Onde S.A.

OND.WA

Engineering & Construction · Industrials

Exchange

Warsaw Stock Exchange

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

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

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Weak

Stability

Strong

Valuation

Mixed

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Winston Score History

The full picture

Onde S.A. is a Polish construction and engineering company that builds infrastructure projects like roads, railways, and utility networks. Its main customers are public-sector clients, including government agencies and municipalities across Poland. The company operates in a market heavily driven by European Union infrastructure funding, which has fueled large-scale construction activity in Central and Eastern Europe.

Onde earns money by winning contracts to design and build infrastructure projects, collecting payments as work is completed over the life of each contract. It operates primarily in Poland, with a market capitalization of around $0.5 billion, making it a mid-sized player in a fragmented regional construction market. Thin margins, typical for the industry, leave the company exposed to cost overruns from rising material and labor prices, and its growth depends heavily on the continued flow of EU-funded infrastructure spending into Poland through the current budget cycle.

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

-36.5% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+17.0% YoY

YoY Growth Rate

Steady EPS growth

Insider Activity

68.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~4 months

96M PLN cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Cash watch

Onde 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.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

11.9%

Thin — 11.9% gross margin

Profit after running costs

Operating Margin

-6.0%

Losing money on operations — -6.0%

Return on the money invested

ROCE

8.6%

Below par — 8.6% 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

+2.0%

Nearly flat sales (+2.0% YoY)

Profit growth

EPS YoY

+164.2%

Earnings growing fast (+164.2% YoY)

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

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

-158%

Weak — only -158% of profit becomes cash

Spare cash per sale

FCF Margin

-4.9%

Burning cash (-4.9%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

0.21

Conservative — low debt load (0.21)

Covers its interest

Interest Cover

3.92x

Tight — interest eats into profit (3.9x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

24.8x

no trend

Growth-priced — P/E 24.8

P/E above the market average. People are paying up for expected growth.

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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