Jacquet Metals S.A.

JCQ.PA

Steel · Basic Materials

Price

€20.50

-0.05 (-0.24%)

Market Cap

€416.0M

Exchange

Euronext Paris

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

Weak

Growth

Strong

Cash Flow

Strong

Stability

Mixed

Valuation

Good

Dividends

Weak

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Share count rising — dilution

+11.4% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 23.2M (2021) → 25.9M (2025)

Winston Score History

The full picture

Jacquet Metals is a French company that buys and sells specialty steel products across Europe. It focuses on three main types of steel: stainless steel, tool steel, and high-performance alloy steel. These materials are sold to manufacturers in industries like automotive, aerospace, mechanical engineering, and food processing.

The company makes money by purchasing large quantities of steel from mills and reselling it in smaller, customized cuts to industrial customers — a model called steel service center distribution. Jacquet Metals operates mainly in Europe, with a presence in over 20 countries, and generates roughly €1.5 billion in annual revenue. Its competitive edge comes from its specialized product focus and wide distribution network, which larger generalist steel traders typically do not match. The main risk the business faces is its sensitivity to steel price cycles and weak industrial demand, which is reflected in its current negative operating margin as European manufacturing activity has slowed.

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

-1.7% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+310.0% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

€0/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

50.6%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~4 years

€171M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

€171M cash & investments at current burn rate

Revenue declining

Jacquet Metals S.A.'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.

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Quality

Profit per sale

Gross Margin

24.7%

Thin — 24.7% gross margin

Profit after running costs

Operating Margin

3.9%

Thin — 3.9% operating margin

Return on the money invested

ROCE

-3.5%

Weak — -3.5% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

+18.2%

Fast-growing sales (+18.2% YoY)

Profit growth

EPS YoY

+276.0%

Earnings growing fast (+276.0% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

603%

Turns 603% of profit into real cash

Spare cash per sale

FCF Margin

3.2%

Thin free cash flow (3.2%)

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

0.51

Conservative — low debt load (0.51)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

22.5x

Growth-priced — P/E 22.5

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

+5.6

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (22.5 → 16.9)

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Dividends

Dividend

Dividend Yield

0.97%

Small dividend — 0.97% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

-30.4%

Dividend cut (-30.4% YoY) — warning sign

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