TX Group AG

0QO9.L

Publishing · Communication Services

Exchange

London Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

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

How the score breaks down

Quality

Weak

Growth

Weak

Cash Flow

Exceptional

Stability

Good

Valuation

Good

Dividends

Mixed

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Winston Score History

The full picture

TX Group AG is a Swiss media company that owns newspapers, digital platforms, and marketplaces. Its best-known brands include the newspaper Tages-Anzeiger and the classified advertising platforms Ricardo and Homegate. It serves everyday readers, advertisers, and businesses across Switzerland looking to buy, sell, or rent things online.

The company makes money through a mix of digital advertising, subscription fees for its news products, and transaction fees on its online marketplaces. It operates almost entirely in Switzerland, making it a domestically focused business with strong brand recognition in the German-speaking Swiss market. With a gross margin of 25% but an operating margin of just 1.4% and a very low return on invested capital, the company is under pressure to cut costs and shift readers from print to digital fast enough to offset the long-term decline in traditional newspaper advertising.

Score breakdown

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Quality

Profit per sale

Gross Margin

28.1%

Modest — 28.1% gross margin

Profit after running costs

Operating Margin

4.0%

Thin — 4.0% operating margin

Return on the money invested

ROCE

0.5%

Weak — 0.5% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

-7.3%

Shrinking sales (-7.3% YoY)

Profit growth

EPS YoY

N/A

Data not available

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

2216%

Turns 2216% of profit into real cash

Spare cash per sale

FCF Margin

20.8%

Converts sales into free cash efficiently (20.8%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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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

1.48x

Dangerous — barely covers interest (1.5x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

169.0x

no trend

Expensive — P/E 169.0

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

Cheaper or dearer next year

P/E vs Forward

+112.2

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (169.0 → 56.7)

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Dividends

Dividend

Dividend Yield

2.72%

no trend

Moderate income — 2.72% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record

Dividend Growth

-2.0%

no trend

Dividend cut (-2.0% YoY) — warning sign

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