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WindowMaster International A/S

WMA.CO
36
Construction · Industrials
Price
kr 815.00
-60.00 (-6.86%)
Market Cap
kr 120.1M
Exchange
NASDAQ Copenhagen
Winston Score
36
Winston is serious
Below-average fundamentals — multiple weak pillars.
Data as of Aug 23, 2026 · filings through Dec 31, 2025
How the score breaks down
Quality
Mixed
Growth
Weak
Cash Flow
Strong
Stability
Mixed
Valuation
Data not available

Share count rising — dilution

+5.5% over 4y

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

Diluted shares outstanding: 145K (2021) → 153K (2025)

Winston Score History

The full picture

WindowMaster International A/S is a Danish company that makes automated window and ventilation control systems for buildings. Its products include motors, sensors, and control units that open and close windows automatically to manage airflow, temperature, and smoke ventilation. The main customers are architects, building contractors, and facility managers working on commercial and public buildings like offices, schools, and hospitals.

The company earns money by selling hardware systems and related software, often bundled with installation and service support. WindowMaster operates primarily in Europe, with Denmark as its home base, and generates roughly $50–60 million in annual revenue. Its competitive edge comes from specialized expertise in natural ventilation and smoke control, which involves meeting strict building safety regulations — a barrier that keeps out casual competitors. The key risk is its thin operating margin, which leaves little room for error if construction markets slow down or raw material costs rise.

Growth Profile

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

Revenue Growth

-6.3% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-89.2% YoY

YoY Growth Rate

Earnings declining

R&D Spend

kr 3M/ year

Flat (-0% vs prior year)

1.2% of revenue

Below sector average (4%)

Steady R&D investment year-over-year

Insider Activity

61.3%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

kr 8M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue declining

WindowMaster International A/S'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

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Quality

Profit per sale
Gross Margin
26.8%
Modest — 26.8% gross margin
Profit after running costs
Operating Margin
10.8%
Modest — 10.8% operating margin
Return on the money invested
ROCE
11.1%
Below par — 11.1% 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
-8.8%
Shrinking sales (-8.8% YoY)
Profit growth
EPS YoY
-170.5%
Earnings shrinking (-170.5% YoY)

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

How steady the profit is
EPS Consistency
3/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
3274%
Turns 3274% of profit into real cash
Spare cash per sale
FCF Margin
10.0%
Modest free cash flow (10.0%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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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
1.10x
Dangerous — barely covers interest (1.1x)

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

Not applicable for this business.
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