Deutsche Bank AG

Banks - Regional · Financial Services

Price

$35.20

-0.86 (-2.38%)

Market Cap

$67.34B

Exchange

New York Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Share count falling — buybacks

−6.8% over 4y

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

Diluted shares outstanding: 2.14B (2021) → 2.00B (2025)

Deutsche Bank is one of Germany's largest banks and one of the biggest banks in Europe. It offers a wide range of financial services, including loans, savings accounts, investment banking, wealth management, and trading. Its customers include everyday consumers, large corporations, governments, and institutional investors around the world.

The bank earns money through interest on loans, fees for financial advice and transactions, and commissions from trading and investment banking activities. Deutsche Bank operates globally, with a strong presence in Europe, the Americas, and Asia, and generates tens of billions of euros in revenue each year. The bank spent much of the 2010s dealing with legal fines, restructuring costs, and profitability problems, and while it has stabilized in recent years, its low return on invested capital signals that turning consistent profits remains a challenge — making sustained earnings improvement the key test investors are watching.

Winston Score History

Score breakdown

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Quality

Gross Margin

53.3%

Healthy — 53.3% gross margin

Operating Margin

19.9%

Healthy — 19.9% operating margin

ROCE

1.4%

Weak — 1.4% 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 YoY

-18.8%

Shrinking sales (-18.8% YoY)

EPS YoY

+97.2%

Earnings growing fast (97.2% YoY)

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

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

Weak — only 0% of profit becomes cash

FCF Margin

0.0%

Thin free cash flow (0.0%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

1.79

Elevated debt (1.79)

Interest Cover

0.36x

Dangerous — barely covers interest (0.4x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

P/E Ratio (TTM)

10.6x

Attractive valuation — P/E 10.6

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

+1.1

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend Yield

3.13%

Moderate income — 3.13% yield

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

Dividend Growth

+327.5%

Dividend growing fast (327.5% YoY)

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