meaningful presence in China and North America, generating roughly €11 billion in annual revenue. Its key growth driver is the expansion of automated warehouse solutions, where demand from e-commerce and logistics companies is rising, though high debt levels and a slowdown in industrial capital spending remain notable risks to watch.

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

+8.3% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+19.4% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

€259M/ year

→ Flat (-0% vs prior year)

2.3% of revenue

Below sector average (4%)

Steady R&D investment year-over-year

Insider Activity

46.5%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~19 months

€3.2B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Adequate runway but may need to raise capital within 2 years

Growth context

Kion Group AG is growing revenue at 8% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

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.

Share count broadly stable

0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 131.1M (2021) → 131.1M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

24.8%

Thin — 24.8% gross margin

Profit after running costs

Operating Margin

6.7%

Modest — 6.7% operating margin

Return on the money invested

ROCE

7.9%

Weak — 7.9% 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

+2.1%

Nearly flat sales (+2.1% YoY)

Profit growth

EPS YoY

+69.0%

Earnings growing fast (+69.0% YoY)

Earnings growing 25%+ a year. The compounder zone.

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

122%

Turns 122% of profit into real cash

Spare cash per sale

FCF Margin

0.8%

Thin free cash flow (0.8%)

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

0.50

Conservative — low debt load (0.50)

Covers its interest

Interest Cover

1.80x

Dangerous — barely covers interest (1.8x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

12.9x

Attractive valuation — P/E 12.9

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

+4.3

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (12.9 → 8.6)

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Dividends

Dividend

Dividend Yield

1.53%

Small dividend — 1.53% yield

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

Dividend record

Dividend Growth

-37.0%

Dividend cut (-37.0% YoY) — warning sign

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