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German consumer-electronics retail group operating the MediaMarkt and Saturn store chains across Europe.
German consumer-electronics retail group operating the MediaMarkt and Saturn store chains across Europe.
Earns the retail margin on electronics and appliances sold in its own stores and online, with added income from services such as extended warranties, installation and repair, and from fees paid by suppliers and marketplace sellers. Sales cluster around replacement cycles and the Christmas season.
In one line: Europe's Best Buy.
Moat: none (scale, brand, distribution). Largest European electronics retail footprint, but thin margins and heavy Amazon/online competition limit pricing power.
Headquarters: Duesseldorf, Germany · Founded: 1961
Size Ceconomy (CEC.DE) is a Germany Consumer Discretionary company (Department Stores) with a market value of $2.47B, the 100th largest of 205 Germany companies the cockpit tracks. Shares closed at €4.53 on 6 Nov 2026.
Performance Over six months the shares gained 8.9%, against -15.5% for the median peer and +2.6% for the Germany market (cap-weighted) — 7th highest of 21 in its peer set.
Growth Revenue grew 4.3% over the last twelve months (peer median -0.5%); the operating margin is 0.7% (peer median 5.5%).
Valuation It trades at 7.8× forward earnings against a peer median of 15.3× (3rd cheapest of 16).
Price implies For today's price to make sense, revenue must grow about 3% a year for seven years (Req g). Recent delivered growth is +2%, so the hurdle is +1 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 1.3 points below its cost of capital (7.2% WACC).
Credit Ceconomy has 2 bonds outstanding ($1.11B), rated BB by the agencies.
Next results Next results expected around 14 Dec 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €23.8B | €23.1B | €22.4B | €22.2B | €21.8B |
| Revenue growth | — | +3% | +1% | +2% | — |
| Gross profit | €3.67B | €3.48B | €3.30B | €3.27B | €3.12B |
| EBITDA | €853M | €977M | €776M | €716M | €661M |
| Net income | -€8.00M | -€35.0M | €76.0M | -€39.0M | €126M |
| Free cash flow | €686M | €689M | €488M | €747M | -€44.0M |
| Capital expenditure | €159M | €190M | €193M | €176M | €206M |
| Total debt | €2.60B | €2.54B | €2.63B | €2.58B | €2.77B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Ceconomy CEC.DE | $2.47B | +9% | +4% | 1% | 7.8× | 2.9% |
| Amazon AMZN | $2.80T | -5% | +15% | 13% | 26.3× | n/a |
| Fnac Darty FNAC.PA | $1.16B | -1% | +10% | 2% | 17.4× | -0.6% |
| Currys CURY.L | $1.97B | +16% | +6% | 2% | 10.4× | 4.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | CEC.DE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +4.5% | -1.9% | 5th highest of 21 |
| 6-month return | +8.9% | -15.5% | 7th highest of 21 |
| Distance from 52-week high | -1.3% | -42.3% | highest of 21 |
| Revenue growth (TTM) | +4.3% | -0.5% | 6th highest of 21 |
| Operating margin | 0.7% | 5.5% | 5th lowest of 21 |
| Forward P/E | 7.8× | 15.3× | 3rd cheapest of 16 |
| Growth the price implies (Req g, 7 yrs) | 2.9% | 1.5% | 8th most demanding of 18 |
| Growth delivered (Del g) | +2.1% | +0.9% | 9th highest of 18 |
| Hurdle (Req g minus delivered) | +0.9 pp | -1.0 pp | 8th most demanding of 18 |
| ROIC minus cost of capital | -1.3 pp | -1.0 pp | 10th lowest of 21 |
| Net debt / EBITDA | 1.8× | 3.3× | 3rd least indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Ceconomy CEC.DE | Germany | $2.47B | +9% | +4% | 1% | 7.8× | 2.9% | +2.1% |
| Kohl's KSS | United States | $2.61B | +59% | -3% | 4% | 15.3× | 0.0% | -0.5% |
| H2O Retailing 8242.T | Japan | $2.10B | +17% | 0% | 5% | 12.3× | -9.7% | -1.6% |
| Beijing United Information Technology 603613.SS | China | $2.05B | -30% | -4% | 5% | n/a | n/a | n/a |
| Easyhome New Retail 000785.SZ | China | $1.97B | -18% | -23% | 3% | 19.3× | 1.0% | +4.4% |
| Seria 2782.T | Japan | $1.91B | +18% | +13% | 9% | 15.2× | -2.1% | +5.0% |
| Lotte Shopping 023530.KS | South Korea | $1.87B | -33% | +1% | 5% | 7.9× | 5.8% | -3.2% |
| CCOOP 000564.SZ | China | $3.55B | -23% | +19% | -46% | n/a | n/a | n/a |
| Wangfujing 600859.SS | China | $1.65B | -21% | -10% | 5% | 244.5× | -13.6% | -2.4% |
| Shinsegae 004170.KS | South Korea | $1.59B | -38% | +7% | 9% | 5.8× | -2.2% | +7.8% |
| Harvey Norman HVN.AX | Australia | $3.84B | +2% | +5% | 18% | 13.8× | 4.7% | +0.8% |
| Takashimaya 8233.T | Japan | $3.98B | +14% | +2% | 11% | 15.6× | 2.4% | -6.3% |
| Anhui Anfu Battery Technology 603031.SS | China | $1.43B | -39% | +4% | 23% | 23.0× | -0.2% | +21.9% |
| J Front Retailing 3086.T | Japan | $4.46B | +24% | -3% | 11% | 22.1× | 5.9% | +6.9% |
| Hyundaideptst 069960.KS | South Korea | $1.29B | -23% | -3% | 9% | 7.0× | -17.1% | +13.2% |
| Izumi 8273.T | Japan | $1.28B | -1% | +1% | 5% | 11.2× | n/a | n/a |
| Hunan Friendship & Apollo Commercial 002277.SZ | China | $1.23B | -5% | -20% | -60% | n/a | 21.6% | -15.5% |
| Ollie's Bargain Outlet OLLI | United States | $5.37B | +10% | +14% | 12% | 19.8× | 1.5% | +7.9% |
| Maoye Commercial 600828.SS | China | $1.13B | -13% | -22% | -3% | n/a | 12.9% | -8.4% |
| Fujian Dongbai (Group) 600693.SS | China | $1.11B | -23% | -1% | 32% | 62.6× | 4.1% | +0.9% |
| Nanjing Xinjiekou Department Store 600682.SS | China | $1.07B | -22% | -11% | -16% | n/a | 5.7% | +2.4% |
Ceconomy has 2 bonds outstanding with $1.11B face value. The agencies rate it BB.