Stock

MPH Health Care AG

93M1.DE
65
Asset Management · Financial Services
Also trades as: 0W1Q.L GBP 0.28 (+3.36%)
Price
€27.70
+0.40 (+1.47%)
Market Cap
€118.6M
Exchange
Frankfurt Stock Exchange
Winston Score
65
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Oct 10, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Exceptional
30/30
Growth
Weak
3/20
Cash Flow
Weak
1/10
Stability
Exceptional
10/10
Valuation
Good
6/10
Ownership
Good
10/15
Dividends
Exceptional
5/5

65 of 100 counted points = Winston Score 65.

§Winston Score History

The full picture

MPH Health Care AG is a German healthcare holding company that invests in and manages businesses across the pharmaceutical and medical sectors. Its portfolio includes stakes in specialty drug companies and healthcare service providers, with end customers ranging from hospitals and pharmacies to individual patients. The company operates primarily in the German-speaking European market.

MPH generates revenue mainly through dividends, management fees, and profit distributions from its subsidiary and portfolio companies, rather than selling products directly to consumers. It is a small-cap firm with a market capitalization of around $0.1 billion, and its 100% gross margin reflects its holding-company structure where costs sit at the operating level of its investees. The key growth driver is its ability to identify and acquire undervalued healthcare assets in a fragmented European market, while the main risk is concentration — if one or two portfolio companies underperform, it can meaningfully hurt overall results.

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: 4.3M (2021) → 4.3M (2025)

Score breakdown

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Quality

Profit per sale
Gross Margin
74.4%
Premium pricing power — 74.4% gross margin
Profit after running costs
Operating Margin
4826.7%
Excellent — 4826.7% operating margin
Return on the money invested
ROCE
42.8%
Exceptional — 42.8% 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
N/A
Data not available
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
10%
Weak — only 10% of profit becomes cash
Spare cash per sale
FCF Margin
0.0%
Thin free cash flow (0.0%)

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
0.06
Conservative — low debt load (0.06)
Covers its interest
Interest Cover
199.63x
Comfortably covers interest (199.6x)

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

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Valuation

Price vs profit
P/E Ratio (TTM)
1.1x
Attractive valuation — P/E 1.1

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

Cheaper or dearer next year
P/E vs Forward
-2.1
SLOWING
Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend
Dividend Yield
18.18%
Healthy income — 18.18% yield

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

Dividend record
Dividend Growth
+1257.1%
Dividend growing fast (1257.1% YoY)

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