ASOS

ASC.L

Specialty Retail · Consumer Cyclical

Price

396.00 GBp

+6.50 (+1.67%)

Market Cap

£473.8M

Exchange

London Stock Exchange

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 23, 2026 · filings through Feb 28, 2026

How the score breaks down

Quality

Weak

Growth

Weak

Cash Flow

Weak

Stability

Weak

Valuation

Data not available

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Share count rising — dilution

+10.0% over 4y

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

Diluted shares outstanding: 108.4M (2021) → 119.3M (2025)

Winston Score History

The full picture

ASOS is a British online fashion retailer that sells clothing, shoes, and accessories directly to shoppers through its website and app. It targets young adults, roughly ages 16 to 35, and carries thousands of its own branded items alongside products from other fashion labels. ASOS stands for "As Seen On Screen" and operates entirely online, with no physical stores.

The company makes money by charging customers for the clothes they order, and it also offers a subscription service called ASOS Premier for faster delivery. It ships to customers in over 200 countries, with its biggest markets in the UK, Europe, and the US, generating roughly £3.5 billion in annual revenue. ASOS built its position by offering a huge range of styles and fast delivery, but it faces intense competition from rivals like Shein and Zara, and its negative operating margin signals that controlling costs and returning to consistent profitability remains the central challenge ahead.

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

-13.8% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+34.1% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

£0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

56.7%ownership

↓ Declining

Insider ownership declining — could be dilution or selling

Cash Runway

~20 months

£258M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Adequate runway but may need to raise capital within 2 years

Revenue declining

ASOS's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

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.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

41.2%

Healthy — 41.2% gross margin

Profit after running costs

Operating Margin

-2.2%

Losing money on operations — -2.2%

Return on the money invested

ROCE

-4.4%

Weak — -4.4% 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

-15.0%

Shrinking sales (-15.0% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

—

Data not available

Spare cash per sale

FCF Margin

4.7%

Thin free cash flow (4.7%)

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

5.92

Heavy debt load (5.92)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

—

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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