DEME Group N.V.

DEME.BR

Engineering & Construction · Industrials

Exchange

Euronext Brussels

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Mixed

Growth

Good

Cash Flow

Strong

Stability

Exceptional

Valuation

Good

Dividends

Mixed

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Winston Score History

The full picture

DEME Group is a Belgian company that specializes in large-scale marine construction and dredging projects. It digs out harbors and shipping channels, builds offshore wind farms, and lays underwater pipelines and cables. Its main customers are governments, port authorities, and energy companies across Europe, Asia, Africa, and the Americas.

DEME earns money by winning contracts for these complex engineering projects, which can last several years and involve massive specialized ships and equipment. The company operates globally, with a particularly strong position in offshore wind installation — a market that requires expensive, hard-to-replicate vessels that few competitors own. This specialized fleet acts as a meaningful barrier to entry. The biggest growth driver is the rapid expansion of offshore wind energy worldwide, but the main risk is that large projects can face delays, cost overruns, or cancellations, which can squeeze margins and hurt earnings unpredictably.

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

-6.7% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+14.1% YoY

YoY Growth Rate

Steady EPS growth

Insider Activity

74.5%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

€1.2B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

DEME Group N.V.'s revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

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

10.8%

Thin — 10.8% gross margin

Profit after running costs

Operating Margin

9.4%

Modest — 9.4% operating margin

Return on the money invested

ROCE

12.0%

Good — 12.0% 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

+1.3%

Nearly flat sales (+1.3% YoY)

Profit growth

EPS YoY

+20.5%

Earnings growing fast (+20.5% YoY)

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

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

190%

Turns 190% of profit into real cash

Spare cash per sale

FCF Margin

5.1%

Thin free cash flow (5.1%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.46

Conservative — low debt load (0.46)

Covers its interest

Interest Cover

16.52x

Comfortably covers interest (16.5x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

12.3x

no trend

Attractive valuation — P/E 12.3

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+0.3

GROWING

Earnings roughly flat

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Dividends

Dividend

Dividend Yield

2.72%

no trend

Moderate income — 2.72% yield

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

Dividend record

Dividend Growth

N/A

no trend

Data not available

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