Villeroy & Boch AG

VIB3.DE

Construction Materials · Industrials

Also trades as: 0OPA.L

Price

€15.00

-0.25 (-1.64%)

Market Cap

€401.6M

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

Mixed

Growth

Weak

Cash Flow

Weak

Stability

Mixed

Valuation

Data not available

Dividends

Exceptional

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Share count rising — dilution

+1.1% over 4y

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

Diluted shares outstanding: 26.5M (2021) → 26.8M (2025)

Winston Score History

The full picture

Villeroy & Boch is a German company that makes bathroom products and tableware. Its bathroom division sells toilets, sinks, bathtubs, and tiles, while its tableware division sells plates, cups, and cutlery under the Villeroy & Boch brand. The company sells to both everyday consumers and hotels or restaurants, and it is one of Europe's oldest ceramics manufacturers, founded in 1748.

The company earns money by selling physical products through retail stores, its own shops, and online channels across Europe and beyond. Most of its revenue comes from Europe, but it also sells in North America and Asia. Its long heritage and brand recognition give it some pricing power in the premium segment, though it faces competition from lower-cost manufacturers. The main risk is that consumers tend to cut back on home renovation and premium dining products when the economy slows, which puts pressure on sales and margins given the company's relatively thin operating profit.

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

-11.1% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-237.0% YoY

YoY Growth Rate

Earnings declining

R&D Spend

€27M/ year

↓ Declining (-13% vs prior year)

1.9% of revenue

Below sector average (4%)

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

Insider Activity

11.6%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

5+ years

Quarterly Free Cash Flow

↓ Burn rate worsening

€138M cash & investments at current burn rate

Revenue declining

Villeroy & Boch 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

38.3%

Modest — 38.3% gross margin

Profit after running costs

Operating Margin

2.9%

Thin — 2.9% operating margin

Return on the money invested

ROCE

7.8%

Weak — 7.8% 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

-9.5%

Shrinking sales (-9.5% YoY)

Profit growth

EPS YoY

-137.9%

Earnings shrinking (-137.9% YoY)

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

How steady the profit is

EPS Consistency

2/8 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

7.6%

Modest free cash flow (7.6%)

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

1.28

Elevated debt (1.28)

Covers its interest

Interest Cover

1.77x

Dangerous — barely covers interest (1.8x)

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)

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

Dividend

Dividend Yield

5.50%

Healthy income — 5.50% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record

Dividend Growth

+90.5%

Dividend growing fast (90.5% YoY)

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