Implenia AG

IMPN.SW

Engineering & Construction · Industrials

Also trades as: 0QNT.L

Exchange

SIX Swiss Exchange

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

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

How the score breaks down

Quality

Mixed

Growth

Weak

Cash Flow

Strong

Stability

Good

Valuation

Good

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Winston Score History

The full picture

Implenia AG is a Swiss construction and infrastructure company that builds tunnels, bridges, roads, buildings, and underground structures. Its main customers are governments, municipalities, and private developers across Europe. The company is one of Switzerland's largest construction groups and has a strong track record in complex civil engineering projects, particularly tunneling.

Implenia earns money by winning large construction contracts and charging fees for project management and real estate development services. It operates mainly in Switzerland, Germany, Austria, Norway, Sweden, and a handful of other European markets, generating roughly CHF 4 billion in annual revenue. Its competitive edge comes from deep technical expertise in underground construction, which is difficult for smaller rivals to replicate. The key risk is that construction is a low-margin, project-based business, meaning revenue can be lumpy and cost overruns on large contracts can quickly hurt 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

-11.0% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-22.8% YoY

YoY Growth Rate

Earnings declining

Insider Activity

12.7%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

CHF 898M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue declining

Implenia AG'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

9.8%

Thin — 9.8% gross margin

Profit after running costs

Operating Margin

2.3%

Thin — 2.3% operating margin

Return on the money invested

ROCE

18.3%

Strong — 18.3% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

-2.4%

Shrinking sales (-2.4% YoY)

Profit growth

EPS YoY

-8.9%

Earnings shrinking (-8.9% YoY)

Slight earnings drop. Typical near a cyclical low.

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

164%

Turns 164% of profit into real cash

Spare cash per sale

FCF Margin

2.7%

Thin free cash flow (2.7%)

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

1.00

Moderate — manageable debt (1.00)

Covers its interest

Interest Cover

7.90x

Adequate interest coverage (7.9x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

14.8x

no trend

Attractive valuation — P/E 14.8

P/E in the normal range. Price is roughly $15 for every $1 of yearly 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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