AFC Energy

AFC.L

Electrical Equipment & Parts · Industrials

Exchange

London Stock Exchange

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 23, 2026 · filings through Apr 30, 2026

How the score breaks down

Quality

Weak

Growth

Weak

Cash Flow

Weak

Stability

Good

Valuation

Data not available

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Winston Score History

The full picture

AFC Energy is a British company that builds hydrogen fuel cell systems. These systems generate electricity by combining hydrogen with oxygen, without burning any fuel. Its main products are modular power units sold to industrial customers, construction sites, and event organizers who need clean, off-grid electricity.

The company earns revenue by selling and leasing its fuel cell systems, though it is still in an early commercial stage and currently spends far more than it earns. AFC Energy operates primarily in the UK and Europe, with a small but growing customer base. Its core technology is based on alkaline fuel cells, which it has developed over many years, giving it some intellectual property depth. The biggest risk is straightforward: the company is burning through cash and has not yet proven it can scale sales fast enough to reach profitability, making its future heavily dependent on continued fundraising and the pace at which hydrogen infrastructure expands across Europe.

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

>+1,000% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

+57.1% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

24.2%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~15 months

£18M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Adequate runway but may need to raise capital within 2 years

Strong grower

AFC Energy is growing revenue at 1388% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

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

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

-834.8%

Thin — -834.8% gross margin

Profit after running costs

Operating Margin

-3002.4%

Losing money on operations — -3002.4%

Return on the money invested

ROCE

-66.9%

Weak — -66.9% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

-90.0%

Shrinking sales (-90.0% YoY)

Profit growth

EPS YoY

N/A

—

Data not available

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

—

Data not available

Spare cash per sale

FCF Margin

-2307.5%

Burning cash (-2307.5%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

0.02

Conservative — low debt load (0.02)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

no trend

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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