Deep Value: cash covers more than 100% of the stock price

This company holds roughly $2.8B in cash and investments — more than 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.

Salzgitter AG

SZG.DE

Steel · 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 Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Weak

Cash Flow

Good

Stability

Mixed

Valuation

Good

Dividends

Weak

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Winston Score History

The full picture

Salzgitter AG is a German company that makes steel and steel products. It produces flat steel, tubes, and specialty steel used by industries like car manufacturing, construction, energy, and engineering. The company is one of Germany's largest steel producers and also runs a technology division that makes filling and packaging machines.

Salzgitter earns money by selling steel products and related services, with most of its revenue coming from Europe, particularly Germany. It is a mid-sized steel group with around 25,000 employees and competes on product variety and vertical integration, meaning it controls steps from raw steel production to finished parts. The company is currently investing heavily in "green steel" — making steel using hydrogen instead of coal — which could reduce its carbon footprint but requires large upfront costs. With a negative operating margin right now, the key risk is that weak steel demand and high energy prices in Europe could strain finances before that transition pays off.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

13.0%

Thin — 13.0% gross margin

Profit after running costs

Operating Margin

-1.6%

Losing money on operations — -1.6%

Return on the money invested

ROCE

-0.9%

Weak — -0.9% 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

-5.6%

Shrinking sales (-5.6% 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

714%

Turns 714% of profit into real cash

Spare cash per sale

FCF Margin

-6.2%

Burning cash (-6.2%)

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

0.49

Conservative — low debt load (0.49)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

47.8x

no trend

Expensive — P/E 47.8

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+40.8

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (47.8 → 7.0)

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Dividends

Dividend

Dividend Yield

0.37%

no trend

Small dividend — 0.37% yield

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

Dividend record

Dividend Growth

-9.8%

no trend

Dividend cut (-9.8% YoY) — warning sign

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