Implenia AG

IMPN.SW

Engineering & Construction · Industrials

Also trades as: 0QNT.L

Price

CHF 67.00

+1.80 (+2.76%)

Market Cap

CHF 1.24B

Exchange

SIX Swiss Exchange

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

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

How the score breaks down

Quality

Weak

Growth

Weak

Cash Flow

Strong

Stability

Mixed

Valuation

Good

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Share count falling — buybacks

−12.4% over 4y

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

Diluted shares outstanding: 21.1M (2021) → 18.5M (2025)

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

-4.8% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+0.6% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

CHF 0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Cash Runway

~14 months

CHF 612M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Adequate runway but may need to raise capital within 2 years

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.

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

9.1%

Thin — 9.1% gross margin

Profit after running costs

Operating Margin

1.3%

Thin — 1.3% operating margin

Return on the money invested

ROCE

3.9%

Weak — 3.9% 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

-7.8%

Shrinking sales (-7.8% YoY)

Profit growth

EPS YoY

-15.0%

Earnings shrinking (-15.0% YoY)

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

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

200%

Turns 200% of profit into real cash

Spare cash per sale

FCF Margin

3.9%

Thin free cash flow (3.9%)

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

1.05

Elevated debt (1.05)

Covers its interest

Interest Cover

1.72x

Dangerous — barely covers interest (1.7x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

14.6x

Attractive valuation — P/E 14.6

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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