Scout24 SE

G24.DE

Real Estate - Services · Real Estate

Price

€77.45

+1.30 (+1.71%)

Market Cap

€5.48B

Exchange

Frankfurt Stock Exchange

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

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

How the score breaks down

Quality

Exceptional

Growth

Exceptional

Cash Flow

Weak

Stability

Exceptional

Valuation

Strong

Dividends

Good

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Share count falling — buybacks

−18.1% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 88.1M (2021) → 72.1M (2025)

Winston Score History

The full picture

Scout24 SE runs ImmoScout24, Germany's largest online marketplace for buying, renting, and selling homes and apartments. The platform connects private landlords, real estate agents, and property developers with millions of people searching for a place to live or invest. It operates almost entirely in Germany and focuses on residential and commercial real estate listings.

The company makes money by charging real estate agents and private sellers subscription fees and listing fees to advertise properties on its platform. Its near-monopoly position in German online real estate gives it strong pricing power, which explains its unusually high gross and operating margins. The main growth driver is pushing agents toward higher-priced subscription tiers and adding value-added services like financing tools and tenant screening, though any slowdown in the German housing market could reduce the number of transactions flowing through the platform.

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

+20.0% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+66.7% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

€24M/ year

↑ Rising (+39% vs prior year)

3.6% of revenue

3.6x the sector average (1%)

R&D investment increasing — building for the future

Insider Activity

2.8%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

€36M cash & investments

Quarterly Free Cash Flow

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

Growth + cash flow

Scout24 SE is a rare growth stock that's already generating positive cash flow while growing at 20%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

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.

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

99.1%

Premium pricing power — 99.1% gross margin

Profit after running costs

Operating Margin

44.9%

Excellent — 44.9% operating margin

Return on the money invested

ROCE

20.6%

Exceptional — 20.6% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+11.6%

Steady sales growth (+11.6% YoY)

Profit growth

EPS YoY

+62.0%

Earnings growing fast (+62.0% YoY)

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

How steady the profit is

EPS Consistency

7/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

Weak — only 0% of profit becomes cash

Spare cash per sale

FCF Margin

0.0%

Thin free cash flow (0.0%)

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

0.35

Conservative — low debt load (0.35)

Covers its interest

Interest Cover

67.44x

Comfortably covers interest (67.4x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

19.5x

Fair value — P/E 19.5

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

+5.6

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (19.5 → 13.9)

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Dividends

Dividend

Dividend Yield

1.97%

Small dividend — 1.97% yield

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

Dividend record

Dividend Growth

+21.8%

Dividend growing fast (21.8% YoY)

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