Animalcare Group

ANCR.L

Drug Manufacturers - Specialty & Generic · Healthcare

Price

335.00 GBp

+1.50 (+0.45%)

Market Cap

£231.3M

Exchange

London Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Mixed

Growth

Good

Cash Flow

Exceptional

Stability

Strong

Valuation

Good

Dividends

Good

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Share count rising — dilution

+15.6% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 60.1M (2021) → 69.4M (2025)

Winston Score History

The full picture

Animalcare Group is a UK-based company that makes medicines and health products for animals. Its main customers are veterinarians and veterinary clinics across Europe, and it sells products covering areas like pain relief, sedation, and companion animal health. The company focuses entirely on the veterinary pharmaceutical market, which sets it apart from larger drugmakers that serve both humans and animals.

Animalcare earns money by selling licensed veterinary medicines, generic drugs, and some companion animal identification products to vet practices and distributors. It operates primarily in the UK and continental Europe, making it a relatively small, regional player in a market dominated by much larger companies like Zoetis and Elanco. The key growth opportunity lies in expanding its product portfolio and geographic reach across Europe, but its modest returns on capital and exposure to regulatory hurdles around drug licensing remain ongoing risks to watch.

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

+21.5% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+741.5% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

£651,000/ year

↓ Declining (-71% vs prior year)

0.7% of revenue

Below sector average (18%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

26.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

£4M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth + cash flow

Animalcare Group is a rare growth stock that's already generating positive cash flow while growing at 22%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

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

49.1%

Healthy — 49.1% gross margin

Profit after running costs

Operating Margin

8.0%

Modest — 8.0% operating margin

Return on the money invested

ROCE

6.4%

Weak — 6.4% 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 growth

Sales YoY

+20.0%

Fast-growing sales (+20.0% YoY)

Profit growth

EPS YoY

-86.2%

Earnings shrinking (-86.2% YoY)

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

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

215%

Turns 215% of profit into real cash

Spare cash per sale

FCF Margin

12.0%

Converts sales into free cash efficiently (12.0%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

0.10

Conservative — low debt load (0.10)

Covers its interest

Interest Cover

3.33x

Tight — interest eats into profit (3.3x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

45.4x

Expensive — P/E 45.4

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+28.9

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (45.4 → 16.5)

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Dividends

Dividend

Dividend Yield

1.55%

Small dividend — 1.55% yield

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

Dividend record

Dividend Growth

+15.9%

Dividend growing fast (15.9% YoY)

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