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Columbus A/S

COLUM.CO
29
Information Technology Services · Technology
Price
kr 9.76
-0.04 (-0.41%)
Market Cap
kr 1.25B
Exchange
NASDAQ Copenhagen
Winston Score
29
Winston is worried
Below-average fundamentals — multiple weak pillars.
Data as of Jul 26, 2026 · filings through Mar 31, 2026

Columbus A/S is a Danish IT consulting and services company that helps businesses manage their operations using software from major vendors like Microsoft. Its core work involves implementing, customizing, and supporting enterprise software systems — tools that companies use to track inventory, manage finances, and run their supply chains. Columbus focuses especially on industries like food and beverage, retail, and manufacturing.

The company earns money through a mix of project-based consulting fees and recurring revenue from managed services and software subscriptions. Columbus operates mainly in Europe and North America, with its headquarters in Copenhagen, Denmark. Its long-term relationships with clients and deep expertise in specific industries give it some competitive advantage, but thin operating margins — around 2% — leave little room for error. The main growth driver is the ongoing shift by mid-sized companies toward cloud-based software, though Columbus faces stiff competition from larger global IT consultancies that can offer broader services at lower cost.

Winston Score History

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-3.7% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-57.6% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

Declining (-100% vs prior year)

0.0% of revenue

Below sector average (15%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

68.6%ownership

Insiders own a meaningful stake in the company

Cash Runway

~3 years

$62M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

$62M cash & investments at current burn rate

Revenue declining

Columbus A/S's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

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.

Share count broadly stable

+0.7% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 128.7M (2021) → 129.6M (2025)

Score breakdown

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Quality

Gross Margin
11.7%
Thin — 11.7% gross margin
Operating Margin
2.9%
Thin — 2.9% operating margin
ROCE
1.4%
Weak — 1.4% 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
-5.4%
Shrinking sales (-5.4% YoY)
EPS YoY
-90.5%
Earnings shrinking (-90.5% YoY)

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

EPS Consistency
0/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion
N/A
Data not available
FCF Margin
3.2%
Thin free cash flow (3.2%)

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

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Stability

Debt / Equity
0.15
Conservative — low debt load (0.15)
Interest Cover
2.06x
Tight — interest eats into profit (2.1x)

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

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Valuation

P/E Ratio (TTM)
274.9x
Expensive — P/E 274.9

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward
+253.2
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (274.9 → 21.7)

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Dividends

Dividend Yield
1.28%
Small dividend — 1.28% yield

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

Dividend Growth
-95.5%
Dividend cut (-95.5% YoY) — warning sign

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