Deep Value: cash covers more than 100% of the stock price

This company holds roughly $508M in cash and investments — more than its entire stock-market value, based on its latest quarterly filing. You're paying very little for the actual business. Sometimes that's a genuine bargain or a takeover target, sometimes it's cheap for a reason. Not a buy signal on its own — always ask why it's this cheap.

EnQuest

ENQ.L

Oil & Gas Exploration & Production · Energy

Exchange

London Stock Exchange

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Exceptional

Stability

Mixed

Valuation

Data not available

Track this stock — start free trial

Winston Score History

The full picture

EnQuest is an oil and gas company that finds and produces crude oil and natural gas, mainly from aging fields in the North Sea. It specializes in taking over mature, declining oilfields that larger companies no longer want to operate, then squeezing more production out of them. Its main asset is the Kraken heavy oil field off the coast of Scotland, and it also has operations in Malaysia.

EnQuest makes money by selling the oil and gas it produces directly into energy markets, so its revenue rises and falls with global oil prices. The company is relatively small, with a market cap around $400 million, and its edge comes from its technical expertise in managing complex, late-life fields that others find too difficult or costly to run. Its biggest risk is its debt load — EnQuest carries significant borrowings, which become harder to manage when oil prices drop, leaving little financial cushion during downturns.

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

-7.2% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+178.3% YoY

YoY Growth Rate

Strong earnings growth

Insider Activity

21.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

£508M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Revenue declining

EnQuest'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

10.7%

Thin — 10.7% gross margin

Profit after running costs

Operating Margin

9.7%

Modest — 9.7% operating margin

Return on the money invested

ROCE

15.6%

Strong — 15.6% return on capital

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

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

-6.7%

Shrinking sales (-6.7% YoY)

Profit growth

EPS YoY

-99.6%

Earnings shrinking (-99.6% 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

12786%

Turns 12786% of profit into real cash

Spare cash per sale

FCF Margin

12.2%

Converts sales into free cash efficiently (12.2%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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

1.34

Elevated debt (1.34)

Covers its interest

Interest Cover

1.48x

Dangerous — barely covers interest (1.5x)

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)

N/A

no trend

Data not available

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

Full breakdown available with your free trial

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

Try free

Dividends

Not applicable for this business.

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

Start free trial