Stock

Cegedim S.A.

0DYQ.L
33
Medical - Healthcare Information Services · Healthcare
Price
10.90 GBp
-0.32 (-2.85%)
Market Cap
£149.7M
Exchange
London Stock Exchange
Winston Score
33
Winston is serious
Below-average fundamentals — multiple weak pillars.
Data as of Oct 8, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Weak
5/30
Growth
Weak
3/20
Cash Flow
Exceptional
9/10
Stability
Mixed
3/10
Valuation
Data not available
0/10
Ownership
Good
10/15
Dividends
Good
3/5

33 of 100 counted points = Winston Score 33.

§Winston Score History

The full picture

Cegedim is a French technology and services company that builds software and tools for the healthcare industry. Its main products include practice management software for doctors and pharmacists, digital health platforms, and data analytics services sold to pharmaceutical companies. It has been operating in this space for over 50 years, making it one of the more established healthcare IT providers in Europe.

Cegedim earns money primarily through software subscriptions, licensing fees, and data services rather than selling physical products, which explains its very high gross margin. The company operates mainly in France but also has a presence in the United Kingdom, Romania, and other European markets, with roughly 6,000 employees. Its long-standing relationships with healthcare professionals and proprietary patient and prescription data give it some stickiness with customers, but its very thin operating margin of under 2% signals that costs are high relative to revenue, and the key risk is whether it can scale efficiently enough to meaningfully improve profitability.

Share count broadly stable

−0.2% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 13.8M (2021) → 13.8M (2025)

Score breakdown

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Quality

Profit per sale
Gross Margin
7.9%
Thin — 7.9% gross margin
Profit after running costs
Operating Margin
5.5%
Thin — 5.5% operating margin
Return on the money invested
ROCE
6.4%
Weak — 6.4% 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
-1.0%
Shrinking sales (-1.0% 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
1049%
Turns 1049% of profit into real cash
Spare cash per sale
FCF Margin
16.8%
Converts sales into free cash efficiently (16.8%)

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
1.15
Elevated debt (1.15)
Covers its interest
Interest Cover
1.83x
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

Dividend
Dividend Yield
19.16%
Healthy income — 19.16% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record
Dividend Growth
N/A
Data not available

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