IONOS Group SE

IOS.VI

Software - Services · Technology

Price

€33.90

+1.24 (+3.80%)

Market Cap

€4.64B

Exchange

Vienna Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Jul 28, 2026 · filings through Mar 31, 2026

IONOS Group SE is a European web hosting and cloud services company. It sells domain names, website hosting, email services, and cloud storage mostly to small businesses and individual entrepreneurs. IONOS is one of the largest web hosting providers in Europe, operating under the IONOS brand and owning the 1&1 hosting business.

The company makes money by charging monthly or annual subscription fees for its hosting plans, domains, and cloud tools. IONOS operates primarily in Germany and other European countries, with a growing presence in the United States. Its large customer base — over 6 million contracts — and low-cost infrastructure give it some pricing power against smaller rivals. The main growth driver is helping small businesses move more of their operations online, but the main risk is intense competition from larger global players like GoDaddy and Amazon Web Services, which have far greater resources to invest in new products.

Winston Score History

Share count broadly stable

+0.4% over 4y

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

Diluted shares outstanding: 140.0M (2021) → 140.6M (2025)

Score breakdown

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Quality

Gross Margin

60.8%

Premium pricing power — 60.8% gross margin

Operating Margin

23.9%

Excellent — 23.9% operating margin

ROCE

7.3%

Weak — 7.3% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

-25.4%

Shrinking sales (-25.4% YoY)

EPS YoY

+25.4%

Earnings growing fast (25.4% YoY)

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

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

168%

Turns 168% of profit into real cash

FCF Margin

26.5%

Converts sales into free cash efficiently (26.5%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

2.49

Heavy debt load (2.49)

Interest Cover

7.35x

Adequate interest coverage (7.4x)

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

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Valuation

P/E Ratio (TTM)

20.2x

Growth-priced — P/E 20.2

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

+6.9

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (20.2 → 13.2)

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Dividends

Not applicable for this business.

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