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PSI Software AG

PSAN.DE
24
Software - Application · Technology
Also trades as: 0KUR.L GBP 0.45 (+0.00%)
Price
€45.00
+0.00 (+0.00%)
Market Cap
€701.8M
Exchange
Frankfurt Stock Exchange
Winston Score
24
Winston is worried
Weak fundamentals across most pillars.
Data as of Oct 8, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Weak
4/30
Growth
Weak
4/20
Cash Flow
Weak
0/10
Stability
Mixed
3/10
Valuation
Data not available
0/10
Ownership
Good
10/15
Dividends
Good
3/5

24 of 100 counted points = Winston Score 24.

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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

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

R&D Spend

€58M/ year

↑ Rising (+27% vs prior year)

20.2% of revenue

In line with sector average (15%)

Investing heavily in future products and technology

Insider Activity

67.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~3 years

€24M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

€24M cash & investments at current burn rate

Heavy R&D investment

PSI Software AG is putting 20% of revenue into R&D and that number is rising. With 3+ years of cash runway, they have time to let it pay off.

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

−0.9% over 4y

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

Diluted shares outstanding: 15.7M (2021) → 15.5M (2025)

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
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

Dividend
Dividend Yield
0.88%
Small dividend — 0.88% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record
Dividend Growth
+26.4%
Dividend growing fast (26.4% YoY)

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