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Creotech Instruments S.A.

CRI.WA
40
Aerospace & Defense · Industrials
Price
728.00 PLN
+19.00 (+2.68%)
Market Cap
2.55B PLN
Exchange
Warsaw Stock Exchange
Winston Score
40
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Aug 23, 2026 · filings through Mar 31, 2026
How the score breaks down
Quality
Weak
Growth
Good
Cash Flow
Weak
Stability
Strong
Valuation
Good

Share count rising — dilution

+71.2% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 1.6M (2021) → 2.7M (2025)

Winston Score History

The full picture

Creotech Instruments S.A. is a Polish technology company that builds specialized electronics and hardware for the space and scientific research industries. Its core products include satellite platforms, onboard computers, and precision electronic modules used in small satellites and research equipment. The company is one of the few European firms capable of designing and manufacturing space-grade hardware domestically, giving it a notable position in the growing European space sector.

Creotech earns revenue primarily by selling hardware and delivering engineering services under contracts with space agencies, research institutions, and commercial satellite operators. It operates mainly in Europe, with Poland as its home base, and benefits from long-term relationships with customers like the European Space Agency. The company's main growth driver is the rapid expansion of the small satellite market, but its relatively small size and dependence on a limited number of large contracts means that losing even one major customer could meaningfully hurt its financial results.

Growth Profile

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

Revenue Growth

-24.7% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-508.5% YoY

YoY Growth Rate

Earnings declining

R&D Spend

9M PLN/ year

6.3% of revenue

1.6x the sector average (4%)

Research and development spending

Insider Activity

11.6%ownership

Flat

Insider ownership roughly steady over the past year

Cash Runway

~7 months

102M PLN cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Cash watch

Creotech Instruments 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
-66.8%
Thin — -66.8% gross margin
Profit after running costs
Operating Margin
-69.0%
Losing money on operations — -69.0%
Return on the money invested
ROCE
9.2%
Below par — 9.2% 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
+228.2%
Fast-growing sales (+228.2% YoY)
Profit growth
EPS YoY
N/A
Data not available
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
24%
Weak — only 24% of profit becomes cash
Spare cash per sale
FCF Margin
-14.7%
Burning cash (-14.7%)

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
0.00
Conservative — low debt load (0.00)
Covers its interest
Interest Cover
6.24x
Adequate interest coverage (6.2x)

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

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Valuation

Price vs profit
P/E Ratio (TTM)
387.2x
Expensive — P/E 387.2

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year
P/E vs Forward
+356.2
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (387.2 → 31.0)

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Dividends

Not applicable for this business.
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