Deep Value: cash covers more than 100% of the stock price

This company holds roughly $501M in cash and investments — more than its entire stock-market value, based on its latest quarterly filing. You're paying very little for the actual business. Sometimes that's a genuine bargain or a takeover target, sometimes it's cheap for a reason. Not a buy signal on its own — always ask why it's this cheap.

Nexity S.A.

NXI.PA

Real Estate - Diversified · Real Estate

Price

€6.92

-0.08 (-1.14%)

Market Cap

€385.4M

Exchange

Euronext Paris

Winston Score

Winston is worried

Weak fundamentals across most 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

Data not available

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Share count falling — buybacks

−10.9% over 4y

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

Diluted shares outstanding: 62.2M (2021) → 55.4M (2025)

Winston Score History

The full picture

Nexity is France's largest residential real estate developer. It builds and sells new homes and apartments, mainly to individual buyers and investors across France. The company also offers property management services, helping landlords rent out and maintain their buildings.

Nexity makes money by developing housing projects and collecting fees for managing properties on behalf of clients. It operates almost entirely in France, which makes it heavily tied to the health of the French housing market. The company has faced serious pressure in recent years as rising interest rates made mortgages more expensive, causing homebuyers to pull back — this is reflected in its deeply negative margins today. The key risk going forward is whether French housing demand recovers enough to return the business to profitability, as a prolonged slowdown in new home construction could continue to strain results.

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

-18.3% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+30.0% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

€0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

14.9%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~13 months

€429M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Adequate runway but may need to raise capital within 2 years

Revenue declining

Nexity 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.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

0.5%

Thin — 0.5% gross margin

Profit after running costs

Operating Margin

-7.5%

Losing money on operations — -7.5%

Return on the money invested

ROCE

-48.4%

Weak — -48.4% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

N/A

Data not available

Profit growth

EPS YoY

N/A

Data not available

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

2.8%

Thin free cash flow (2.8%)

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

0.75

Moderate — manageable debt (0.75)

Covers its interest

Interest Cover

N/A

Data not available

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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

Not applicable for this business.

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