North Atlantic Energies (NAE.PA) Stock Analysis & Winston Score

Esso S.A.F. is the French subsidiary of ExxonMobil, one of the largest oil and gas companies in the world. It refines crude oil into fuels like gasoline, diesel, and jet fuel, then sells those products to drivers, airlines, businesses, and industrial customers across France. The company operates under the Esso brand at fuel stations and supplies wholesale fuel through distribution networks.

Esso S.A.F. makes money primarily by buying crude oil, refining it, and selling the finished fuel products at a margin. It operates mainly in France, with refining and retail fuel distribution as its core activities. The company's negative margins reflect a well-known challenge in European refining: high energy costs, aging infrastructure, and thin spreads between crude oil prices and refined product prices. The main risk facing the business is the long-term decline in fossil fuel demand as Europe pushes toward electric vehicles and stricter emissions rules, which could further pressure refining volumes and profitability.

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

-35.1% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-173.1% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

87.9%ownership

↑ Rising

Insiders increasing their stake — aligned with shareholders

Cash Runway

~2 years

$1.3B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

$1.3B cash & investments at current burn rate

Revenue declining

North Atlantic Energies's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

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.

Share count broadly stable

0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 12.9M (2021) → 12.9M (2025)

Score breakdown

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Quality

Gross Margin

-2.0%

Thin — -2.0% gross margin

Operating Margin

-2.2%

Losing money on operations — -2.2%

ROCE

-8.6%

Weak — -8.6% return on capital

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

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Growth

Sales YoY

-21.9%

Shrinking sales (-21.9% YoY)

EPS YoY

-117.9%

Earnings shrinking (-117.9% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

0.8%

Thin free cash flow (0.8%)

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

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Stability

Debt / Equity

0.01

Conservative — low debt load (0.01)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend Yield

254.98%

Healthy income — 254.98% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend Growth

+1346.8%

Dividend growing fast (1346.8% YoY)

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