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Greencoat UK Wind

UKW.L
58
Asset Management · Financial Services
Price
110.00 GBp
-0.20 (-0.18%)
Market Cap
£2.37B
Exchange
London Stock Exchange
Winston Score
58
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Aug 23, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Strong
Growth
Mixed
Cash Flow
Exceptional
Stability
Good
Valuation
Good
Dividends
Strong

Share count rising — dilution

+11.4% over 4y

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

Diluted shares outstanding: 1.98B (2021) → 2.21B (2025)

Winston Score History

The full picture

Greencoat UK Wind is a company that owns and operates wind farms across the United Kingdom. It buys stakes in both onshore and offshore wind energy projects, then collects the electricity revenue those turbines generate. It is one of the largest listed renewable energy investment funds in the UK.

The company makes money by selling electricity produced by its wind farms, mostly under long-term contracts or at market prices, and it pays much of that income back to shareholders as dividends. It operates entirely within the UK and manages a portfolio worth several billion pounds across dozens of wind sites. Its main competitive advantage is its large, diversified portfolio of operating assets, which produces relatively steady cash flows. The key risk is that wind farm output depends on actual wind levels, and falling wholesale electricity prices could reduce revenue significantly over time.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

>+1,000% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+282.4% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

£0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

3.0%ownership

Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

£4.6B cash & investments

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

Revenue accelerating

Greencoat UK Wind grew revenue 1895% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

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
95.7%
Premium pricing power — 95.7% gross margin
Profit after running costs
Operating Margin
67.6%
Excellent — 67.6% operating margin
Return on the money invested
ROCE
2.1%
Weak — 2.1% 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
+125.8%
Fast-growing sales (+125.8% YoY)
Profit growth
EPS YoY
N/A
Data not available
How steady the profit is
EPS Consistency
2/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
4565%
Turns 4565% of profit into real cash
Spare cash per sale
FCF Margin
72.8%
Converts sales into free cash efficiently (72.8%)

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

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Stability

What it owes vs what it owns
Debt / Equity
0.58
Conservative — low debt load (0.58)
Covers its interest
Interest Cover
1.17x
Dangerous — barely covers interest (1.2x)

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)
343.7x
Expensive — P/E 343.7

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

Cheaper or dearer next year
P/E vs Forward
+317.8
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (343.7 → 26.0)

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Dividends

Dividend
Dividend Yield
9.15%
Healthy income — 9.15% yield

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

Dividend record
Dividend Growth
+3.5%
Dividend growing modestly (3.5% YoY)

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