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Koenig & Bauer AG

SKB.DE
30
Industrial - Machinery · Industrials
Also trades as: 0G15.L GBP 0.09 (+0.79%)
Price
€8.80
-0.03 (-0.34%)
Market Cap
€145.4M
Exchange
Frankfurt Stock Exchange
Winston Score
30
Winston is serious
Below-average fundamentals — multiple weak pillars.
Data as of Oct 9, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Weak
7/30
Growth
Weak
4/20
Cash Flow
Weak
0/10
Stability
Mixed
4/10
Valuation
Data not available
0/10
Ownership
Good
10/15
Dividends
Exceptional
5/5

30 of 100 counted points = Winston Score 30.

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§Winston Score History

The full picture

Koenig & Bauer AG is a German company that makes large printing machines. These machines print things like newspapers, cardboard packaging, banknotes, and metal cans. The company sells its equipment to publishers, packaging manufacturers, and governments around the world, and it is one of the oldest printing machine makers in existence, founded in 1817.

The company earns money by selling printing presses and also by providing spare parts, maintenance, and software services to customers who already own its machines. Koenig & Bauer operates globally, with a strong base in Europe, and its long history and specialized expertise in security printing — such as currency and official documents — give it a niche position few competitors can easily replicate. However, the company faces serious pressure from the long-term decline in commercial and newspaper printing, and its very low operating margin and negative return on invested capital suggest it is still working to restructure its business toward faster-growing packaging markets.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-0.1% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+101.3% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

€46M/ year

↓ Declining (-15% vs prior year)

3.5% of revenue

In line with sector average (4%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

30.2%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

€152M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Revenue declining

Koenig & Bauer 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.

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: 16.5M (2021) → 16.5M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
31.9%
Modest — 31.9% gross margin
Profit after running costs
Operating Margin
0.5%
Thin — 0.5% operating margin
Return on the money invested
ROCE
4.8%
Weak — 4.8% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth
Sales YoY
+1.3%
Nearly flat sales (+1.3% YoY)
Profit growth
EPS YoY
N/A
Data not available
How steady the profit is
EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash
Cash Conversion
N/A
Data not available
Spare cash per sale
FCF Margin
-0.7%
Burning cash (-0.7%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns
Debt / Equity
0.88
Moderate — manageable debt (0.88)
Covers its interest
Interest Cover
1.81x
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)
N/M
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

Dividend
Dividend Yield
11.19%
Healthy income — 11.19% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record
Dividend Growth
+55.6%
Dividend growing fast (55.6% YoY)

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