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Making Science Group, S.A.

MAKS.MC
43
Advertising Agencies · Communication Services
Price
€6.50
+0.00 (+0.00%)
Market Cap
€58.7M
Exchange
Madrid Stock Exchange
Winston Score
43
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Aug 23, 2026 · filings through Dec 31, 2025
How the score breaks down
Quality
Weak
Growth
Good
Cash Flow
Strong
Stability
Mixed
Valuation
Good
Dividends
Mixed

Share count rising — dilution

+19.0% over 4y

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

Diluted shares outstanding: 7.6M (2021) → 9.0M (2025)

Winston Score History

The full picture

Making Science Group is a Spanish digital marketing and technology company. It helps businesses grow online by running digital advertising campaigns, managing data analytics, and building e-commerce solutions. Its main customers are mid-sized and large companies across Europe that want to sell more products or reach more people on the internet.

The company makes money by charging fees for its marketing services and technology consulting work. It operates mainly in Spain and other European markets, with some presence in Latin America. Making Science has built partnerships with major platforms like Google, Meta, and Amazon, which gives it an edge in managing ad spending for clients. However, the company is currently barely breaking even — its operating margin is nearly zero — which means it needs to grow revenue faster than costs to become consistently profitable. The main risk is that digital marketing is a crowded industry, and larger global agencies can often outcompete smaller firms on price and resources.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+20.3% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

>+1,000% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

€0/ year

0.0% of revenue

Below sector average (12%)

Research and development spending

Insider Activity

64.8%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

€36M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth + cash flow

Making Science Group, S.A. is a rare growth stock that's already generating positive cash flow while growing at 20%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

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
31.7%
Modest — 31.7% gross margin
Profit after running costs
Operating Margin
-1.1%
Losing money on operations — -1.1%
Return on the money invested
ROCE
-0.2%
Weak — -0.2% 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
+27.3%
Fast-growing sales (+27.3% YoY)
Profit growth
EPS YoY
N/A
Data not available
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
162%
Turns 162% of profit into real cash
Spare cash per sale
FCF Margin
9.6%
Modest free cash flow (9.6%)

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
0.92
Moderate — manageable debt (0.92)
Covers its interest
Interest Cover
N/A
Data not available

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Valuation

Price vs profit
P/E Ratio (TTM)
2.3x
Attractive valuation — P/E 2.3

P/E under 10. The price tag is small relative to last year's 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
2.77%
Moderate income — 2.77% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record
Dividend Growth
N/A
no trend
Data not available

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