Haydale Graphene Industries

HAYD.L

Chemicals - Specialty · Basic Materials

Price

0.29 GBp

+0.01 (+2.70%)

Market Cap

13.5M GBp

Exchange

London Stock Exchange

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

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

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Weak

Stability

Good

Valuation

Data not available

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Share count rising — dilution

+702.8% over 4y

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

Diluted shares outstanding: 412.9M (2021) → 3.31B (2025)

Winston Score History

The full picture

Haydale Graphene Industries is a small UK-based company that works with advanced materials like graphene and other nanomaterials. It uses a special plasma process to treat these materials so they mix better into products like inks, coatings, and composites. Its customers include companies in aerospace, automotive, electronics, and construction who want stronger or more conductive materials.

Haydale makes money by selling treated nanomaterials and providing contract research and development services to industrial clients. The company is headquartered in Ammanford, Wales, and operates facilities in the UK and the US, though it remains a micro-cap business with very limited revenue. Its proprietary plasma functionalization technology is a differentiator, but the company has consistently reported operating losses and negative margins, relying on fundraising to continue operations. The key challenge ahead is proving it can commercialize its technology at scale and reach profitability before needing additional capital.

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

YoY Growth Rate

Revenue data limited

EPS Growth

YoY Growth Rate

EPS data limited

R&D Spend

£0/ year

↓ Declining (-100% vs prior year)

0.0% of revenue

Below sector average (3%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

22.9%ownership

Insiders own a meaningful stake in the company

Cash Runway

~3 months

£3M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Cash watch

Haydale Graphene Industries has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

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

15.1%

Thin — 15.1% gross margin

Profit after running costs

Operating Margin

-77.6%

Losing money on operations — -77.6%

Return on the money invested

ROCE

-10.4%

Weak — -10.4% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

-56.2%

Shrinking sales (-56.2% YoY)

Profit growth

EPS YoY

N/A

—

Data not available

How steady the profit is

EPS Consistency

7/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

—

Data not available

Spare cash per sale

FCF Margin

-401.3%

Burning cash (-401.3%)

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

0.09

Conservative — low debt load (0.09)

Covers its interest

Interest Cover

N/A

Data not available

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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

Not applicable for this business.

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