AT & S Austria Technologie & Systemtechnik AG

ATS.VI

Hardware, Equipment & Parts · Technology

Price

€140.60

-2.40 (-1.68%)

Market Cap

€5.46B

Exchange

Vienna Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Good

Cash Flow

Strong

Stability

Mixed

Valuation

Good

Track this stock — start free trial

Share count falling — buybacks

−40.1% over 4y

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

Diluted shares outstanding: 38.9M (2022) → 23.3M (2026)

Winston Score History

The full picture

AT&S is an Austrian company that makes printed circuit boards (PCBs) and IC substrates — the thin, layered boards that connect electronic components inside devices like smartphones, laptops, and medical equipment. Its customers include major technology and semiconductor companies, and it serves industries such as consumer electronics, automotive, and healthcare. AT&S is one of Europe's largest PCB manufacturers and competes globally with large Asian producers.

The company earns revenue by selling these components directly to manufacturers, with pricing tied to volume contracts and product complexity. AT&S operates factories in Austria, India, China, and South Korea, giving it a broad geographic footprint. It has invested heavily in advanced IC substrate technology, which is used in high-performance chips, as a key differentiator against lower-cost competitors. The main growth driver is rising demand for advanced packaging in AI and high-performance computing chips, but the company faces significant risk from high capital expenditure requirements and intense price competition from Asian rivals.

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

+21.3% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-95.7% YoY

YoY Growth Rate

Earnings declining

R&D Spend

€178M/ year

9.9% of revenue

Below sector average (15%)

Research and development spending

Insider Activity

35.7%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

€825M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth + cash flow

AT & S Austria Technologie & Systemtechnik AG is a rare growth stock that's already generating positive cash flow while growing at 21%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

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.

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

22.2%

Thin — 22.2% gross margin

Profit after running costs

Operating Margin

13.4%

Healthy — 13.4% operating margin

Return on the money invested

ROCE

3.1%

Weak — 3.1% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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

+18.4%

Fast-growing sales (+18.4% YoY)

Profit growth

EPS YoY

+2.3%

Flat earnings

Single-digit earnings growth — steady but not exciting.

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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

405%

Turns 405% of profit into real cash

Spare cash per sale

FCF Margin

4.7%

Thin free cash flow (4.7%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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

1.92

Elevated debt (1.92)

Covers its interest

Interest Cover

1.11x

Dangerous — barely covers interest (1.1x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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)

105.7x

Expensive — P/E 105.7

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+86.8

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (105.7 → 18.9)

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