PSI Software SE (0KUR.L) Stock Analysis & Winston Score

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, manufacturers run their factories, and logistics companies track the movement of goods. The company sells primarily to large industrial customers in Europe, with energy grid management being its most important business segment.

PSI makes money by selling software licenses, long-term service contracts, and maintenance agreements to its industrial clients. It operates mainly in Germany and other European markets, with some presence in Asia, and generates roughly €250 million in annual revenue. Its competitive position comes from deep technical expertise in niche industrial software that is difficult to replace once embedded in a customer's operations. However, the company is currently unprofitable at the operating level, and a major cybersecurity incident in 2024 disrupted its business, making the path back to consistent profitability the key challenge it faces in the near term.

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

+8.6% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

<−1,000% 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

68.3%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Runway

~16 months

$30M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Adequate runway but may need to raise capital within 2 years

Heavy R&D investment

PSI Software SE is putting 20% of revenue into R&D and that number is rising.

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

-2.0%

Thin — -2.0% gross margin

Operating Margin

-31.8%

Losing money on operations — -31.8%

ROCE

-21.1%

Weak — -21.1% return on capital

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

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Growth

Sales YoY

+9.2%

Steady sales growth (9.2% YoY)

EPS YoY

N/A

Data not available

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

5.0%

Thin free cash flow (5.0%)

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

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Stability

Debt / Equity

0.51

Conservative — low debt load (0.51)

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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