IMS S.A.

IMS.WA

Advertising Agencies · Communication Services

Exchange

Warsaw Stock Exchange

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Mixed

Growth

Weak

Cash Flow

Exceptional

Stability

Strong

Valuation

Good

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Winston Score History

The full picture

IMS S.A. is a Polish company that provides background music, digital signage, and in-store audio and visual content to businesses. Its main customers are retail stores, hotels, restaurants, and other companies that want to create a specific atmosphere for their customers. IMS operates in the business-to-business media and ambient advertising space in Poland.

The company earns money primarily through subscription contracts, where clients pay a recurring fee to receive curated music playlists and digital display content managed by IMS. It operates mainly in Poland and is a small-cap business with a market value around $100 million. Its high gross margin of roughly 89% reflects the low cost of delivering digital content at scale, which gives it some pricing power once clients are signed up. The main risk is that the business is concentrated in one country and faces potential competition from global music streaming and digital signage platforms expanding into the Polish market.

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

+11.1% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-5.1% YoY

YoY Growth Rate

Earnings declining

Insider Activity

69.4%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

1M PLN cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

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

Growth + cash flow

IMS S.A. is a rare growth stock that's already generating positive cash flow while growing at 11%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

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

11.5%

Thin — 11.5% gross margin

Profit after running costs

Operating Margin

10.2%

Modest — 10.2% operating margin

Return on the money invested

ROCE

20.7%

Exceptional — 20.7% 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

+1.9%

Nearly flat sales (+1.9% YoY)

Profit growth

EPS YoY

-12.5%

Earnings shrinking (-12.5% 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

168%

Turns 168% of profit into real cash

Spare cash per sale

FCF Margin

15.1%

Converts sales into free cash efficiently (15.1%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

0.54

Conservative — low debt load (0.54)

Covers its interest

Interest Cover

6.47x

Adequate interest coverage (6.5x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

9.9x

no trend

Attractive valuation — P/E 9.9

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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