Zumtobel Group AG

0MJH.L

Electrical Equipment & Parts · Industrials

Price

4.05 GBp

+0.15 (+3.85%)

Market Cap

£171.5M

Exchange

London Stock Exchange

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 12, 2026 · filings through Apr 30, 2026

Share count falling — buybacks

−1.9% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 43.1M (2022) → 42.3M (2026)

Zumtobel Group is an Austrian company that makes professional lighting systems and lighting components. Its main products include LED luminaires, lighting controls, and electronic components sold under brands like Zumtobel, Thorn, and Tridonic. It sells primarily to commercial and industrial customers — think offices, retail stores, hospitals, and sports arenas — across Europe and beyond.

The company earns revenue by selling hardware (light fixtures and control systems) and components to builders, electrical contractors, and facility managers. It operates mainly in Europe, with some presence in North America and Asia, and generates roughly €1 billion in annual sales. Its competitive position rests on its technical expertise and established brand reputation in professional lighting, but thin operating margins of under 2% leave little room for error. The key risk is intense price competition from Asian LED manufacturers, which continues to pressure margins across the professional lighting industry.

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

-1.4% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-449.3% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$77M/ year

→ Flat (+4% vs prior year)

7.4% of revenue

1.9x the sector average (4%)

Steady R&D investment year-over-year

Insider Activity

1.2%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$55M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Revenue declining

Zumtobel Group 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.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

36.1%

Modest — 36.1% gross margin

Operating Margin

1.1%

Thin — 1.1% operating margin

ROCE

0.5%

Weak — 0.5% 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

-5.2%

Shrinking sales (-5.2% YoY)

EPS YoY

-92.0%

Earnings shrinking (-92.0% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

4463%

Turns 4463% of profit into real cash

FCF Margin

0.8%

Thin free cash flow (0.8%)

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

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Stability

Debt / Equity

0.32

Conservative — low debt load (0.32)

Interest Cover

1.74x

Dangerous — barely covers interest (1.7x)

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

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Valuation

P/E Ratio (TTM)

1.4x

Attractive valuation — P/E 1.4

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

P/E vs Forward

-6.4

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend Yield

3.64%

Moderate income — 3.64% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth

+50.7%

Dividend growing fast (50.7% YoY)

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