Ingenta

ING.L

Software - Application · Technology

Price

66.30 GBp

+0.80 (+1.22%)

Market Cap

9.6M GBp

Exchange

London Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 24, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Strong

Growth

Mixed

Cash Flow

Strong

Stability

Good

Valuation

Good

Dividends

Exceptional

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Share count falling — buybacks

−15.4% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 17.2M (2021) → 14.5M (2025)

Winston Score History

The full picture

Ingenta provides software to the publishing industry. Its main products help publishers manage, distribute, and sell content like books, journals, and digital media. The company serves academic publishers, commercial publishers, and content providers, mostly in the UK and North America.

Ingenta makes money by selling software licenses and charging ongoing fees for hosting, support, and content management services. It is a small company based in Oxford, England, with a market cap under $50 million. Its niche focus on publishing technology gives it deep expertise, but the small size of its target market limits growth potential. The key risk is that consolidation among publishers could reduce its customer base, while growth depends on publishers continuing to shift toward digital content delivery.

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

-0.2% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-20.4% YoY

YoY Growth Rate

Earnings declining

R&D Spend

£1M/ year

↓ Declining (-11% vs prior year)

10.7% of revenue

Below sector average (15%)

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

Insider Activity

43.0%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

£5M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

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

Revenue declining

Ingenta'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.

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Quality

Profit per sale

Gross Margin

52.1%

Healthy — 52.1% gross margin

Profit after running costs

Operating Margin

13.3%

Healthy — 13.3% operating margin

Return on the money invested

ROCE

26.2%

Exceptional — 26.2% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth

Sales YoY

+0.7%

Nearly flat sales (+0.7% YoY)

Profit growth

EPS YoY

+37.5%

Earnings growing fast (+37.5% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

98%

Turns 98% of profit into real cash

Spare cash per sale

FCF Margin

16.3%

Converts sales into free cash efficiently (16.3%)

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

N/A

Data not available

Covers its interest

Interest Cover

627.00x

Comfortably covers interest (627.0x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

5.6x

Attractive valuation — P/E 5.6

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year

P/E vs Forward

-1.9

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend

Dividend Yield

6.79%

Healthy income — 6.79% yield

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

Dividend record

Dividend Growth

+13.9%

Dividend growing fast (13.9% YoY)

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