OHB SE

OHB.DE

Aerospace & Defense · Industrials

Also trades as: 0FH7.L

Price

€259.00

+13.50 (+5.50%)

Market Cap

€5.38B

Exchange

Frankfurt Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 12, 2026 · filings through Mar 31, 2026

Share count rising — dilution

+10.2% over 4y

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

Diluted shares outstanding: 17.4M (2021) → 19.2M (2025)

OHB SE is a German aerospace and defense company that builds satellites, spacecraft, and space systems. Its main customers are government space agencies like the European Space Agency (ESA) and national defense ministries. OHB is one of Europe's largest independent satellite manufacturers, competing with much bigger players like Airbus and Thales Alenia Space.

The company earns most of its revenue through long-term government contracts to design and build satellites and space infrastructure, which provides relatively stable but lumpy cash flows. OHB operates primarily in Europe, with its core business based in Germany, and generates roughly €1 billion or more in annual revenue. Its main competitive advantage is its position as an independent European alternative to larger defense primes, but its thin margins — around 5-6% operating margin — leave little room for cost overruns on fixed-price contracts, which remains a key ongoing risk to profitability.

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

+18.5% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+100.0% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$25M/ year

2.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

94.4%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~5 months

$211M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Short runway — potential dilution ahead through share issuance

Cash watch

OHB SE has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

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.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Gross Margin

12.3%

Thin — 12.3% gross margin

Operating Margin

5.7%

Thin — 5.7% operating margin

ROCE

2.3%

Weak — 2.3% 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

+22.5%

Fast-growing sales (+22.5% YoY)

EPS YoY

>+1,000%

Earnings growing fast (>+1,000% 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

36%

Weak — only 36% of profit becomes cash

FCF Margin

-0.4%

Burning cash (-0.4%)

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

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Stability

Debt / Equity

0.54

Conservative — low debt load (0.54)

Interest Cover

3.73x

Tight — interest eats into profit (3.7x)

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

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Valuation

P/E Ratio (TTM)

90.2x

Expensive — P/E 90.2

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

P/E vs Forward

+60.5

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (90.2 → 29.8)

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Dividends

Dividend Yield

0.52%

Small dividend — 0.52% yield

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

Dividend Growth

+37.4%

Dividend growing fast (37.4% YoY)

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