Deep Value: cash covers more than 100% of the stock price

This company holds roughly $177M in cash and investments — more than its entire stock-market value, based on its latest quarterly filing. You're paying very little for the actual business. Sometimes that's a genuine bargain or a takeover target, sometimes it's cheap for a reason. Not a buy signal on its own — always ask why it's this cheap.

Koenig & Bauer AG

SKB.DE

Industrial - Machinery · Industrials

Also trades as: 0G15.L

Exchange

Frankfurt Stock Exchange

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

Weak

Cash Flow

Weak

Stability

Mixed

Valuation

Data not available

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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

For growth stock investors

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

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.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

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

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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