Midwich Group

MIDW.L

Technology Distributors · Technology

Exchange

London Stock Exchange

Winston Score

Winston is worried

Weak fundamentals across most pillars.

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

How the score breaks down

Quality

Weak

Growth

Weak

Cash Flow

Weak

Stability

Weak

Valuation

Data not available

Dividends

Mixed

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Winston Score History

The full picture

Midwich Group is a wholesale distributor of audiovisual and display technology. It buys products from manufacturers like Sony, Samsung, and Epson, then sells them to resellers, system integrators, and businesses across sectors like education, retail, and corporate. The company does not make its own products — it acts as the middleman between big tech brands and the companies that install AV equipment for end customers.

Midwich earns money by selling hardware such as projectors, screens, video walls, and collaboration tools at a markup. It operates mainly across the UK, Europe, Australia, and parts of the Middle East, making it one of the larger specialist AV distributors in those regions. Its competitive edge comes from deep supplier relationships and specialist technical knowledge, which generic distributors struggle to replicate. However, its thin margins leave little room for error, and the business faces ongoing pressure from slower corporate spending on AV equipment, which is its biggest near-term risk.

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

+0.1% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-306.5% YoY

YoY Growth Rate

Earnings declining

Insider Activity

16.7%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

£55M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth context

Midwich Group is growing revenue at 0% 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

16.7%

Thin — 16.7% gross margin

Profit after running costs

Operating Margin

0.8%

Thin — 0.8% operating margin

Return on the money invested

ROCE

2.5%

Weak — 2.5% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

-25.5%

Shrinking sales (-25.5% YoY)

Profit growth

EPS YoY

-228.7%

Earnings shrinking (-228.7% 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

N/A

Data not available

Spare cash per sale

FCF Margin

4.3%

Thin free cash flow (4.3%)

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

1.16

Elevated debt (1.16)

Covers its interest

Interest Cover

0.62x

Dangerous — barely covers interest (0.6x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend

Dividend Yield

3.71%

Moderate income — 3.71% yield

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

Dividend record

Dividend Growth

-42.1%

Dividend cut (-42.1% YoY) — warning sign

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