Modivo S.A.

MDV.WA

Apparel - Retail · Consumer Cyclical

Price

90.56 PLN

+0.78 (+0.87%)

Market Cap

6.98B PLN

Exchange

Warsaw Stock Exchange

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Apr 30, 2026

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Weak

Stability

Mixed

Valuation

Data not available

Dividends

Weak

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Share count rising — dilution

+37.7% over 4y

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

Diluted shares outstanding: 54.9M (2022) → 75.6M (2026)

Winston Score History

The full picture

Modivo S.A. is a Polish online fashion retailer that sells clothing, shoes, and accessories through its e-commerce platforms. It operates the Modivo and eobuwie brands, targeting everyday consumers looking for footwear and apparel across Central and Eastern Europe. The company is one of the larger online fashion players in the Polish market and competes in the fast-growing digital retail space.

Modivo makes money by selling products directly to consumers through its websites and mobile apps, keeping a share of each sale as revenue. It operates primarily in Poland and neighboring European markets, with logistics and warehouse infrastructure supporting fast delivery. The company's competitive edge comes from its strong brand recognition in the region and its integrated digital platform, but it faces ongoing pressure from global e-commerce giants like Zalando and Amazon expanding into Central Europe, which could squeeze margins and customer growth over time.

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

+4.0% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-108.2% 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

33.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

623M PLN cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Growth context

Modivo S.A. is growing revenue at 4% 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

43.5%

Healthy — 43.5% gross margin

Profit after running costs

Operating Margin

2.2%

Thin — 2.2% operating margin

Return on the money invested

ROCE

9.9%

Below par — 9.9% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+5.7%

Slow sales growth (+5.7% YoY)

Profit growth

EPS YoY

-106.9%

Earnings shrinking (-106.9% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

5.4%

Thin free cash flow (5.4%)

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

1.01

Elevated debt (1.01)

Covers its interest

Interest Cover

1.57x

Dangerous — barely covers interest (1.6x)

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)

N/M

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

Dividend

Dividend Yield

0.53%

Small dividend — 0.53% yield

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

Dividend record

Dividend Growth

-3.1%

Dividend cut (-3.1% YoY) — warning sign

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