EVS Broadcast Equipment S.A.

0N9Z.L

Communication Equipment · Technology

Price

28.10 GBp

+0.10 (+0.36%)

Market Cap

£380.2M

Exchange

London Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 13, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Strong

Growth

Mixed

Cash Flow

Good

Stability

Exceptional

Valuation

Good

Dividends

Mixed

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Share count rising — dilution

+3.8% over 4y

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

Diluted shares outstanding: 13.6M (2021) → 14.1M (2025)

Winston Score History

The full picture

EVS Broadcast Equipment is a Belgian company that makes specialized hardware and software used to capture, replay, and manage live video during sports broadcasts and major events. Its products are used by television broadcasters, sports leagues, and production companies to deliver instant replays, slow-motion highlights, and live editing during events like the Olympics, the FIFA World Cup, and the NFL. EVS is one of the leading providers of live video production technology in the world.

The company earns money by selling its hardware servers and software licenses, along with ongoing maintenance and support contracts that provide recurring revenue. EVS operates globally, with customers across Europe, North America, and Asia, and generates roughly $200–250 million in annual revenue. Its moat comes from deep integration into broadcast workflows and the high cost of switching systems during live productions, where technical failures are not an option. The key risk is that cloud-based and software-only competitors could gradually reduce demand for EVS's traditional hardware-dependent systems.

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

+16.4% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+21.2% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$45M/ year

↑ Rising (+8% vs prior year)

21.8% of revenue

In line with sector average (15%)

Investing heavily in future products and technology

Insider Activity

10.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$93M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Heavy R&D investment

EVS Broadcast Equipment S.A. is putting 22% of revenue into R&D and that number is rising. And they're generating enough cash to self-fund it.

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.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Gross Margin

69.3%

Premium pricing power — 69.3% gross margin

Operating Margin

24.6%

Excellent — 24.6% operating margin

ROCE

12.1%

Good — 12.1% 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

+5.1%

Slow sales growth (+5.1% YoY)

EPS YoY

-9.1%

Earnings shrinking (-9.1% YoY)

Slight earnings drop. Typical near a cyclical low.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

74%

Modest — 74% of profit becomes cash

FCF Margin

10.6%

Modest free cash flow (10.6%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

0.02

Conservative — low debt load (0.02)

Interest Cover

34.10x

Comfortably covers interest (34.1x)

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

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Valuation

P/E Ratio (TTM)

0.1x

Attractive valuation — P/E 0.1

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

P/E vs Forward

-9.8

SLOWING

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

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Dividends

Dividend Yield

3.60%

Moderate income — 3.60% yield

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

Dividend Growth

-14.8%

Dividend cut (-14.8% YoY) — warning sign

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