Cash flow Wavestone

Equities

WAVE

FR0013357621

IT Services & Consulting

Market Closed - Euronext Paris Other stock markets 11:55:00 2026-01-12 am EST			5-day change	1st Jan Change
59.00 ^EUR	+1.90%		+10.49%	+6.12%

Dec. 03	Wavestone Reports 12% Rise in Net Profit for First Half
Dec. 02	Wavestone H1 net income group share EUR 30.3 million	RE

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Published financial data: WAVESTONE

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: March	2021	2022	2023	2024	2025
Revenues	418M	470M	532M	701M	944M
Total Revenues	418M	470M	532M	701M	944M
Cost of Goods Sold, Total	324M	347M	395M	533M	740M
Gross Profit	93.49M	123M	137M	168M	203M
Selling General & Admin Expenses, Total	23.7M	34.43M	46.59M	52.04M	66.39M
Depreciation & Amortization - (IS)	-	-	-	-	-
Amortization of Goodwill and Intangible Assets - (IS)	1.49M	1.49M	1.49M	3.81M	8.37M
Other Operating Expenses	6.79M	7.59M	7.83M	7.61M	7.94M
Other Operating Expenses, Total	31.99M	43.52M	55.91M	63.46M	82.7M
Operating Income	61.5M	79.34M	81.32M	104M	121M
Interest Expense, Total	-1.48M	-899K	-1.77M	-2.79M	-5.05M
Net Interest Expenses	-1.48M	-899K	-1.77M	-2.79M	-5.05M
Currency Exchange Gains (Loss)	-820K	-173K	-834K	-313K	-
Other Non Operating Income (Expenses)	-299K	158K	-1.51M	-2.17M	-2M
EBT, Excl. Unusual Items	58.91M	78.42M	77.21M	99.05M	114M
Merger & Related Restructuring Charges	-	-	-	-	-
Gain (Loss) On Sale Of Investments	5K	15K	10K	759K	701K
Asset Writedown	-9.72M	-6.02M	-5.77M	-8.11M	-10.92M
Other Unusual Items	-8.52M	-501K	-2.86M	-10.44M	-157K
EBT, Incl. Unusual Items	40.67M	71.91M	68.58M	81.26M	103M
Income Tax Expense	15.3M	20.88M	18.51M	22.67M	27.3M
Earnings From Continuing Operations	25.38M	51.03M	50.07M	58.59M	75.92M
Net Income to Company	25.38M	51.03M	50.07M	58.59M	75.92M
Minority Interest	-	-	-	-391K	-362K
Net Income - (IS)	25.38M	51.03M	50.07M	58.2M	75.56M
Net Income to Common Incl Extra Items	25.38M	51.03M	50.07M	58.2M	75.56M
Net Income to Common Excl. Extra Items	25.38M	51.03M	50.07M	58.2M	75.56M
Per Share Items
Net EPS - Basic	1.27	2.55	2.51	2.71	3.09
Basic EPS - Continuing Operations	1.27	2.55	2.51	2.71	3.09
Basic Weighted Average Shares Outstanding	19.94M	20.01M	19.95M	21.45M	24.44M
Net EPS - Diluted	1.27	2.55	2.51	2.71	3.09
Diluted EPS - Continuing Operations	1.27	2.55	2.51	2.71	3.09
Diluted Weighted Average Shares Outstanding	19.94M	20.01M	19.95M	21.45M	24.44M
Normalized Basic EPS	1.85	2.45	2.42	2.87	2.89
Normalized Diluted EPS	1.85	2.45	2.42	2.87	2.89
Dividend Per Share	0.23	0.38	0.38	0.38	0.46
Payout Ratio	-	9.04	15.2	13.05	12.41
Supplemental Items
EBITDA	65.74M	83.38M	84.9M	111M	133M
EBITA	63M	80.83M	82.81M	108M	129M
EBIT	61.5M	79.34M	81.32M	104M	121M
EBITDAR	78.76M	93.69M	97.81M	126M	154M
Effective Tax Rate - (Ratio)	37.61	29.04	26.99	27.9	26.45
Current Domestic Taxes	-	-	-	-	-
Total Current Taxes	17.13M	18.48M	18.69M	24.91M	28.72M
Deferred Domestic Taxes	-	-	-	-	-
Total Deferred Taxes	-1.83M	2.4M	-173K	-2.24M	-1.43M
Normalized Net Income	36.82M	49.01M	48.25M	61.52M	70.64M
Interest on Long-Term Debt	331K	255K	177K	418K	1.12M
Non-Cash Pension Expense	-71K	-124K	1.48M	509K	-3.03M
Supplemental Operating Expense Items
Net Rental Expense, Total	13.02M	10.3M	12.91M	15.43M	20.36M
Imputed Operating Lease Interest Expense	1.41M	972K	2.91M	4.79M	9.96M
Imputed Operating Lease Depreciation	11.62M	9.33M	10M	10.64M	10.4M
Stock-Based Comp., Other (Total)	2.3M	2.04M	3.3M	4.42M	5.65M
Total Stock-Based Compensation	2.3M	2.04M	3.3M	4.42M	5.65M

