Nexans S.A.

NXPRF

Electrical Equipment & Parts · Industrials

Price

$154.91

-0.01 (-0.01%)

Market Cap

$6.76B

Exchange

Other OTC

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Jul 28, 2026 · filings through Dec 31, 2025

Share count falling — buybacks

−1.4% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 44.8M (2021) → 44.2M (2025)

Nexans is a French company that makes cables and wiring systems used to move electricity from one place to another. Its main products include high-voltage power cables, submarine cables, and industrial wiring, sold to electric utilities, energy companies, construction firms, and governments. Nexans is one of the largest cable manufacturers in the world and plays a key role in connecting offshore wind farms and power grids to the electrical network.

The company earns money by selling cables and related installation services, with large infrastructure projects making up a growing share of revenue. Nexans operates across more than 40 countries, with strong roots in Europe but a significant presence in North America and other regions. Its competitive edge comes from specialized manufacturing know-how and long-term contracts with major grid operators. The biggest growth driver is rising global demand for grid upgrades and offshore wind connections, though large project delays or raw material cost swings — especially copper prices — remain meaningful risks.

Winston Score History

Score breakdown

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Quality

Gross Margin

9.6%

Thin — 9.6% gross margin

Operating Margin

-2.4%

Losing money on operations — -2.4%

ROCE

-2.0%

Weak — -2.0% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

-8.6%

Shrinking sales (-8.6% YoY)

EPS YoY

+29.1%

Earnings growing fast (29.1% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

390%

Turns 390% of profit into real cash

FCF Margin

5.9%

Thin free cash flow (5.9%)

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

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Stability

Debt / Equity

0.87

Moderate — manageable debt (0.87)

Interest Cover

8.02x

Comfortably covers interest (8.0x)

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

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Valuation

P/E Ratio (TTM)

19.2x

Fair value — P/E 19.2

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

+6.9

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (19.2 → 12.2)

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Dividends

Dividend Yield

2.23%

Moderate income — 2.23% yield

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

Dividend Growth

+239.2%

Dividend growing fast (239.2% YoY)

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