Alstom S.A.

AOMD.DE

Railroads · Industrials

Exchange

Frankfurt Stock Exchange

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

Strong

Cash Flow

Strong

Stability

Strong

Valuation

Strong

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Winston Score History

The full picture

Alstom is a French company that builds trains, trams, and metro systems for cities and governments around the world. Its main products include high-speed trains, commuter rail cars, signaling systems, and maintenance services. Alstom is one of the largest rail equipment manufacturers in the world and owns the well-known TGV high-speed train platform used across Europe.

The company earns money by selling rolling stock and signaling technology to government-owned rail operators, and by providing long-term maintenance contracts on the equipment it sells. Alstom operates globally, with a strong presence in Europe, the Middle East, Asia, and the Americas. Its competitive position comes from deep engineering expertise and long-term government contracts that are difficult for new competitors to break into. However, the company carries significant debt following its 2021 acquisition of Bombardier Transportation, and improving cash flow and reducing that debt load remains the central challenge facing the business today.

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

+4.1% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+21.1% YoY

YoY Growth Rate

Steady EPS growth

Insider Activity

9.5%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

€3.3B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth context

Alstom S.A. is growing revenue at 4% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

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

10.3%

Thin — 10.3% gross margin

Profit after running costs

Operating Margin

3.4%

Thin — 3.4% operating margin

Return on the money invested

ROCE

5.2%

Weak — 5.2% 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

+3.7%

Slow sales growth (+3.7% YoY)

Profit growth

EPS YoY

+121.9%

Earnings growing fast (+121.9% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

7/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

275%

Turns 275% of profit into real cash

Spare cash per sale

FCF Margin

1.7%

Thin free cash flow (1.7%)

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

0.35

Conservative — low debt load (0.35)

Covers its interest

Interest Cover

8.13x

Comfortably covers interest (8.1x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

22.3x

no trend

Growth-priced — P/E 22.3

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

+14.0

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (22.3 → 8.3)

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Dividends

Not applicable for this business.

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