Enapter AG

H2O.DE

Industrial - Machinery · Industrials

Price

€0.98

-0.01 (-1.21%)

Market Cap

€31.4M

Exchange

Deutsche Börse

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 9, 2026 · filings through Dec 31, 2025

Share count rising — dilution

+29.4% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 23.1M (2021) → 29.9M (2025)

Enapter AG is a German company that makes machines called electrolyzers, which split water into hydrogen gas using electricity. This hydrogen can then be used as a clean fuel or energy source. The company focuses on a specific type called anion exchange membrane (AEM) electrolyzers, which it claims are cheaper and more modular than many competing designs, and it sells to industrial customers, research institutions, and energy companies looking to produce green hydrogen.

Enapter earns money by selling its electrolyzer hardware, with larger "multi-core" systems aimed at scaling up hydrogen production for bigger customers. It operates primarily in Europe but sells internationally, and its main competitive angle is its modular, standardized design that can be stacked to meet different output needs. The company is still early-stage and unprofitable, as shown by its deeply negative margins, so its key risk is whether it can scale manufacturing fast enough to cut costs before its cash runs out or larger industrial rivals dominate the green hydrogen market.

Winston Score History

Growth Profile

For growth stock investors

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

Revenue Growth

+38.2% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

-28.9% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$127,367/ year

↓ Declining (-20% vs prior year)

0.6% of revenue

Below sector average (4%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

59.1%ownership

Insiders own a meaningful stake in the company

Cash Runway

~14 months

$28M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Adequate runway but may need to raise capital within 2 years

Strong grower

Enapter AG is growing revenue at 38% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

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

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Quality

Gross Margin

-37.5%

Thin — -37.5% gross margin

Operating Margin

-108.4%

Losing money on operations — -108.4%

ROCE

-19.7%

Weak — -19.7% return on capital

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

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Growth

Sales YoY

+3.1%

Slow sales growth (+3.1% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

-35.9%

Burning cash (-35.9%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

0.84

Moderate — manageable debt (0.84)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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