We.Connect S.A.

ALWEC.PA

Computer Hardware · Technology

Price

€25.90

+0.90 (+3.60%)

Market Cap

€77.3M

Exchange

Euronext Paris

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Weak

Growth

Exceptional

Cash Flow

Weak

Stability

Exceptional

Valuation

Good

Dividends

Good

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Share count rising — dilution

+7.2% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 2.8M (2021) → 3.0M (2025)

Winston Score History

The full picture

We.Connect S.A. is a French technology company that sells connected consumer electronics and smart home devices. Its products include connected speakers, displays, and home automation accessories aimed at everyday consumers. The company operates in the broader European consumer electronics market, competing alongside much larger global brands.

The company earns money primarily by selling hardware directly to consumers and through retail distribution partners across France and parts of Europe. With a market cap of around $0.1 billion, it is a small player in a crowded industry dominated by companies like Amazon, Google, and Samsung. Its gross margin of roughly 10% is thin, which is common for hardware businesses, and the main risk it faces is pricing pressure from much larger competitors who can afford to sell similar devices at lower prices.

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

+55.1% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+684.4% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

€0/ year

0.0% of revenue

Below sector average (15%)

Research and development spending

Insider Activity

77.6%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

€48M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue accelerating

We.Connect S.A. grew revenue 55% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

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

13.0%

Thin — 13.0% gross margin

Profit after running costs

Operating Margin

-0.3%

Losing money on operations — -0.3%

Return on the money invested

ROCE

5.0%

Weak — 5.0% 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

+51.2%

Fast-growing sales (+51.2% YoY)

Profit growth

EPS YoY

+384.7%

Earnings growing fast (+384.7% YoY)

Earnings growing 25%+ a year. The compounder zone.

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

Weak — only 9% of profit becomes cash

Spare cash per sale

FCF Margin

-0.6%

Burning cash (-0.6%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

0.21

Conservative — low debt load (0.21)

Covers its interest

Interest Cover

30.68x

Comfortably covers interest (30.7x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

2.0x

Attractive valuation — P/E 2.0

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend

Dividend Yield

1.58%

Small dividend — 1.58% yield

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

Dividend record

Dividend Growth

+39.1%

Dividend growing fast (39.1% YoY)

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