Immobiliere Dassault S.A.

IMDA.PA

REIT - Diversified · Real Estate

Price

€46.20

-0.30 (-0.65%)

Market Cap

€348.2M

Exchange

Euronext Paris

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Strong

Growth

Mixed

Cash Flow

Mixed

Stability

Good

Valuation

Data not available

Dividends

Exceptional

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Share count rising — dilution

+12.0% over 4y

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

Diluted shares outstanding: 6.7M (2021) → 7.5M (2025)

Winston Score History

The full picture

Immobilière Dassault is a French real estate company that owns and manages a portfolio of commercial and residential properties, primarily located in Paris and the surrounding region. It is a subsidiary of the Dassault Group, the French industrial conglomerate best known for making Rafale fighter jets and Falcon business jets. The company focuses on high-quality properties in prime Parisian locations, targeting business tenants and affluent residential renters.

The company earns money by collecting rent from tenants in its buildings, which explains the near-100% gross margin typical of property-holding businesses. It operates almost entirely in France, making it a small, geographically concentrated real estate firm with a market cap of around €400 million. Its connection to the Dassault family provides financial stability, but its small size and heavy reliance on the Paris property market mean that any slowdown in French commercial real estate demand or rising interest rates could meaningfully pressure its returns.

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

+6.2% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-656.5% YoY

YoY Growth Rate

Earnings declining

R&D Spend

€0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

91.9%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

€979M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth context

Immobiliere Dassault S.A. is growing revenue at 6% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

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

100.0%

Premium pricing power — 100.0% gross margin

Profit after running costs

Operating Margin

92.9%

Excellent — 92.9% 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

+11.3%

Steady sales growth (+11.3% YoY)

Profit growth

EPS YoY

-376.7%

Earnings shrinking (-376.7% 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

75.7%

Converts sales into free cash efficiently (75.7%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

0.53

Conservative — low debt load (0.53)

Covers its interest

Interest Cover

3.39x

Tight — interest eats into profit (3.4x)

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

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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

4.48%

Healthy income — 4.48% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record

Dividend Growth

+47.1%

Dividend growing fast (47.1% YoY)

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