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Medacta Group S.A. logo

Medacta Group S.A.

MOVE.SW
64
Medical - Specialties · Healthcare
Also trades as: 0A05.L
Price
CHF 132.60
+1.80 (+1.38%)
Market Cap
CHF 2.64B
Exchange
SIX Swiss Exchange
Winston Score
64
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Aug 9, 2026 · filings through Dec 31, 2025

Medacta Group is a Swiss medical device company that makes artificial joints and surgical tools used in hospitals around the world. Its main products are replacement implants for knees, hips, shoulders, and spines — the kind surgeons use when a patient's natural joint wears out or gets damaged. Medacta also sells a surgical training system called MyKnee and MyShoulder, which uses patient scans to help surgeons plan and perform more precise operations.

The company earns money by selling its implants and related instruments directly to hospitals and surgical centers, mostly through its own sales force rather than third-party distributors. Medacta operates primarily in Europe, the United States, and Australia, with the U.S. market being a key growth target. Its main competitive edge comes from its surgeon education programs and proprietary surgical techniques, which create loyalty among doctors who train on its systems. The biggest risk is competing against much larger rivals like Zimmer Biomet and Stryker, which have far greater resources and established hospital relationships.

Winston Score History

Growth Profile

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

Revenue Growth

+12.7% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+2.9% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

$13M/ year

Declining (-39% vs prior year)

1.9% of revenue

Below sector average (18%)

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

Insider Activity

69.9%ownership

Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$35M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Medacta Group S.A. is a rare growth stock that's already generating positive cash flow while growing at 13%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

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: 20.0M (2021) → 20.0M (2025)

Score breakdown

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Quality

Gross Margin
65.8%
Premium pricing power — 65.8% gross margin
Operating Margin
12.2%
Healthy — 12.2% operating margin
ROCE
6.3%
Weak — 6.3% 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
+15.9%
Fast-growing sales (+15.9% YoY)
EPS YoY
+31.8%
Earnings growing fast (+31.8% YoY)

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

EPS Consistency
5/8 quarters
Mixed — about half the quarters showed growth

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Cash Flow

Cash Conversion
159%
Turns 159% of profit into real cash
FCF Margin
4.3%
Thin free cash flow (4.3%)

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

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Stability

Debt / Equity
0.45
Conservative — low debt load (0.45)
Interest Cover
16.87x
Comfortably covers interest (16.9x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)
27.6x
Growth-priced — P/E 27.6

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

P/E vs Forward
+8.5
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (27.6 → 19.1)

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Dividends

Dividend Yield
0.83%
Small dividend — 0.83% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth
N/A
Data not available

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