q.beyond AG

0CHZ.L

Information Technology Services · Technology

Price

3.36 GBp

+0.06 (+1.82%)

Market Cap

£83.7M

Exchange

London Stock Exchange

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

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

q.beyond AG is a German IT services company that helps medium-sized businesses run their technology. It offers cloud computing, managed IT services, and digital infrastructure — basically setting up and maintaining the tech systems that companies need to operate. Its main customers are mid-market businesses in Germany across industries like retail, logistics, and manufacturing.

The company earns money by charging clients ongoing fees to manage their IT systems, which creates recurring revenue. It operates almost entirely in Germany, making it a small, regionally focused player in a crowded European IT services market. With a gross margin of only 12% and a negative operating margin, q.beyond is currently spending more than it earns from operations, which is a real concern. The key challenge ahead is scaling its cloud and managed services business fast enough to reach profitability before its cash position becomes a problem.

Winston Score History

Share count broadly stable

−0.2% over 4y

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

Diluted shares outstanding: 25.0M (2021) → 24.9M (2025)

Score breakdown

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Quality

Gross Margin

12.2%

Thin — 12.2% gross margin

Operating Margin

-3.1%

Losing money on operations — -3.1%

ROCE

-1.4%

Weak — -1.4% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

-6.7%

Shrinking sales (-6.7% YoY)

EPS YoY

N/A

—

Data not available

EPS Consistency

7/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

347%

Turns 347% of profit into real cash

FCF Margin

0.9%

Thin free cash flow (0.9%)

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

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Stability

Debt / Equity

0.04

Conservative — low debt load (0.04)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

60.1x

Expensive — P/E 60.1

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

P/E vs Forward

+40.6

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (60.1 → 19.5)

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Dividends

Not applicable for this business.

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