Télévision Française 1 S.A.

TFI.PA

Broadcasting · Communication Services

Exchange

Euronext Paris

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

Weak

Cash Flow

Strong

Stability

Exceptional

Valuation

Good

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Winston Score History

The full picture

Télévision Française 1, known as TF1, is France's largest private television broadcaster. It operates several TV channels, including TF1, TMC, TFX, and TF1 Séries Films, reaching tens of millions of French viewers every day. The group also has a production and content studio arm, making it both a distributor and creator of French-language programming.

TF1 earns most of its revenue by selling advertising time to brands that want to reach its large TV audience, making it heavily dependent on the French advertising market. It operates almost entirely in France, with some content sales internationally through its production subsidiaries. Its main competitive advantage is audience scale — TF1's flagship channel has consistently been the most-watched channel in France for decades — but the company faces a serious long-term risk as younger viewers shift away from traditional broadcast television toward streaming platforms like Netflix and YouTube, which threatens both viewership and advertising revenue.

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

-9.4% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-70.9% YoY

YoY Growth Rate

Earnings declining

Insider Activity

62.4%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

€744M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue declining

Télévision Française 1 S.A.'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

39.3%

Modest — 39.3% gross margin

Profit after running costs

Operating Margin

2.0%

Thin — 2.0% operating margin

Return on the money invested

ROCE

9.5%

Below par — 9.5% 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

-4.9%

Shrinking sales (-4.9% YoY)

Profit growth

EPS YoY

-24.7%

Earnings shrinking (-24.7% YoY)

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

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

320%

Turns 320% of profit into real cash

Spare cash per sale

FCF Margin

4.6%

Thin free cash flow (4.6%)

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

0.07

Conservative — low debt load (0.07)

Covers its interest

Interest Cover

13.88x

Comfortably covers interest (13.9x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

11.8x

no trend

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

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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