Vinci S.A.

SQU.DE

Engineering & Construction · Industrials

Also trades as: VCISY

Price

€119.35

-0.25 (-0.21%)

Market Cap

€66.27B

Exchange

Frankfurt Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

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

How the score breaks down

Quality

Mixed

Growth

Good

Cash Flow

Strong

Stability

Good

Valuation

Strong

Dividends

Exceptional

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Share count falling — buybacks

−1.5% over 4y

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

Diluted shares outstanding: 575.9M (2021) → 567.1M (2025)

Winston Score History

The full picture

Vinci S.A. is a French company that builds and manages large infrastructure like highways, airports, bridges, tunnels, and buildings. Its main customers are governments, businesses, and travelers who use its roads and airports every day. Vinci is one of the largest construction and infrastructure companies in the world, and it owns and operates major assets including dozens of airports across Europe and beyond.

Vinci makes money in two main ways: it earns steady fees from running toll roads and airports under long-term government contracts, and it gets paid for construction and engineering projects. The company operates in over 100 countries, with most of its revenue coming from Europe, particularly France. Its long-term concession contracts — some lasting decades — give it a reliable income stream that is hard for competitors to replicate. The main risk is that government policy changes or lower travel demand could reduce traffic on its roads and through its airports, directly cutting 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

+1.9% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+9.5% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

€0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

14.6%ownership

↓ Declining

Insider ownership declining — could be dilution or selling

Cash Position

Cash flow positive

€20.7B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth context

Vinci S.A. is growing revenue at 2% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

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

12.7%

Thin — 12.7% gross margin

Profit after running costs

Operating Margin

11.1%

Modest — 11.1% operating margin

Return on the money invested

ROCE

13.1%

Good — 13.1% 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

+3.6%

Slow sales growth (+3.6% YoY)

Profit growth

EPS YoY

+7.8%

Modest earnings growth (+7.8% YoY)

Single-digit earnings growth — steady but not exciting.

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

239%

Turns 239% of profit into real cash

Spare cash per sale

FCF Margin

10.9%

Modest free cash flow (10.9%)

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

1.24

Elevated debt (1.24)

Covers its interest

Interest Cover

6.05x

Adequate interest coverage (6.1x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

13.1x

Attractive valuation — P/E 13.1

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

+2.2

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend

Dividend Yield

6.56%

Healthy income — 6.56% yield

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

Dividend record

Dividend Growth

+14.7%

Dividend growing fast (14.7% YoY)

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