Reply S.p.A.

REY.MI

Information Technology Services · Technology

Price

€117.80

+0.70 (+0.60%)

Market Cap

€4.39B

Exchange

Italian Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

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

Reply S.p.A. is an Italian technology consulting and services company. It helps businesses design, build, and run digital systems — things like cloud computing setups, cybersecurity tools, artificial intelligence applications, and software. Its customers are mostly large companies across industries like banking, manufacturing, telecommunications, and retail, mainly in Europe.

Reply makes money by charging clients fees for consulting projects, managed services, and technology implementation work. The company is headquartered in Turin, Italy, and operates primarily across Europe, with a strong presence in Germany, the UK, and Italy, making it one of the larger IT consultancies on the continent. Reply is organized as a network of smaller specialist firms, which lets it move quickly into new technology areas — but its relatively thin margins reflect the competitive, labor-intensive nature of IT services, where winning and keeping skilled workers is an ongoing challenge. Continued demand for AI and cloud transformation projects is the main growth driver to watch.

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

+8.4% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+5.4% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (15%)

Research and development spending

Insider Activity

38.7%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$598M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Reply S.p.A. is growing revenue at 8% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

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

+0.1% over 4y

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

Diluted shares outstanding: 37.4M (2021) → 37.4M (2025)

Score breakdown

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Quality

Gross Margin

15.0%

Thin — 15.0% gross margin

Operating Margin

15.0%

Healthy — 15.0% operating margin

ROCE

12.4%

Good — 12.4% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

+8.1%

Steady sales growth (+8.1% YoY)

EPS YoY

+9.0%

Earnings growing (+9.0% YoY)

Single-digit earnings growth — steady but not exciting.

EPS Consistency

7/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

123%

Turns 123% of profit into real cash

FCF Margin

10.2%

Modest free cash flow (10.2%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

0.05

Conservative — low debt load (0.05)

Interest Cover

100.00x

Comfortably covers interest (100.0x)

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

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Valuation

P/E Ratio (TTM)

17.1x

Fair value — P/E 17.1

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

P/E vs Forward

+2.7

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend Yield

1.15%

Small dividend — 1.15% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth

+93.1%

Dividend growing fast (93.1% YoY)

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