Lena Lighting S.A.

LEN.WA

Electrical Equipment & Parts · Industrials

Price

2.17 PLN

+0.00 (+0.00%)

Market Cap

54.0M PLN

Exchange

Warsaw Stock Exchange

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Weak

Growth

Weak

Cash Flow

Good

Stability

Exceptional

Valuation

Weak

Dividends

Good

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Winston Score History

The full picture

Lena Lighting S.A. is a Polish company that designs and makes lighting products, including LED fixtures, industrial lights, and outdoor lighting systems. Its main customers are construction companies, businesses, and public institutions that need lighting for offices, warehouses, streets, and other spaces. The company sells primarily in Poland and is one of the established domestic manufacturers in the Polish professional lighting market.

Lena Lighting earns revenue by selling its lighting products directly and through distributors, rather than through subscriptions or recurring contracts. The company operates mainly in Poland, with some export activity in Central and Eastern Europe, and its small market cap of around $0.1 billion reflects its regional scale. Its very thin operating margin of under 1% signals that competition from lower-cost Asian manufacturers and rising input costs are significant pressures, and the company's ability to grow will depend on winning larger public infrastructure and commercial construction contracts while defending its margins.

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

-0.4% YoY

YoY Growth Rate

Revenue declining

EPS Growth

<−1,000% YoY

YoY Growth Rate

Earnings declining

R&D Spend

0 PLN/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

64.7%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~1 months

2M PLN cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Cash watch

Lena Lighting S.A. has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

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.

Share count broadly stable

+0.0% over 4y

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

Diluted shares outstanding: 24.9M (2021) → 24.9M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

33.5%

Modest — 33.5% gross margin

Profit after running costs

Operating Margin

-4.4%

Losing money on operations — -4.4%

Return on the money invested

ROCE

1.1%

Weak — 1.1% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

+3.8%

Slow sales growth (+3.8% YoY)

Profit growth

EPS YoY

-52.8%

Earnings shrinking (-52.8% 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

602%

Turns 602% of profit into real cash

Spare cash per sale

FCF Margin

-1.1%

Burning cash (-1.1%)

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

0.04

Conservative — low debt load (0.04)

Covers its interest

Interest Cover

9.45x

Comfortably covers interest (9.4x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

55.8x

Expensive — P/E 55.8

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

Dividend

Dividend Yield

4.61%

Healthy income — 4.61% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record

Dividend Growth

-40.0%

Dividend cut (-40.0% YoY) — warning sign

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