CLS Holdings

CLI.L

REIT - Office · Real Estate

Price

46.45 GBp

-0.05 (-0.11%)

Market Cap

£184.9M

Exchange

London Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Strong

Growth

Weak

Cash Flow

Weak

Stability

Mixed

Valuation

Data not available

Dividends

Good

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Share count falling — buybacks

−2.3% over 4y

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

Diluted shares outstanding: 407.4M (2021) → 398.1M (2025)

Winston Score History

The full picture

CLS Holdings is a British real estate company that owns and rents out office buildings. Its customers are businesses that need office space, ranging from government agencies to private companies. CLS focuses on mid-sized office properties in urban locations across the UK, Germany, and France.

The company makes money by collecting rent from tenants who lease space in its buildings. CLS owns roughly 100 properties and its portfolio is valued at around £1.3 billion, giving it a spread of assets across three countries. Its competitive position relies on owning well-located offices in cities where demand for workspace is steady, but the business faces a real risk from the ongoing shift toward remote and hybrid working, which has reduced demand for office space across Europe and put pressure on occupancy rates and property valuations.

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

-10.6% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-177.3% YoY

YoY Growth Rate

Earnings declining

R&D Spend

£0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

67.2%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

5+ years

Quarterly Free Cash Flow

↓ Burn rate worsening

£1.5B cash & investments at current burn rate

Revenue declining

CLS Holdings'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

71.5%

Premium pricing power — 71.5% gross margin

Profit after running costs

Operating Margin

47.3%

Excellent — 47.3% operating margin

Return on the money invested

ROCE

4.1%

Weak — 4.1% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

-9.5%

Shrinking sales (-9.5% 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

6.3%

Modest free cash flow (6.3%)

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

1.28

Elevated debt (1.28)

Covers its interest

Interest Cover

1.69x

Dangerous — barely covers interest (1.7x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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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

Dividend

Dividend Yield

8.48%

Healthy income — 8.48% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

-41.6%

Dividend cut (-41.6% YoY) — warning sign

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