Sword Group S.E.

SWP.PA

Information Technology Services · Technology

Also trades as: 0MN5.L

Price

€31.40

-0.55 (-1.72%)

Market Cap

€296.8M

Exchange

Euronext Paris

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 12, 2026 · filings through Dec 31, 2025

Sword Group is a European technology services company that helps businesses manage their software, data, and digital systems. It sells IT consulting, software development, and document management services mainly to large companies and government agencies. The firm has a notable focus on regulated industries like energy, finance, and the public sector.

Sword makes money by charging clients fees for project work and ongoing managed services, rather than selling packaged software products. It operates primarily in Europe, with a strong base in France, Luxembourg, and the UK, and generates roughly $300 million in market value as a mid-sized specialist. Its competitive edge comes from deep expertise in complex, regulated environments where clients tend to stay loyal and switching costs are high. The main risk is that IT services is a crowded market, and larger rivals like Capgemini or Sopra Steria can outbid Sword on big contracts, putting pressure on growth and margins.

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

+9.5% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-12.2% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (15%)

Research and development spending

Insider Activity

39.9%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$60M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Growth context

Sword Group S.E. is growing revenue at 10% 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

−1.0% over 4y

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

Diluted shares outstanding: 9.5M (2021) → 9.4M (2025)

Score breakdown

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Quality

Gross Margin

10.8%

Thin — 10.8% gross margin

Operating Margin

8.5%

Modest — 8.5% operating margin

ROCE

9.2%

Below par — 9.2% 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

+10.8%

Steady sales growth (+10.8% YoY)

EPS YoY

-12.6%

Earnings shrinking (-12.6% YoY)

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

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

113%

Turns 113% of profit into real cash

FCF Margin

5.6%

Thin free cash flow (5.6%)

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

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Stability

Debt / Equity

1.26

Elevated debt (1.26)

Interest Cover

10.44x

Comfortably covers interest (10.4x)

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

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Valuation

P/E Ratio (TTM)

15.5x

Fair value — P/E 15.5

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

P/E vs Forward

+4.3

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (15.5 → 11.2)

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Dividends

Dividend Yield

6.30%

Healthy income — 6.30% yield

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

Dividend Growth

-64.4%

Dividend cut (-64.4% YoY) — warning sign

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