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Zehnder Group AG

ZEHN.SW
64
Construction Materials · Basic Materials
Also trades as: 0R6S.L GBP 0.71 (-0.42%)
Price
CHF 73.00
+1.90 (+2.67%)
Market Cap
CHF 812.2M
Exchange
SIX Swiss Exchange
Winston Score
64
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Oct 10, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Good
17/30
Growth
Good
10/20
Cash Flow
Strong
7/10
Stability
Exceptional
10/10
Valuation
Strong
7/10
Ownership
Good
10/15
Dividends
Good
3/5

64 of 100 counted points = Winston Score 64.

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Share count falling — buybacks

−4.1% over 4y

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

Diluted shares outstanding: 11.6M (2021) → 11.1M (2025)

§Winston Score History

The full picture

Zehnder Group AG is a Swiss company that makes heating and cooling products for buildings. Its main products are decorative radiators, radiant ceiling panels, and ventilation systems — the kind of equipment that keeps homes, offices, and hospitals comfortable year-round. Zehnder is one of Europe's leading brands in designer radiators and energy-efficient indoor climate systems.

The company sells its products to construction companies, architects, and building owners, earning revenue through direct product sales rather than subscriptions. Zehnder operates primarily across Europe, with a strong presence in Germany, France, and the Netherlands, and some business in North America and Asia. Its high gross margin of roughly 65% reflects strong brand positioning and a focus on premium, design-oriented products rather than cheap commodity hardware. The key growth driver is the push across Europe for energy-efficient buildings, which increases demand for modern ventilation and low-temperature heating systems, though slowing construction activity in Europe remains a meaningful near-term risk.

Growth Profile

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

Revenue Growth

+2.6% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+1.4% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

€0/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

21.6%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~3 years

€57M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

€57M cash & investments at current burn rate

Growth context

Zehnder Group AG is growing revenue at 3% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

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.

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Quality

Profit per sale
Gross Margin
27.4%
Modest — 27.4% gross margin
Profit after running costs
Operating Margin
8.2%
Modest — 8.2% operating margin
Return on the money invested
ROCE
20.6%
Exceptional — 20.6% return on capital

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

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Growth

Sales growth
Sales YoY
+3.6%
Slow sales growth (+3.6% YoY)
Profit growth
EPS YoY
+157.7%
Earnings growing fast (+157.7% YoY)

Earnings growing 25%+ a year. The compounder zone.

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
133%
Turns 133% of profit into real cash
Spare cash per sale
FCF Margin
5.6%
Thin free cash flow (5.6%)

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
0.12
Conservative — low debt load (0.12)
Covers its interest
Interest Cover
77.15x
Comfortably covers interest (77.2x)

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

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Valuation

Price vs profit
P/E Ratio (TTM)
17.4x
Fair value — P/E 17.4

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
+3.6
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (17.4 → 13.7)

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Dividends

Dividend
Dividend Yield
1.93%
Small dividend — 1.93% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record
Dividend Growth
+20.9%
Dividend growing fast (20.9% YoY)

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