Racing Force S.p.A.

ALRFG.PA

Leisure · Consumer Cyclical

Price

€5.20

-0.04 (-0.76%)

Market Cap

€142.6M

Exchange

Euronext Paris

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Strong

Stability

Strong

Valuation

Good

Dividends

Weak

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Share count rising — dilution

+15.3% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 23.8M (2021) → 27.4M (2025)

Winston Score History

The full picture

Racing Force S.p.A. is an Italian company that makes safety equipment for motorsport. Its products include helmets, racing suits, gloves, shoes, and other protective gear worn by drivers in competitions like Formula 1, NASCAR, and karting. The company owns several well-known brands in the motorsport safety space, including OMP, Sparco, and Stilo.

Racing Force earns money by selling its products directly to professional racing teams, individual drivers, and motorsport enthusiasts around the world. It operates primarily in Europe but sells globally, and its strong portfolio of recognized brands gives it a competitive edge in a niche market where safety certification requirements create barriers for new competitors. The key growth driver is the continued expansion of motorsport participation at both the professional and amateur levels, though the business is exposed to the risk that consumer spending on discretionary motorsport goods could slow during economic downturns.

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

+20.4% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+187.8% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

€185,000/ year

↑ Rising (+37% vs prior year)

0.3% of revenue

Below sector average (4%)

R&D investment increasing — building for the future

Insider Activity

52.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~8 months

€6M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Short runway — potential dilution ahead through share issuance

Cash watch

Racing Force S.p.A. has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

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.

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

56.9%

Premium pricing power — 56.9% gross margin

Profit after running costs

Operating Margin

-2.4%

Losing money on operations — -2.4%

Return on the money invested

ROCE

7.2%

Weak — 7.2% return on capital

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

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Growth

Sales growth

Sales YoY

+11.4%

Steady sales growth (+11.4% YoY)

Profit growth

EPS YoY

-5.7%

Earnings shrinking (-5.7% YoY)

Slight earnings drop. Typical near a cyclical low.

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

196%

Turns 196% of profit into real cash

Spare cash per sale

FCF Margin

0.1%

Thin free cash flow (0.1%)

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

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Stability

What it owes vs what it owns

Debt / Equity

0.22

Conservative — low debt load (0.22)

Covers its interest

Interest Cover

5.50x

Adequate interest coverage (5.5x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

25.7x

Growth-priced — P/E 25.7

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

Cheaper or dearer next year

P/E vs Forward

+2.0

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend

Dividend Yield

1.83%

Small dividend — 1.83% yield

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

Dividend record

Dividend Growth

N/A

Data not available

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