How the number is built. Four grades for balance sheet, profitability, cash flow and growth, each from 0 to 5. More points is better, 20 is the maximum. The four grades are weighted equally and added; there is no weighting key and no markdown from the weakest grade. If a grade is missing because data is missing, it is not estimated: the total is then withheld and the page names what is missing. The share valuation does not enter the sum; it sits alongside as a range.
All values from audited annual reports filed with the US regulator SEC. No value is estimated, none smoothed.
| Grade | Points | Basis |
|---|---|---|
| Balance sheet | 5/5 | Net cash 209.61 m $, no net debt · Current ratio 7.0How this grade is builtNet debt to operating incomeNet cash 209.61 m $, no net debt5/51: ≤ 5.0×2: ≤ 4.0×3: ≤ 3.0×4: ≤ 2.0×5: ≤ 1.0× Current ratio7.05/51: ≥ 0.82: ≥ 1.03: ≥ 1.34: ≥ 1.85: ≥ 2.5 Mean 5 + 5 / 2 = 5.00, rounded 5 |
| Profitability | 5/5 | Operating margin 39.9% · Return on equity 20.6%How this grade is builtOperating margin39.9%5/51: ≥ 0.0%2: ≥ 5.0%3: ≥ 12.0%4: ≥ 20.0%5: ≥ 30.0% Return on equity20.6%4/51: ≥ 0.0%2: ≥ 5.0%3: ≥ 10.0%4: ≥ 18.0%5: ≥ 25.0%Next step: at least 25.0% for grade 5 Mean 5 + 4 / 2 = 4.50, rounded 5 |
| Cash flow | 5/5 | Free cash flow to revenue 47.9% · Profit covered by cash flow 1.2× · Free cash flow positive 5 of 5 yearsHow this grade is builtFree cash flow to revenue47.9%5/51: ≥ 0.0%2: ≥ 5.0%3: ≥ 10.0%4: ≥ 18.0%5: ≥ 25.0% Profit covered by cash flow1.2×5/51: ≥ 0.4×2: ≥ 0.6×3: ≥ 0.8×4: ≥ 1.0×5: ≥ 1.2× Free cash flow positive5 of 5 years5/51: 1 of 52: 2 of 53: 3 of 54: 4 of 55: 5 of 5 Mean 5 + 5 + 5 / 3 = 5.00, rounded 5 |
| Growth | 5/5 | Revenue growth per year 37.4% · Operating income per year 59.4%How this grade is builtRevenue growth per year37.4%5/51: ≥ 0.0%2: ≥ 3.0%3: ≥ 8.0%4: ≥ 15.0%5: ≥ 25.0% Operating income per year59.4%5/51: ≥ 0.0%2: ≥ 3.0%3: ≥ 8.0%4: ≥ 15.0%5: ≥ 25.0% Mean 5 + 5 / 2 = 5.00, rounded 5 |
Each grade is the rounded mean of two or three key figures, each placed on a five-step scale. Open the derivation under a grade to see, for every figure, the measured value, the step it reached and what the next step would have required.
The range comes from this company's own history, not from a comparison with others. Price today 30.58 EUR, range 37.13 to 58.76 EUR. The price sits below the lower edge of its own valuation range. The middle of the range sits 56.8% above today's price. Reliability: limited, from 1 methods.
| Method | Today | Series | Years |
|---|---|---|---|
| Price to book value | 5,7 | 2021–2024 | 4 |
Open each method to see the arithmetic year by year.
| Year | Price | Basis | Multiple |
|---|---|---|---|
| 2021 | 52,09 | 4,600 | 11,3 |
| 2022 | 32,38 | 4,527 | 7,2 |
| 2023 | 26,91 | 4,381 | 6,1 |
| 2024 | 58,03 | 5,381 | 10,8 |
| heute | 30,58 | 5,381 | 5,7 |
Price divided by basis gives the multiple. Every row can be recomputed; if a row does not add up, this page is not built at all.
Rank 1 of 9 in the industry. Median of total points in this industry: 15.0 of 20, across 9 graded companies. The grades are absolute and are not normalised to the sector: in a weak industry a weak grade stays weak.
The neighbours follow from the ranking alone, not from a judgement. More total points does not mean a company is the better investment, only that more quality rules are met. It says nothing about the price.
Every figure comes from the annual report of that year and has not been revised afterwards. Amounts in USD.
Swipe sideways for all columns.
| Year | Revenue | Operating profit | Free cash flow | Earnings per share | Shares | Net debt |
|---|---|---|---|---|---|---|
| 2019 | 116.39 m | 22.16 m | 25.91 m | 0.13 | 81.71 m | -48.43 m |
| 2020 | 206.90 m | 53.30 m | 82.73 m | 0.23 | 95.13 m | -66.39 m |
| 2021 | 343.55 m | 113.54 m | 124.66 m | 0.70 | 191.02 m | -112.81 m |
| 2022 | 419.05 m | 125.11 m | 177.90 m | 0.53 | 213.43 m | -158.03 m |
| 2023 | 475.42 m | 163.88 m | 183.95 m | 0.72 | 205.73 m | -96.78 m |
| 2024 | 570.40 m | 227.80 m | 273.26 m | 1.11 | 201.21 m | -209.61 m |
4 of 4 points, measured over 6 years (2019 to 2024). Classification: present.
| Feature | Points | Basis |
|---|---|---|
| Return on capital, level | —/3 | Total assets or operating income are missing. |
| Return on capital, consistency | —/3 | Total assets or operating income are missing. |
| Pricing power | 2/2 | Gross margin averaging 88%, trending +3.7 percentage points from the first third to the last. A margin that holds for a decade is pricing power. One that melts away is competition. |
| Stability in a downturn | 2/2 | Operating margin averaging 31%. Tested in 2020 and 2022: 2020 26%, 2022 30%. Holding counts from two thirds of the company's own average. |
What is measured is the trace of a moat: a durably high return on capital and margins that survive a downturn. The causes (switching costs, network effects, brand, licences, economies of scale) appear in no filing and are not claimed here.
Expected on 5 Nov 2026 (estimated from the rhythm of earlier filings, ± 3 days). Grades can change after a report; the page is then rebuilt.
| Produced by | Florian Maier |
| Completed on | 14.10.2026 03:58 |
| Price as of | 12 Oct 2026 |
| Latest filing | 10-Q, 6 Aug 2026 |
| Method version | 2.7.0 |
| Time horizon | The grades describe a state that can change with every annual report, so roughly quarterly. The historical analysis is computed over 36 months. |
| Own position | Not disclosed individually, see the risk notice. |
| Earlier analyses | The list of all analyses of this company from the past twelve months will appear once twelve months of analyses exist. This run is the start of the series. |
This is not investment advice. Limits of the method, assumptions and conflicts of interest: risk notice.