Judges Scientific

JDG.L

Hardware, Equipment & Parts · Technology

Price

3,900.00 GBp

-35.00 (-0.89%)

Market Cap

£259.8M

Exchange

London Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Exceptional

Stability

Good

Valuation

Good

Dividends

Strong

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Share count rising — dilution

+5.5% over 4y

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

Diluted shares outstanding: 6.4M (2021) → 6.8M (2025)

Winston Score History

The full picture

Judges Scientific is a British company that buys and runs small businesses that make scientific instruments. These instruments are used by universities, research labs, and industrial companies to measure things like heat, pressure, light, and material strength. The company owns around 20 specialist instrument brands across the UK and beyond.

Judges Scientific makes money by selling these instruments outright, along with spare parts and servicing contracts. Most of its revenue comes from Europe and North America, and its market cap sits around £300 million, making it a small-cap business. Its main advantage is that it targets niche instrument markets where competition is limited and customers are sticky — switching to a different supplier is often difficult. The key growth driver is acquiring more small instrument makers at reasonable prices, but if deal flow slows or acquisition prices rise, growth could stall.

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

+3.8% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-88.2% YoY

YoY Growth Rate

Earnings declining

R&D Spend

£0/ year

↓ Declining (-100% vs prior year)

0.0% of revenue

Below sector average (15%)

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

Insider Activity

17.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

£19M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth context

Judges Scientific is growing revenue at 4% 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

5.6%

Thin — 5.6% gross margin

Profit after running costs

Operating Margin

5.6%

Thin — 5.6% operating margin

Return on the money invested

ROCE

8.8%

Below par — 8.8% 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

+9.1%

Steady sales growth (+9.1% YoY)

Profit growth

EPS YoY

-47.4%

Earnings shrinking (-47.4% 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

507%

Turns 507% of profit into real cash

Spare cash per sale

FCF Margin

15.4%

Converts sales into free cash efficiently (15.4%)

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

0.71

Moderate — manageable debt (0.71)

Covers its interest

Interest Cover

3.00x

Tight — interest eats into profit (3.0x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

47.6x

Expensive — P/E 47.6

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

Cheaper or dearer next year

P/E vs Forward

+28.0

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (47.6 → 19.6)

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Dividends

Dividend

Dividend Yield

2.92%

Moderate income — 2.92% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record

Dividend Growth

+24.7%

Dividend growing fast (24.7% YoY)

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