Fiscal Period: March	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	88.01M	108M	70.82M	77.48M	78.35M
Total Cash And Short Term Investments	88.01M	108M	70.82M	77.48M	78.35M
Accounts Receivable, Total	126M	148M	177M	246M	250M
Other Receivables	16.92M	20M	12.4M	13.42M	16.02M
Total Receivables	143M	168M	189M	259M	266M
Prepaid Expenses	2.81M	3.03M	3.49M	5.07M	5.6M
Other Current Assets, Total	376K	321K	656K	2.16M	335K
Total Current Assets	234M	279M	264M	344M	350M
Gross Property Plant And Equipment	57.4M	44.54M	50.33M	73.22M	82.82M
Accumulated Depreciation	-27.89M	-23.19M	-28.34M	-37.37M	-45.95M
Net Property Plant And Equipment	29.51M	21.35M	21.99M	35.85M	36.87M
Long-term Investments	2.09M	1.3M	1.79M	1.74M	1.91M
Goodwill	162M	179M	235M	508M	512M
Other Intangibles, Total	6.22M	4.32M	2.64M	74.56M	66.21M
Deferred Tax Assets Long-Term	11.81M	8.63M	9.59M	13.66M	12M
Other Long-Term Assets, Total	981K	771K	1.45M	1K	1K
Total Assets	446M	494M	537M	978M	980M
Liabilities
Accounts Payable, Total	11.55M	12.59M	14.73M	42.29M	34.15M
Accrued Expenses, Total	60.5M	63.39M	66.55M	94.38M	94.28M
Short-term Borrowings	6K	2K	143K	29K	37K
Current Portion of Long-Term Debt	8.15M	8.11M	5.51M	5.95M	7.79M
Current Portion of Leases	8.02M	4.96M	4.75M	8.17M	8.84M
Current Income Taxes Payable	37.8M	46.38M	39.72M	58.19M	51.64M
Unearned Revenue Current, Total	11.63M	15.75M	13.57M	14.23M	17.98M
Other Current Liabilities	14.97M	18.55M	29.27M	62.33M	20.05M
Total Current Liabilities	153M	170M	174M	286M	235M
Long-Term Debt	47.99M	39.81M	38.05M	52.23M	44.93M
Long-Term Leases	22.29M	13.1M	11.1M	18.01M	19.17M
Pension & Other Post Retirement Benefits	16.96M	14.29M	13.32M	24.66M	23.63M
Other Non Current Liabilities	545K	333K	1.02M	25.86M	24.06M
Total Liabilities	240M	237M	238M	406M	347M
Common Stock, Total	505K	505K	505K	623K	623K
Additional Paid In Capital	11.22M	11.22M	11.22M	265M	265M
Retained Earnings	25.38M	51.03M	50.07M	58.2M	75.56M
Comprehensive Income and Other	169M	194M	237M	245M	290M
Total Common Equity	206M	257M	299M	569M	632M
Minority Interest	-	-	-	1.93M	1.44M
Total Equity	206M	257M	299M	571M	633M
Total Liabilities And Equity	446M	494M	537M	978M	980M
Supplemental Items
ECS Total Shares Outstanding on Filing Date	19.94M	20.01M	19.95M	24.59M	24.44M
ECS Total Common Shares Outstanding	19.94M	20.01M	19.95M	24.59M	24.44M
Book Value / Share	10.33	12.84	14.99	23.16	25.85
Tangible Book Value	37.81M	74.15M	61.05M	-12.99M	53.26M
Tangible Book Value Per Share	1.9	3.71	3.06	-0.53	2.18
Total Debt	86.45M	65.98M	59.55M	84.4M	80.77M
Net Debt	-1.56M	-42.28M	-11.27M	6.91M	2.43M
Debt Equivalent Oper. Leases	104M	82.42M	103M	123M	163M
Minority Interest, Total (Incl. Fin. Div)	-	-	-	1.93M	1.44M
Account Code - Inventory Valuation	3	3	3	3	3
Land - (BS)	-	-	-	333K	343K
Buildings, Total	-	-	-	843K	869K
Full Time Employees	3.45K	3.73K	4.33K	5.86K	5.98K
Assets under Capital Lease - Gross	-	-	-	-	-
Assets under Capital Lease - Accumulated Depreciation	-	-	-	-	-
Accumulated Allowance for Doubtful Accounts (Supple)	995K	950K	905K	573K	308K

