Signify N.V.

LIGHT.AS

Electrical Equipment & Parts · Industrials

Price

€15.27

+0.11 (+0.73%)

Market Cap

€1.81B

Exchange

Euronext Amsterdam

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Weak

Cash Flow

Strong

Stability

Good

Valuation

Strong

Dividends

Good

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Share count falling — buybacks

−3.0% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 128.6M (2021) → 124.8M (2025)

Winston Score History

The full picture

Signify N.V. is a Dutch company that makes lighting products — think light bulbs, LED fixtures, and smart lighting systems. It sells to homes, offices, factories, hospitals, and cities around the world. Signify owns the Philips Hue brand, one of the most recognized names in consumer smart lighting, and is one of the largest lighting companies in the world.

The company earns money by selling hardware like bulbs and fixtures, plus connected lighting systems that include software and services. It operates globally, with strong presence in Europe, North America, and Asia. Its main competitive advantages are the Philips brand license and its scale in LED technology, though it faces pressure from low-cost Asian manufacturers squeezing margins. The key growth driver is connected and smart lighting, where software and energy-efficiency upgrades can command higher prices, but slowing construction activity and intense price competition remain meaningful risks to profitability.

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

-6.1% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-65.9% YoY

YoY Growth Rate

Earnings declining

R&D Spend

€234M/ year

↓ Declining (-12% vs prior year)

4.1% of revenue

In line with sector average (4%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

3.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

€548M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Revenue declining

Signify N.V.'s revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

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

38.1%

Modest — 38.1% gross margin

Profit after running costs

Operating Margin

3.1%

Thin — 3.1% operating margin

Return on the money invested

ROCE

7.3%

Weak — 7.3% 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

-9.1%

Shrinking sales (-9.1% YoY)

Profit growth

EPS YoY

-52.9%

Earnings shrinking (-52.9% YoY)

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

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

342%

Turns 342% of profit into real cash

Spare cash per sale

FCF Margin

8.3%

Modest free cash flow (8.3%)

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

0.60

Moderate — manageable debt (0.60)

Covers its interest

Interest Cover

3.96x

Tight — interest eats into profit (4.0x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

11.8x

Attractive valuation — P/E 11.8

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+4.6

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (11.8 → 7.2)

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Dividends

Dividend

Dividend Yield

10.26%

Healthy income — 10.26% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

-8.4%

Dividend cut (-8.4% YoY) — warning sign

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