DSW Capital

DSW.L

Specialty Business Services · Industrials

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

Good

Growth

Good

Cash Flow

Exceptional

Stability

Strong

Valuation

Strong

Dividends

Strong

Track this stock — start free trial

Winston Score History

The full picture

DSW Capital is a UK-based professional services firm that runs a network of independent advisory businesses. It operates under brands like Dow Schofield Watts, helping smaller companies with things like mergers and acquisitions, corporate finance, and financial advisory work. Its main customers are privately owned businesses and entrepreneurs looking to buy, sell, or restructure their companies.

The company makes money by taking a share of the fees that its network of independent advisers earn when they complete deals for clients. This is sometimes called a "licensee" model — advisers pay DSW to use its brand, infrastructure, and support services rather than DSW employing them directly. It operates primarily in the UK, and its high gross margin reflects the low-cost nature of this model. The main growth driver is attracting more high-quality advisers to the network, but the main risk is that deal activity slows during economic downturns, which can quickly reduce fee income.

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

-10.2% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-56.4% YoY

YoY Growth Rate

Earnings declining

Insider Activity

66.1%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

£4M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue declining

DSW Capital'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

77.5%

Premium pricing power — 77.5% gross margin

Profit after running costs

Operating Margin

14.0%

Healthy — 14.0% operating margin

Return on the money invested

ROCE

6.7%

Weak — 6.7% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Growth

Sales growth

Sales YoY

+27.1%

Fast-growing sales (+27.1% YoY)

Profit growth

EPS YoY

-46.0%

Earnings shrinking (-46.0% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Cash Flow

Profit that turns into cash

Cash Conversion

270%

Turns 270% of profit into real cash

Spare cash per sale

FCF Margin

23.6%

Converts sales into free cash efficiently (23.6%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Stability

What it owes vs what it owns

Debt / Equity

0.19

Conservative — low debt load (0.19)

Covers its interest

Interest Cover

2.67x

Tight — interest eats into profit (2.7x)

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

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Valuation

Price vs profit

P/E Ratio (TTM)

20.9x

no trend

Growth-priced — P/E 20.9

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

+11.0

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (20.9 → 9.9)

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Dividends

Dividend

Dividend Yield

7.36%

no trend

Healthy income — 7.36% yield

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

Dividend record

Dividend Growth

+7.6%

no trend

Dividend growing modestly (7.6% YoY)

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

🔒 See full fundamentals and if they are improving or declining — click here for your free trial now.

Start free trial