Deep Value: cash covers about 93% of the stock price

This company holds roughly $106M in cash and investments — about 93% of its entire stock-market value, based on its latest quarterly filing. You're paying very little for the actual business. Sometimes that's a genuine bargain or a takeover target, sometimes it's cheap for a reason. Not a buy signal on its own — always ask why it's this cheap.

Nabaltec AG

NTG.DE

Chemicals - Specialty · Basic Materials

Exchange

Frankfurt Stock Exchange

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Weak

Growth

Weak

Cash Flow

Good

Stability

Good

Valuation

Good

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Winston Score History

The full picture

Nabaltec AG is a German specialty chemicals company that makes flame retardants and other mineral-based materials used in plastics, ceramics, and construction products. Its core products include aluminum hydroxide and boehmite, which are sold to manufacturers in industries like electronics, cables, and building materials. The company is a mid-sized European producer focused on high-purity specialty minerals.

Nabaltec earns revenue by selling these specialty mineral products directly to industrial customers, primarily in Europe, though it also serves markets in Asia and North America. Its competitive position comes from technical expertise in producing high-purity materials and long-standing customer relationships, but the company is small with a market cap around €100 million, leaving it exposed to raw material cost swings and pricing pressure from larger global competitors. The key growth driver is rising demand for halogen-free flame retardants, as stricter fire safety regulations push manufacturers toward safer materials in electronics and construction applications.

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

-4.2% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-35.5% YoY

YoY Growth Rate

Earnings declining

Insider Activity

55.6%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

€92M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue declining

Nabaltec AG'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

21.7%

Thin — 21.7% gross margin

Profit after running costs

Operating Margin

5.1%

Thin — 5.1% operating margin

Return on the money invested

ROCE

5.5%

Weak — 5.5% 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

-5.6%

Shrinking sales (-5.6% YoY)

Profit growth

EPS YoY

-35.9%

Earnings shrinking (-35.9% YoY)

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

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

186%

Turns 186% of profit into real cash

Spare cash per sale

FCF Margin

-6.1%

Burning cash (-6.1%)

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

0.57

Conservative — low debt load (0.57)

Covers its interest

Interest Cover

3.72x

Tight — interest eats into profit (3.7x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

13.1x

no trend

Attractive valuation — P/E 13.1

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

Not applicable for this business.

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