Erbud S.A.

ERB.WA

Engineering & Construction · Industrials

Exchange

Warsaw Stock Exchange

Winston Score

Winston is worried

Weak fundamentals across most pillars.

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

How the score breaks down

Quality

Weak

Growth

Weak

Cash Flow

Weak

Stability

Mixed

Valuation

Data not available

Dividends

Exceptional

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Winston Score History

The full picture

Erbud S.A. is a Polish construction company that builds things like office buildings, apartments, hospitals, industrial facilities, and renewable energy infrastructure. Its main customers are real estate developers, public institutions, and industrial clients across Poland and several other European countries. It is one of the larger general contractors listed on the Warsaw Stock Exchange.

Erbud makes money by winning construction contracts and managing projects from start to finish, earning a fee on each job. The company operates primarily in Poland but also has a presence in Germany and other parts of Central and Western Europe, giving it some geographic diversification. Its margins are very thin, as is typical in construction, which means profits are sensitive to cost overruns, labor price increases, and delays — and with an operating margin near zero, even small problems on large projects can quickly erase earnings. The key growth driver is continued demand for renewable energy construction and infrastructure investment across Europe.

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

-20.0% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-40.9% YoY

YoY Growth Rate

Earnings declining

Insider Activity

10.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~4 months

228M PLN cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Cash watch

Erbud S.A. has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

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

6.2%

Thin — 6.2% gross margin

Profit after running costs

Operating Margin

-3.7%

Losing money on operations — -3.7%

Return on the money invested

ROCE

1.6%

Weak — 1.6% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

+1.4%

Nearly flat sales (+1.4% 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

-3.1%

Burning cash (-3.1%)

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

0.69

Moderate — manageable debt (0.69)

Covers its interest

Interest Cover

0.32x

Dangerous — barely covers interest (0.3x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

no trend

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

Dividend

Dividend Yield

7.64%

no trend

Healthy income — 7.64% yield

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

Dividend record

Dividend Growth

+48.5%

no trend

Dividend growing fast (48.5% YoY)

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