Kudelski S.A.

KUD.SW

Software - Application · Technology

Also trades as: 0QNQ.L

Exchange

SIX Swiss Exchange

Winston Score

Winston is worried

Weak fundamentals across most 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

Good

Valuation

Data not available

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Winston Score History

The full picture

Kudelski S.A. is a Swiss technology company best known for building security systems that protect digital content. Its main products include conditional access systems, which control who can watch pay-TV channels, and cybersecurity services for businesses and governments. The company also makes smart cards and software used by broadcasters, telecom operators, and media companies around the world.

Kudelski earns money by selling hardware like set-top box chips and smart cards, licensing its security technology, and providing ongoing cybersecurity services to corporate clients. It operates globally, with a strong presence in Europe and North America, and generates roughly $800 million in annual revenue. The company's long-standing patents and deep relationships with major pay-TV operators have historically been its competitive edge, but the steady decline of traditional pay-TV is a serious risk, and the company's negative operating margin shows it is currently spending more than it earns while trying to shift toward cybersecurity growth.

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

+2.0% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-117.9% YoY

YoY Growth Rate

Earnings declining

Insider Activity

24.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

CHF 171M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Growth context

Kudelski S.A. is growing revenue at 2% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

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

17.8%

Thin — 17.8% gross margin

Profit after running costs

Operating Margin

-1.4%

Losing money on operations — -1.4%

Return on the money invested

ROCE

-7.3%

Weak — -7.3% 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

-4.0%

Shrinking sales (-4.0% YoY)

Profit growth

EPS YoY

-472.7%

Earnings shrinking (-472.7% 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

N/A

Data not available

Spare cash per sale

FCF Margin

-4.0%

Burning cash (-4.0%)

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

0.24

Conservative — low debt load (0.24)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

no trend

Negative earnings — P/E not meaningful

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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