Ekinops S.a.

EKI.PA

Communication Equipment · Technology

Also trades as: 0QSV.L

Price

€2.51

+0.10 (+4.15%)

Market Cap

€67.8M

Exchange

Euronext Paris

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Weak

Cash Flow

Weak

Stability

Good

Valuation

Data not available

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Share count rising — dilution

+2.4% over 4y

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

Diluted shares outstanding: 26.4M (2021) → 27.0M (2025)

Winston Score History

The full picture

Ekinops is a French technology company that makes networking equipment and software for telecom operators. Its main products are optical transport systems — hardware that helps internet and phone providers move large amounts of data quickly across fiber-optic cables — plus a software platform that helps smaller telecom companies manage their networks. Its customers are mostly professional telecom carriers and service providers across Europe.

Ekinops earns money by selling hardware, software licenses, and related support services to its telecom clients. The company is based in France and operates mainly in Europe, with some presence in North America, putting it in the small-cap category with around $100 million in market value. Its main competitive advantage is specializing in solutions built specifically for smaller regional telecom operators, a niche that larger rivals often overlook. However, the company is currently unprofitable at the operating level, and its biggest challenge is scaling revenue fast enough to cover its cost base before cash resources become strained.

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

+1.8% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-415.5% YoY

YoY Growth Rate

Earnings declining

R&D Spend

€43M/ year

↑ Rising (+71% vs prior year)

40.9% of revenue

2.7x the sector average (15%)

Investing heavily in future products and technology

Insider Activity

25.5%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

5+ years

Quarterly Free Cash Flow

↓ Burn rate worsening

€44M cash & investments at current burn rate

Heavy R&D investment

Ekinops S.a. is putting 41% of revenue into R&D and that number is rising. That's 2.7x the sector average. With 10+ 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

48.4%

Healthy — 48.4% gross margin

Profit after running costs

Operating Margin

-5.7%

Losing money on operations — -5.7%

Return on the money invested

ROCE

-22.9%

Weak — -22.9% 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

-9.7%

Shrinking sales (-9.7% 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

-0.1%

Burning cash (-0.1%)

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

0.28

Conservative — low debt load (0.28)

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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