NÜRNBERGER Beteiligungs-AG

NBG6.DE

Insurance - Diversified · Financial Services

Exchange

Frankfurt Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Good

Growth

Weak

Cash Flow

Weak

Stability

Exceptional

Valuation

Good

Dividends

Weak

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Winston Score History

The full picture

NÜRNBERGER Beteiligungs-AG is a German insurance holding company based in Nuremberg, Germany. It sells life insurance, health insurance, and property and casualty insurance to individual customers and businesses. The company has operated in the German-speaking market for over 100 years, making it one of the more established mid-sized insurers in Germany.

The company earns money by collecting premiums from policyholders and investing those funds, a model common across the insurance industry. It operates primarily in Germany, with a smaller presence in Austria and other European markets, and has a market cap of around $1.4 billion, placing it firmly in mid-cap territory. Its long history and established distribution network provide some competitive stability, but a ROIC of just 1.3% signals that generating strong returns on capital remains a challenge — and persistently low or rising interest rates in Europe can pressure the investment income that insurers depend on to stay profitable.

Score breakdown

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Quality

Profit per sale

Gross Margin

37.0%

Modest — 37.0% gross margin

Profit after running costs

Operating Margin

4.5%

Thin — 4.5% operating margin

Return on the money invested

ROCE

163.8%

Exceptional — 163.8% 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

-9.2%

Shrinking sales (-9.2% 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

Weak — only 2% of profit becomes cash

Spare cash per sale

FCF Margin

-0.0%

Burning cash (-0.0%)

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

0.13

Conservative — low debt load (0.13)

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)

32.4x

no trend

Pricey — P/E 32.4

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

+14.4

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (32.4 → 18.0)

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Dividends

Dividend

Dividend Yield

1.60%

no trend

Small dividend — 1.60% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

-29.1%

no trend

Dividend cut (-29.1% YoY) — warning sign

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