Lubawa S.A.

LBW.WA

Aerospace & Defense · Industrials

Exchange

Warsaw Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

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

How the score breaks down

Quality

Good

Growth

Strong

Cash Flow

Good

Stability

Exceptional

Valuation

Good

Dividends

Weak

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Winston Score History

The full picture

Lubawa S.A. is a Polish defense and industrial company that makes protective gear, military equipment, and technical textiles. Its core products include ballistic vests, military shelters, camouflage systems, and inflatable structures used by armed forces. The company primarily serves the Polish military and other NATO-aligned defense customers, making it one of Poland's largest domestic defense manufacturers.

Lubawa earns revenue by selling finished defense products and specialized textile-based systems, mostly through government contracts with the Polish Ministry of National Defense. It operates mainly in Poland but exports to other European and NATO markets. Its competitive position benefits from being a trusted domestic supplier at a time when Poland is rapidly increasing its defense budget — one of the highest in NATO as a share of GDP. The key growth driver is continued Polish and European defense spending growth, though the main risk is dependence on a relatively small number of large government contracts, which can be delayed or canceled based on political or budget decisions.

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

+27.3% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

+107.0% YoY

YoY Growth Rate

Strong earnings growth

Insider Activity

51.2%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~10 months

247M PLN cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Short runway — potential dilution ahead through share issuance

Strong grower

Lubawa S.A. is growing revenue at 27% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

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

34.0%

Modest — 34.0% gross margin

Profit after running costs

Operating Margin

19.3%

Healthy — 19.3% operating margin

Return on the money invested

ROCE

26.7%

Exceptional — 26.7% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth

Sales YoY

+25.0%

Fast-growing sales (+25.0% YoY)

Profit growth

EPS YoY

+42.1%

Earnings growing fast (+42.1% YoY)

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

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

66%

Modest — 66% of profit becomes cash

Spare cash per sale

FCF Margin

11.0%

Modest free cash flow (11.0%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

0.00

Conservative — low debt load (0.00)

Covers its interest

Interest Cover

85.81x

Comfortably covers interest (85.8x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

12.8x

no trend

Attractive valuation — P/E 12.8

P/E in the normal range. Price is roughly $15 for every $1 of yearly 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

0.25%

no trend

Small dividend — 0.25% yield

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

Dividend record

Dividend Growth

N/A

no trend

Data not available

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