Inpro S.A.

INP.WA

Real Estate - Development · Real Estate

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

Good

Growth

Good

Cash Flow

Weak

Stability

Strong

Valuation

Good

Dividends

Mixed

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Winston Score History

The full picture

Inpro S.A. is a Polish residential real estate developer based in Warsaw. The company builds and sells apartments and housing units, primarily targeting individual homebuyers looking for homes in and around the Warsaw metropolitan area. It is one of the established mid-sized developers operating in Poland's private housing market.

Inpro earns money by developing residential projects and selling completed or pre-sold units directly to buyers, a model common in European real estate development. The company operates almost entirely in Poland, with a focus on Warsaw, and generates roughly $0.3 billion in market value. Its competitive position relies on local market knowledge, an established land bank, and a track record with Polish homebuyers. The main risk the business faces is sensitivity to Polish interest rates and mortgage availability, since higher borrowing costs can quickly reduce demand for new apartments and slow sales across its project pipeline.

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

+20.4% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+0.0% YoY

YoY Growth Rate

Slow EPS growth

Insider Activity

66.2%ownership

↑ Rising

Insiders increasing their stake — aligned with shareholders

Cash Position

Cash flow positive

192M PLN cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth + cash flow

Inpro S.A. is a rare growth stock that's already generating positive cash flow while growing at 20%. 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

31.2%

Modest — 31.2% gross margin

Profit after running costs

Operating Margin

14.1%

Healthy — 14.1% operating margin

Return on the money invested

ROCE

12.2%

Good — 12.2% 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

+16.9%

Fast-growing sales (+16.9% YoY)

Profit growth

EPS YoY

+18.6%

Earnings growing fast (+18.6% YoY)

Healthy double-digit earnings growth — what compounders look like.

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

-20%

Weak — only -20% of profit becomes cash

Spare cash per sale

FCF Margin

-3.6%

Burning cash (-3.6%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

0.36

Conservative — low debt load (0.36)

Covers its interest

Interest Cover

9.79x

Comfortably covers interest (9.8x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

5.4x

no trend

Attractive valuation — P/E 5.4

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

Dividend

Dividend Yield

3.33%

no trend

Moderate income — 3.33% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record

Dividend Growth

-13.0%

no trend

Dividend cut (-13.0% YoY) — warning sign

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