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

This company holds roughly $5M 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.

Fletcher King

FLK.L

Real Estate - Services · Real Estate

Exchange

London Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

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

How the score breaks down

Quality

Good

Growth

Weak

Cash Flow

Weak

Stability

Good

Valuation

Weak

Dividends

Exceptional

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Winston Score History

The full picture

Fletcher King is a small UK-based commercial property services firm. It helps businesses and investors buy, sell, lease, and manage commercial real estate — things like offices, retail spaces, and industrial buildings. The company acts as an advisor and agent, earning fees when deals get done or properties get managed.

The firm makes money mainly through advisory fees, management fees, and professional services rather than owning property itself — which explains its very high gross margin. Fletcher King operates almost entirely in the United Kingdom, and its small size means it serves a niche client base, likely including property funds, private investors, and corporate occupiers. Because it does not carry large property assets on its balance sheet, it avoids direct real estate risk, but its revenue is closely tied to the health of UK commercial property markets — meaning a slowdown in transactions or rising vacancy rates could quickly squeeze its 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

-10.5% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-59.9% YoY

YoY Growth Rate

Earnings declining

Insider Activity

3.0%ownership

Relatively low insider ownership

Cash Position

Cash flow positive

£4M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

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

Revenue declining

Fletcher King'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

88.4%

Premium pricing power — 88.4% gross margin

Profit after running costs

Operating Margin

0.2%

Thin — 0.2% operating margin

Return on the money invested

ROCE

19.4%

Strong — 19.4% 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

-3.9%

Shrinking sales (-3.9% YoY)

Profit growth

EPS YoY

-66.7%

Earnings shrinking (-66.7% YoY)

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

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

-5%

Weak — only -5% of profit becomes cash

Spare cash per sale

FCF Margin

-0.5%

Burning cash (-0.5%)

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

N/A

Data not available

Covers its interest

Interest Cover

137.00x

Comfortably covers interest (137.0x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

42.9x

no trend

Pricey — P/E 42.9

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend

Dividend Yield

53.33%

no trend

Healthy income — 53.33% yield

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

Dividend record

Dividend Growth

+818.2%

no trend

Dividend growing fast (818.2% YoY)

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