Fiscal Period: March	2021	2022	2023	2024	2025
Net Income	25.38M	51.03M	50.07M	58.2M	75.56M
Depreciation & Amortization - CF	9.62M	8.94M	6.41M	8.62M	12.78M
Amortization of Goodwill and Intangible Assets - (CF)	1.49M	1.49M	1.49M	3.81M	8.37M
Depreciation & Amortization, Total	11.11M	10.43M	7.9M	12.43M	21.15M
Amortization of Deferred Charges, Total - (CF)	911K	435K	191K	17K	7K
(Gain) Loss From Sale Of Asset	12K	1.46M	-217K	27K	-47K
Stock-Based Compensation (CF)	2.3M	2.04M	3.3M	4.42M	5.65M
Other Operating Activities, Total	10.28M	-2.22M	1.46M	5.07M	-7.12M
Change in Other Net Operating Assets	20.83M	-6.85M	-21.57M	2.94M	-5.92M
Cash from Operations	70.82M	56.34M	41.15M	83.09M	89.28M
Capital Expenditure	-748K	-455K	-3.7M	-3.11M	-4.84M
Sale of Property, Plant, and Equipment	14K	146K	168K	66K	46K
Cash Acquisitions	-	-12.45M	-49.2M	-65.99M	-44M
Investment in Marketable and Equity Securities, Total	-114K	277K	3K	14K	52K
Other Investing Activities, Total	-1K	-1K	-1K	1K	1K
Cash from Investing	-849K	-12.48M	-52.73M	-69.02M	-48.74M
Long-Term Debt Issued, Total	-	-	-	19.7M	40M
Total Debt Issued	-	-	-	19.7M	40M
Long-Term Debt Repaid, Total	-46.12M	-16.06M	-9.57M	-11.84M	-53.73M
Total Debt Repaid	-46.12M	-16.06M	-9.57M	-11.84M	-53.73M
Issuance of Common Stock	137K	-	-	-	-
Repurchase of Common Stock	-	-2.36M	-6.4M	-5.91M	-12.16M
Common Dividends Paid	-	-4.61M	-7.61M	-7.59M	-9.38M
Common & Preferred Stock Dividends Paid	-	-4.61M	-7.61M	-7.59M	-9.38M
Other Financing Activities, Total	-1.19M	-937K	-2.26M	-1.75M	-4.92M
Cash from Financing	-47.17M	-23.96M	-25.85M	-7.41M	-40.18M
Foreign Exchange Rate Adjustments	137K	360K	-136K	104K	503K
Miscellaneous Cash Flow Adjustments	-	-	-	-	-
Net Change in Cash	22.94M	20.24M	-37.57M	6.77M	857K
Supplemental Items
Cash Interest Paid	-	-	-	-	-
Cash Income Tax Paid (Refund)	17.04M	15.77M	21.05M	21.65M	38.16M
Levered Free Cash Flow	69.2M	56.39M	42.57M	111M	35.3M
Unlevered Free Cash Flow	70.12M	56.95M	43.68M	113M	38.45M
Change In Net Working Capital	-18.11M	5.09M	14.84M	-34.18M	58.92M
Net Debt Issued / Repaid	-46.12M	-16.06M	-9.57M	7.86M	-13.73M

