NORMA Group SE

NOEJ.DE

Manufacturing - Metal Fabrication · Industrials

Price

€20.10

+0.12 (+0.60%)

Market Cap

€640.4M

Exchange

Frankfurt Stock Exchange

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

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

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Weak

Stability

Good

Valuation

Good

Dividends

Weak

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Winston Score History

The full picture

NORMA Group is a German industrial company that makes joining and fluid-handling products — things like clamps, connectors, and pipe couplings used to hold parts together or move liquids safely. Its customers include automakers, water utilities, and construction companies across many industries. The company is headquartered in Maintal, Germany, and sells under several brands including Rasmussen and ABA.

NORMA Group earns revenue by selling these engineered components directly to manufacturers and through distribution networks. It operates globally, with significant business in Europe, the Americas, and Asia-Pacific, generating roughly €1.1 billion in annual sales. Its competitive position relies on technical expertise and long-standing customer relationships, but the company is currently unprofitable at the operating level, with negative margins and a negative return on invested capital. The key risk is its heavy exposure to the traditional automotive industry, which is shrinking as electric vehicles require fewer of the fluid and joining components that NORMA Group specializes in.

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

-27.1% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-87.5% YoY

YoY Growth Rate

Earnings declining

R&D Spend

€2M/ year

↓ Declining (-29% vs prior year)

0.2% of revenue

Below sector average (4%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

21.0%ownership

↑ Rising

Insiders increasing their stake — aligned with shareholders

Cash Runway

~5 years

€546M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

€546M cash & investments at current burn rate

Revenue declining

NORMA Group 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.

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: 31.9M (2021) → 31.9M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

0.0%

Thin — 0.0% gross margin

Profit after running costs

Operating Margin

1.3%

Thin — 1.3% operating margin

Return on the money invested

ROCE

-10.1%

Weak — -10.1% 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

-40.1%

Shrinking sales (-40.1% YoY)

Profit growth

EPS YoY

>+1,000%

Earnings growing fast (>+1,000% YoY)

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

How steady the profit is

EPS Consistency

1/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

25%

Weak — only 25% of profit becomes cash

Spare cash per sale

FCF Margin

2.5%

Thin free cash flow (2.5%)

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

0.08

Conservative — low debt load (0.08)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

2.8x

Attractive valuation — P/E 2.8

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

Cheaper or dearer next year

P/E vs Forward

-10.9

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend

Dividend Yield

0.76%

Small dividend — 0.76% yield

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

Dividend record

Dividend Growth

-40.5%

Dividend cut (-40.5% YoY) — warning sign

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