SMA Solar Technology AG

S92.DE

Solar · Energy

Exchange

Frankfurt Stock Exchange

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

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

How the score breaks down

Quality

Mixed

Growth

Weak

Cash Flow

Weak

Stability

Good

Valuation

Data not available

Dividends

Weak

Track this stock — start free trial

Winston Score History

The full picture

SMA Solar Technology AG is a German company that makes inverters — the devices that convert solar energy into usable electricity. Its products are used in home solar systems, large commercial buildings, and massive utility-scale solar farms. SMA is one of the largest inverter manufacturers in the world and sells to solar installers, energy companies, and grid operators.

SMA earns money by selling hardware — primarily inverters and related energy management systems. It operates mainly in Europe but also sells across North America, Asia, and other markets, generating roughly €1–2 billion in annual revenue. The company has built a strong brand and technical reputation over decades, but it faces intense price competition from lower-cost Chinese manufacturers like Huawei and Sungrow. The deeply negative operating and return margins shown today reflect that pressure, and SMA's main challenge is cutting costs and defending market share without sacrificing the engineering quality that has historically set it apart.

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

-3.2% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+255.1% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

2.9%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

€260M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue declining

SMA Solar Technology 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.

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

34.6%

Modest — 34.6% gross margin

Profit after running costs

Operating Margin

12.5%

Healthy — 12.5% operating margin

Return on the money invested

ROCE

-22.8%

Weak — -22.8% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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

+4.3%

Slow sales growth (+4.3% 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

7.9%

Modest free cash flow (7.9%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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

0.21

Conservative — low debt load (0.21)

Covers its interest

Interest Cover

N/A

Data not available

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

no trend

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

Dividend

Dividend Yield

0.88%

no trend

Small dividend — 0.88% yield

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

Dividend record

Dividend Growth

-28.3%

no trend

Dividend cut (-28.3% YoY) — warning sign

Full breakdown available with your free trial

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

Try free

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

Start free trial