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Avio S.p.A.

0R9S.L
41
Aerospace & Defense · Industrials
Price
28.63 GBp
-0.69 (-2.37%)
Market Cap
£723.4M
Exchange
London Stock Exchange
Winston Score
41
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Oct 10, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Weak
4/30
Growth
Good
11/20
Cash Flow
Exceptional
9/10
Stability
Good
5/10
Valuation
Weak
1/10
Ownership
Good
10/15
Dividends
Weak
1/5

41 of 100 counted points = Winston Score 41.

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Share count rising — dilution

+16.3% over 4y

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

Diluted shares outstanding: 26.5M (2021) → 30.8M (2025)

§Winston Score History

The full picture

Avio S.p.A. is an Italian aerospace company that designs and builds rocket propulsion systems and launch vehicles. Its main product is the Vega rocket, a small-to-medium satellite launcher operated from a spaceport in French Guiana. Avio's primary customer is the European Space Agency (ESA), and it plays a central role in Europe's independent access to space.

Avio earns revenue through launch contracts and long-term development programs funded largely by ESA and European governments. The company operates mainly in Italy and France, with a workforce of roughly 1,000 people, and its close institutional ties to ESA give it a protected but narrow market position. The key growth driver is the next-generation Vega-E rocket, which aims to lower launch costs and compete in the growing small-satellite market — though delays in development and competition from private launchers like SpaceX and RocketLab remain meaningful risks to its long-term position.

Growth Profile

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

Revenue Growth

+6.5% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

>+1,000% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

€242M/ year

↑ Rising (+11% vs prior year)

41.5% of revenue

10.4x the sector average (4%)

Investing heavily in future products and technology

Insider Activity

45.6%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~8 years

€566M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

€566M cash & investments at current burn rate

Heavy R&D investment

Avio S.p.A. is putting 41% of revenue into R&D and that number is rising. That's 10.4x the sector average. With 8+ years of cash runway, they have time to let it pay off.

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
27.0%
Modest — 27.0% gross margin
Profit after running costs
Operating Margin
-29.7%
Losing money on operations — -29.7%
Return on the money invested
ROCE
-44.0%
Weak — -44.0% 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
+13.3%
Fast-growing sales (+13.3% YoY)
Profit growth
EPS YoY
+115.9%
Earnings growing fast (+115.9% YoY)

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

How steady the profit is
EPS Consistency
3/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
809%
Turns 809% of profit into real cash
Spare cash per sale
FCF Margin
19.8%
Converts sales into free cash efficiently (19.8%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns
Debt / Equity
0.01
Conservative — low debt load (0.01)
Covers its interest
Interest Cover
N/A
Data not available

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Valuation

Price vs profit
P/E Ratio (TTM)
48.9x
Expensive — P/E 48.9

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

Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

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Dividends

Dividend
Dividend Yield
0.52%
Small dividend — 0.52% yield

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

Dividend record
Dividend Growth
-93.7%
Dividend cut (-93.7% YoY) — warning sign
Payout Ratio
33%
no trend
Pays out a modest share of profit and keeps the rest to reinvest. Room to keep paying through a weak year.

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