Atos SE

ATO.PA

Information Technology Services · Technology

Price

€29.04

+0.44 (+1.54%)

Market Cap

€563.7M

Exchange

Euronext Paris

Winston Score

Winston is worried

Weak fundamentals across most pillars.

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

How the score breaks down

Quality

Weak

Growth

Weak

Cash Flow

Weak

Stability

Weak

Valuation

Data not available

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Share count rising — dilution

+1216.1% over 4y

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

Diluted shares outstanding: 1.5M (2021) → 19.4M (2025)

Winston Score History

The full picture

Atos SE is a French technology company that helps large organizations run their computer systems, manage data, and keep their networks secure. Its main services include cloud computing, cybersecurity, and digital workplace tools, sold mostly to governments, hospitals, banks, and big corporations. Atos is one of the largest IT services companies in Europe and runs critical computing infrastructure for clients like the Olympic Games.

The company earns money by charging clients fees for long-term service contracts, outsourcing deals, and consulting projects. It operates across more than 40 countries, with most revenue coming from Europe. Atos has faced serious financial difficulties in recent years, including heavy debt and falling profits, and went through a major restructuring process starting in 2024. The key risk going forward is whether the company can stabilize its finances and stop losing contracts to rivals like Capgemini and Accenture while the restructuring is still ongoing.

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

-15.2% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+31.5% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

€0/ year

0.0% of revenue

Below sector average (15%)

Research and development spending

Insider Activity

25.6%ownership

↓ Declining

Insider ownership declining — could be dilution or selling

Cash Runway

~3 years

€2.1B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

€2.1B cash & investments at current burn rate

Revenue declining

Atos SE's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

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

22.3%

Thin — 22.3% gross margin

Profit after running costs

Operating Margin

4.0%

Thin — 4.0% operating margin

Return on the money invested

ROCE

6.6%

Weak — 6.6% 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

-14.4%

Shrinking sales (-14.4% YoY)

Profit growth

EPS YoY

-104.1%

Earnings shrinking (-104.1% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

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

N/A

Data not available

Spare cash per sale

FCF Margin

-1.8%

Burning cash (-1.8%)

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

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

1.84x

Dangerous — barely covers interest (1.8x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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