WinstonWınston
Stock

Warteck Invest AG

WARN.SW
63
Real Estate - Services · Real Estate
Also trades as: 0QNK.L GBP 19.30 (+0.26%)
Price
CHF 1920.00
+5.00 (+0.26%)
Market Cap
CHF 594.0M
Exchange
SIX Swiss Exchange
Winston Score
63
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Oct 6, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Strong
21/30
Growth
Good
13/20
Cash Flow
Good
6/10
Stability
Good
6/10
Valuation
Good
5/10
Ownership
Good
10/15
Dividends
Mixed
2/5

63 of 100 counted points = Winston Score 63.

Share count rising — dilution

+25.0% over 4y

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

Diluted shares outstanding: 248K (2021) → 309K (2025)

§Winston Score History

The full picture

Warteck Invest AG is a Swiss real estate company that owns and rents out properties, mostly in the Basel region of Switzerland. Its portfolio is focused on residential and commercial buildings, meaning its main customers are tenants — people who live in its apartments and businesses that lease office or retail space. The company is relatively small and concentrated in one of Switzerland's wealthiest border cities.

Warteck makes money by collecting rent from its tenants, which explains its very high gross margins — most of the revenue flows straight through with limited variable costs. It operates almost entirely in the Basel area, giving it deep local knowledge but also heavy geographic concentration. With a market cap around 600 million Swiss francs, it is a niche, tightly held landlord. The main risk is that its value is closely tied to Swiss property prices and interest rates, and any rise in borrowing costs or drop in local demand could pressure both its asset values and its ability to grow the portfolio.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+14.3% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-9.4% YoY

YoY Growth Rate

Earnings declining

R&D Spend

CHF 0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

32.4%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

CHF 1.2B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth + cash flow

Warteck Invest AG is a rare growth stock that's already generating positive cash flow while growing at 14%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

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
85.6%
Premium pricing power — 85.6% gross margin
Profit after running costs
Operating Margin
73.3%
Excellent — 73.3% operating margin
Return on the money invested
ROCE
3.5%
Weak — 3.5% 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
+18.6%
Fast-growing sales (+18.6% YoY)
Profit growth
EPS YoY
+22.8%
Earnings growing fast (+22.8% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is
EPS Consistency
5/8 quarters
Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash
Cash Conversion
53%
Weak — only 53% of profit becomes cash
Spare cash per sale
FCF Margin
43.7%
Converts sales into free cash efficiently (43.7%)

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
1.00
Moderate — manageable debt (1.00)
Covers its interest
Interest Cover
5.13x
Adequate interest coverage (5.1x)

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

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Valuation

Price vs profit
P/E Ratio (TTM)
13.9x
Attractive valuation — P/E 13.9

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
-9.6
SLOWING
Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend
Dividend Yield
3.75%
Moderate income — 3.75% yield

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

Dividend record
Dividend Growth
-11.9%
Dividend cut (-11.9% YoY) — warning sign

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