Torpol S.A.

TOR.WA

Engineering & Construction · Industrials

Price

70.70 PLN

+3.20 (+4.74%)

Market Cap

1.62B PLN

Exchange

Warsaw Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

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

How the score breaks down

Quality

Mixed

Growth

Good

Cash Flow

Strong

Stability

Exceptional

Valuation

Strong

Dividends

Exceptional

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Winston Score History

The full picture

Torpol S.A. is a Polish construction company that specializes in building and repairing railway infrastructure. Its core work includes laying tracks, modernizing train stations, and upgrading rail lines, primarily for public-sector clients like PKP Polish Railway Lines, which manages Poland's national rail network. Torpol is one of the largest railway construction contractors in Poland.

The company earns money by winning government and public tenders — large contracts to complete specific infrastructure projects. It operates almost entirely in Poland, though it has taken on some projects in other European markets. Its competitive position comes from deep experience in a specialized field with high technical requirements and limited competition. The main growth driver is continued EU-funded investment in Polish rail modernization, but the main risk is that thin margins, typical in construction, leave little room for cost overruns or project delays.

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

-13.2% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+2.3% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

0 PLN/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

48.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~13 months

538M PLN cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Adequate runway but may need to raise capital within 2 years

Revenue declining

Torpol 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.

Share count broadly stable

0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 23.0M (2021) → 23.0M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

7.2%

Thin — 7.2% gross margin

Profit after running costs

Operating Margin

2.9%

Thin — 2.9% operating margin

Return on the money invested

ROCE

14.8%

Good — 14.8% 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

+21.8%

Fast-growing sales (+21.8% YoY)

Profit growth

EPS YoY

+16.4%

Earnings growing fast (+16.4% YoY)

Healthy double-digit earnings growth — what compounders look like.

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

320%

Turns 320% of profit into real cash

Spare cash per sale

FCF Margin

11.2%

Modest free cash flow (11.2%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

0.06

Conservative — low debt load (0.06)

Covers its interest

Interest Cover

11.84x

Comfortably covers interest (11.8x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

20.7x

Growth-priced — P/E 20.7

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

+11.2

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (20.7 → 9.6)

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Dividends

Dividend

Dividend Yield

4.79%

Healthy income — 4.79% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record

Dividend Growth

+215.7%

Dividend growing fast (215.7% YoY)

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