EVS Broadcast Equipment S.A.

EVS.BR

Communication Equipment · Technology

Price

€28.35

-0.10 (-0.35%)

Market Cap

€380.0M

Exchange

Euronext Brussels

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 9, 2026 · filings through Dec 31, 2025

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)

EVS Broadcast Equipment is a Belgian company that makes specialized video technology used by TV broadcasters and sports production teams. Its main products are live video servers and replay systems — the tools that let TV crews instantly replay a touchdown, a goal, or a race finish in slow motion. Major customers include sports broadcasters, live event producers, and media companies around the world, including networks that cover the Olympics and the FIFA World Cup.

EVS earns money by selling hardware, software licenses, and support contracts to its broadcast customers. The company is headquartered in Liège, Belgium, and generates most of its revenue from Europe and North America, though it serves clients globally. Its competitive edge comes from being deeply embedded in live sports production workflows, where switching vendors mid-broadcast is very risky for customers. The main growth driver is the ongoing shift toward IP-based and cloud-connected broadcast infrastructure, though a slowdown in major live sports rights spending could weigh on demand.

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

+16.4% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

>+1,000% YoY

YoY Growth Rate

EPS growth accelerating

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

9.4%ownership

Insiders own a meaningful stake in the company

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.

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Quality

Gross Margin

69.3%

Premium pricing power — 69.3% gross margin

Operating Margin

24.6%

Excellent — 24.6% operating margin

ROCE

12.3%

Good — 12.3% 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

+21.6%

Earnings growing fast (+21.6% YoY)

Healthy double-digit earnings growth — what compounders look like.

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

N/A

Data not available

Interest Cover

51.45x

Comfortably covers interest (51.5x)

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

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Valuation

P/E Ratio (TTM)

9.9x

Attractive valuation — P/E 9.9

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

P/E vs Forward

-0.1

SLOWING

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

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Dividends

Dividend Yield

3.59%

Moderate income — 3.59% yield

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

Dividend Growth

-14.5%

Dividend cut (-14.5% YoY) — warning sign

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