Ateme S.A.

ATEME.PA

Communication Equipment · Technology

Also trades as: 0QVW.L

Price

€12.15

+0.20 (+1.67%)

Market Cap

€140.7M

Exchange

Euronext Paris

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Mixed

Growth

Weak

Cash Flow

Strong

Stability

Mixed

Valuation

Good

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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

For growth stock investors

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

Revenue Growth

+1.7% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+48.0% 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

↓ Declining

Insider ownership declining — could be dilution or selling

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 context

Ateme S.A. is growing revenue at 2% 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.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

59.2%

Premium pricing power — 59.2% gross margin

Profit after running costs

Operating Margin

5.4%

Thin — 5.4% operating margin

Return on the money invested

ROCE

-2.3%

Weak — -2.3% return on capital

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

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Growth

Sales growth

Sales YoY

+2.2%

Nearly flat sales (+2.2% 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

168%

Turns 168% of profit into real cash

Spare cash per sale

FCF Margin

0.8%

Thin free cash flow (0.8%)

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

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

151.9x

Expensive — P/E 151.9

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

Cheaper or dearer next year

P/E vs Forward

+134.9

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (151.9 → 17.0)

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Dividends

Not applicable for this business.

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