INTERSHOP Communications Aktiengesellschaft
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
Yellow, because Intershop has cut its way to health but is not yet growing its way there. This is not an existential question: cash covers bank borrowings many times over (figures under "Balance sheet and liquidity"), and the 2025 risk report sees no risks threatening the company's existence. The open question is operational: revenue is shrinking for a second year in a row, cloud revenue did not grow in the third quarter, and the small operating profit rests on line items the reports do not break down. The next answer comes from the fourth quarter, on which the reaffirmed net new ARR guidance hinges. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Intershop is in the black at the operating line after nine months of 2026 with EUR 185,000, the third positive quarter in a row; cloud order intake rose 29 percent, net new ARR is back in positive territory after nine months, and the balance sheet is under no pressure: cash exceeds bank debt many times over. The price of that: revenue is shrinking for a second consecutive year, cloud revenue did not grow in the third quarter, the result is not yet carried by the business itself, and after the 2025 rights issue the headroom for further shares grew to up to 15.7 million. Not investment advice.
Revenue trend
Group revenue fell 14 percent to EUR 33.256 million in 2025 and a further 7 percent to EUR 23.427 million in the first nine months of 2026. The board itself guides to another decline for full-year 2026. Pure licence revenue collapsed from EUR 2.511 million to EUR 142,000 in 2025.
Cloud business
Cloud order intake advanced 29 percent to EUR 14.186 million in the first nine months of 2026, net new ARR came to roughly plus EUR 0.5 million in the third quarter, and the cloud margin was 66 percent. Cloud revenue itself, however, grew only 2 percent to EUR 15.686 million and, by our arithmetic, was slightly below the prior-year quarter in the third quarter.
Earnings quality
The positive nine-month EBIT of EUR 185,000 is smaller than the increase in other operating income over the same period (from EUR 304,000 to EUR 853,000, or plus EUR 549,000). In the third quarter alone that income was close to the prior year; EBIT of EUR 45,000 there rested on other operating expenses that fell from EUR 594,000 to EUR 54,000. The reports do not explain where the income came from.
Balance sheet and liquidity
As of September 30, 2026, EUR 9.593 million of cash stood against bank borrowings of EUR 1.426 million; the equity ratio was 37 percent and operating cash inflow over nine months came to EUR 3.640 million. Cash fell by almost EUR 1.5 million in the third quarter, and EUR 1.785 million of contingent purchase price for Sparque is now reported as current. The 2025 risk report explicitly identifies no risks threatening the company's existence.
Substance of equity
Of EUR 12.000 million of equity (September 30, 2026), EUR 7.533 million is goodwill. On the Annual Report 2025's own definition — equity less goodwill — roughly EUR 4.47 million of economic equity remains. The impairment test required no write-down in 2024 or 2025.
Dilution and ownership
The share count rose 30 percent to 18,956,975 on October 16, 2025, issued at EUR 1.00 per share — the legal minimum. After the resolutions of the May 19, 2026 annual general meeting, the new authorized capital (9,450,000 shares) and the older conditional capital II together allow up to 15,692,000 further shares without a new shareholder meeting, once registration is complete. A voting pool holds 40.11 percent, the supervisory board chairman is dependent on the controlling shareholder by the company's own statement, and the management board holds 0.09 percent of the shares.
Worth Noting
The trigger for this analysis is the recurring presence of Intershop stock on the most-discussed lists in the large German retail investor forums (as of our review: August 14, 2026), not our in-house stock scanner, which primarily covers U.S.-listed names.
Risk of confusion: INTERSHOP Communications AG (Jena, Xetra: ISHA, ISIN DE000A254211) has nothing to do with Intershop Holding AG (Zurich, SIX: ISN, ISIN CH1338987303), a Swiss real estate company whose shares trade in the triple-digit Swiss franc range. Both are known in short form as "Intershop"; buying the wrong one means buying a completely different company.
The market data feed diverges from the audited figures in Intershop's case: it shows EBIT of minus EUR 1.98 million, EBITDA of EUR 1.31 million and total assets of EUR 37.2 million for 2025. The Annual Report 2025 shows EBIT of minus EUR 2.767 million, EBITDA of EUR 0.520 million and total assets of EUR 33.332 million. This analysis uses the reported figures exclusively; prices, market values and trading volumes come from fundamental data (as of August 14, 2026, and October 26, 2026 for the update).
This edition is current as of October 28, 2026 (quarterly statement Q1 to Q3 2026 of October 21, 2026). Since the half-year report of July 22, 2026 we found no ad hoc release, no voting-rights notice, no reportable share dealing by management or supervisory board members and no capital measure on the investor relations page or the EQS newswire through October 28, 2026. We have added the May 19, 2026 shareholder meeting resolutions on authorized and conditional capital, which the first edition of August 14, 2026 missed.
The ticker ISHA.DE used in this analysis is shorthand for "Intershop, listed in Germany" — it is not an official exchange code. The stock trades as Xetra: ISHA and, among other venues, in Frankfurt, on Tradegate and on Gettex.
Stock Watch
This analysis is as of October 28, 2026. Stock Watch will tell you what's changed at ISHA.DE since then.
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Price history
Chart
Interactive price chart (TradingView).
Last price: 1.41 € (As of: October 28, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
No dividend data is available for this stock yet.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
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· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales (€M) | Sales YoY (%) | Net Margin (%) | OCF (€M) | FCF (€M) |
|---|---|---|---|---|---|---|---|
| 2024: Q3 | 0.06 | 213.80 | 11 | 15.80 | 8.40 | 0 | 0 |
| 2024: Q4 | -0.04 | 49.90 | 9 | -3.50 | -6.70 | 3 | 3 |
| 2025: Q1 | 0.00 | 35.60 | 9 | -3.50 | -0.70 | 0 | 0 |
| 2025: Q2 | -0.07 | -92.80 | 8 | -15.30 | -13.00 | 2 | 2 |
| 2025: Q3 | -0.04 | -167.40 | 8 | -25.30 | -7.60 | 0 | 0 |
| 2025: Q4 | -0.09 | -127.00 | 8 | -11.10 | -18.60 | -2 | -2 |
| 2026: Q1 | 0.00 | 78.70 | 8 | -13.10 | -0.20 | 3 | 3 |
| 2026: Q2 | 0.00 | 97.40 | 8 | -3.50 | -0.50 | 1 | 1 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 3 of our scanner strategies — each hit links to the scanner.
Growth
Research
Risk & Weakness
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
AI classification
AI Rating
Not yet rated — we only show a category once an SEC-backed file with at least two cited passages is available.
The company
About the Company
INTERSHOP Communications Aktiengesellschaft offers ecommerce solutions in Germany, rest of Europe, and internationally. It operates in two segments, Software and Cloud, and Service. The company provides Commerce Management to control sales channels and touchpoints; Search & Recommendations to create data-driven personalized user experiences with AI-powered algorithms; and Integration Hub, a low-code solution for SAP integration. It also offers Experience Management to give customers a unique experience with intershop experience management; Product Information Management; Order Management for ordering and fulfillment processes; Customer Engagement Center; and business intelligence data hub used for data management. In addition, the company offers implementation and training services. It serves manufacturing, wholesale, retail, B2C, B2X, and B2B sectors. The company was founded in 1992 and is based in Jena, Germany.
Data as of: October 28, 2026 · symbol.source_foreign
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.