Fiscal Period: March	2021	2022	2023	2024	2025
Profitability
Return on Assets	8.58	10.54	9.86	8.61	7.7
Return on Total Capital	12.78	16.11	14.91	12.86	11.01
Return On Equity %	13.24	22.04	18.01	13.46	12.6
Return on Common Equity	13.24	22.04	18.01	13.4	12.58
Margin Analysis
Gross Profit Margin %	22.39	26.14	25.78	23.93	21.55
SG&A Margin	5.68	7.32	8.75	7.42	7.04
EBITDA Margin %	15.74	17.74	15.95	15.83	14.13
EBITA Margin %	15.08	17.2	15.56	15.42	13.67
EBIT Margin %	14.73	16.88	15.28	14.88	12.78
Income From Continuing Operations Margin %	6.08	10.86	9.41	8.36	8.05
Net Income Margin %	6.08	10.86	9.41	8.3	8.01
Net Avail. For Common Margin %	6.08	10.86	9.41	8.3	8.01
Normalized Net Income Margin	8.82	10.43	9.07	8.77	7.49
Levered Free Cash Flow Margin	16.57	12	8	15.89	3.74
Unlevered Free Cash Flow Margin	16.79	12.12	8.21	16.14	4.07
Asset Turnover
Asset Turnover	0.93	1	1.03	0.93	0.96
Fixed Assets Turnover	11.26	18.49	24.56	24.24	25.95
Receivables Turnover (Average Receivables)	3.29	3.44	3.28	3.32	3.8
Short Term Liquidity
Current Ratio	1.53	1.65	1.51	1.2	1.49
Quick Ratio	1.51	1.63	1.49	1.18	1.47
Operating Cash Flow to Current Liabilities	0.46	0.33	0.24	0.29	0.38
Days Sales Outstanding (Average Receivables)	111.05	106.18	111.21	110.29	95.94
Average Days Payable Outstanding	15.84	12.69	12.62	19.57	18.84
Long Term Solvency
Total Debt/Equity	41.95	25.67	19.91	14.77	12.75
Total Debt / Total Capital	29.55	20.43	16.61	12.87	11.31
LT Debt/Equity	34.1	20.59	16.43	12.29	10.12
Long-Term Debt / Total Capital	24.02	16.38	13.7	10.71	8.98
Total Liabilities / Total Assets	53.85	48	44.29	41.56	35.36
EBIT / Interest Expense	41.7	88.25	46.05	37.34	23.89
EBITDA / Interest Expense	49.23	99.85	50.52	41.79	28.07
(EBITDA - Capex) / Interest Expense	48.72	99.35	48.42	40.68	27.11
Total Debt / EBITDA	1.19	0.73	0.67	0.72	0.57
Net Debt / EBITDA	-0.02	-0.47	-0.13	0.06	0.02
Total Debt / (EBITDA - Capex)	1.2	0.74	0.7	0.74	0.59
Net Debt / (EBITDA - Capex)	-0.02	-0.47	-0.13	0.06	0.02
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-1.05	12.56	13.23	31.71	34.61
Gross Profit, 1 Yr. Growth %	-21.54	31.41	11.71	22.27	21.19
EBITDA, 1 Yr. Growth %	-15.42	10.16	1.82	27.25	19.53
EBITA, 1 Yr. Growth %	-4.66	28.31	2.46	30.09	19.31
EBIT, 1 Yr. Growth %	-4.68	29	2.5	27.81	15.64
