Tatry mountain resorts, a.s.

TMR.WA

Gambling, Resorts & Casinos · Consumer Cyclical

Exchange

Warsaw Stock Exchange

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

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

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Weak

Stability

Mixed

Valuation

Data not available

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Winston Score History

The full picture

Tatry Mountain Resorts (TMR) is a Slovak company that runs ski resorts, hotels, and leisure facilities in the mountain regions of Slovakia and the Czech Republic. Its main properties include the Jasná ski resort in the Low Tatras, one of the largest ski areas in Central Europe. The company serves tourists, skiers, and families looking for mountain vacations in all seasons.

TMR makes money by selling ski passes, hotel stays, and food and beverage services across its resorts. It also operates water parks and other attractions to generate revenue outside the winter ski season. The company's geographic focus is Central Europe, and its competitive advantage comes from owning prime mountain real estate that is difficult to replicate. The key growth driver is expanding year-round tourism to reduce dependence on snowfall, but climate change poses a real long-term risk to snow conditions and ski season length, which could pressure 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

+11.3% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+64.2% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

0.4%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

82M PLN cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth + cash flow

Tatry mountain resorts, a.s. is a rare growth stock that's already generating positive cash flow while growing at 11%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

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

27.9%

Modest — 27.9% gross margin

Profit after running costs

Operating Margin

27.6%

Excellent — 27.6% operating margin

Return on the money invested

ROCE

7.6%

Weak — 7.6% 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

+6.7%

Slow sales growth (+6.7% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

7.7%

Modest free cash flow (7.7%)

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

1.76

Elevated debt (1.76)

Covers its interest

Interest Cover

1.63x

Dangerous — barely covers interest (1.6x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

N/A

no trend

Data not available

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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