Rath AG

RAT.VI

Construction Materials · Industrials

Price

€23.60

-3.20 (-11.94%)

Market Cap

€35.4M

Exchange

Vienna Stock Exchange

Winston Score

Winston is worried

Weak fundamentals across most pillars.

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

How the score breaks down

Quality

Weak

Growth

Weak

Cash Flow

Weak

Stability

Weak

Valuation

Data not available

Track this stock — start free trial

Winston Score History

The full picture

Rath AG is an Austrian company that makes high-temperature resistant materials, called refractory products, used to line industrial furnaces, kilns, and other equipment that operates at extreme heat. Its main products include ceramic fibers, bricks, and other heat-resistant materials sold to industries like steel, glass, cement, and petrochemicals. The company is a specialist supplier in the refractory materials segment, serving industrial manufacturers across Europe and beyond.

Rath generates revenue by selling its refractory products and related installation or engineering services to industrial customers. The company is headquartered in Vienna, Austria, and operates production facilities across Europe, with sales reaching customers globally. Its competitive position relies on technical expertise in high-temperature materials, which creates some switching costs since customers depend on reliable performance in critical industrial processes. The main risk the business faces is its exposure to cyclical industries like steel and glass, where demand can drop sharply during economic downturns, putting pressure on already thin operating margins.

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

-14.8% YoY

YoY Growth Rate

Revenue declining

EPS Growth

<−1,000% YoY

YoY Growth Rate

Earnings declining

R&D Spend

€1M/ year

1.3% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

85.5%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

€12M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Revenue declining

Rath 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.

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: 1.5M (2021) → 1.5M (2025)

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

7.2%

Thin — 7.2% gross margin

Profit after running costs

Operating Margin

-7.0%

Losing money on operations — -7.0%

Return on the money invested

ROCE

3.6%

Weak — 3.6% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Growth

Sales growth

Sales YoY

-16.3%

Shrinking sales (-16.3% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

-1.0%

Burning cash (-1.0%)

Free cash flow is negative. They are burning cash, not generating it.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Stability

What it owes vs what it owns

Debt / Equity

1.10

Elevated debt (1.10)

Covers its interest

Interest Cover

0.72x

Dangerous — barely covers interest (0.7x)

Interest coverage below 1. Their profits don't cover the interest bill.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

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

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Dividends

Not applicable for this business.

🔒 See full fundamentals and if they are improving or declining — click here for your free trial now.

Start free trial