Nexans S.A.

NEX.PA

Electrical Equipment & Parts · Industrials

Price

€141.80

+3.30 (+2.38%)

Market Cap

€6.20B

Exchange

Euronext Paris

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

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

How the score breaks down

Quality

Weak

Growth

Weak

Cash Flow

Weak

Stability

Mixed

Valuation

Good

Dividends

Strong

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Share count falling — buybacks

−1.4% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 44.8M (2021) → 44.2M (2025)

Winston Score History

The full picture

Nexans is a French company that makes cables and wiring systems used to move electricity from one place to another. Its products include high-voltage undersea cables, power cables for buildings and factories, and cables used in wind farms and solar plants. The company sells to electric utilities, construction companies, and governments building out energy infrastructure across the world.

Nexans earns money by selling cables and related installation services, with pricing tied closely to copper and aluminum costs since metals make up a large share of each cable. The company operates in over 40 countries and generates roughly €6–7 billion in annual revenue, with a strong position in the European offshore wind cable market where demand currently exceeds industry supply. Its biggest growth driver is the global push to upgrade electrical grids and connect more renewable energy projects, though rising raw material costs and project execution risk on large contracts remain ongoing challenges.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

9.8%

Thin — 9.8% gross margin

Profit after running costs

Operating Margin

4.8%

Thin — 4.8% 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

-13.0%

Shrinking sales (-13.0% YoY)

Profit growth

EPS YoY

-82.5%

Earnings shrinking (-82.5% 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

3.6%

Thin free cash flow (3.6%)

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

1.09

Elevated debt (1.09)

Covers its interest

Interest Cover

2.08x

Tight — interest eats into profit (2.1x)

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)

74.2x

Expensive — P/E 74.2

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+62.6

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (74.2 → 11.6)

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Dividends

Dividend

Dividend Yield

2.24%

Moderate income — 2.24% yield

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

Dividend record

Dividend Growth

+241.4%

Dividend growing fast (241.4% YoY)

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