ZEAL Network SE

TIMA.DE

Gambling, Resorts & Casinos · Consumer Cyclical

Also trades as: 0QJQ.L

Price

€43.40

+0.50 (+1.17%)

Market Cap

€915.7M

Exchange

Frankfurt Stock Exchange

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

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

How the score breaks down

Quality

Exceptional

Growth

Good

Cash Flow

Exceptional

Stability

Exceptional

Valuation

Mixed

Dividends

Strong

Track this stock — start free trial

Share count falling — buybacks

−2.6% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 21.7M (2021) → 21.1M (2025)

Winston Score History

The full picture

ZEAL Network SE is a German company that runs online lottery platforms. It lets people in Germany buy tickets for national lotteries — like Lotto 6aus49 — through websites and apps instead of going to a physical store. The company owns well-known German lottery brands, including Lotto24 and Tipp24, making it one of the largest online lottery brokers in the German-speaking market.

ZEAL makes money by taking a small fee or margin on each lottery ticket sold through its platforms, rather than running the lottery itself. It operates mainly in Germany, where it benefits from a large, established customer base and strong brand recognition built over many years. The business faces regulatory risk, since German gambling laws are strict and can change, which could limit how ZEAL is allowed to market its services or expand its product offerings.

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

+33.9% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

+39.1% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

€0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

49.6%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

€116M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

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

Strong grower

ZEAL Network SE is growing revenue at 34% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

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

74.7%

Premium pricing power — 74.7% gross margin

Profit after running costs

Operating Margin

31.4%

Excellent — 31.4% operating margin

Return on the money invested

ROCE

20.9%

Exceptional — 20.9% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Growth

Sales growth

Sales YoY

+12.1%

Fast-growing sales (+12.1% YoY)

Profit growth

EPS YoY

+8.3%

Earnings growing (+8.3% YoY)

Single-digit earnings growth — steady but not exciting.

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Cash Flow

Profit that turns into cash

Cash Conversion

154%

Turns 154% of profit into real cash

Spare cash per sale

FCF Margin

28.1%

Converts sales into free cash efficiently (28.1%)

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

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Stability

What it owes vs what it owns

Debt / Equity

0.37

Conservative — low debt load (0.37)

Covers its interest

Interest Cover

16.10x

Comfortably covers interest (16.1x)

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

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Valuation

Price vs profit

P/E Ratio (TTM)

20.9x

Growth-priced — P/E 20.9

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

-1.4

SLOWING

Earnings expected to fall — forward P/E higher than today

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Dividends

Dividend

Dividend Yield

3.24%

Moderate income — 3.24% yield

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

Dividend record

Dividend Growth

+77.1%

Dividend growing fast (77.1% YoY)

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

🔒 See full fundamentals and if they are improving or declining — click here for your free trial now.

Start free trial