Mühlbauer Holding AG

MUB.DE

Computer Hardware · Technology

Exchange

Frankfurt Stock Exchange

Winston Score

Winston is serious

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

Mixed

Cash Flow

Strong

Stability

Good

Valuation

Mixed

Dividends

Mixed

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Winston Score History

The full picture

Mühlbauer Holding AG is a German company that makes machines and systems used to produce and personalize secure documents. These include passports, ID cards, SIM cards, smart cards, and banknotes. Its customers are governments, central banks, telecom companies, and card manufacturers around the world.

The company earns money by selling specialized manufacturing equipment, automation systems, and related services to its customers. Mühlbauer operates globally, with a strong presence in Europe, Asia, and emerging markets, and generates roughly €200–250 million in annual revenue. Its moat comes from deep technical expertise and long-standing relationships with government clients, which are hard to replace. However, the very low operating margin of around 1% signals that costs are high relative to revenue right now, and the business is sensitive to delays or cancellations in large government contracts, which remain the key risk to near-term profitability.

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

+21.1% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-12.5% YoY

YoY Growth Rate

Earnings declining

Insider Activity

85.9%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

€82M cash & investments

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

Growth + cash flow

Mühlbauer Holding AG is a rare growth stock that's already generating positive cash flow while growing at 21%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

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

20.8%

Thin — 20.8% gross margin

Profit after running costs

Operating Margin

4.8%

Thin — 4.8% operating margin

Return on the money invested

ROCE

13.9%

Good — 13.9% 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

+1.9%

Nearly flat sales (+1.9% YoY)

Profit growth

EPS YoY

+34.8%

Earnings growing fast (+34.8% YoY)

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

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

122%

Turns 122% of profit into real cash

Spare cash per sale

FCF Margin

4.3%

Thin free cash flow (4.3%)

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

N/A

Data not available

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)

17.3x

no trend

Fair value — P/E 17.3

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

N/A

not available

Data not available

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Dividends

Dividend

Dividend Yield

3.66%

no trend

Moderate income — 3.66% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record

Dividend Growth

-16.7%

no trend

Dividend cut (-16.7% YoY) — warning sign

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