thyssenkrupp nucera AG & Co. KGaA

NCH2.DE

Engineering & Construction · Industrials

Exchange

Frankfurt Stock Exchange

Winston Score

Winston is worried

Weak fundamentals across most pillars.

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

How the score breaks down

Quality

Weak

Growth

Weak

Cash Flow

Weak

Stability

Good

Valuation

Data not available

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Winston Score History

The full picture

thyssenkrupp nucera builds large industrial machines that split water into hydrogen and oxygen using electricity — a process called electrolysis. Its main product is the alkaline water electrolysis (AWE) system, which it sells to chemical companies, energy producers, and industrial manufacturers who want to produce green hydrogen at scale. The company was spun out of the German industrial giant thyssenkrupp and is one of the larger dedicated green hydrogen equipment makers in Europe.

The company earns money by selling electrolysis plants and related engineering services, with most revenue coming from project-based contracts rather than recurring subscriptions. It operates primarily in Europe but pursues customers globally, and its competitive edge comes from decades of chlor-alkali electrolysis experience inherited from thyssenkrupp. However, the business is currently unprofitable, burning cash as green hydrogen demand has grown more slowly than expected, and the key risk is that high equipment costs and uncertain hydrogen policy support could delay large customer orders for years.

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

-21.2% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+100.0% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

82.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~7 years

€655M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

€655M cash & investments at current burn rate

Revenue declining

thyssenkrupp nucera AG & Co. KGaA'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.

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Quality

Profit per sale

Gross Margin

17.2%

Thin — 17.2% gross margin

Profit after running costs

Operating Margin

-2.8%

Losing money on operations — -2.8%

Return on the money invested

ROCE

-10.1%

Weak — -10.1% 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

-42.5%

Shrinking sales (-42.5% YoY)

Profit growth

EPS YoY

-591.2%

Earnings shrinking (-591.2% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

-6.1%

Burning cash (-6.1%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

0.01

Conservative — low debt load (0.01)

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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