Lang & Schwarz AG

LUS1.DE

Financial - Capital Markets · Financial Services

Also trades as: 0RS1.L

Exchange

Frankfurt Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Strong

Cash Flow

Strong

Stability

Strong

Valuation

Good

Dividends

Good

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Winston Score History

The full picture

Lang & Schwarz AG is a German financial services company that acts as a market maker — meaning it helps buyers and sellers trade stocks, ETFs, and other financial products by always being ready to offer a price. It operates the TradeRepublic-linked trading platform and runs its own exchange, LS Exchange, which allows retail investors in Germany and across Europe to trade securities outside of normal stock market hours. The company is a key part of Germany's retail trading infrastructure.

Lang & Schwarz makes money primarily by earning the spread — the small difference between the price it buys and sells securities at — across millions of trades. It is headquartered in Düsseldorf, Germany, and generates most of its revenue from European retail trading activity. Its close partnership with Trade Republic, one of Europe's fastest-growing retail brokers, is both its biggest competitive advantage and its biggest risk, since heavy dependence on a single major client means any change in that relationship could significantly hurt revenue.

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

+40.4% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+82.6% YoY

YoY Growth Rate

Strong earnings growth

Insider Activity

5.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

€1.4B cash & investments

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

Revenue accelerating

Lang & Schwarz AG grew revenue 40% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

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.

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Quality

Profit per sale

Gross Margin

11.4%

Thin — 11.4% gross margin

Profit after running costs

Operating Margin

8.6%

Modest — 8.6% operating margin

Return on the money invested

ROCE

46.2%

Exceptional — 46.2% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth

Sales YoY

+62.5%

Fast-growing sales (+62.5% YoY)

Profit growth

EPS YoY

+138.8%

Earnings growing fast (+138.8% 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

145%

Turns 145% of profit into real cash

Spare cash per sale

FCF Margin

6.9%

Modest free cash flow (6.9%)

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

1.02

Elevated debt (1.02)

Covers its interest

Interest Cover

100.00x

—

Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

2.6x

no trend

Attractive valuation — P/E 2.6

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year

P/E vs Forward

-4.6

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend

Dividend Yield

10.28%

no trend

Healthy income — 10.28% yield

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

Dividend record

Dividend Growth

-65.3%

no trend

Dividend cut (-65.3% YoY) — warning sign

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