Deep Value: cash covers more than 100% of the stock price

This company holds roughly $522M in cash and investments — more than its entire stock-market value, based on its latest quarterly filing. You're paying very little for the actual business. Sometimes that's a genuine bargain or a takeover target, sometimes it's cheap for a reason. Not a buy signal on its own — always ask why it's this cheap.

Bénéteau S.A.

BEN.PA

Auto - Recreational Vehicles · Consumer Cyclical

Price

€6.11

+0.06 (+0.99%)

Market Cap

€489.5M

Exchange

Euronext Paris

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

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

How the score breaks down

Quality

Weak

Growth

Weak

Cash Flow

Weak

Stability

Mixed

Valuation

Data not available

Dividends

Strong

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Share count rising — dilution

+1.5% over 4y

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

Diluted shares outstanding: 81.5M (2021) → 82.8M (2025)

Winston Score History

The full picture

Bénéteau is a French company that builds recreational boats and sailboats. Its main brands include Bénéteau, Jeanneau, and Lagoon, and it sells to private boat owners and sailing enthusiasts across Europe, North America, and beyond. It is one of the largest recreational boat manufacturers in the world.

The company makes money by selling boats directly and through a dealer network, with some additional revenue from housing (it also makes leisure homes under brands like IRM). Most of its sales come from Europe, though North America is a meaningful market too. Bénéteau has a strong brand heritage and a wide product lineup, which gives it some pricing power, but the business is highly sensitive to consumer confidence and interest rates — when people feel less wealthy, big discretionary purchases like boats are among the first things cut. With a negative operating margin and negative ROIC right now, the key challenge is restoring profitability as demand in the leisure boat market has softened after a post-pandemic surge.

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

-6.9% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-138.9% YoY

YoY Growth Rate

Earnings declining

R&D Spend

€0/ year

↓ Declining (-100% vs prior year)

0.0% of revenue

Below sector average (4%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

57.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~2 years

€447M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

€447M cash & investments at current burn rate

Revenue declining

Bénéteau S.A.'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.

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

1.1%

Thin — 1.1% gross margin

Profit after running costs

Operating Margin

0.0%

Thin — 0.0% operating margin

Return on the money invested

ROCE

-1.9%

Weak — -1.9% 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

-18.0%

Shrinking sales (-18.0% YoY)

Profit growth

EPS YoY

-144.8%

Earnings shrinking (-144.8% 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

7.9%

Modest free cash flow (7.9%)

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

0.49

Conservative — low debt load (0.49)

Covers its interest

Interest Cover

N/A

Data not available

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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

Dividend

Dividend Yield

3.27%

Moderate income — 3.27% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record

Dividend Growth

+95.0%

Dividend growing fast (95.0% YoY)

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