PSI Software AG

PSAN.DE

Software - Application · Technology

Also trades as: 0KUR.L

Exchange

Frankfurt Stock Exchange

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Weak

Cash Flow

Weak

Stability

Mixed

Valuation

Data not available

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Winston Score History

The full picture

PSI Software AG is a German software company that builds specialized software for managing complex industrial operations. Its main products help energy companies control power grids, and manufacturers run factories and logistics networks more efficiently. The company sells primarily to utilities, energy grid operators, and industrial manufacturers, mostly across Europe.

PSI makes money by selling software licenses, long-term service contracts, and implementation projects directly to large industrial clients. It is headquartered in Berlin and generates most of its revenue in Germany and the broader European market, with a smaller international presence. Its moat comes from deep integration into critical infrastructure, which makes customers reluctant to switch once PSI's software is embedded in their operations. However, the company is currently unprofitable, with negative operating and returns on capital, meaning its key challenge is converting its specialized market position into consistent earnings growth while managing rising development costs.

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

+10.7% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-54.5% YoY

YoY Growth Rate

Earnings declining

Insider Activity

67.0%ownership

↓ Declining

Insider ownership declining — could be dilution or selling

Cash Runway

~3 years

€24M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

€24M cash & investments at current burn rate

Growth context

PSI Software AG is growing revenue at 11% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

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

16.3%

Thin — 16.3% gross margin

Profit after running costs

Operating Margin

1.5%

Thin — 1.5% operating margin

Return on the money invested

ROCE

-28.1%

Weak — -28.1% 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

+3.4%

Slow sales growth (+3.4% YoY)

Profit growth

EPS YoY

<−1,000%

Earnings shrinking (<−1,000% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

2/8 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

-1.7%

Burning cash (-1.7%)

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

0.71

Moderate — manageable debt (0.71)

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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