AT & S Austria Technologie & Systemtechnik AG

ATS.VI

Hardware, Equipment & Parts · Technology

Price

€162.00

-12.60 (-7.22%)

Market Cap

€6.29B

Exchange

Vienna Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Share count falling — buybacks

−40.1% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 38.9M (2022) → 23.3M (2026)

AT&S is an Austrian company that makes printed circuit boards (PCBs) and IC substrates — the thin, layered boards that connect electronic components inside devices like smartphones, laptops, and medical equipment. Its customers include major technology and semiconductor companies, and it serves industries such as consumer electronics, automotive, and healthcare. AT&S is one of Europe's largest PCB manufacturers and competes globally with large Asian producers.

The company earns revenue by selling these components directly to manufacturers, with pricing tied to volume contracts and product complexity. AT&S operates factories in Austria, India, China, and South Korea, giving it a broad geographic footprint. It has invested heavily in advanced IC substrate technology, which is used in high-performance chips, as a key differentiator against lower-cost competitors. The main growth driver is rising demand for advanced packaging in AI and high-performance computing chips, but the company faces significant risk from high capital expenditure requirements and intense price competition from Asian rivals.

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

+21.3% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-95.7% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$178M/ year

9.9% of revenue

Below sector average (15%)

Research and development spending

Insider Activity

35.7%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$825M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth + cash flow

AT & S Austria Technologie & Systemtechnik AG is a rare growth stock that's already generating positive cash flow while growing at 21%. 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

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Quality

Gross Margin

12.1%

Thin — 12.1% gross margin

Operating Margin

2.5%

Thin — 2.5% operating margin

ROCE

0.4%

Weak — 0.4% 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

+12.2%

Fast-growing sales (12.2% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

81%

Modest — 81% of profit becomes cash

FCF Margin

-2.6%

Burning cash (-2.6%)

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

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Stability

Debt / Equity

1.65

Elevated debt (1.65)

Interest Cover

3.26x

Tight — interest eats into profit (3.3x)

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

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Valuation

P/E Ratio (TTM)

32.1x

Pricey — P/E 32.1

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

+10.3

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (32.1 → 21.8)

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Dividends

Not applicable for this business.

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