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Ateme S.A.

ATEME.PA
48
Communication Equipment · Technology
Also trades as: 0QVW.L GBP 0.12 (-4.25%)
Price
€12.10
+0.05 (+0.41%)
Market Cap
€140.1M
Exchange
Euronext Paris
Winston Score
48
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Oct 5, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Good
15/30
Growth
Mixed
6/20
Cash Flow
Weak
2/10
Stability
Good
6/10
Valuation
Strong
7/10
Ownership
Good
10/15
Dividends
Not counted
n/a

46 of 95 counted points = Winston Score 48. Pillars marked n/a do not apply to this company and are left out of the total.

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Share count rising — dilution

+9.9% over 4y

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

Diluted shares outstanding: 11.2M (2021) → 12.3M (2025)

§Winston Score History

The full picture

Ateme is a French technology company that helps TV broadcasters, streaming services, and telecom operators deliver high-quality video to viewers. Its main products are video compression and delivery software and hardware, which take large video files and shrink them so they can be sent efficiently over the internet or cable networks. The company's technology is used by major broadcasters and pay-TV operators around the world who need to stream live sports, news, and entertainment without losing picture quality.

Ateme earns money by selling its compression systems and software licenses to media companies, and it has been shifting toward a recurring subscription model for cloud-based video delivery. The company operates globally, with customers across Europe, the Americas, and Asia, though it remains a small player with a market cap around $100 million. Its main competitive edge is deep technical expertise in video encoding standards, but its near-zero operating margin means it has little room for error, and competition from larger players like Harmonic poses a real ongoing risk.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+20.1% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+186.2% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

€28M/ year

→ Flat (-0% vs prior year)

29.5% of revenue

2.0x the sector average (15%)

Steady R&D investment year-over-year

Insider Activity

29.7%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

€6M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Growth + cash flow

Ateme S.A. is a rare growth stock that's already generating positive cash flow while growing at 20%. 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.

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Quality

Profit per sale
Gross Margin
61.5%
Premium pricing power — 61.5% gross margin
Profit after running costs
Operating Margin
7.1%
Modest — 7.1% operating margin
Return on the money invested
ROCE
10.3%
Below par — 10.3% 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
+9.9%
Steady sales growth (+9.9% YoY)
Profit growth
EPS YoY
N/A
Data not available
How steady the profit is
EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash
Cash Conversion
22%
Weak — only 22% of profit becomes cash
Spare cash per sale
FCF Margin
0.7%
Thin free cash flow (0.7%)

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
0.76
Moderate — manageable debt (0.76)
Covers its interest
Interest Cover
7.70x
Adequate interest coverage (7.7x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
19.5x
Fair value — P/E 19.5

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
+3.3
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (19.5 → 16.2)

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Dividends

Not applicable for this business.
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