Deep Value: cash covers about 92% of the stock price

This company holds roughly $1.0B in cash and investments — about 92% of its entire stock-market value, based on its latest quarterly filing. You're paying very little for the actual business. Sometimes that's a genuine bargain or a takeover target, sometimes it's cheap for a reason. Not a buy signal on its own — always ask why it's this cheap.

Aegean Airlines S.A.

AEGN.AT

Airlines, Airports & Air Services · Industrials

Price

€12.37

+0.05 (+0.41%)

Market Cap

€1.11B

Exchange

Athens Stock Exchange

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 9, 2026 · filings through Mar 31, 2026

Share count rising — dilution

+9.9% over 4y

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

Diluted shares outstanding: 81.6M (2021) → 89.6M (2025)

Aegean Airlines is Greece's largest airline, flying passengers to destinations across Europe, the Middle East, and beyond. It operates scheduled flights from its main hub in Athens, along with domestic routes connecting Greek islands and cities. The airline serves both leisure travelers heading to popular Greek tourist spots and business passengers traveling around Europe.

Aegean makes money primarily by selling airline tickets, with additional revenue from baggage fees, onboard services, and cargo. It is a member of the Star Alliance, which gives it access to a global network of partner airlines and helps attract connecting passengers. The airline's dominant position in the Greek market is a key competitive advantage, but it also means its fortunes are closely tied to tourism trends in Greece. The main risk is exposure to fuel price swings and economic downturns that reduce travel demand, while the main growth driver remains the continued strength of Greece as one of Europe's most popular tourist destinations.

Winston Score History

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

+4.8% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-225.2% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

56.7%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$892M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Growth context

Aegean Airlines S.A. is growing revenue at 5% 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

Gross Margin

26.8%

Modest — 26.8% gross margin

Operating Margin

14.0%

Healthy — 14.0% operating margin

ROCE

4.1%

Weak — 4.1% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+52.3%

Fast-growing sales (+52.3% YoY)

EPS YoY

-47.9%

Earnings shrinking (-47.9% YoY)

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

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

400%

Turns 400% of profit into real cash

FCF Margin

6.6%

Modest free cash flow (6.6%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.72

Moderate — manageable debt (0.72)

Interest Cover

2.26x

Tight — interest eats into profit (2.3x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)

8.4x

Attractive valuation — P/E 8.4

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

P/E vs Forward

-2.0

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend Yield

7.43%

Healthy income — 7.43% yield

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

Dividend Growth

+39.2%

Dividend growing fast (39.2% YoY)

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