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Marimekko Oyj

0JX9.L
62
Apparel - Manufacturers · Consumer Cyclical
Price
9.20 GBp
-0.04 (-0.43%)
Market Cap
£372.4M
Exchange
London Stock Exchange
Winston Score
62
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Oct 9, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Good
18/30
Growth
Mixed
5/20
Cash Flow
Exceptional
10/10
Stability
Exceptional
10/10
Valuation
Good
6/10
Ownership
Good
10/15
Dividends
Good
3/5

62 of 100 counted points = Winston Score 62.

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§Winston Score History

The full picture

Marimekko is a Finnish fashion and lifestyle brand best known for its bold, colorful prints and patterns. It sells clothing, bags, home décor, and accessories directly to consumers through its own stores and online shop, as well as through retail partners worldwide. The company was founded in Helsinki in 1951 and its iconic poppy print has made it one of the most recognizable Scandinavian design brands in the world.

Marimekko earns revenue through retail store sales, its own e-commerce channel, wholesale partnerships, and licensing agreements that allow other companies to use its prints on products. The business operates primarily in Finland and the Nordic region but has been expanding in Asia-Pacific markets, particularly Japan and South Korea, where demand for Scandinavian design is strong. Its main competitive advantage is its distinctive visual identity, which is difficult to copy, but the company is small and exposed to shifts in consumer spending on discretionary goods, which is its key risk.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-1.3% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-19.2% YoY

YoY Growth Rate

Earnings declining

R&D Spend

€0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

20.6%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

€22M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Revenue declining

Marimekko Oyj'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.

Share count broadly stable

+0.3% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 40.6M (2021) → 40.7M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
32.6%
Modest — 32.6% gross margin
Profit after running costs
Operating Margin
10.9%
Modest — 10.9% operating margin
Return on the money invested
ROCE
42.9%
Exceptional — 42.9% 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
+2.9%
Nearly flat sales (+2.9% YoY)
Profit growth
EPS YoY
+3.0%
Modest earnings growth (+3.0% YoY)

Single-digit earnings growth — steady but not exciting.

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
169%
Turns 169% of profit into real cash
Spare cash per sale
FCF Margin
20.6%
Converts sales into free cash efficiently (20.6%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns
Debt / Equity
0.13
Conservative — low debt load (0.13)
Covers its interest
Interest Cover
25.92x
Comfortably covers interest (25.9x)

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

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Valuation

Price vs profit
P/E Ratio (TTM)
15.3x
Fair value — P/E 15.3

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
+2.9
GROWING
Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend
Dividend Yield
4.56%
Healthy income — 4.56% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record
Dividend Growth
-92.0%
Dividend cut (-92.0% YoY) — warning sign

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