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BSF Enterprise

BSFA.L
27
Biotechnology · Healthcare
Exchange
London Stock Exchange
Winston Score
27
Winston is worried
Below-average fundamentals — multiple weak pillars.
Data as of Aug 23, 2026 · filings through Mar 31, 2026
How the score breaks down
Quality
Weak
Growth
Good
Cash Flow
Weak
Stability
Good
Valuation
Data not available

Winston Score History

The full picture

BSF Enterprise Plc is a small UK-based biotechnology company focused on developing cultivated meat and alternative protein products. It works on growing real animal cells in a lab to create meat without slaughtering animals, targeting the emerging food technology market. The company is in early-stage research and development, with no significant commercial products on the market yet.

BSF Enterprise generates little to no revenue at this stage, relying instead on equity financing to fund its operations, which explains its deeply negative margins. It is headquartered in the United Kingdom and operates at a very small scale, with a market capitalization that rounds to essentially zero. The main risk the company faces is the long and uncertain path from laboratory research to commercially viable, cost-competitive products, in a crowded field where many well-funded competitors are racing to bring cultivated meat to consumers first.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-8.6% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-8.8% YoY

YoY Growth Rate

Earnings declining

Insider Activity

41.1%ownership

Insiders own a meaningful stake in the company

Cash Runway

~1 months

£60,174 cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Short runway — potential dilution ahead through share issuance

Cash watch

BSF Enterprise has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

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

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Quality

Profit per sale
Gross Margin
-206.5%
Thin — -206.5% gross margin
Profit after running costs
Operating Margin
-5383.2%
Losing money on operations — -5383.2%
Return on the money invested
ROCE
-96.2%
Weak — -96.2% 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
+112.0%
Fast-growing sales (+112.0% YoY)
Profit growth
EPS YoY
N/A
Data not available
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
N/A
Data not available
Spare cash per sale
FCF Margin
-1258.8%
Burning cash (-1258.8%)

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
0.06
Conservative — low debt load (0.06)
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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