Cognor Holding S.A.

COG.WA

Steel · Basic Materials

Exchange

Warsaw Stock Exchange

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Weak

Growth

Weak

Cash Flow

Weak

Stability

Mixed

Valuation

Data not available

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Winston Score History

The full picture

Cognor Holding S.A. is a Polish steel company that makes long steel products like rods, bars, and wire rod. These products are sold mainly to construction companies and industrial manufacturers across Europe. Cognor is one of the larger steel producers in Poland and operates electric arc furnaces, which melt scrap metal to produce new steel.

The company earns money by selling steel products directly to businesses, with revenue tied closely to steel prices and raw material costs. It operates primarily in Poland, with some sales across Central and Eastern Europe. The very thin gross margin of 2.8% and a negative operating margin show how sensitive this business is to swings in energy prices and steel demand — both of which Cognor has limited control over. The main risk going forward is that high energy costs in Europe, combined with weak construction demand, could keep profitability under pressure for an extended period.

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

+8.8% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+94.4% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

77.8%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~2 months

115M PLN cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Cash watch

Cognor Holding S.A. has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

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

6.3%

Thin — 6.3% gross margin

Profit after running costs

Operating Margin

1.7%

Thin — 1.7% operating margin

Return on the money invested

ROCE

-3.4%

Weak — -3.4% 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

-1.0%

Shrinking sales (-1.0% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

-17.5%

Burning cash (-17.5%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

0.59

Conservative — low debt load (0.59)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

no trend

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

Not applicable for this business.

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