Newag S.A.

NWG.WA

Industrial - Machinery · Industrials

Price

93.10 PLN

+0.20 (+0.22%)

Market Cap

4.19B PLN

Exchange

Warsaw Stock Exchange

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

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

How the score breaks down

Quality

Good

Growth

Exceptional

Cash Flow

Strong

Stability

Exceptional

Valuation

Good

Dividends

Strong

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Winston Score History

The full picture

Newag S.A. is a Polish company that builds and repairs trains and rail vehicles. Its main products include electric multiple units, diesel locomotives, and passenger railcars, sold primarily to Polish state-owned rail operators like PKP Intercity and regional transport authorities. Newag is one of Poland's largest domestic train manufacturers and competes alongside Pesa for contracts across the country's rail network.

The company earns money by selling new rolling stock under long-term government and public transport contracts, and by providing maintenance and modernization services for existing fleets. Newag operates mainly in Poland but has pursued some export opportunities in Central and Eastern Europe. Its competitive position benefits from deep relationships with Polish public rail buyers and the complexity of homologating rail vehicles in new markets, which limits foreign competition. The key growth driver is Poland's continued investment in rail infrastructure using European Union cohesion funds, though dependence on a small number of large public-sector customers remains a meaningful concentration risk.

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

+12.7% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+10.3% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

0 PLN/ year

↓ Declining (-100% vs prior year)

0.0% of revenue

Below sector average (4%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

52.3%ownership

↓ Declining

Insider ownership declining — could be dilution or selling

Cash Runway

~7 months

437M PLN cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Short runway — potential dilution ahead through share issuance

Cash watch

Newag S.A. has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

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.

Share count broadly stable

0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 45.0M (2021) → 45.0M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

26.5%

Modest — 26.5% gross margin

Profit after running costs

Operating Margin

16.9%

Healthy — 16.9% operating margin

Return on the money invested

ROCE

35.6%

Exceptional — 35.6% 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

+39.8%

Fast-growing sales (+39.8% YoY)

Profit growth

EPS YoY

+125.8%

Earnings growing fast (+125.8% YoY)

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

How steady the profit is

EPS Consistency

7/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

103%

Turns 103% of profit into real cash

Spare cash per sale

FCF Margin

12.4%

Converts sales into free cash efficiently (12.4%)

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

0.04

Conservative — low debt load (0.04)

Covers its interest

Interest Cover

31.67x

Comfortably covers interest (31.7x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

11.6x

Attractive valuation — P/E 11.6

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

-0.1

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend

Dividend Yield

3.23%

Moderate income — 3.23% yield

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

Dividend record

Dividend Growth

+57.2%

Dividend growing fast (57.2% YoY)

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