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MCI Capital Alternatywna Spólka Inwestycyjna S.A.

MCI.WA
64
Asset Management · Financial Services
Exchange
Warsaw Stock Exchange
Winston Score
64
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
Strong
Growth
Good
Cash Flow
Exceptional
Stability
Good
Valuation
Weak

Winston Score History

The full picture

MCI Capital is a Polish private equity and venture capital firm. It raises money from investors and uses that money to buy stakes in technology and digital companies across Central and Eastern Europe. Its main customers are institutional investors and wealthy individuals who want exposure to fast-growing tech businesses in the region.

The company makes money by charging management fees on the assets it oversees and by taking a share of the profits when it sells investments at a gain. It operates primarily in Poland and neighboring European markets and manages roughly several billion Polish zloty in assets. Its competitive edge comes from being one of the few established private equity players focused specifically on tech in Central and Eastern Europe, giving it deal access that smaller or foreign rivals lack. The main risk is that its returns depend heavily on exit conditions — if public markets or acquisition activity slow down, it becomes harder to sell portfolio companies at attractive prices.

Growth Profile

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

Revenue Growth

-71.9% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-77.3% YoY

YoY Growth Rate

Earnings declining

Insider Activity

81.1%ownership

Flat

Insider ownership roughly steady over the past year

Cash Runway

5+ years

Quarterly Free Cash Flow

↑ Burn rate improving

2.3B PLN cash & investments at current burn rate

Revenue declining

MCI Capital Alternatywna Spólka Inwestycyjna S.A.'s revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

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
81.9%
Premium pricing power — 81.9% gross margin
Profit after running costs
Operating Margin
138.3%
Excellent — 138.3% operating margin
Return on the money invested
ROCE
2.3%
Weak — 2.3% 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
+221.8%
Fast-growing sales (+221.8% YoY)
Profit growth
EPS YoY
+131.6%
Earnings growing fast (+131.6% YoY)

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

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
459%
Turns 459% of profit into real cash
Spare cash per sale
FCF Margin
101.5%
Converts sales into free cash efficiently (101.5%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns
Debt / Equity
0.15
Conservative — low debt load (0.15)
Covers its interest
Interest Cover
1.94x
Dangerous — barely covers interest (1.9x)

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)
44.2x
no trend
Pricey — P/E 44.2

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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