Relpol S.A.

RLP.WA

Electrical Equipment & Parts · Industrials

Exchange

Warsaw Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Strong

Stability

Good

Valuation

Good

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Winston Score History

The full picture

Relpol S.A. is a Polish company that makes electromechanical relays — small electrical switches that control circuits in machines and equipment. Its products are used in industrial automation, energy systems, and electronics manufacturing. The company is one of the larger relay producers in Central and Eastern Europe and sells to industrial customers across multiple sectors.

Relpol earns revenue by selling its relay products directly to manufacturers and distributors, primarily in Poland and other European markets. The business is relatively small, with a market cap around $100 million, and competes against larger global relay makers like Omron and Finder, which limits its pricing power. With thin operating margins near 1%, the company has little room for error, and its main challenge is improving profitability while facing cost pressures and competition from lower-cost manufacturers in Asia.

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

+11.3% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+124.3% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

10.6%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

424,000 PLN cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth + cash flow

Relpol S.A. is a rare growth stock that's already generating positive cash flow while growing at 11%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

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

17.5%

Thin — 17.5% gross margin

Profit after running costs

Operating Margin

2.4%

Thin — 2.4% operating margin

Return on the money invested

ROCE

1.3%

Weak — 1.3% 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

+5.3%

Slow sales growth (+5.3% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

563%

Turns 563% of profit into real cash

Spare cash per sale

FCF Margin

3.5%

Thin free cash flow (3.5%)

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

0.14

Conservative — low debt load (0.14)

Covers its interest

Interest Cover

1.58x

Dangerous — barely covers interest (1.6x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

59.9x

no trend

Expensive — P/E 59.9

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+52.2

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (59.9 → 7.7)

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Dividends

Not applicable for this business.

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