Wavestone S.A.

WAVE.PA

Information Technology Services · Technology

Exchange

Euronext Paris

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

Mixed

Cash Flow

Exceptional

Stability

Exceptional

Valuation

Strong

Dividends

Mixed

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Winston Score History

The full picture

Wavestone is a French consulting firm that helps large organizations solve complex business and technology problems. Its main services include digital transformation advice, cybersecurity consulting, and strategy work. The company primarily serves large corporations and government clients in France and across Europe.

Wavestone makes money by billing clients for the time and expertise of its consultants, a model common in professional services. The company is headquartered in Paris and generates most of its revenue in France, though it has expanded into the UK, US, and other markets through acquisitions. Its competitive position relies on deep relationships with large enterprise clients and a strong reputation in cybersecurity consulting, which is a fast-growing area. The key growth driver is rising demand for cybersecurity and digital transformation services, but the main risk is that consulting firms depend heavily on retaining skilled employees, and competition for talent in this sector is intense.

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

+2.1% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+6.6% YoY

YoY Growth Rate

Slow EPS growth

Insider Activity

67.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

€123M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth context

Wavestone 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

14.8%

Thin — 14.8% gross margin

Profit after running costs

Operating Margin

14.0%

Healthy — 14.0% operating margin

Return on the money invested

ROCE

16.1%

Strong — 16.1% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+1.1%

Nearly flat sales (+1.1% YoY)

Profit growth

EPS YoY

+8.4%

Earnings growing (+8.4% YoY)

Single-digit earnings growth — steady but not exciting.

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

159%

Turns 159% of profit into real cash

Spare cash per sale

FCF Margin

13.5%

Converts sales into free cash efficiently (13.5%)

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

0.00

Conservative — low debt load (0.00)

Covers its interest

Interest Cover

65.87x

Comfortably covers interest (65.9x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

10.1x

no trend

Attractive valuation — P/E 10.1

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

+1.4

GROWING

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

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Dividends

Dividend

Dividend Yield

1.45%

no trend

Small dividend — 1.45% yield

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

Dividend record

Dividend Growth

+4.2%

no trend

Dividend growing modestly (4.2% YoY)

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