Kion Group AG

KIGRY

Industrial - Machinery · Industrials

Exchange

Other OTC

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

Strong

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 equipment, and automated storage systems. Its main brands include Linde Material Handling and STILL, which are well-known names in industrial vehicles used by factories, warehouses, and logistics companies around the world. Kion is one of the largest forklift and warehouse automation manufacturers in the world.

The company makes money by selling and leasing forklifts and warehouse equipment, and also earns recurring revenue from service contracts and spare parts. Kion operates primarily in Europe but has a significant presence in China and other global markets, with annual revenues of roughly €11–12 billion. Its competitive edge comes from strong brand recognition and a large installed base that drives ongoing service revenue, but the business faces real risks from slowing industrial investment, high debt levels taken on after acquiring automation specialist Dematic, and weaker demand from e-commerce customers who had over-expanded their warehouse capacity.

Score breakdown

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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

9.7%

Below par — 9.7% 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

-1.6%

Shrinking sales (-1.6% YoY)

Profit growth

EPS YoY

+65.9%

Earnings growing fast (+65.9% 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

121%

Turns 121% of profit into real cash

Spare cash per sale

FCF Margin

0.7%

Thin free cash flow (0.7%)

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

0.21

Conservative — low debt load (0.21)

Covers its interest

Interest Cover

2.41x

Tight — interest eats into profit (2.4x)

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)

15.9x

no trend

Fair value — P/E 15.9

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

+3.7

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (15.9 → 12.2)

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Dividends

Dividend

Dividend Yield

1.56%

no trend

Small dividend — 1.56% yield

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

Dividend record

Dividend Growth

-5.2%

no trend

Dividend cut (-5.2% YoY) — warning sign

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