Cairn Homes

CRN.L

Residential Construction · Consumer Cyclical

Price

215.50 GBp

+3.50 (+1.65%)

Market Cap

£1.34B

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

Good

Growth

Strong

Cash Flow

Mixed

Stability

Exceptional

Valuation

Good

Dividends

Strong

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Share count falling — buybacks

−16.4% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 751.0M (2021) → 627.8M (2025)

Winston Score History

The full picture

Cairn Homes is an Irish homebuilder that designs and builds new residential properties across Ireland. Its main products are houses and apartments, sold primarily to private buyers, first-time homeowners, and institutional investors such as housing associations. It is one of the largest homebuilders in Ireland by volume, focused almost entirely on the Republic of Ireland market.

The company makes money by selling completed homes, with revenue recognized when properties are handed over to buyers. Cairn operates exclusively in Ireland, giving it deep local market knowledge, and its scale allows it to secure land and planning permissions more efficiently than smaller rivals. Ireland faces a well-documented structural housing shortage, which supports strong demand for new homes, but rising construction costs and interest rate sensitivity among buyers remain the key risks to near-term earnings growth.

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

+33.7% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+45.5% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

€0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

2.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

€63M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue accelerating

Cairn Homes grew revenue 34% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

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

22.1%

Thin — 22.1% gross margin

Profit after running costs

Operating Margin

19.1%

Healthy — 19.1% operating margin

Return on the money invested

ROCE

15.9%

Strong — 15.9% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+10.0%

Steady sales growth (+10.0% YoY)

Profit growth

EPS YoY

+15.8%

Earnings growing fast (+15.8% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

44%

Weak — only 44% of profit becomes cash

Spare cash per sale

FCF Margin

6.0%

Modest free cash flow (6.0%)

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

0.27

Conservative — low debt load (0.27)

Covers its interest

Interest Cover

11.50x

Comfortably covers interest (11.5x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

10.2x

Attractive valuation — P/E 10.2

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

-1.0

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend

Dividend Yield

3.99%

Moderate income — 3.99% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record

Dividend Growth

+46.5%

Dividend growing fast (46.5% YoY)

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