Stock

Alten S.A.

ATE.PA
53
Information Technology Services · Technology
Also trades as: 0O1S.L GBP 0.77 (-1.75%)
Price
€77.55
-1.10 (-1.40%)
Market Cap
€2.71B
Exchange
Euronext Paris
Winston Score
53
Winston is curious
Mixed quality — meaningful strengths and weaknesses.
Data as of Oct 9, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Mixed
10/30
Growth
Weak
3/20
Cash Flow
Strong
8/10
Stability
Exceptional
10/10
Valuation
Strong
8/10
Ownership
Good
10/15
Dividends
Strong
4/5

53 of 100 counted points = Winston Score 53.

Share count rising — dilution

+2.6% over 4y

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

Diluted shares outstanding: 34.5M (2021) → 35.3M (2025)

§Winston Score History

The full picture

Alten is a French engineering and technology consulting firm. It sends skilled engineers and IT specialists to work on projects for large companies in industries like aerospace, automotive, defense, energy, and telecommunications. Clients hire Alten when they need extra technical expertise without permanently expanding their own workforce.

Alten makes money by billing clients for the hours its consultants work, which is a straightforward staffing and services model. The company operates mainly in Europe, with France as its largest market, but also has a growing presence in Asia and the Americas — it employs roughly 57,000 people across more than 30 countries. Its competitive edge comes from its large pool of specialized engineers and long-standing relationships with major industrial clients, though its main risk is that demand for outside consultants tends to fall quickly when large companies cut spending during economic downturns.

Score breakdown

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Quality

Profit per sale
Gross Margin
8.4%
Thin — 8.4% gross margin
Profit after running costs
Operating Margin
8.0%
Modest — 8.0% operating margin
Return on the money invested
ROCE
13.8%
Good — 13.8% 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
+0.1%
Nearly flat sales (+0.1% YoY)
Profit growth
EPS YoY
-84.0%
Earnings shrinking (-84.0% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is
EPS Consistency
2/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
257%
Turns 257% of profit into real cash
Spare cash per sale
FCF Margin
8.3%
Modest free cash flow (8.3%)

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
0.12
Conservative — low debt load (0.12)
Covers its interest
Interest Cover
15.43x
Comfortably covers interest (15.4x)

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

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Valuation

Price vs profit
P/E Ratio (TTM)
19.1x
Fair value — P/E 19.1

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
+10.8
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (19.1 → 8.4)

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Dividends

Dividend
Dividend Yield
2.15%
Moderate income — 2.15% yield

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

Dividend record
Dividend Growth
+39.5%
Dividend growing fast (39.5% YoY)

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