Shelly Group SE

SLYG.DE

Conglomerates · Industrials

Price

€63.00

-0.30 (-0.47%)

Market Cap

€1.14B

Exchange

Frankfurt Stock Exchange

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Data as of Aug 24, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Exceptional

Growth

Exceptional

Cash Flow

Good

Stability

Exceptional

Valuation

Weak

Dividends

Good

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Winston Score History

The full picture

Shelly Group SE is a Bulgarian technology company that makes small, affordable smart home devices. Its core products are Wi-Fi and Bluetooth-enabled switches, relays, plugs, and sensors that let people control lights, appliances, and energy use from a smartphone. The company sells to homeowners, electricians, and building automation installers across Europe and beyond.

Shelly earns money by selling hardware directly and through a network of distributors and resellers. Most of its revenue comes from Europe, where demand for energy-saving smart home products has grown steadily. The company's edge comes from offering low-cost devices that work with open standards, making them popular with technically minded users who dislike locked-down ecosystems. With a gross margin near 59% and strong returns on capital, the business is profitable for its size. The main risk is competition from larger players like Tuya-based brands and established names such as Legrand or Schneider Electric, which have far greater resources and distribution reach.

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

Strong revenue growth

EPS Growth

EPS data limited

R&D Spend

0 BGN/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

56.6%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

63M BGN cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Strong grower

Shelly Group SE is growing revenue at 27% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

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

+0.7% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 18.0M (2021) → 18.1M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

59.9%

Premium pricing power — 59.9% gross margin

Profit after running costs

Operating Margin

25.6%

Excellent — 25.6% operating margin

Return on the money invested

ROCE

30.6%

Exceptional — 30.6% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth

Sales YoY

+37.9%

Fast-growing sales (+37.9% YoY)

Profit growth

EPS YoY

+434.4%

Earnings growing fast (+434.4% YoY)

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

How steady the profit is

EPS Consistency

4/5 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

71%

Modest — 71% of profit becomes cash

Spare cash per sale

FCF Margin

10.2%

Modest free cash flow (10.2%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

0.03

Conservative — low debt load (0.03)

Covers its interest

Interest Cover

33.53x

Comfortably covers interest (33.5x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

37.8x

Pricey — P/E 37.8

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

Cheaper or dearer next year

P/E vs Forward

-16.5

SLOWING

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

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Dividends

Dividend

Dividend Yield

0.20%

Small dividend — 0.20% yield

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

Dividend record

Dividend Growth

+100.5%

Dividend growing fast (100.5% YoY)

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