Rankings Defence, aerospace & space CeoTronics
CeoTronics
77
15070100
A view of the same findings, not a new score. How it works
A strong score: the model found few serious problems, but analysts see limited upside from here.
Biggest deductions
- Customer concentration−7
- Quality of growth−5
- Moat / scale−4
Strengths
- Order backlog+3
- Net cash+1
How the score is built
From 100 to 77, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 2 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 8.70 EUR
- Median analyst target
- –
- Upside to median
- –
- Analysts
- none
- Target range
- –
- 52-week change
- −38%
- P/E (trailing)
- 12.4
- Forward P/E
- 9.8
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 3 findings−11 of −30
- −5Quality of growthRevenue rose 88% in FY 2024/25 (from 29.6 to EUR 55.8m) on large Bundeswehr deliveries, but only 1% in FY 2025/26 (56.3m). Guidance for FY 2026/27 is approx. EUR 61m (+8%), so the jump was a one-off lift, not a new growth rate.
- −2Capital allocationInvestments rose to EUR 6.9m in FY 2025/26 (1.8m the year before), mainly in land and buildings, so free cash flow fell 56% to 5.75m. The share count has risen from 6.6m to 7.98m through issues in 2024 and 2025.
- −4Moat / scaleNiche producer of rugged communication headsets and PTT solutions for military, police and industry with revenue of only EUR 56m. The competitors (Invisio, 3M Peltor, Savox) are larger and more global; 98% of sales are in Europe.
Price
Today's multiples against the company's own history and its peers. · 2 findings−3 of −35
- −2Multiples vs own historyP/E is 13.7 vs 10.7–35.1 in FY 2021/22–2025/26, and EV/EBITDA 8.0 vs 6.6–14.5. It is at the low end of the history, but not cheaper than in FY 2022/23 (P/E 10.7) before the defence upswing.
- −1PeersInvisio trades at P/E 46 and EV/EBITDA 29, and Hensoldt at EV/Sales 3.8, vs CeoTronics' P/E 13.7 and EV/Sales 1.35. The discount reflects lower growth and size, but the stock is not expensive vs peers.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−16 of −35
- −7Customer concentrationGermany accounted for EUR 44.0m of 56.3m in revenue (78%) in FY 2025/26, and the Bundeswehr is the dominant customer via framework agreements (e.g. SmG), which are called off in uneven lots. Delayed call-offs can shift revenue between years.
- −3Inventory and working capitalInventory is EUR 18.8m (about 1/3 of annual revenue), and inventory turnover is only 1.6. Quick ratio is 0.94. The company tied up EUR 15m in inventory in FY 2023/24 ahead of large orders, and the risk of write-downs rises if the call-offs are delayed.
- −3Liquidity and sizeThe market cap is approx. EUR 78m, trading is thin (approx. DKK 176,000 a day on Nordnet and very few shares in Frankfurt), and the founding families Günther/Hemer own approx. 28%. Large orders or news can cause large price swings.
- −3Sector/political riskThe price has fallen 29% over a year after the German defense euphoria faded. Earnings depend on German procurement processes and budgets, which have historically been slow and politically sensitive.
Plus
Only documented strengths. · 2 findings+4 of +15
- +3Order backlogOrder intake rose 64% to EUR 73.8m, and the order backlog 29% to 77.6m (approx. 1.4 years of revenue). The SmG call-off for 2026 totalling 50,000 PTT keys gives revenue in 2027 and thus in FY 2026/27 and 2027/28.
- +1Net cashNet cash is EUR 0.9m (cash 7.6m vs debt 6.7m), after net debt was EUR 17.7m in May 2024, and the equity ratio is 66.5%.
Caveats
What the score does not capture, or where the data is weak.
CeoTronics is NOT in restructuring and is not a classic penny stock: the company makes money, pays a dividend and has a small net cash position. The normal calibration is used. stockanalysis only has a Frankfurt page (quote/fra/CEK); the Xetra path (quote/etr/CEK) gives 404. The financial year runs from June to May (FY 2025/26 ended 31/5-2026). Market cap is calculated at EUR 77.9m (7.98m shares × EUR 9.76, about DKK 581m) and roughly matches Nordnet's DKK 589m. The Bundeswehr's share of revenue is not stated directly; Germany accounted for 78% in FY 2025/26. The founding families' share (27.9%) is from an older analysis and not verified for 2026. Insider trades and short interest have not been examined. Quarterly burn and runway make no sense for a company with positive free cash flow (runway is set to 99 = not relevant).
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