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Eutelsat Communications S.A.

ETL.L
19
Telecommunications Services · Communication Services
Price
€4.20
+0.00 (+0.00%)
Market Cap
€2.19B
Exchange
London Stock Exchange
Winston Score
19
Winston is worried
Weak fundamentals across most pillars.
Data as of Sep 5, 2026 · filings through Dec 31, 2025

§How the score breaks down

Quality
Weak
Growth
Weak
Cash Flow
Weak
Stability
Mixed
Valuation
Data not available
Dividends
Good

Share count rising — dilution

+106.2% over 4y

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

Diluted shares outstanding: 230.2M (2021) → 474.8M (2025)

§Winston Score History

The full picture

Eutelsat Communications S.A., which adopted the name Eutelsat Group in October 2023, specializes in operating telecommunication satellites. The company provides satellite capacity for various purposes, including video delivery, fixed data transmission, and government services. It also offers crucial connectivity solutions, such as fixed broadband internet and mobile access. Marketed under the Eutelsat brand, its services are distributed directly to clients and through an established network of distributors. Eutelsat manages a constellation of 36 satellites positioned in geostationary orbit. Its broad customer base includes international telecommunications providers, broadcasters, corporate network integrators, businesses, and government agencies. These satellite-based offerings support video, business, broadband, and mobile services across a significant global footprint, spanning France, Italy, the United Kingdom, the rest of Europe, the Americas, the Middle East, Africa, Asia, and other international markets. Eutelsat Group was established in 1977 and is headquartered in Issy-les-Moulineaux, France.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-2.4% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+89.1% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

€0/ year

0.0% of revenue

Below sector average (12%)

Research and development spending

Cash Runway

~7 years

€1.7B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

€1.7B cash & investments at current burn rate

Revenue declining

Eutelsat Communications S.A.'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
-8.2%
Thin — -8.2% gross margin
Profit after running costs
Operating Margin
-8.2%
Losing money on operations — -8.2%
Return on the money invested
ROCE
-1.3%
Weak — -1.3% 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
-1.4%
Shrinking sales (-1.4% YoY)
Profit growth
EPS YoY
N/A
Data not available
How steady the profit is
EPS Consistency
2/8 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
-9.0%
Burning cash (-9.0%)

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
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

Dividend
Dividend Yield
22.14%
Healthy income — 22.14% yield

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

Dividend record
Dividend Growth
-30.2%
Dividend cut (-30.2% YoY) — warning sign

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