PSI Software AG

PSAN.DE

Software - Application · Technology

Also trades as: 0KUR.L

Price

€44.60

-0.20 (-0.45%)

Market Cap

€695.6M

Exchange

Frankfurt Stock Exchange

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 10, 2026 · filings through Jun 30, 2026

PSI Software AG is a German software company that builds specialized software for managing complex industrial operations. Its main products help energy companies control power grids, and manufacturers run factories and logistics networks more efficiently. The company sells primarily to utilities, energy grid operators, and industrial manufacturers, mostly across Europe.

PSI makes money by selling software licenses, long-term service contracts, and implementation projects directly to large industrial clients. It is headquartered in Berlin and generates most of its revenue in Germany and the broader European market, with a smaller international presence. Its moat comes from deep integration into critical infrastructure, which makes customers reluctant to switch once PSI's software is embedded in their operations. However, the company is currently unprofitable, with negative operating and returns on capital, meaning its key challenge is converting its specialized market position into consistent earnings growth while managing rising development costs.

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

+10.7% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-54.5% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$58M/ year

↑ Rising (+27% vs prior year)

20.2% of revenue

In line with sector average (15%)

Investing heavily in future products and technology

Insider Activity

67.0%ownership

↓ Declining

Insider ownership declining — could be dilution or selling

Cash Runway

~3 years

$24M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

$24M cash & investments at current burn rate

Heavy R&D investment

PSI Software AG is putting 20% of revenue into R&D and that number is rising. With 3+ years of cash runway, they have time to let it pay off.

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

−0.9% over 4y

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

Diluted shares outstanding: 15.7M (2021) → 15.5M (2025)

Score breakdown

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Quality

Gross Margin

16.3%

Thin — 16.3% gross margin

Operating Margin

1.5%

Thin — 1.5% operating margin

ROCE

1.1%

Weak — 1.1% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+3.4%

Slow sales growth (+3.4% YoY)

EPS YoY

<−1,000%

Earnings shrinking (<−1,000% YoY)

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

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

-1.7%

Burning cash (-1.7%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

0.71

Moderate — manageable debt (0.71)

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

Not applicable for this business.

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