Frey S.A.

FREY.PA

REIT - Retail · Real Estate

Exchange

Euronext Paris

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Good

Growth

Strong

Cash Flow

Good

Stability

Mixed

Valuation

Good

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Winston Score History

The full picture

Frey S.A. is a French real estate company that owns and manages open-air shopping centers. These are large outdoor retail parks, not enclosed malls, and they are anchored by everyday stores like supermarkets, home improvement shops, and discount retailers. Frey focuses almost entirely on this format in France, where it has built a portfolio of retail properties in mid-sized cities and suburban areas.

The company makes money by collecting rent from the retailers that lease space in its properties, which is the standard model for a real estate investment trust. Its portfolio is concentrated in France, and its competitive edge comes from owning well-located retail parks that serve essential, everyday shopping needs rather than luxury or discretionary spending. The main risk is that rising interest rates increase borrowing costs, which can pressure property valuations and make it harder to finance new developments — a challenge that has weighed on the broader European REIT sector in recent years.

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

+43.9% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

>+1,000% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

44.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~3 years

€3.0B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

€3.0B cash & investments at current burn rate

Revenue accelerating

Frey S.A. grew revenue 44% 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.

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Quality

Profit per sale

Gross Margin

59.2%

Premium pricing power — 59.2% gross margin

Profit after running costs

Operating Margin

41.7%

Excellent — 41.7% operating margin

Return on the money invested

ROCE

4.3%

Weak — 4.3% 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

+20.8%

Fast-growing sales (+20.8% YoY)

Profit growth

EPS YoY

+91.3%

Earnings growing fast (+91.3% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

166%

Turns 166% of profit into real cash

Spare cash per sale

FCF Margin

-78.0%

Burning cash (-78.0%)

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

1.36

Elevated debt (1.36)

Covers its interest

Interest Cover

3.34x

Tight — interest eats into profit (3.3x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

9.3x

no trend

Attractive valuation — P/E 9.3

P/E under 10. The price tag is small relative to last year's profit.

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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