The company has issued more shares over this period, which dilutes each existing shareholder’s stake.
Diluted shares outstanding: 11.9M (2021) → 14.9M (2025)
Based in Poznan, Poland, INC S.A. delivers specialized investment and advisory solutions to small and medium-sized enterprises as well as local government entities across the country. The company, originally established in 1995, was known as INVESTcon GROUP Spólka Akcyjna until it adopted its current designation, INC S.A., in February 2014.
When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.
+32.7% YoY
YoY Growth Rate
Strong revenue growth
-38.9% YoY
YoY Growth Rate
Earnings declining
$0/ year
0.0% of revenue
Below sector average (7%)
Research and development spending
~6 years
$20M cash & investments
Quarterly Free Cash Flow
↑ Burn rate improving
$20M cash & investments at current burn rate
Inc. S.a. is growing revenue at 33% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."
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 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.
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Earnings per share down more than 10%. Either a bad year, or a real decline.
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Free cash flow is negative. They are burning cash, not generating it.
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Interest coverage between 3 and 8. Profits cover interest several times over.
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P/E over 35. The market is pricing in heavy, sustained growth.
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