SynBiotic SE

SBX.DE

Drug Manufacturers - Specialty & Generic · Healthcare

Price

€1.10

+0.02 (+1.48%)

Market Cap

€5.2M

Exchange

Deutsche Börse

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 9, 2026 · filings through Jun 30, 2024

Share count rising — dilution

+1726.1% over 4y

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

Diluted shares outstanding: 260K (2019) → 4.7M (2023)

SynBiotic SE is a German company that focuses on cannabis-based health and wellness products. It sells medicinal cannabis, CBD supplements, and related natural health products to pharmacies, medical patients, and wellness consumers. The company operates in the fast-growing but heavily regulated European cannabis market, primarily in Germany.

SynBiotic makes money by selling its products directly and through pharmacy distribution channels. It is a small-cap company based in Germany, and its business has grown partly through acquiring smaller cannabis and natural health brands. However, the deeply negative operating margin shows the company is spending far more than it earns, which is a serious concern. The key growth driver is Germany's ongoing cannabis liberalization — Germany loosened its cannabis laws in 2024, which could expand the legal market — but the main risk is that SynBiotic must reach profitability before it runs out of financial runway.

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

YoY Growth Rate

Revenue data limited

EPS Growth

YoY Growth Rate

EPS data limited

R&D Spend

$0/ year

0.0% of revenue

Below sector average (18%)

Research and development spending

Insider Activity

45.8%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$42M cash & investments

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

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.

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Quality

Gross Margin

40.9%

Healthy — 40.9% gross margin

Operating Margin

15.1%

Healthy — 15.1% operating margin

ROCE

0.0%

Weak — 0.0% 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

N/A

Data not available

EPS YoY

N/A

—

Data not available

EPS Consistency

2/4 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

N/A

—

Data not available

FCF Margin

0.0%

Thin free cash flow (0.0%)

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

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Stability

Debt / Equity

0.05

Conservative — low debt load (0.05)

Interest Cover

0.03x

Dangerous — barely covers interest (0.0x)

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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