The company has issued more shares over this period, which dilutes each existing shareholder’s stake.
Diluted shares outstanding: 31.4M (2021) → 56.0M (2025)
Ideal Holdings S.A., headquartered in Athens, Greece, was founded in 1972 and adopted its current name in 1991, having previously been known as Ideal Standard Refractories S.A. The company's core operations revolve around providing cybersecurity and event monitoring solutions across Greece. Its comprehensive security services encompass continuous 24/7 surveillance, efficient management of security incidents, and swift countermeasures against advanced threats and vulnerabilities. A notable offering in its portfolio is Netbull eASIS, a sophisticated threat management platform leveraging user behavior analytics, network flow data, and artificial intelligence for effective incident detection and response. Beyond security, Ideal Holdings also develops customer communications management software utilized by diverse industries such as financial institutions, telecommunication providers, public utilities, insurance companies, and courier services. Furthermore, the company delivers trust services and is involved in the distribution of both technology products and domestic electrical appliances.
When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.
+23.0% YoY
YoY Growth Rate
Steady revenue growth
-95.8% YoY
YoY Growth Rate
Earnings declining
$0/ year
0.0% of revenue
Below sector average (15%)
Research and development spending
Cash flow positive
$164M cash & investments
Quarterly Free Cash Flow
↑ Burn rate improving
Company generates more cash than it spends — no dilution risk from fundraising
Ideal Holdings S.A. is a rare growth stock that's already generating positive cash flow while growing at 23%. 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.
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ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.
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Earnings per share down more than 10%. Either a bad year, or a real decline.
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FCF margin between 0% and 10%. Some cash from sales, but not a lot.
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Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.
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P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.
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Yield above 6% — often a flag the market is pricing in a cut.
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