Abéo S.A.

ABEO.PA

Leisure · Consumer Cyclical

Price

€8.78

+0.04 (+0.46%)

Market Cap

€72.6M

Exchange

Euronext Paris

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Weak

Growth

Good

Cash Flow

Strong

Stability

Good

Valuation

Exceptional

Dividends

Strong

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Share count rising — dilution

+10.0% over 4y

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

Diluted shares outstanding: 7.5M (2022) → 8.2M (2026)

Winston Score History

The full picture

Abéo is a French company that makes sports and leisure equipment. Its main products include gymnastics apparatus, climbing walls, playground equipment, and sports flooring. It sells to schools, sports clubs, gyms, and public facilities across Europe and beyond.

The company earns money by selling equipment directly to customers and through installation and service contracts. Abéo is headquartered in France and operates across Europe, with some presence in other international markets, generating roughly €300–400 million in annual revenue. It has built a portfolio of well-known specialist brands in niche equipment categories, which gives it some pricing power in markets where few large competitors exist. However, with a gross margin below 13%, the business is exposed to raw material costs and economic cycles that affect public spending on sports infrastructure — a key risk as government budgets tighten across Europe.

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

+13.4% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-8.0% YoY

YoY Growth Rate

Earnings declining

R&D Spend

€0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

5.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

€16M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Growth + cash flow

Abéo S.A. is a rare growth stock that's already generating positive cash flow while growing at 13%. 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

Profit per sale

Gross Margin

16.1%

Thin — 16.1% gross margin

Profit after running costs

Operating Margin

5.6%

Thin — 5.6% operating margin

Return on the money invested

ROCE

8.1%

Below par — 8.1% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+12.6%

Fast-growing sales (+12.6% YoY)

Profit growth

EPS YoY

+20.2%

Earnings growing fast (+20.2% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

154%

Turns 154% of profit into real cash

Spare cash per sale

FCF Margin

3.2%

Thin free cash flow (3.2%)

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

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Stability

What it owes vs what it owns

Debt / Equity

0.78

Moderate — manageable debt (0.78)

Covers its interest

Interest Cover

2.66x

Tight — interest eats into profit (2.7x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

8.7x

Attractive valuation — P/E 8.7

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

Cheaper or dearer next year

P/E vs Forward

+4.1

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (8.7 → 4.5)

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Dividends

Dividend

Dividend Yield

3.56%

Moderate income — 3.56% yield

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

Dividend record

Dividend Growth

+165.8%

Dividend growing fast (165.8% YoY)

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