Smartbroker Holding AG

SB1.DE

Financial - Data & Stock Exchanges · Financial Services

Exchange

Frankfurt Stock Exchange

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 23, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Weak

Stability

Good

Valuation

Data not available

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Winston Score History

The full picture

Smartbroker Holding AG is a German financial services company that runs an online brokerage platform. It lets everyday retail investors buy and sell stocks, ETFs, funds, and other securities through a digital app and website. The company relaunched its core platform in 2023 under the Smartbroker+ brand, aiming to compete in Germany's growing low-cost retail investing market.

The company earns money through trading commissions, account fees, and interest-related income from customer assets. It operates almost entirely in Germany and is relatively small, with a market cap of around €200 million. Its main competitive edge is low-cost pricing aimed at cost-conscious retail investors, but it faces stiff competition from well-funded rivals like Trade Republic and Scalable Capital. With a negative operating margin and negative return on capital, the business is not yet profitable, and its key challenge is growing its customer base fast enough to cover fixed costs and reach breakeven.

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

+33.9% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

-838.1% YoY

YoY Growth Rate

Earnings declining

Insider Activity

51.4%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

€20M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

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

Strong grower

Smartbroker Holding AG is growing revenue at 34% 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.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

-3.1%

Thin — -3.1% gross margin

Profit after running costs

Operating Margin

-15.5%

Losing money on operations — -15.5%

Return on the money invested

ROCE

-25.7%

Weak — -25.7% 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

+30.7%

Fast-growing sales (+30.7% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

2.1%

Thin free cash flow (2.1%)

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

0.08

Conservative — low debt load (0.08)

Covers its interest

Interest Cover

N/A

Data not available

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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

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Dividends

Not applicable for this business.

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