DataWalk S.A.

DAT.WA

Software - Infrastructure · Technology

Price

129.60 PLN

+2.00 (+1.57%)

Market Cap

924.4M PLN

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

Weak

Cash Flow

Weak

Stability

Good

Valuation

Data not available

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Share count rising — dilution

+25.0% over 4y

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

Diluted shares outstanding: 4.9M (2021) → 6.1M (2025)

Winston Score History

The full picture

DataWalk S.A. is a Polish software company that builds tools for analyzing large, complex datasets. Its main product is an investigative analytics platform that helps law enforcement agencies, intelligence services, and financial institutions find hidden connections between people, organizations, and events. The company is headquartered in Warsaw, Poland, and competes in the niche market of link analysis and data investigation software.

DataWalk earns money primarily through software licenses and subscription contracts with government and enterprise clients. It operates mainly in the United States and Europe, with a strong focus on U.S. federal agencies as a key growth market. The company is small, with a market cap under $1 billion, and its main competitive edge is its ability to handle very large datasets faster than older tools like Palantir or IBM i2. However, the deeply negative margins show the company is spending heavily to grow and is not yet profitable, making its ability to win and retain large government contracts the central risk to watch.

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

-70.1% YoY

YoY Growth Rate

Revenue declining

EPS Growth

<−1,000% YoY

YoY Growth Rate

Earnings declining

R&D Spend

23M PLN/ year

↑ Rising (+682% vs prior year)

59.9% of revenue

4.0x the sector average (15%)

Investing heavily in future products and technology

Insider Activity

27.1%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~3 years

165M PLN cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

165M PLN cash & investments at current burn rate

Heavy R&D investment

DataWalk S.A. is putting 60% of revenue into R&D and that number is rising. That's 4.0x the sector average. With 3+ years of cash runway, they have time to let it pay off.

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.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

66.2%

Premium pricing power — 66.2% gross margin

Profit after running costs

Operating Margin

-1221.6%

Losing money on operations — -1221.6%

Return on the money invested

ROCE

-173.4%

Weak — -173.4% 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

-10.4%

Shrinking sales (-10.4% YoY)

Profit growth

EPS YoY

N/A

Data not available

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

N/A

Data not available

Spare cash per sale

FCF Margin

-89.9%

Burning cash (-89.9%)

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

0.01

Conservative — low debt load (0.01)

Covers its interest

Interest Cover

N/A

Data not available

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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

Not applicable for this business.

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