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Zumtobel Group AG

ZAG.VI
38
Electrical Equipment & Parts · Industrials
Price
€4.11
+0.01 (+0.24%)
Market Cap
€174.0M
Exchange
Vienna Stock Exchange
Winston Score
38
Winston is serious
Below-average fundamentals — multiple weak pillars.
Data as of Sep 5, 2026 · filings through Jul 31, 2026

§How the score breaks down

Quality
Weak
Growth
Weak
Cash Flow
Strong
Stability
Good
Valuation
Strong
Dividends
Strong

Share count falling — buybacks

1.9% over 4y

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

Diluted shares outstanding: 43.1M (2022) → 42.3M (2026)

§Winston Score History

The full picture

Zumtobel Group AG, headquartered in Dornbirn, Austria, and established in 1950, operates as a global leader in the lighting industry. The company is structured into two primary divisions: Lighting and Components. It offers a comprehensive suite of products and services, encompassing luminaires, sophisticated light management systems, and various essential components such as LED light sources, drivers, and sensors. Additionally, Zumtobel provides both hardware and software solutions for lighting system management, delivering professional indoor and outdoor lighting applications. Their service portfolio extends to lighting contracting, expert design, data-driven services, and end-to-end project management for integrated lighting solutions. The Group markets its products under several distinguished brands, including Zumtobel, Thorn, Tridonic, and acdc. The company officially adopted the name Zumtobel Group AG in September 2014, previously known as Zumtobel AG.

Growth Profile

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

Revenue Growth

-0.9% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+220.2% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

€77M/ year

Flat (+4% vs prior year)

7.4% of revenue

1.9x the sector average (4%)

Steady R&D investment year-over-year

Cash Runway

~10 months

€55M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Cash watch

Zumtobel Group AG has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

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
37.3%
Modest — 37.3% gross margin
Profit after running costs
Operating Margin
2.9%
Thin — 2.9% operating margin
Return on the money invested
ROCE
4.3%
Weak — 4.3% 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
-3.4%
Shrinking sales (-3.4% YoY)
Profit growth
EPS YoY
N/A
Data not available
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
488%
Turns 488% of profit into real cash
Spare cash per sale
FCF Margin
0.3%
Thin free cash flow (0.3%)

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
0.47
Conservative — low debt load (0.47)
Covers its interest
Interest Cover
2.51x
Tight — interest eats into profit (2.5x)

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)
17.9x
Fair value — P/E 17.9

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
+10.0
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (17.9 → 7.9)

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Dividends

Dividend
Dividend Yield
3.65%
Moderate income — 3.65% yield

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

Dividend record
Dividend Growth
+57.5%
Dividend growing fast (57.5% YoY)

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