GB Group

GBG.L

Software - Application · Technology

Price

156.60 GBp

+0.20 (+0.13%)

Market Cap

£358.0M

Exchange

London Stock Exchange

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Good

Growth

Weak

Cash Flow

Weak

Stability

Strong

Valuation

Data not available

Dividends

Good

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Share count rising — dilution

+11.0% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 220.5M (2022) → 244.7M (2026)

Winston Score History

The full picture

GB Group (GBG) is a UK-based technology company that helps businesses verify who their customers are. Its software checks identities, validates addresses, and detects fraud — services used by banks, retailers, telecoms companies, and other businesses that need to confirm a person is real before letting them open an account or make a transaction. GBG is one of the larger specialist identity verification providers listed in the UK.

The company earns revenue mainly through software subscriptions and usage-based fees, meaning customers pay each time they run a verification check. GBG operates globally, with significant business in the UK, the US, and Asia-Pacific, and has grown partly through acquisitions. Its competitive edge comes from large proprietary data assets and deep integrations into customer workflows, which makes switching providers costly. The key growth driver is rising demand for digital identity checks as more services move online, though the main risk is increasing competition from larger technology players entering the identity verification market.

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

+2.5% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

<−1,000% YoY

YoY Growth Rate

Earnings declining

R&D Spend

£43M/ year

15.2% of revenue

In line with sector average (15%)

Research and development spending

Insider Activity

0.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

£42M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Growth context

GB Group is growing revenue at 3% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

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

57.2%

Premium pricing power — 57.2% gross margin

Profit after running costs

Operating Margin

12.9%

Healthy — 12.9% operating margin

Return on the money invested

ROCE

5.1%

Weak — 5.1% return on capital

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

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Growth

Sales growth

Sales YoY

+0.8%

Nearly flat sales (+0.8% YoY)

Profit growth

EPS YoY

<−1,000%

Earnings shrinking (<−1,000% 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

N/A

Data not available

Spare cash per sale

FCF Margin

11.6%

Modest free cash flow (11.6%)

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

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Stability

What it owes vs what it owns

Debt / Equity

0.23

Conservative — low debt load (0.23)

Covers its interest

Interest Cover

4.34x

Adequate interest coverage (4.3x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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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

1.99%

Small dividend — 1.99% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

+28.8%

Dividend growing fast (28.8% YoY)

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