Aubay S.A.

AUB.PA

Information Technology Services · Technology

Also trades as: 0IPY.L

Price

€56.50

-0.70 (-1.22%)

Market Cap

€719.7M

Exchange

Euronext Paris

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 12, 2026 · filings through Dec 31, 2025

Share count falling — buybacks

−2.8% over 4y

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

Diluted shares outstanding: 13.3M (2021) → 12.9M (2025)

Aubay is a French technology services company that helps businesses update and manage their computer systems. It provides IT consulting, software development, and digital transformation services to large companies — mainly banks, insurance firms, telecom providers, and government agencies. The company operates primarily in Europe, with France being its largest market alongside Belgium, Italy, Spain, Portugal, and Luxembourg.

Aubay makes money by billing clients for the hours its consultants and engineers work on projects, which is a standard professional services model. With a market cap of around €650 million, it is a mid-sized player in the European IT services market, competing against much larger firms like Capgemini and Sopra Steria. Its main competitive advantage is its deep relationships with repeat clients in regulated industries like banking and insurance, but its relatively thin margins — around 8-9% operating margin — mean that rising labor costs or difficulty attracting skilled IT talent could quickly pressure profitability.

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

+24.1% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+15.9% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (15%)

Research and development spending

Insider Activity

44.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$92M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

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

Growth + cash flow

Aubay S.A. is a rare growth stock that's already generating positive cash flow while growing at 24%. 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

Every number that matters to educated investors.

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Quality

Gross Margin

11.7%

Thin — 11.7% gross margin

Operating Margin

10.1%

Modest — 10.1% operating margin

ROCE

10.4%

Below par — 10.4% 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 YoY

+11.3%

Steady sales growth (+11.3% YoY)

EPS YoY

+2.0%

Flat earnings

Single-digit earnings growth — steady but not exciting.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

114%

Turns 114% of profit into real cash

FCF Margin

6.9%

Modest free cash flow (6.9%)

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

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Stability

Debt / Equity

0.11

Conservative — low debt load (0.11)

Interest Cover

32.41x

Comfortably covers interest (32.4x)

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

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Valuation

P/E Ratio (TTM)

18.8x

Fair value — P/E 18.8

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

+4.0

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (18.8 → 14.8)

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Dividends

Dividend Yield

2.48%

Moderate income — 2.48% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth

+12.5%

Dividend growing fast (12.5% YoY)

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