WashTec AG

WSU.DE

Industrial - Machinery · Industrials

Price

€38.70

-1.20 (-3.01%)

Market Cap

€516.6M

Exchange

Frankfurt Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

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

How the score breaks down

Quality

Good

Growth

Mixed

Cash Flow

Strong

Stability

Strong

Valuation

Good

Dividends

Good

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Winston Score History

The full picture

WashTec AG is a German company that makes car wash systems — the big machines you see at gas stations and car dealerships that automatically clean vehicles. Its main products include drive-through wash tunnels, self-service wash bays, and the chemicals and brushes that go inside them. WashTec is the largest manufacturer of car wash systems in the world by revenue.

The company earns money by selling equipment to car wash operators, fuel retailers, and vehicle fleet owners, and then generates recurring revenue from spare parts, chemicals, and service contracts. WashTec operates primarily in Europe, with Germany as its largest market, though it also sells into North America and other regions. Its installed base of machines creates a steady stream of aftermarket service revenue, which acts as a competitive cushion. The main risk is that rising raw material costs and slower capital spending by customers could pressure margins and slow new equipment orders.

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

+10.4% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+11.3% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

€14M/ year

↓ Declining (-17% vs prior year)

2.8% of revenue

Below sector average (4%)

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

Insider Activity

37.6%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

€15M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Growth + cash flow

WashTec AG is a rare growth stock that's already generating positive cash flow while growing at 10%. 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.

Share count broadly stable

−0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 13.4M (2021) → 13.4M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

31.8%

Modest — 31.8% gross margin

Profit after running costs

Operating Margin

10.5%

Modest — 10.5% operating margin

Return on the money invested

ROCE

39.2%

Exceptional — 39.2% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth

Sales YoY

+5.1%

Slow sales growth (+5.1% YoY)

Profit growth

EPS YoY

-2.1%

Earnings shrinking (-2.1% YoY)

Slight earnings drop. Typical near a cyclical low.

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

132%

Turns 132% of profit into real cash

Spare cash per sale

FCF Margin

6.6%

Modest free cash flow (6.6%)

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

1.19

Elevated debt (1.19)

Covers its interest

Interest Cover

16.50x

Comfortably covers interest (16.5x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

16.8x

Fair value — P/E 16.8

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

+2.1

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend

Dividend Yield

6.30%

Healthy income — 6.30% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

-7.9%

Dividend cut (-7.9% YoY) — warning sign

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