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Poste Italiane S.p.A.

PST.MI
65
Integrated Freight & Logistics · Industrials
Price
€26.06
+0.49 (+1.92%)
Market Cap
€33.72B
Exchange
Italian Stock Exchange
Winston Score
65
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Sep 13, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Mixed
Growth
Exceptional
Cash Flow
Exceptional
Stability
Mixed
Valuation
Strong
Dividends
Exceptional
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§Winston Score History

The full picture

Poste Italiane is Italy's national postal service, but it does much more than deliver mail. It offers financial services like savings accounts, insurance, payments, and mobile phone plans to millions of Italian households and businesses. It operates the largest retail distribution network in Italy, with roughly 12,800 post offices across the country.

The company makes money through four main segments: mail and parcels, financial services, insurance, and payments/mobile. Financial services and insurance actually generate the majority of revenue, not mail delivery. Its massive physical network and trusted brand give it a strong position that competitors find hard to replicate. The Italian government remains a major shareholder. Growth increasingly depends on expanding parcels (driven by e-commerce) and digital financial services, while traditional mail volumes continue their long-term decline — a structural challenge the company must keep offsetting with higher-margin businesses.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-34.4% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-6.8% YoY

YoY Growth Rate

Earnings declining

R&D Spend

€0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

64.9%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

€254.9B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue declining

Poste Italiane S.p.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.

Share count broadly stable

−0.5% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 1.30B (2021) → 1.29B (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
33.0%
Modest — 33.0% gross margin
Profit after running costs
Operating Margin
24.8%
Excellent — 24.8% operating margin
Return on the money invested
ROCE
3.0%
Weak — 3.0% 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
+31.0%
Fast-growing sales (+31.0% YoY)
Profit growth
EPS YoY
+11.4%
Earnings growing (+11.4% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is
EPS Consistency
7/8 quarters
Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash
Cash Conversion
114%
Turns 114% of profit into real cash
Spare cash per sale
FCF Margin
12.1%
Converts sales into free cash efficiently (12.1%)

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
7.26
Heavy debt load (7.26)
Covers its interest
Interest Cover
14.83x
Comfortably covers interest (14.8x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
14.1x
Attractive valuation — P/E 14.1

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
+1.8
GROWING
Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend
Dividend Yield
6.52%
Healthy income — 6.52% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record
Dividend Growth
+81.5%
Dividend growing fast (81.5% YoY)

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