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Bilendi S.A.

ALBLD.PA
45
Advertising Agencies · Communication Services
Exchange
Euronext Paris
Winston Score
45
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
Weak
Growth
Good
Cash Flow
Exceptional
Stability
Mixed
Valuation
Strong

Winston Score History

The full picture

Bilendi is a French company that helps businesses collect data by running online surveys and market research panels. It connects companies and research agencies with large groups of people who agree to answer questions in exchange for rewards. The company operates across Europe and is one of the larger providers of online survey panels on the continent.

Bilendi makes money by charging clients — mostly market research firms and large corporations — for access to its panels and for managing survey projects on their behalf. It operates primarily in France, Germany, Italy, and other European markets, and its scale of recruited panel members gives it a practical advantage over smaller local competitors. The main growth driver is rising demand for fast, digital consumer insights, but the business faces pressure from thin margins and competition from larger global data and analytics platforms that have more resources to invest in technology.

Growth Profile

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

Revenue Growth

+42.2% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

-71.4% YoY

YoY Growth Rate

Earnings declining

Insider Activity

5.0%ownership

Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

€10M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue accelerating

Bilendi S.A. grew revenue 42% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

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

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Quality

Profit per sale
Gross Margin
10.4%
Thin — 10.4% gross margin
Profit after running costs
Operating Margin
0.8%
Thin — 0.8% operating margin
Return on the money invested
ROCE
5.3%
Weak — 5.3% 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
+42.2%
Fast-growing sales (+42.2% YoY)
Profit growth
EPS YoY
-33.0%
Earnings shrinking (-33.0% YoY)

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

How steady the profit is
EPS Consistency
5/8 quarters
Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash
Cash Conversion
501%
Turns 501% of profit into real cash
Spare cash per sale
FCF Margin
16.0%
Converts sales into free cash efficiently (16.0%)

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
1.34
Elevated debt (1.34)
Covers its interest
Interest Cover
1.88x
Dangerous — barely covers interest (1.9x)

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)
19.5x
no trend
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
+11.1
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (19.5 → 8.5)

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Dividends

Not applicable for this business.
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