InPost S.A.

INPOY

Integrated Freight & Logistics · Industrials

Price

$9.00

+0.01 (+0.12%)

Market Cap

$8.99B

Exchange

Other OTC

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Sep 2, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Strong

Stability

Mixed

Valuation

Good

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Winston Score History

The full picture

InPost operates a large network of automated parcel lockers, mainly in Poland and other parts of Europe. When you order something online, instead of waiting for a delivery person, you pick up your package from a nearby locker at a time that suits you. The company is the largest parcel locker operator in Europe and a dominant player in Polish e-commerce logistics.

InPost makes money by charging e-commerce retailers and delivery companies fees each time a parcel moves through its locker network. It operates primarily in Poland, the UK, and France, with a market cap of around $9 billion. Its dense locker network creates a strong competitive moat — the more lockers it has, the more convenient it becomes, making it hard for rivals to catch up. Growth depends on continued e-commerce expansion across Europe and successful scaling in newer markets like France and the UK, though heavy capital spending on locker rollouts remains a key risk.

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

+18.2% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-32.1% YoY

YoY Growth Rate

Earnings declining

R&D Spend

0 PLN/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

77.4%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

715M PLN cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Growth + cash flow

InPost S.A. is a rare growth stock that's already generating positive cash flow while growing at 18%. 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.

Share count broadly stable

−0.5% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 1.00B (2021) → 995.4M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

18.8%

Thin — 18.8% gross margin

Profit after running costs

Operating Margin

7.5%

Modest — 7.5% operating margin

Return on the money invested

ROCE

13.6%

Good — 13.6% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+31.0%

Fast-growing sales (+31.0% YoY)

Profit growth

EPS YoY

-55.6%

Earnings shrinking (-55.6% YoY)

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

How steady the profit is

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

566%

Turns 566% of profit into real cash

Spare cash per sale

FCF Margin

5.0%

Thin free cash flow (5.0%)

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

2.06

Heavy debt load (2.06)

Covers its interest

Interest Cover

2.94x

Tight — interest eats into profit (2.9x)

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)

76.5x

Expensive — P/E 76.5

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+69.8

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (76.5 → 6.7)

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Dividends

Not applicable for this business.

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