Earnings From Cont. Operations, 1 Yr. Growth %	-18.51	101.1	-1.89	17.02	29.58
Net Income, 1 Yr. Growth %	-18.51	101.1	-1.89	16.24	29.83
Normalized Net Income, 1 Yr. Growth %	-3.58	33.12	-1.55	26.97	14.83
Diluted EPS Before Extra, 1 Yr. Growth %	-18.95	100.79	-1.59	7.99	14.02
Accounts Receivable, 1 Yr. Growth %	-2.1	17.54	19.51	39.25	1.74
Net Property, Plant and Equip., 1 Yr. Growth %	-33.9	-27.65	3.03	63.01	2.83
Total Assets, 1 Yr. Growth %	-0.69	10.7	8.61	82.15	0.23
Tangible Book Value, 1 Yr. Growth %	1.38K	96.11	-17.67	-121.27	-510.09
Common Equity, 1 Yr. Growth %	16.33	24.71	16.37	90.42	10.97
Cash From Operations, 1 Yr. Growth %	28.07	-20.45	-26.96	101.94	7.44
Capital Expenditures, 1 Yr. Growth %	-75.57	-39.17	714.29	-16.09	55.61
Levered Free Cash Flow, 1 Yr. Growth %	29.8	-27.77	-12.35	149.86	-68.47
Unlevered Free Cash Flow, 1 Yr. Growth %	28.25	-27.71	-11.11	147.64	-66.17
Dividend Per Share, 1 Yr. Growth %	-	65.22	0	0	21.05
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	3.28	5.54	12.9	22.12	33.15
Gross Profit, 2 Yr. CAGR %	-10.3	1.54	21.16	16.87	21.73
EBITDA, 2 Yr. CAGR %	0.05	3.58	5.91	15.37	23.64
EBITA, 2 Yr. CAGR %	3.55	10.6	14.66	15.67	24.58
EBIT, 2 Yr. CAGR %	4.37	10.89	14.99	14.68	21.57
Earnings From Cont. Operations, 2 Yr. CAGR %	-9.19	28.02	40.46	7.15	23.14
Net Income, 2 Yr. CAGR %	-9.19	28.02	40.46	6.79	22.85
Normalized Net Income, 2 Yr. CAGR %	3.83	13.3	14.48	12.03	20.75
Diluted EPS Before Extra, 2 Yr. CAGR %	-9.19	27.57	40.57	3.09	10.97
Accounts Receivable, 2 Yr. CAGR %	-1.82	7.27	18.52	29	19.02
Net Property, Plant and Equip., 2 Yr. CAGR %	31.36	-30.85	-13.66	29.6	29.47
Total Assets, 2 Yr. CAGR %	7.8	4.85	9.65	40.65	35.11
Tangible Book Value, 2 Yr. CAGR %	1.9K	439.36	27.07	-58.15	-6.6
Common Equity, 2 Yr. CAGR %	16.89	20.45	20.47	48.86	45.37
Cash From Operations, 2 Yr. CAGR %	47.34	0.93	-23.78	21.45	47.3
Capital Expenditures, 2 Yr. CAGR %	-28.15	-61.45	122.56	161.4	14.27
Levered Free Cash Flow, 2 Yr. CAGR %	39.59	2.85	-26.15	51.43	-11.02
Unlevered Free Cash Flow, 2 Yr. CAGR %	38.47	2.06	-25.54	51.74	-8.25
Dividend Per Share, 2 Yr. CAGR %	0	-	28.54	0	10.02
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	5.08	6.28	8.04	18.85	26.15
