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Exail Technologies

EXALF
26
Aerospace & Defense · Industrials
Price
$143.84
-0.53 (-0.37%)
Market Cap
$2.39B
Exchange
Other OTC
Winston Score
26
Winston is worried
Below-average fundamentals — multiple weak pillars.
Based on the IPO prospectus (annual filing). This score will refine automatically once the company reports its first quarters.
Data as of Sep 11, 2026 · filings through Dec 31, 2025

§How the score breaks down

Quality
Weak
Growth
Mixed
Cash Flow
Exceptional
Stability
Mixed
Valuation
Data not available
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Share count falling — buybacks

−1.5% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 17.2M (2021) → 17.0M (2025)

§Winston Score History

The full picture

Exail Technologies is a French company that makes advanced navigation systems, underwater drones, and photonics components used in defense, aerospace, and maritime industries. Its products help submarines navigate, autonomous underwater vehicles explore the ocean floor, and satellites stay precisely oriented in space. The company was formed from the merger of iXblue and ECA Group, combining expertise in inertial navigation with robotics and unmanned systems.

Exail earns revenue by selling specialized hardware, integrated systems, and related services primarily to military and government customers, along with commercial clients in energy and marine sectors. It operates mainly in Europe but serves customers worldwide, with a market cap around $2.4 billion. Its moat comes from deep technical expertise in niche areas like fiber-optic gyroscopes and autonomous underwater vehicles, where few competitors operate. Growing defense budgets across Europe and increasing demand for underwater mine countermeasure systems are key growth drivers, though the company's low operating margins remain a challenge as it works to integrate its combined operations.

Growth Profile

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

Revenue Growth

+30.4% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

>+1,000% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

€0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

54.3%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

€403M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue accelerating

Exail Technologies grew revenue 30% 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.

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
6.9%
Thin — 6.9% gross margin
Profit after running costs
Operating Margin
5.6%
Thin — 5.6% operating margin
Return on the money invested
ROCE
3.6%
Weak — 3.6% 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
+28.2%
Fast-growing sales (+28.2% YoY)
Profit growth
EPS YoY
N/A
Data not available
How steady the profit is
EPS Consistency
N/A
Data not available

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Cash Flow

Profit that turns into cash
Cash Conversion
3007%
Turns 3007% of profit into real cash
Spare cash per sale
FCF Margin
15.7%
Converts sales into free cash efficiently (15.7%)

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
0.79
Moderate — manageable debt (0.79)
Covers its interest
Interest Cover
0.99x
Dangerous — barely covers interest (1.0x)

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/A
Data not available
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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