Seri Industrial S.p.A.

SERI.MI

Renewable Utilities · Utilities

Exchange

Italian Stock Exchange

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

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

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Weak

Stability

Weak

Valuation

Good

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Winston Score History

The full picture

Seri Industrial S.p.A. is an Italian company that makes industrial batteries and energy storage systems. Its core products include lead-acid batteries used in forklifts, electric vehicles, and backup power systems, as well as newer lithium-ion battery solutions. The company also has operations in glass recycling, supplying raw materials to the glass manufacturing industry. It serves industrial customers across Europe.

Seri Industrial earns money by selling batteries and recycled glass materials directly to businesses. The company is based in Italy and operates primarily across European markets, with a relatively small market capitalization of around $100 million. Its recycling operations give it some access to lower-cost raw materials, which can be a modest competitive advantage. However, the company's negative operating margin and weak returns on capital signal that it is currently spending more than it earns, and the key risk is whether it can scale its lithium battery business fast enough to reach profitability before cash pressures become a serious problem.

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

+132.7% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

-17.5% YoY

YoY Growth Rate

Earnings declining

Insider Activity

56.5%ownership

Insiders own a meaningful stake in the company

Cash Runway

~10 months

€47M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Revenue accelerating

Seri Industrial S.p.A. grew revenue 133% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

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

-20.4%

Thin — -20.4% gross margin

Profit after running costs

Operating Margin

19.9%

Healthy — 19.9% operating margin

Return on the money invested

ROCE

-12.3%

Weak — -12.3% 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

+77.0%

Fast-growing sales (+77.0% YoY)

Profit growth

EPS YoY

-35.6%

Earnings shrinking (-35.6% YoY)

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

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

-51%

Weak — only -51% of profit becomes cash

Spare cash per sale

FCF Margin

-26.7%

Burning cash (-26.7%)

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

1.39

Elevated debt (1.39)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

4.9x

no trend

Attractive valuation — P/E 4.9

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

Cheaper or dearer next year

P/E vs Forward

-16.0

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Not applicable for this business.

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