Seco/Warwick S.A.

SWG.WA

Industrial - Machinery · 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

Mixed

Growth

Mixed

Cash Flow

Weak

Stability

Strong

Valuation

Strong

Dividends

Strong

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Winston Score History

The full picture

Seco/Warwick is a Polish industrial company that builds heat treatment furnaces and related equipment. These machines are used by manufacturers to harden, anneal, or otherwise process metals — making them stronger or more flexible for use in cars, aerospace parts, and other industrial products. The company sells to factories and manufacturers around the world and is one of the larger specialized furnace makers in Europe.

Seco/Warwick makes money by selling furnace systems, providing installation services, and offering ongoing maintenance and spare parts support. It operates globally, with customers across Europe, North America, and Asia, and its Warsaw-listed shares reflect its Polish roots. The company's competitive position comes partly from its technical expertise in specialized thermal processing, which is a niche field with a relatively small number of serious competitors. The main risk is that demand for its equipment is closely tied to capital spending by industrial manufacturers, which tends to fall sharply 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

-3.2% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+33.3% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

13.8%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~9 months

63M PLN cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Short runway — potential dilution ahead through share issuance

Cash watch

Seco/Warwick S.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.

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Quality

Profit per sale

Gross Margin

21.5%

Thin — 21.5% gross margin

Profit after running costs

Operating Margin

5.4%

Thin — 5.4% operating margin

Return on the money invested

ROCE

12.1%

Good — 12.1% 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

+3.1%

Slow sales growth (+3.1% YoY)

Profit growth

EPS YoY

+40.8%

Earnings growing fast (+40.8% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

32%

Weak — only 32% of profit becomes cash

Spare cash per sale

FCF Margin

-3.5%

Burning cash (-3.5%)

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

0.54

Conservative — low debt load (0.54)

Covers its interest

Interest Cover

4.77x

Adequate interest coverage (4.8x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

9.3x

no trend

Attractive valuation — P/E 9.3

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year

P/E vs Forward

+2.9

GROWING

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

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Dividends

Dividend

Dividend Yield

3.31%

no trend

Moderate income — 3.31% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record

Dividend Growth

+137.3%

no trend

Dividend growing fast (137.3% YoY)

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