Wendel

MF.PA

Asset Management · Financial Services

Exchange

Euronext Paris

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

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

How the score breaks down

Quality

Good

Growth

Mixed

Cash Flow

Mixed

Stability

Mixed

Valuation

Data not available

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Winston Score History

The full picture

Wendel is a French investment company that buys ownership stakes in other businesses and helps them grow over time. Instead of selling products itself, Wendel owns pieces of companies across industries like professional services, technology, and industrials. It is one of the oldest and largest publicly traded investment holding companies in Europe, with roots going back to 1704.

Wendel makes money through dividends, asset sales, and management fees from the companies it owns or manages on behalf of outside investors. It operates mainly in Europe and North America, with a portfolio worth several billion euros spread across a mix of majority-owned businesses and third-party funds. Its long history and family-controlled structure give it a patient, long-term investment approach that differs from typical private equity firms. The main risk is that its stock often trades at a discount to the actual value of its underlying assets, which can limit returns for shareholders even when its portfolio companies perform well.

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

+154.4% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

-120.8% YoY

YoY Growth Rate

Earnings declining

Insider Activity

42.9%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

€5.8B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue accelerating

Wendel grew revenue 154% 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

139.0%

Premium pricing power — 139.0% gross margin

Profit after running costs

Operating Margin

11.3%

Modest — 11.3% operating margin

Return on the money invested

ROCE

8.6%

Below par — 8.6% 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

+23.4%

Fast-growing sales (+23.4% YoY)

Profit growth

EPS YoY

-141.4%

Earnings shrinking (-141.4% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

15.7%

Converts sales into free cash efficiently (15.7%)

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

1.73

Elevated debt (1.73)

Covers its interest

Interest Cover

3.30x

Tight — interest eats into profit (3.3x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

no trend

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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