VRG S.A.

VRG.WA

Apparel - Manufacturers · Consumer Cyclical

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 Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Good

Cash Flow

Exceptional

Stability

Strong

Valuation

Strong

Dividends

Weak

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Winston Score History

The full picture

VRG S.A. is a Polish clothing company that designs, makes, and sells men's formal and business wear. Its main brand is Vistula, which sells suits, shirts, ties, and accessories targeted at adult men in Poland. The company also owns the Wólczanka shirt brand and W.Kruk, a well-known Polish jewelry chain, making it one of the larger specialty retail groups in Poland.

VRG earns money through direct retail sales in its own stores and online, rather than selling through third-party retailers. It operates primarily in Poland, with hundreds of stores across the country, giving it strong domestic brand recognition built over decades. The company's main risk is its heavy reliance on the Polish market and on formal menswear, a category that has faced pressure as workplace dress codes have become more casual in recent years.

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

+15.3% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+58.3% YoY

YoY Growth Rate

Strong earnings growth

Insider Activity

42.6%ownership

↑ Rising

Insiders increasing their stake — aligned with shareholders

Cash Position

Cash flow positive

64M PLN cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Growth + cash flow

VRG S.A. is a rare growth stock that's already generating positive cash flow while growing at 15%. 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.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

59.8%

Premium pricing power — 59.8% gross margin

Profit after running costs

Operating Margin

13.9%

Healthy — 13.9% operating margin

Return on the money invested

ROCE

11.3%

Below par — 11.3% 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

+13.9%

Fast-growing sales (+13.9% YoY)

Profit growth

EPS YoY

+20.9%

Earnings growing fast (+20.9% YoY)

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

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

249%

Turns 249% of profit into real cash

Spare cash per sale

FCF Margin

13.0%

Converts sales into free cash efficiently (13.0%)

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

0.26

Conservative — low debt load (0.26)

Covers its interest

Interest Cover

7.43x

Adequate interest coverage (7.4x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

12.2x

no trend

Attractive valuation — P/E 12.2

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

+4.6

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (12.2 → 7.6)

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Dividends

Dividend

Dividend Yield

0.89%

no trend

Small dividend — 0.89% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

N/A

no trend

Data not available

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