TCM Group A/S

TCM.CO

Furnishings, Fixtures & Appliances · Consumer Cyclical

Price

kr 70.80

+0.40 (+0.57%)

Market Cap

kr 731.5M

Exchange

NASDAQ Copenhagen

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 9, 2026 · filings through Mar 31, 2026

Share count rising — dilution

+8.3% over 4y

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

Diluted shares outstanding: 9.6M (2021) → 10.4M (2025)

TCM Group A/S is a Danish company that designs and sells kitchen cabinets and storage furniture. It sells its products under several brands, including Svane Køkkenet, Tvis Køkkener, and Nettoline, mainly to homeowners in Denmark and Scandinavia. The company operates in the kitchen furniture industry and is one of the larger kitchen manufacturers in the Nordic region.

TCM Group makes money by selling kitchens through a network of branded showrooms and dealer partners, earning revenue each time a customer buys and installs a new kitchen. Most of its business is in Denmark, making it heavily tied to the Danish housing and renovation market. Its network of physical showrooms and established brand names gives it some local loyalty, but the business is sensitive to swings in housing activity and consumer spending — a slowdown in home sales or renovation activity can quickly reduce demand for new kitchens.

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

+17.6% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+25.0% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

1.1%ownership

Relatively low insider ownership

Cash Position

Cash flow positive

$40M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth + cash flow

TCM Group A/S is a rare growth stock that's already generating positive cash flow while growing at 18%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

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

23.3%

Thin — 23.3% gross margin

Operating Margin

5.7%

Thin — 5.7% operating margin

ROCE

2.1%

Weak — 2.1% 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

+9.4%

Steady sales growth (+9.4% YoY)

EPS YoY

+29.8%

Earnings growing fast (+29.8% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

155%

Turns 155% of profit into real cash

FCF Margin

4.6%

Thin free cash flow (4.6%)

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

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Stability

Debt / Equity

0.50

Conservative — low debt load (0.50)

Interest Cover

4.35x

Adequate interest coverage (4.4x)

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

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Valuation

P/E Ratio (TTM)

9.1x

Attractive valuation — P/E 9.1

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward

+3.1

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (9.1 → 6.0)

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Dividends

Dividend Yield

6.36%

Healthy income — 6.36% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend Growth

N/A

Data not available

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