Columbus Energy S.A.

CLC.WA

Independent Power Producers · Utilities

Exchange

Warsaw Stock Exchange

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

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

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Weak

Stability

Weak

Valuation

Good

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Winston Score History

The full picture

Columbus Energy S.A. is a Polish company that installs solar panels and other clean energy systems for homes and small businesses. Its main products include rooftop photovoltaic systems, heat pumps, and energy storage solutions. The company operates almost entirely in Poland, one of Europe's faster-growing solar markets.

Columbus makes money by selling and installing these energy systems directly to residential customers, often bundling financing options to make purchases more affordable. With a market cap of around $0.2 billion, it is a small player in a fragmented market, and its negative operating margin shows it is currently spending more than it earns. The biggest risk the company faces is that Polish government subsidy programs for home solar have slowed in recent years, which has reduced customer demand and put pressure on revenue growth.

Score breakdown

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Quality

Profit per sale

Gross Margin

53.9%

Healthy — 53.9% gross margin

Profit after running costs

Operating Margin

4.9%

Thin — 4.9% operating margin

Return on the money invested

ROCE

-22.1%

Weak — -22.1% 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

-14.8%

Shrinking sales (-14.8% YoY)

Profit growth

EPS YoY

N/A

—

Data not available

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

-32%

Weak — only -32% of profit becomes cash

Spare cash per sale

FCF Margin

-19.2%

Burning cash (-19.2%)

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

2.46

Heavy debt load (2.46)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

1.8x

no trend

Attractive valuation — P/E 1.8

P/E under 10. The price tag is small relative to last year's profit.

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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