FORTEC Elektronik AG

FEV.DE

Technology Distributors · Technology

Price

€11.30

+0.00 (+0.00%)

Market Cap

€36.7M

Exchange

Deutsche Börse

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

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

FORTEC Elektronik AG is a German technology distributor that sources and sells electronic components and display systems to industrial customers across Europe. Its core products include power supplies, single-board computers, and embedded display solutions, sold mainly to manufacturers in industries like automation, medical technology, and transportation. The company acts as a middleman between component makers and the engineers who design industrial equipment.

FORTEC earns revenue by buying electronic parts from suppliers and reselling them at a markup, along with some value-added services like customization and technical support. It operates primarily in Germany and other German-speaking European markets, and its small size — with a market cap near zero on a reported basis — means it competes in a fragmented niche against larger global distributors like Avnet and Arrow Electronics. The company's thin operating margin of around 1% reflects the low-margin nature of distribution, and its main risk is margin pressure from larger competitors with greater purchasing power and broader supplier relationships.

Winston Score History

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: 3.3M (2021) → 3.3M (2025)

Score breakdown

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Quality

Gross Margin

11.3%

Thin — 11.3% gross margin

Operating Margin

1.0%

Thin — 1.0% operating margin

ROCE

0.4%

Weak — 0.4% 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

-2.5%

Shrinking sales (-2.5% YoY)

EPS YoY

-73.3%

Earnings shrinking (-73.3% YoY)

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

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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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

0.01

Conservative — low debt load (0.01)

Interest Cover

4.31x

Adequate interest coverage (4.3x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)

59.1x

Expensive — P/E 59.1

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

+35.2

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (59.1 → 23.9)

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Dividends

Dividend Yield

3.64%

Moderate income — 3.64% yield

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

Dividend Growth

+12.0%

Dividend growing fast (12.0% YoY)

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