Tecnoglass

TGLS

Construction Materials · Basic Materials

Price

$46.48

-0.35 (-0.75%)

Market Cap

$2.06B

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Share count falling — buybacks

−2.1% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 47.7M (2021) → 46.7M (2025)

Tecnoglass is a Colombian company that makes glass and windows for buildings. It produces architectural glass, window frames, and door systems used in homes, offices, and skyscrapers. The company manufactures everything at a large factory in Barranquilla, Colombia, and sells most of its products in the United States.

Tecnoglass makes money by selling finished glass and window products directly to builders and contractors. Because it manufactures in Colombia, its costs are lower than most US-based competitors, which helps explain its strong profit margins for a building materials company. The business depends heavily on US construction activity, so a slowdown in homebuilding or commercial real estate development is the main risk it faces.

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

+12.0% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-21.1% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

47.0%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Runway

~2 years

$91M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

$91M cash & investments at current burn rate

Growth context

Tecnoglass is growing revenue at 12% 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.

Score breakdown

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Quality

Gross Margin

38.5%

Modest — 38.5% gross margin

Operating Margin

18.0%

Healthy — 18.0% operating margin

ROCE

4.8%

Weak — 4.8% 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

+9.8%

Steady sales growth (9.8% YoY)

EPS YoY

-12.7%

Earnings shrinking (-12.7% 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

70%

Modest — 70% of profit becomes cash

FCF Margin

1.6%

Thin free cash flow (1.6%)

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

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Stability

Debt / Equity

0.27

Conservative — low debt load (0.27)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

14.4x

Attractive valuation — P/E 14.4

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

P/E vs Forward

+1.6

GROWING

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

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Dividends

Dividend Yield

1.32%

Small dividend — 1.32% yield

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

Dividend Growth

+7.1%

Dividend growing modestly (7.1% YoY)

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