Photon Energy N.V.

PEN.WA

Solar · Energy

Exchange

Warsaw Stock Exchange

Winston Score

Winston is worried

Weak fundamentals across most pillars.

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

How the score breaks down

Quality

Weak

Growth

Weak

Cash Flow

Weak

Stability

Weak

Valuation

Data not available

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Winston Score History

The full picture

Photon Energy N.V. is a Dutch-based solar energy company that builds, owns, and operates solar power plants. It sells electricity generated from those plants to utility companies and businesses, and it also provides services like designing and maintaining solar installations for other owners. The company works across the renewable energy industry, primarily in Central and Eastern Europe, with a growing presence in Australia.

Photon Energy makes money in two main ways: selling electricity from the solar plants it owns under long-term contracts, and charging fees for engineering and maintenance services. It operates in countries like Poland, Hungary, Romania, and Slovakia, and its long-term power purchase agreements provide some revenue stability. However, with a negative operating margin and negative return on invested capital, the company is currently spending more than it earns, and its main challenge is scaling up its owned-plant portfolio fast enough to reach profitability before its capital runs out.

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

-22.5% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-24.9% YoY

YoY Growth Rate

Earnings declining

Insider Activity

75.6%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

5+ years

Quarterly Free Cash Flow

↑ Burn rate improving

28M PLN cash & investments at current burn rate

Revenue declining

Photon Energy N.V.'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

37.6%

Modest — 37.6% gross margin

Profit after running costs

Operating Margin

-11.3%

Losing money on operations — -11.3%

Return on the money invested

ROCE

-3.7%

Weak — -3.7% 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

-9.4%

Shrinking sales (-9.4% YoY)

Profit growth

EPS YoY

N/A

—

Data not available

How steady the profit is

EPS Consistency

1/8 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

11.3%

Modest free cash flow (11.3%)

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

3.23

Heavy debt load (3.23)

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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