Keyrus S.A.

ALKEY.PA

Information Technology Services · Technology

Price

€7.86

+0.02 (+0.26%)

Market Cap

€125.0M

Exchange

Euronext Paris

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Weak

Growth

Weak

Cash Flow

Weak

Stability

Mixed

Valuation

Weak

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Winston Score History

The full picture

Keyrus is a French technology consulting firm that helps businesses make sense of their data. It builds data analytics systems, business intelligence dashboards, and digital transformation tools for companies across industries like retail, finance, and healthcare. Founded in 1996 and headquartered in Paris, it is a mid-sized player in the European IT services market.

The company earns money by charging clients fees for consulting projects and managed services, rather than selling software products it owns. Keyrus operates mainly in France but also has offices across Europe, Africa, and the Americas, giving it a broad but fragmented geographic footprint. Its thin margins — with gross margin around 5% and operating margin below 1% — reflect the competitive, labor-intensive nature of IT consulting, where winning and retaining skilled consultants is both the core asset and the main ongoing challenge for growth.

Share count broadly stable

+0.1% over 4y

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

Diluted shares outstanding: 15.9M (2021) → 15.9M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

4.6%

Thin — 4.6% gross margin

Profit after running costs

Operating Margin

5.2%

Thin — 5.2% operating margin

Return on the money invested

ROCE

7.8%

Weak — 7.8% 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

-6.4%

Shrinking sales (-6.4% YoY)

Profit growth

EPS YoY

N/A

Data not available

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

-214%

Weak — only -214% of profit becomes cash

Spare cash per sale

FCF Margin

-2.3%

Burning cash (-2.3%)

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

1.55

Elevated debt (1.55)

Covers its interest

Interest Cover

2.32x

Tight — interest eats into profit (2.3x)

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)

43.7x

Pricey — P/E 43.7

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

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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