Arctic Paper S.A.

ATC.WA

Paper, Lumber & Forest Products · Basic Materials

Price

6.76 PLN

+0.10 (+1.50%)

Market Cap

468.4M PLN

Exchange

Warsaw Stock Exchange

Winston Score

Winston is worried

Weak fundamentals across most pillars.

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

How the score breaks down

Quality

Weak

Growth

Weak

Cash Flow

Weak

Stability

Good

Valuation

Data not available

Track this stock — start free trial

Winston Score History

The full picture

Arctic Paper S.A. is a Polish company that makes graphic paper — the kind used for books, magazines, catalogues, and high-quality printed materials. Its main customers are publishers, printing companies, and advertising agencies across Europe. The company operates large paper mills in Poland and Sweden, making it one of the bigger graphic paper producers in the region.

Arctic Paper earns money by selling paper by the tonne to business customers, so its revenue rises and falls with paper prices and demand from the printing industry. It operates primarily in European markets and also has a majority stake in Rottneros, a Swedish pulp producer, which gives it some control over a key raw material. The core challenge the company faces is structural: demand for graphic paper in Europe has been declining for years as digital media replaces print, and the negative operating margin shown here reflects how difficult it is to stay profitable in a shrinking market.

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

-1.1% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-63.2% YoY

YoY Growth Rate

Earnings declining

R&D Spend

0 PLN/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

68.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~5 months

137M PLN cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Cash watch

Arctic Paper S.A. has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

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.

Share count broadly stable

0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 69.3M (2021) → 69.3M (2025)

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

8.4%

Thin — 8.4% gross margin

Profit after running costs

Operating Margin

-6.2%

Losing money on operations — -6.2%

Return on the money invested

ROCE

-18.1%

Weak — -18.1% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Growth

Sales growth

Sales YoY

-3.1%

Shrinking sales (-3.1% YoY)

Profit growth

EPS YoY

-283.5%

Earnings shrinking (-283.5% 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

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

-4.3%

Burning cash (-4.3%)

Free cash flow is negative. They are burning cash, not generating it.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Stability

What it owes vs what it owns

Debt / Equity

0.22

Conservative — low debt load (0.22)

Covers its interest

Interest Cover

N/A

Data not available

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Valuation

Price vs profit

P/E Ratio (TTM)

N/M

no trend

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Dividends

Not applicable for this business.

🔒 See full fundamentals and if they are improving or declining — click here for your free trial now.

Start free trial