paragon GmbH & Co. KGaA

PGN.DE

Auto - Parts · Consumer Cyclical

Price

€1.66

-0.01 (-0.60%)

Market Cap

€7.5M

Exchange

Deutsche Börse

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Jul 25, 2026 · filings through Sep 30, 2025

paragon GmbH & Co. KGaA is a German automotive supplier that makes electronic components and systems for cars. Its core products include air quality sensors, interior air ionizers, acoustic systems, and cockpit displays. The company sells mainly to large automakers — known as OEMs — across Europe, including brands like Mercedes-Benz, BMW, and Volkswagen.

paragon earns revenue by selling these components directly to car manufacturers, typically under multi-year supply contracts tied to specific vehicle models. The company is based in Delbrück, Germany, and operates primarily in Europe, with a relatively small market footprint compared to global auto suppliers. Its competitive edge comes from specializing in niche sensor and air quality technology, where switching costs for automakers are moderate once a part is designed into a vehicle platform. The main risk paragon faces is its heavy dependence on the European auto industry, which is navigating a difficult transition to electric vehicles and facing pressure on production volumes.

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

-12.9% YoY

YoY Growth Rate

Revenue declining

EPS Growth

<−1,000% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$17M/ year

12.5% of revenue

3.1x the sector average (4%)

Research and development spending

Insider Activity

20.1%ownership

Insiders own a meaningful stake in the company

Cash Runway

~3 years

$9M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

$9M cash & investments at current burn rate

Revenue declining

paragon GmbH & Co. KGaA's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

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: 4.5M (2020) → 4.5M (2024)

Score breakdown

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Quality

Gross Margin

11.7%

Thin — 11.7% gross margin

Operating Margin

5.0%

Thin — 5.0% 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

-20.4%

Shrinking sales (-20.4% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

1.9%

Thin free cash flow (1.9%)

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

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Stability

Debt / Equity

N/A

—

Data not available

Interest Cover

1.26x

Dangerous — barely covers interest (1.3x)

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

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Valuation

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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