InPost S.A.

INPST.AS

Integrated Freight & Logistics · Industrials

Exchange

Euronext Amsterdam

Winston Score

Winston is serious

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

Mixed

Cash Flow

Strong

Stability

Mixed

Valuation

Good

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Winston Score History

The full picture

InPost is a Polish logistics company that runs a network of automated parcel lockers called "Paczkomaty." Instead of delivering packages to your door, InPost lets shoppers pick up their online orders from a self-service locker box, available 24 hours a day. The company mainly serves e-commerce retailers and their customers across Europe, and it operates the largest parcel locker network on the continent.

InPost makes money by charging e-commerce merchants a fee each time a parcel moves through its locker network. It operates primarily in Poland, where it dominates the market, and has been expanding into France, the UK, and other Western European countries. The company's dense locker network is hard for competitors to replicate quickly, giving it a real physical advantage. Its main growth driver is the continued rise of online shopping in Europe, but heavy capital spending needed to expand that locker network remains a key financial 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

+30.8% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

-37.8% YoY

YoY Growth Rate

Earnings declining

Insider Activity

54.9%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~19 months

€854M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Adequate runway but may need to raise capital within 2 years

Revenue accelerating

InPost S.A. grew revenue 31% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

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

20.9%

Thin — 20.9% gross margin

Profit after running costs

Operating Margin

5.7%

Thin — 5.7% operating margin

Return on the money invested

ROCE

14.9%

Good — 14.9% 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

+36.2%

Fast-growing sales (+36.2% YoY)

Profit growth

EPS YoY

-58.8%

Earnings shrinking (-58.8% 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

525%

Turns 525% of profit into real cash

Spare cash per sale

FCF Margin

5.1%

Thin free cash flow (5.1%)

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

2.00

Heavy debt load (2.00)

Covers its interest

Interest Cover

2.85x

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)

69.2x

no trend

Expensive — P/E 69.2

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

Cheaper or dearer next year

P/E vs Forward

+49.9

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (69.2 → 19.3)

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Dividends

Not applicable for this business.

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