Sunex S.A.

SNX.WA

Solar · Energy

Exchange

Warsaw Stock Exchange

Winston Score

Winston is worried

Weak fundamentals across most pillars.

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

How the score breaks down

Quality

Weak

Growth

Weak

Cash Flow

Weak

Stability

Weak

Valuation

Data not available

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Winston Score History

The full picture

Sunex S.A. is a Polish company that designs and sells solar energy systems. Its main products include photovoltaic panels, mounting structures, and complete solar installation kits sold to homeowners, businesses, and solar installers across Poland and Central Europe. The company operates in the fast-growing residential and commercial solar market, which has expanded rapidly in Poland due to government energy subsidies and rising electricity prices.

Sunex earns money by selling solar hardware and system components, mostly as one-time product sales rather than recurring subscriptions. It is a small company with a market cap around $100 million, competing in a crowded market against larger European and Chinese solar manufacturers that often have lower production costs. The thin gross margin of around 12% and a negative operating margin suggest the company is struggling to cover its overhead costs, and the key risk it faces is continued margin pressure from cheaper imported solar products and potential reductions in Polish government energy incentives.

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

-10.1% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-43.8% YoY

YoY Growth Rate

Earnings declining

Insider Activity

68.5%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~3 months

3M PLN cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Short runway — potential dilution ahead through share issuance

Cash watch

Sunex 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

9.7%

Thin — 9.7% gross margin

Profit after running costs

Operating Margin

-23.8%

Losing money on operations — -23.8%

Return on the money invested

ROCE

-9.1%

Weak — -9.1% 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

-2.0%

Shrinking sales (-2.0% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

—

Data not available

Spare cash per sale

FCF Margin

2.8%

Thin free cash flow (2.8%)

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

1.48

Elevated debt (1.48)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

no trend

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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