Neurones S.A.

NRO.PA

Information Technology Services · Technology

Also trades as: 0GX2.L

Exchange

Euronext Paris

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Strong

Stability

Exceptional

Valuation

Good

Dividends

Strong

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Winston Score History

The full picture

Neurones S.A. is a French IT services company that helps businesses manage their technology needs. It offers services like IT infrastructure management, cloud computing support, cybersecurity, and digital workplace solutions. Its main customers are large and mid-sized companies across industries like finance, healthcare, and the public sector in France.

Neurones makes money by charging clients fees for ongoing IT services and consulting projects, which creates relatively steady recurring revenue. The company operates almost entirely in France, making it a domestic-focused player in a fragmented European IT services market. Its moat comes partly from long-term client relationships and a decentralized business model that lets specialized subsidiaries operate with flexibility. The main risk is that Neurones is heavily concentrated in one country, leaving it exposed to slowdowns in French corporate IT spending and competition from larger global players like Capgemini and Atos.

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

+6.1% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+4.3% YoY

YoY Growth Rate

Slow EPS growth

Insider Activity

63.9%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

€353M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth context

Neurones S.A. is growing revenue at 6% 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

11.6%

Thin — 11.6% gross margin

Profit after running costs

Operating Margin

9.1%

Modest — 9.1% operating margin

Return on the money invested

ROCE

17.9%

Strong — 17.9% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+5.8%

Slow sales growth (+5.8% YoY)

Profit growth

EPS YoY

-1.4%

Earnings shrinking (-1.4% YoY)

Slight earnings drop. Typical near a cyclical low.

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

155%

Turns 155% of profit into real cash

Spare cash per sale

FCF Margin

8.2%

Modest free cash flow (8.2%)

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

0.01

Conservative — low debt load (0.01)

Covers its interest

Interest Cover

41.03x

Comfortably covers interest (41.0x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

17.8x

no trend

Fair value — P/E 17.8

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

+1.1

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend

Dividend Yield

3.59%

no trend

Moderate income — 3.59% yield

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

Dividend record

Dividend Growth

+53.4%

no trend

Dividend growing fast (53.4% YoY)

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