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CEZ, a. s.

CEZ.WA
44
Regulated Electric · Utilities
Price
244.60 PLN
+1.80 (+0.74%)
Market Cap
131.30B PLN
Exchange
Warsaw Stock Exchange
Winston Score
44
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Aug 23, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Mixed
Growth
Mixed
Cash Flow
Strong
Stability
Good
Valuation
Mixed
Dividends
Mixed

Winston Score History

The full picture

CEZ is a large energy company based in the Czech Republic. It generates electricity and sells it to homes, businesses, and governments across Central and Eastern Europe. The company runs nuclear power plants, coal plants, and a growing number of renewable energy sources like wind and solar, making it one of the biggest power producers in the region.

CEZ makes money by generating electricity and selling it through its own distribution networks, as well as providing related services like energy trading and heat supply. It operates mainly in the Czech Republic but also has assets in countries like Poland, Romania, and Bulgaria. The Czech government owns a majority stake in CEZ, which gives it stable backing but also limits some business decisions. The company is investing heavily in expanding its renewable energy capacity, which is its main growth driver, though the transition away from coal and the volatility of European energy prices remain significant risks.

Share count broadly stable

+0.1% over 4y

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

Diluted shares outstanding: 536.3M (2021) → 536.8M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
18.0%
Thin — 18.0% gross margin
Profit after running costs
Operating Margin
16.1%
Healthy — 16.1% operating margin
Return on the money invested
ROCE
9.8%
Below par — 9.8% 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
-7.6%
Shrinking sales (-7.6% YoY)
Profit growth
EPS YoY
+13.4%
Earnings growing (+13.4% YoY)

Healthy double-digit earnings growth — what compounders look like.

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
312%
Turns 312% of profit into real cash
Spare cash per sale
FCF Margin
11.5%
Modest free cash flow (11.5%)

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
1.24
Elevated debt (1.24)
Covers its interest
Interest Cover
5.10x
Adequate interest coverage (5.1x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
25.6x
Growth-priced — P/E 25.6

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year
P/E vs Forward
-0.6
SLOWING
Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend
Dividend Yield
3.06%
Moderate income — 3.06% yield

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

Dividend record
Dividend Growth
-2.4%
Dividend cut (-2.4% YoY) — warning sign

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