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Aplisens S.A.

APN.WA
47
Hardware, Equipment & Parts · Technology
Price
20.70 PLN
+0.30 (+1.47%)
Market Cap
230.5M PLN
Exchange
Warsaw Stock Exchange
Winston Score
47
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Aug 23, 2026 · filings through Mar 31, 2026
How the score breaks down
Quality
Mixed
Growth
Weak
Cash Flow
Exceptional
Stability
Good
Valuation
Exceptional
Dividends
Exceptional

Share count falling — buybacks

6.3% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 11.7M (2021) → 11.0M (2025)

Winston Score History

The full picture

Aplisens S.A. is a Polish industrial instrumentation company that designs and manufactures pressure sensors, transmitters, and level measurement devices. Its products are used in factories, refineries, water treatment plants, and other industrial facilities that need to monitor and control liquids and gases. The company sells primarily to industrial customers across Europe, with a strong base in Poland and exports to other markets including Russia and Eastern Europe.

Aplisens makes money by selling hardware — physical sensors and measurement instruments — directly to industrial buyers and through distribution partners. The company is relatively small, with a market cap around $200 million, and competes against much larger global players like Emerson and Endress+Hauser. Its main competitive advantage is local manufacturing expertise and established relationships in Central and Eastern European markets. The key growth driver is expanding its export reach into Western Europe and other regions, while the main risk is losing ground to larger, better-resourced global competitors on price and technology.

Score breakdown

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Quality

Profit per sale
Gross Margin
36.7%
Modest — 36.7% gross margin
Profit after running costs
Operating Margin
13.0%
Healthy — 13.0% operating margin
Return on the money invested
ROCE
7.9%
Weak — 7.9% 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
-1.0%
Shrinking sales (-1.0% YoY)
Profit growth
EPS YoY
-12.4%
Earnings shrinking (-12.4% YoY)

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

How steady the profit is
EPS Consistency
0/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
217%
Turns 217% of profit into real cash
Spare cash per sale
FCF Margin
17.1%
Converts sales into free cash efficiently (17.1%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns
Debt / Equity
N/A
Data not available
Covers its interest
Interest Cover
46.26x
Comfortably covers interest (46.3x)

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

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Valuation

Price vs profit
P/E Ratio (TTM)
14.7x
Attractive valuation — P/E 14.7

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
+6.3
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (14.7 → 8.4)

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Dividends

Dividend
Dividend Yield
4.35%
Healthy income — 4.35% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record
Dividend Growth
+106.1%
Dividend growing fast (106.1% YoY)

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