Keystone Law Group

KEYS.L

Specialty Business Services · Industrials

Exchange

London Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

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

How the score breaks down

Quality

Good

Growth

Exceptional

Cash Flow

Strong

Stability

Mixed

Valuation

Good

Dividends

Exceptional

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Winston Score History

The full picture

Keystone Law Group is a UK-based law firm that works differently from traditional legal practices. Instead of employing lawyers in a central office, it recruits experienced, self-employed solicitors who work independently but operate under the Keystone brand. These lawyers serve individual clients and businesses across a wide range of legal areas, including corporate, family, property, and employment law.

Keystone makes money by taking a share of the fees its solicitors charge to clients, keeping roughly 25 cents of every pound billed. It operates almost entirely in the United Kingdom and is one of the larger listed law firms on the London Stock Exchange. Its main competitive advantage is its flexible model, which attracts high-quality lawyers who want independence while still having the support of a recognised firm. The key growth driver is its ability to keep recruiting experienced solicitors, but competition for top legal talent — including from other flexible law firm models — remains the central risk to that strategy.

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

+17.1% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+28.6% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

35.8%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

£10M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth + cash flow

Keystone Law Group is a rare growth stock that's already generating positive cash flow while growing at 17%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

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

24.1%

Thin — 24.1% gross margin

Profit after running costs

Operating Margin

8.1%

Modest — 8.1% operating margin

Return on the money invested

ROCE

51.8%

Exceptional — 51.8% 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

+16.8%

Fast-growing sales (+16.8% YoY)

Profit growth

EPS YoY

+25.9%

Earnings growing fast (+25.9% YoY)

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

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

96%

Turns 96% of profit into real cash

Spare cash per sale

FCF Margin

9.1%

Modest free cash flow (9.1%)

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

N/A

Data not available

Covers its interest

Interest Cover

13.60x

Comfortably covers interest (13.6x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

17.1x

no trend

Fair value — P/E 17.1

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+1.8

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend

Dividend Yield

4.53%

no trend

Healthy income — 4.53% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record

Dividend Growth

+27.7%

no trend

Dividend growing fast (27.7% YoY)

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