MAX Automation SE

MXHN.DE

Industrial - Machinery · Industrials

Price

€3.40

-0.22 (-6.08%)

Market Cap

€140.2M

Exchange

Frankfurt Stock Exchange

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Based on the IPO prospectus (annual filing). This score will refine automatically once the company reports its first quarters.

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

How the score breaks down

Quality

Weak

Growth

Weak

Cash Flow

Weak

Stability

Good

Valuation

Data not available

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Share count rising — dilution

+40.0% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 29.5M (2021) → 41.2M (2025)

Winston Score History

The full picture

MAX Automation SE is a German industrial company that builds automated manufacturing systems. Its subsidiaries design and make machines that handle tasks like precision assembly, environmental technology processing, and wire harness production. Its main customers are manufacturers in the automotive, electronics, and industrial sectors across Europe.

The company earns money by selling custom automation equipment and providing related engineering services. It operates primarily in Germany and other European markets, with a small international footprint. At roughly €200 million in market value and an operating margin near 1%, the business runs on thin profits, which leaves little room for error. The key risk is its heavy dependence on the automotive industry, which is going through a major shift toward electric vehicles — that transition is forcing carmakers to retool factories, which could either create new orders for MAX Automation or reduce demand if customers delay spending.

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

-1.1% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-88.0% YoY

YoY Growth Rate

Earnings declining

R&D Spend

€2M/ year

↑ Rising (+50% vs prior year)

0.7% of revenue

Below sector average (4%)

R&D investment increasing — building for the future

Insider Activity

72.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

€71M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue declining

MAX Automation SE'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.

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Quality

Profit per sale

Gross Margin

11.5%

Thin — 11.5% gross margin

Profit after running costs

Operating Margin

-0.7%

Losing money on operations — -0.7%

Return on the money invested

ROCE

-1.1%

Weak — -1.1% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

-8.6%

Shrinking sales (-8.6% YoY)

Profit growth

EPS YoY

-107.5%

Earnings shrinking (-107.5% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

N/A

Data not available

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

7.7%

Modest free cash flow (7.7%)

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

0.15

Conservative — low debt load (0.15)

Covers its interest

Interest Cover

N/A

Data not available

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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

Not applicable for this business.

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