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SGBAF · OTC · United States · Communications Services, Nec
In shortSES S.A. is loss-making, generates cash and carries heavy debt, with revenue growing (+31.3% last year).
Financial health
Weak
Built from five areas over the last five annual reports. Tap an area to see the figures behind it.
| Operating marginShare of each sale left after running the business, before interest and tax. | 2.4% | 25/100 |
|---|---|---|
| Net marginShare of each sale left as profit after every cost, interest and tax. | -3.6% | 6/100 |
| Return on equityProfit earned on the money shareholders put in. Above 15% is strong. | -3.1% | 0/100 |
| Return on invested capitalProfit earned on all the capital used (equity and debt). Above 10% usually means a real competitive edge. | 0.6% | 4/100 |
Weight in the score: 25%
| Current ratioShort-term assets divided by short-term debts. Below 1 can mean tight cash. | 0.87× | 6/100 |
|---|---|---|
| Debt / equityDebt compared with the shareholders' stake. Above 2 is heavily indebted. | 2.40× | 0/100 |
| Net debt / EBITDAYears of operating profit needed to repay net debt. Below 2 is comfortable. | 4.41× | 0/100 |
| Interest coverageHow many times operating profit covers interest. Below 2 is risky. | 0.19× | 0/100 |
| Altman Z''Bankruptcy-risk model. Above 2.6 safe, below 1.1 distress. | – | n/a |
Weight in the score: 25%
| Free cash flow marginCash left from each sale after investments. The money that can pay dividends or reduce debt. | 14.7% | 79/100 |
|---|---|---|
| Free cash flow / net incomeHow much accounting profit turns into real cash. Near 1 or above is healthy. | – | n/a |
| Years with positive free cash flow (last 5) | 3 of 3 | 100/100 |
Weight in the score: 20%
| Profitable years (last 5) | 1 of 3 | 33/100 |
|---|---|---|
| Years of revenue decline (last 5) | 1 of 2 | 17/100 |
| Revenue growth volatility | 23.1% | 25/100 |
| Operating margin volatility | 21.1% | 0/100 |
Weight in the score: 20%
Fiscal year 2025 · change vs prior year
Annual figures as reported. Hover a bar or point for the exact value.
The last 3 fiscal years from the company's annual reports.
EUR millions; negative values in parentheses.
| Fiscal year | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue | 2,030 | 2,001 | 2,627 |
| Cost of revenue | 444 | 461 | 755 |
| Gross profit | 1,586 | 1,540 | 1,872 |
| Operating income | (686) | 64 | 64 |
| Interest expense | 106 | 139 | 332 |
| Pre-tax income | (728) | 82 | (115) |
| Income tax | 176 | 55 | (21) |
| Net income | (905) | 15 | (95) |
Not computed: a required balance-sheet item is missing.
3/9
Nine yes-or-no tests on profitability, debt, liquidity and efficiency versus the prior year. 7 to 9 is strong, 0 to 3 is weak.
All figures: SEC EDGAR. Ratios and scores are computed by Scorvest (see how it works). Information only, not investment advice. How it works
Latest annual report: Dec 31, 2025 · Data updated Apr 1, 2026