EXEL Industries S.A.

EXE.PA

Agricultural - Machinery · Industrials

Exchange

Euronext Paris

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

Mixed

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Winston Score History

The full picture

EXEL Industries is a French industrial company that makes spraying equipment — machines that spray liquids like pesticides, fertilizers, and coatings onto crops, surfaces, and industrial products. Its main customers are farmers, agricultural cooperatives, and industrial manufacturers. The company owns several brands across two main areas: agricultural sprayers and industrial spraying systems.

EXEL Industries earns money by selling hardware — physical machines and equipment — along with spare parts and related services. It operates mainly in Europe but also sells in North America and other international markets, generating roughly €500–600 million in annual revenue. The company's competitive position relies on its portfolio of specialized brands and long-standing customer relationships, but its very thin operating margin of under 1% leaves little room for error. The key risk is that weak farm incomes or lower crop protection spending can quickly reduce demand for new spraying equipment, putting further pressure on already tight profitability.

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

-14.1% YoY

YoY Growth Rate

Revenue declining

EPS Growth

<−1,000% YoY

YoY Growth Rate

Earnings declining

Insider Activity

0.4%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~2 months

€49M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Cash watch

EXEL Industries 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

-5.0%

Thin — -5.0% gross margin

Profit after running costs

Operating Margin

-5.8%

Losing money on operations — -5.8%

Return on the money invested

ROCE

1.3%

Weak — 1.3% 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

-12.3%

Shrinking sales (-12.3% YoY)

Profit growth

EPS YoY

-113.9%

Earnings shrinking (-113.9% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

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

2.2%

Thin free cash flow (2.2%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.47

Conservative — low debt load (0.47)

Covers its interest

Interest Cover

0.63x

Dangerous — barely covers interest (0.6x)

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

3.13%

no trend

Moderate income — 3.13% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record

Dividend Growth

-18.9%

no trend

Dividend cut (-18.9% YoY) — warning sign

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