Gross Profit, 3 Yr. CAGR %	-1.99	1.87	4.82	21.53	18.29
EBITDA, 3 Yr. CAGR %	5.49	8.29	2.99	13.61	16.94
EBITA, 3 Yr. CAGR %	7.33	11.22	7.82	19.74	16.87
EBIT, 3 Yr. CAGR %	8.28	12.01	8.02	19.26	15
Earnings From Cont. Operations, 3 Yr. CAGR %	-1.59	18.37	17.15	32.17	14.16
Net Income, 3 Yr. CAGR %	-1.59	18.37	17.15	31.87	13.98
Normalized Net Income, 3 Yr. CAGR %	8.91	12.79	8.12	18.66	12.95
Diluted EPS Before Extra, 3 Yr. CAGR %	-1.49	18.31	17	28.74	6.61
Accounts Receivable, 3 Yr. CAGR %	0.48	4.25	11.21	25.06	19.19
Net Property, Plant and Equip., 3 Yr. CAGR %	19.98	7.68	-21.02	6.71	19.98
Total Assets, 3 Yr. CAGR %	7.31	8.75	6.09	29.86	25.63
Tangible Book Value, 3 Yr. CAGR %	190.59	820.73	188.25	-29.97	-10.44
Common Equity, 3 Yr. CAGR %	16.52	19.44	19.07	40.33	34.98
Cash From Operations, 3 Yr. CAGR %	31.49	19.97	-9.38	5.47	16.59
Capital Expenditures, 3 Yr. CAGR %	-34.85	-32.03	6.56	60.78	119.9
Levered Free Cash Flow, 3 Yr. CAGR %	46.58	16.66	-7.22	12.58	-10.1
Unlevered Free Cash Flow, 3 Yr. CAGR %	44.71	15.91	-7.21	12.82	-7.85
Dividend Per Share, 3 Yr. CAGR %	4.77	18.22	-	18.22	6.58
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	12.38	6.77	8.14	12.36	17.46
Gross Profit, 5 Yr. CAGR %	9.01	5.74	6.69	7.63	11.28
EBITDA, 5 Yr. CAGR %	14.42	13.53	8.68	11.07	11.4
EBITA, 5 Yr. CAGR %	18.23	15.28	10.2	12.98	14.32
EBIT, 5 Yr. CAGR %	17.66	16.36	10.91	13.07	13.33
Earnings From Cont. Operations, 5 Yr. CAGR %	13.69	20.54	13.46	13.75	19.51
Net Income, 5 Yr. CAGR %	13.69	20.54	13.46	13.59	19.4
Normalized Net Income, 5 Yr. CAGR %	17.83	17.73	11.1	12.49	13.09
Diluted EPS Before Extra, 5 Yr. CAGR %	13.31	20.06	13.57	11.97	14.55
Accounts Receivable, 5 Yr. CAGR %	4.48	5.85	7.34	13.52	14.27
Net Property, Plant and Equip., 5 Yr. CAGR %	31.22	2.66	5.18	15.96	-3.75
Total Assets, 5 Yr. CAGR %	7.45	8.18	8.24	20.54	16.86
Tangible Book Value, 5 Yr. CAGR %	-3.88	19.46	108.73	167.4	83.66
Common Equity, 5 Yr. CAGR %	19.38	19.81	18.08	30.44	28.97
Cash From Operations, 5 Yr. CAGR %	34.66	17.89	5.72	20.56	10.05
Capital Expenditures, 5 Yr. CAGR %	-37.18	-50.15	6.49	16.5	9.58
Levered Free Cash Flow, 5 Yr. CAGR %	47.9	32.39	14.14	25.69	-7.92
Unlevered Free Cash Flow, 5 Yr. CAGR %	46.89	30.28	13.55	25.34	-6.8
Dividend Per Share, 5 Yr. CAGR %	17.54	20.03	13.7	10.56	-