Rath AG

RAT.VI

Construction Materials · Industrials

Price

€26.80

+0.80 (+3.08%)

Market Cap

€40.2M

Exchange

Vienna Stock Exchange

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Jul 25, 2026 · filings through Dec 31, 2025

Rath AG is an Austrian company that makes high-temperature resistant materials, called refractory products, used to line industrial furnaces, kilns, and other equipment that operates at extreme heat. Its main products include ceramic fibers, bricks, and other heat-resistant materials sold to industries like steel, glass, cement, and petrochemicals. The company is a specialist supplier in the refractory materials segment, serving industrial manufacturers across Europe and beyond.

Rath generates revenue by selling its refractory products and related installation or engineering services to industrial customers. The company is headquartered in Vienna, Austria, and operates production facilities across Europe, with sales reaching customers globally. Its competitive position relies on technical expertise in high-temperature materials, which creates some switching costs since customers depend on reliable performance in critical industrial processes. The main risk the business faces is its exposure to cyclical industries like steel and glass, where demand can drop sharply during economic downturns, putting pressure on already thin operating margins.

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

-14.8% YoY

YoY Growth Rate

Revenue declining

EPS Growth

<−1,000% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$1M/ year

1.3% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

85.5%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$12M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Revenue declining

Rath AG'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: 1.5M (2021) → 1.5M (2025)

Score breakdown

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Quality

Gross Margin

7.2%

Thin — 7.2% gross margin

Operating Margin

-7.0%

Losing money on operations — -7.0%

ROCE

-3.6%

Weak — -3.6% return on capital

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

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Growth

Sales YoY

-16.3%

Shrinking sales (-16.3% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

-1.0%

Burning cash (-1.0%)

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

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Stability

Debt / Equity

1.10

Elevated debt (1.10)

Interest Cover

0.72x

Dangerous — barely covers interest (0.7x)

Interest coverage below 1. Their profits don't cover the interest bill.

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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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