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

This company holds roughly $4.6B 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.

Jet2 logo

Jet2

JET2.L
51
Travel Services · Consumer Cyclical
Exchange
London Stock Exchange
Winston Score
51
Winston is curious
Mixed quality — meaningful strengths and weaknesses.
Data as of Aug 23, 2026 · filings through Mar 31, 2026
How the score breaks down
Quality
Mixed
Growth
Mixed
Cash Flow
Strong
Stability
Strong
Valuation
Good
Dividends
Good

Winston Score History

The full picture

Jet2 plc is a UK-based travel company that sells package holidays and flights to leisure travelers, mainly families and couples looking for affordable sun destinations. It operates its own airline, Jet2.com, alongside a holiday booking business called Jet2holidays, offering bundled deals that include flights, hotels, and transfers. The company focuses almost entirely on short-haul European and Mediterranean destinations such as Spain, Greece, Turkey, and the Canary Islands.

Jet2 makes money by selling flight seats and all-inclusive holiday packages directly to customers, keeping more profit by controlling both the airline and the holiday product under one roof. It operates primarily out of regional UK airports, which helps it avoid the congestion of Heathrow and reach customers outside London. With a market cap around £2.2 billion, it has grown its market share steadily as larger rivals like Thomas Cook collapsed, but its main risk is exposure to fuel costs, consumer spending downturns, and any disruption to European air travel.

Growth Profile

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

-25.7% YoY

YoY Growth Rate

Earnings declining

Insider Activity

30.2%ownership

Rising

Insiders increasing their stake — aligned with shareholders

Cash Position

Cash flow positive

£3.4B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth context

Jet2 is growing revenue at 2% 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
-2.0%
Thin — -2.0% gross margin
Profit after running costs
Operating Margin
-12.9%
Losing money on operations — -12.9%
Return on the money invested
ROCE
15.2%
Strong — 15.2% 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
+4.3%
Slow sales growth (+4.3% YoY)
Profit growth
EPS YoY
+1.4%
Flat earnings

Single-digit earnings growth — steady but not exciting.

How steady the profit is
EPS Consistency
5/8 quarters
Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash
Cash Conversion
216%
Turns 216% of profit into real cash
Spare cash per sale
FCF Margin
6.6%
Modest free cash flow (6.6%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
0.40
Conservative — low debt load (0.40)
Covers its interest
Interest Cover
8.88x
Comfortably covers interest (8.9x)

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

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Valuation

Price vs profit
P/E Ratio (TTM)
7.3x
no trend
Attractive valuation — P/E 7.3

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

Cheaper or dearer next year
P/E vs Forward
-0.9
SLOWING
Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend
Dividend Yield
1.04%
no trend
Small dividend — 1.04% yield

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

Dividend record
Dividend Growth
+76.1%
no trend
Dividend growing fast (76.1% YoY)

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