tonies SE

TNIE.DE

Leisure · Consumer Cyclical

Price

€11.60

-0.04 (-0.34%)

Market Cap

€1.33B

Exchange

Frankfurt Stock Exchange

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

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

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Weak

Stability

Strong

Valuation

Data not available

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Share count rising — dilution

+172.7% over 4y

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

Diluted shares outstanding: 47.9M (2021) → 130.7M (2025)

Winston Score History

The full picture

Tonies SE is a German consumer electronics company that makes the Toniebox, a screen-free audio player designed for young children. Kids place small figurines called "Tonies" on top of the box to play stories, music, and educational content — no screens, no apps, no complicated menus. The company sells its products directly to families with young children, primarily through retail stores and its own website.

Tonies makes money by selling the Toniebox hardware and then selling individual Tonie figurines on top of that — a model similar to a printer and ink cartridges. It operates mainly in Europe, with Germany as its largest market, and has been expanding into the United States and other English-speaking countries. The library of licensed characters, including Disney and Marvel figures, creates a sticky ecosystem where parents keep buying new Tonies as their children grow, but the company faces real risk if it struggles to build brand awareness outside its established European home markets.

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

+37.5% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

<−1,000% YoY

YoY Growth Rate

Earnings declining

R&D Spend

€0/ year

↓ Declining (-100% vs prior year)

0.0% of revenue

Below sector average (4%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

56.4%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~2 months

€33M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Short runway — potential dilution ahead through share issuance

Revenue accelerating

tonies SE 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

32.3%

Modest — 32.3% gross margin

Profit after running costs

Operating Margin

-4.6%

Losing money on operations — -4.6%

Return on the money invested

ROCE

6.5%

Weak — 6.5% 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

+36.5%

Fast-growing sales (+36.5% YoY)

Profit growth

EPS YoY

-148.0%

Earnings shrinking (-148.0% YoY)

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

How steady the profit is

EPS Consistency

4/7 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

-5.0%

Burning cash (-5.0%)

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

0.10

Conservative — low debt load (0.10)

Covers its interest

Interest Cover

4.93x

Adequate interest coverage (4.9x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

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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