PCF Group Spólka Akcyjna

PCF.WA

Electronic Gaming & Multimedia · Technology

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

Mixed

Growth

Weak

Cash Flow

Weak

Stability

Good

Valuation

Data not available

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Winston Score History

The full picture

PCF Group is a Polish video game developer that makes action games for consoles and PC. The company is best known for creating the *Outriders* franchise, a sci-fi shooter game released in 2021, and for working on games in the *Bulletstorm* series. Its main customers are individual gamers who buy its titles through digital storefronts like Steam and PlayStation Network.

The company earns money primarily through one-time game sales rather than ongoing subscriptions or in-game purchases, which makes revenue lumpy and tied to release schedules. PCF Group operates mainly out of Poland and is a small studio by global standards, with a market cap around $100 million. The deeply negative operating margin and ROIC signal the company is spending heavily while not yet generating consistent returns, and its biggest risk is the long gap between game releases — if a new title underperforms commercially, the financial impact can be severe for a studio this size.

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

-27.7% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-440.0% YoY

YoY Growth Rate

Earnings declining

Insider Activity

35.2%ownership

↓ Declining

Insider ownership declining — could be dilution or selling

Cash Position

Cash flow positive

17M PLN cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue declining

PCF Group Spólka Akcyjna'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.

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Quality

Profit per sale

Gross Margin

30.1%

Modest — 30.1% gross margin

Profit after running costs

Operating Margin

9.3%

Modest — 9.3% operating margin

Return on the money invested

ROCE

-88.3%

Weak — -88.3% 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

-7.3%

Shrinking sales (-7.3% YoY)

Profit growth

EPS YoY

N/A

Data not available

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

N/A

Data not available

Spare cash per sale

FCF Margin

-8.3%

Burning cash (-8.3%)

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

0.14

Conservative — low debt load (0.14)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

no trend

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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