Energiekontor AG

EKT.DE

Renewable Utilities · Utilities

Also trades as: 0E9V.L

Price

€32.40

-2.10 (-6.09%)

Market Cap

€449.2M

Exchange

Frankfurt Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 13, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Mixed

Growth

Exceptional

Cash Flow

Weak

Stability

Weak

Valuation

Strong

Dividends

Exceptional

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Share count falling — buybacks

−2.5% over 4y

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

Diluted shares outstanding: 14.4M (2021) → 14.0M (2025)

Winston Score History

The full picture

Energiekontor AG is a German renewable energy company that builds and operates wind and solar power plants. It sells electricity generated by these plants to utility companies and grid operators, mainly across Germany, the United Kingdom, Portugal, and the United States. Founded in 1990, it is one of Germany's oldest independent renewable energy developers and owns a portfolio of plants it runs for long-term income.

The company makes money in two main ways: selling electricity from the power plants it owns, and earning fees by developing and selling new wind or solar projects to outside investors. This mix of steady operating income and one-time project sale revenues gives it some financial flexibility. Energiekontor has a competitive edge from decades of permitting experience and a deep project pipeline, but its growth depends heavily on how quickly governments approve new energy projects — permitting delays remain one of the biggest risks to expanding its portfolio.

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

+89.7% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+59.2% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

51.2%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~10 months

$225M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Revenue accelerating

Energiekontor AG grew revenue 90% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

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.

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Quality

Gross Margin

39.2%

Modest — 39.2% gross margin

Operating Margin

28.4%

Excellent — 28.4% operating margin

ROCE

2.9%

Weak — 2.9% 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

+32.8%

Fast-growing sales (+32.8% YoY)

EPS YoY

+82.0%

Earnings growing fast (+82.0% 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

-104%

Weak — only -104% of profit becomes cash

FCF Margin

-51.8%

Burning cash (-51.8%)

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

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Stability

Debt / Equity

3.01

Heavy debt load (3.01)

Interest Cover

2.40x

Tight — interest eats into profit (2.4x)

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

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Valuation

P/E Ratio (TTM)

11.1x

Attractive valuation — P/E 11.1

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

P/E vs Forward

+5.0

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (11.1 → 6.0)

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Dividends

Dividend Yield

4.63%

Healthy income — 4.63% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend Growth

+48.0%

Dividend growing fast (48.0% YoY)

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