Douglas AG

DOU.F

Specialty Retail · Consumer Cyclical

Price

€8.26

+0.11 (+1.35%)

Market Cap

€889.5M

Exchange

Frankfurt Stock Exchange

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 9, 2026 · filings through Mar 31, 2026

Douglas AG is a European retailer that sells perfumes, cosmetics, skincare, and beauty products. It operates a large chain of physical stores across Europe, as well as an online shop, serving everyday consumers who want to buy branded and premium beauty items. Douglas is one of the largest specialty beauty retailers in Europe, competing with department stores, drugstores, and online platforms like Amazon.

The company makes money by selling products directly to customers in its stores and through its e-commerce platform, keeping a margin on each sale. Douglas operates primarily in Germany and other European countries, with hundreds of stores across the continent. Its competitive edge comes from its wide selection of prestige and niche fragrance brands, along with a loyalty program that keeps shoppers coming back. The main risk the business faces is pressure from online-only competitors and direct-to-consumer beauty brands, which can undercut Douglas on price and convenience.

Winston Score History

Growth Profile

For growth stock investors

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Revenue Growth

+1.1% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-544.4% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

69.6%ownership

Insiders own a meaningful stake in the company

Cash Runway

~3 months

$169M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Cash watch

Douglas 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.

Share count broadly stable

+0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 107.7M (2021) → 107.7M (2025)

Score breakdown

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Quality

Gross Margin

3.4%

Thin — 3.4% gross margin

Operating Margin

-10.6%

Losing money on operations — -10.6%

ROCE

-4.5%

Weak — -4.5% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

+2.0%

Nearly flat sales (+2.0% YoY)

EPS YoY

-63.8%

Earnings shrinking (-63.8% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

1074%

Turns 1074% of profit into real cash

FCF Margin

8.3%

Modest free cash flow (8.3%)

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

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Stability

Debt / Equity

1.29

Elevated debt (1.29)

Interest Cover

1.50x

Dangerous — barely covers interest (1.5x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)

17.6x

Fair value — P/E 17.6

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

P/E vs Forward

+12.0

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (17.6 → 5.6)

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Dividends

Not applicable for this business.

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