Arteche Lantegi Elkartea, S.A.

ART.MC

Electrical Equipment & Parts · Industrials

Price

€29.20

+0.10 (+0.34%)

Market Cap

€1.69B

Exchange

Madrid Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 28, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Strong

Cash Flow

Strong

Stability

Strong

Valuation

Good

Dividends

Weak

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Winston Score History

The full picture

Arteche is a Spanish company that makes electrical equipment used in power grids. Its core products include instrument transformers, protection relays, and power quality solutions that help utilities measure and control electricity flowing through their networks. Founded in the Basque Country, Arteche is one of the leading independent manufacturers of instrument transformers globally.

The company earns revenue by selling specialized electrical hardware and related services to electric utilities, industrial plants, and renewable energy developers. It operates in over 170 countries, with a strong presence in Europe, Latin America, and the Middle East. Arteche's decades of technical expertise and certified product portfolio give it a solid position in a market with high regulatory and quality barriers. Growing investment in grid modernization and renewable energy integration is a key demand driver, though the business faces risks from raw material cost swings and competition from larger electrical equipment conglomerates.

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

+7.2% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+58.8% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

€0/ year

↓ Declining (-100% vs prior year)

0.0% of revenue

Below sector average (4%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

85.7%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

€121M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth context

Arteche Lantegi Elkartea, S.A. is growing revenue at 7% 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.

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: 57.1M (2021) → 57.1M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

29.1%

Modest — 29.1% gross margin

Profit after running costs

Operating Margin

15.1%

Healthy — 15.1% operating margin

Return on the money invested

ROCE

24.5%

Exceptional — 24.5% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+10.1%

Steady sales growth (+10.1% YoY)

Profit growth

EPS YoY

+81.5%

Earnings growing fast (+81.5% YoY)

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

How steady the profit is

EPS Consistency

6/7 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

117%

Turns 117% of profit into real cash

Spare cash per sale

FCF Margin

7.9%

Modest free cash flow (7.9%)

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

0.93

Moderate — manageable debt (0.93)

Covers its interest

Interest Cover

8.21x

Comfortably covers interest (8.2x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

29.8x

Growth-priced — P/E 29.8

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

Cheaper or dearer next year

P/E vs Forward

+1.7

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend

Dividend Yield

1.34%

Small dividend — 1.34% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

N/A

Data not available

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