AO World

AO.L

Specialty Retail · Consumer Cyclical

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 Mar 31, 2026

How the score breaks down

Quality

Mixed

Growth

Good

Cash Flow

Strong

Stability

Exceptional

Valuation

Strong

Dividends

Weak

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Winston Score History

The full picture

AO World is a British online retailer that sells large home appliances like washing machines, fridges, dishwashers, and televisions. It sells directly to everyday consumers who want to buy these products from home without visiting a physical store. AO built its reputation around delivering bulky appliances quickly and handling installation and old appliance removal, which most general retailers do not offer.

AO makes money by selling appliances online and charging for delivery, installation, and recycling services. It also earns revenue from product protection plans and financial services like credit. The company operates mainly in the UK, where it competes against retailers like Currys and Amazon, and its main competitive edge is its own delivery network built specifically for large, heavy goods. The key risk is that consumer spending on big-ticket home appliances tends to fall sharply during economic downturns, making AO's revenue sensitive to household finances and interest rates.

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

+8.9% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

>+1,000% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

45.2%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

£174M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth context

AO World is growing revenue at 9% 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

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

24.7%

Thin — 24.7% gross margin

Profit after running costs

Operating Margin

4.7%

Thin — 4.7% operating margin

Return on the money invested

ROCE

27.9%

Exceptional — 27.9% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth

Sales YoY

+11.3%

Steady sales growth (+11.3% YoY)

Profit growth

EPS YoY

+270.9%

Earnings growing fast (+270.9% YoY)

Earnings growing 25%+ a year. The compounder zone.

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

269%

Turns 269% of profit into real cash

Spare cash per sale

FCF Margin

7.2%

Modest free cash flow (7.2%)

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

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Stability

What it owes vs what it owns

Debt / Equity

0.01

Conservative — low debt load (0.01)

Covers its interest

Interest Cover

8.98x

Comfortably covers interest (9.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

15.0x

no trend

Attractive valuation — P/E 15.0

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

Cheaper or dearer next year

P/E vs Forward

+1.8

GROWING

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

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Dividends

Dividend

Dividend Yield

0.02%

no trend

Small dividend — 0.02% yield

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

Dividend record

Dividend Growth

N/A

no trend

Data not available

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