SFC Energy AG

F3C.DE

Electrical Equipment & Parts · Industrials

Price

€20.50

+0.05 (+0.24%)

Market Cap

€356.7M

Exchange

Frankfurt Stock Exchange

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

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

How the score breaks down

Quality

Good

Growth

Mixed

Cash Flow

Good

Stability

Exceptional

Valuation

Good

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Share count rising — dilution

+17.9% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 14.7M (2021) → 17.4M (2025)

Winston Score History

The full picture

SFC Energy AG is a German company that makes fuel cells — devices that generate electricity from hydrogen or methanol without burning fuel. Its main products are portable and stationary power units used in places where the electrical grid is unavailable or unreliable, such as remote oil and gas sites, military operations, and environmental monitoring stations. The company is one of Europe's leading producers of direct methanol and hydrogen fuel cells for industrial and defense customers.

SFC Energy earns money by selling fuel cell hardware and related accessories, primarily to business and government customers rather than individual consumers. It operates mainly in Europe, North America, and Asia, with a meaningful share of revenue coming from defense contracts and industrial automation. The company's technical expertise in off-grid power gives it a niche position, but its thin operating margin and negative return on invested capital highlight that profitability remains a challenge as it scales up to meet growing demand for clean energy alternatives.

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

+37.9% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+400.0% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

€8M/ year

↑ Rising (+12% vs prior year)

5.7% of revenue

In line with sector average (4%)

R&D investment increasing — building for the future

Insider Activity

2.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

€44M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

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

Revenue accelerating

SFC Energy AG grew revenue 38% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

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

50.2%

Healthy — 50.2% gross margin

Profit after running costs

Operating Margin

16.6%

Healthy — 16.6% operating margin

Return on the money invested

ROCE

11.7%

Below par — 11.7% 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

+3.1%

Slow sales growth (+3.1% YoY)

Profit growth

EPS YoY

+91.1%

Earnings growing fast (+91.1% 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

88%

Modest — 88% of profit becomes cash

Spare cash per sale

FCF Margin

2.0%

Thin free cash flow (2.0%)

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

0.02

Conservative — low debt load (0.02)

Covers its interest

Interest Cover

18.27x

Comfortably covers interest (18.3x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

54.6x

Expensive — P/E 54.6

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

Cheaper or dearer next year

P/E vs Forward

+39.1

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (54.6 → 15.4)

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Dividends

Not applicable for this business.

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