Develia S.A.

DVL.WA

Real Estate - Development · Real Estate

Exchange

Warsaw Stock Exchange

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

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

How the score breaks down

Quality

Strong

Growth

Exceptional

Cash Flow

Good

Stability

Exceptional

Valuation

Good

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Winston Score History

The full picture

Develia S.A. is a Polish real estate developer that builds and sells apartments and housing estates to individual buyers across Poland. The company also develops commercial properties, including office buildings, which it sometimes sells to institutional investors. It is one of the largest residential developers in Poland by the number of apartments delivered each year.

Develia makes most of its money by selling completed apartments and homes directly to buyers, with some additional revenue from commercial property transactions. The company operates primarily in Poland's biggest cities, including Warsaw, Wrocław, Kraków, and Gdańsk, giving it broad national reach. Its land bank — the plots it already owns and can build on — provides a degree of competitive stability. The key growth driver is Poland's persistent housing shortage and relatively strong demand from first-time buyers, though rising construction costs and interest rate sensitivity among mortgage borrowers remain the main risks to near-term sales volumes.

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

+251.9% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+171.4% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

51.2%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

1.0B PLN cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue accelerating

Develia S.A. grew revenue 252% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

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

31.4%

Modest — 31.4% gross margin

Profit after running costs

Operating Margin

25.2%

Excellent — 25.2% operating margin

Return on the money invested

ROCE

23.6%

Exceptional — 23.6% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+64.5%

Fast-growing sales (+64.5% YoY)

Profit growth

EPS YoY

+51.9%

Earnings growing fast (+51.9% YoY)

Earnings growing 25%+ a year. The compounder zone.

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

76%

Modest — 76% of profit becomes cash

Spare cash per sale

FCF Margin

14.8%

Converts sales into free cash efficiently (14.8%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

0.40

Conservative — low debt load (0.40)

Covers its interest

Interest Cover

51.04x

Comfortably covers interest (51.0x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

9.0x

no trend

Attractive valuation — P/E 9.0

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

Cheaper or dearer next year

P/E vs Forward

-0.7

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Not applicable for this business.

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