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

This company holds roughly $719M 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.

PostNL N.V.

PNL.AS

Integrated Freight & Logistics · Industrials

Price

€0.89

-0.01 (-0.67%)

Market Cap

€461.8M

Exchange

Euronext Amsterdam

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Jun 27, 2026

How the score breaks down

Quality

Weak

Growth

Weak

Cash Flow

Strong

Stability

Weak

Valuation

Mixed

Dividends

Good

Track this stock — start free trial

Winston Score History

The full picture

PostNL is the national postal and parcel delivery company of the Netherlands. It delivers letters and packages to homes and businesses across the Netherlands and Belgium, serving everyday consumers, online retailers, and large corporations. It was formerly part of Dutch state-owned TNT and remains the dominant postal operator in the Netherlands.

PostNL makes money by charging fees for each letter or parcel it delivers, with parcel volumes growing as e-commerce expands while traditional letter volumes steadily decline. The company operates mainly in the Netherlands and Belgium, with some cross-border delivery services, and its size puts it at roughly $0.5 billion in market value. Its main competitive advantage is its dense delivery network and its role as the designated universal postal service provider in the Netherlands, but its razor-thin margins — with gross margin near 4% and operating margin near zero — leave almost no room for error, and rising labor and fuel costs remain a serious ongoing risk to profitability.

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

-1.3% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+87.6% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

€0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

34.3%ownership

↑ Rising

Insiders increasing their stake — aligned with shareholders

Cash Position

Cash flow positive

€615M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Revenue declining

PostNL 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.

Share count broadly stable

+0.1% over 4y

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

Diluted shares outstanding: 506.0M (2021) → 506.4M (2025)

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

9.6%

Thin — 9.6% gross margin

Profit after running costs

Operating Margin

0.1%

Thin — 0.1% operating margin

Return on the money invested

ROCE

5.5%

Weak — 5.5% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Growth

Sales growth

Sales YoY

+1.4%

Nearly flat sales (+1.4% 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

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Cash Flow

Profit that turns into cash

Cash Conversion

1247%

Turns 1247% of profit into real cash

Spare cash per sale

FCF Margin

5.3%

Thin free cash flow (5.3%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Stability

What it owes vs what it owns

Debt / Equity

5.17

Heavy debt load (5.17)

Covers its interest

Interest Cover

1.83x

Dangerous — barely covers interest (1.8x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Valuation

Price vs profit

P/E Ratio (TTM)

23.9x

Growth-priced — P/E 23.9

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

Cheaper or dearer next year

P/E vs Forward

-3.2

SLOWING

Earnings expected to fall — forward P/E higher than today

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Dividends

Dividend

Dividend Yield

4.37%

Healthy income — 4.37% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record

Dividend Growth

-74.3%

Dividend cut (-74.3% YoY) — warning sign

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

🔒 See full fundamentals and if they are improving or declining — click here for your free trial now.

Start free trial