Echo Investment S.A.

ECH.WA

Real Estate - Development · Real Estate

Price

5.45 PLN

-0.08 (-1.45%)

Market Cap

2.25B PLN

Exchange

Warsaw Stock Exchange

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

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

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Exceptional

Stability

Weak

Valuation

Good

Dividends

Exceptional

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Winston Score History

The full picture

Echo Investment S.A. is a Polish real estate developer that builds and sells apartments, offices, and shopping centers. Its main customers are people buying homes, businesses looking for office space, and retailers needing stores. The company is one of the largest real estate developers in Poland and operates primarily in major Polish cities like Warsaw, Kraków, Wrocław, and Łódź.

Echo Investment makes money by developing properties and then either selling them or collecting rent from tenants. Most of its revenue comes from residential apartment sales, though it also earns income from commercial properties. The company's local market knowledge and established brand in Poland give it a competitive edge over smaller developers, but its low return on invested capital of 2.7% suggests thin profitability relative to the capital it deploys. The key risk the business faces is sensitivity to rising interest rates, which can reduce demand for mortgages and slow apartment sales significantly.

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

+400.1% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+111.9% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

0 PLN/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

66.4%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

2.9B PLN cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue accelerating

Echo Investment S.A. grew revenue 400% 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.

Share count broadly stable

−0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 412.7M (2021) → 412.6M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

29.6%

Modest — 29.6% gross margin

Profit after running costs

Operating Margin

15.5%

Healthy — 15.5% operating margin

Return on the money invested

ROCE

7.8%

Weak — 7.8% 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

+191.9%

Fast-growing sales (+191.9% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

1045%

Turns 1045% of profit into real cash

Spare cash per sale

FCF Margin

26.9%

Converts sales into free cash efficiently (26.9%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

2.02

Heavy debt load (2.02)

Covers its interest

Interest Cover

1.61x

Dangerous — barely covers interest (1.6x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

72.8x

Expensive — P/E 72.8

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

Cheaper or dearer next year

P/E vs Forward

+52.8

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (72.8 → 20.0)

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Dividends

Dividend

Dividend Yield

14.68%

Healthy income — 14.68% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

+37.8%

Dividend growing fast (37.8% YoY)

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