Molten Ventures

GROW.L

Asset Management · Financial Services

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 Mar 31, 2026

How the score breaks down

Quality

Strong

Growth

Good

Cash Flow

Weak

Stability

Exceptional

Valuation

Good

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Winston Score History

The full picture

Molten Ventures is a British venture capital firm that invests money into early-stage technology startups. It focuses on companies working in areas like software, fintech, cybersecurity, and deep tech across Europe. The firm acts as a backer for founders building new technology businesses, providing both funding and support to help those companies grow.

Molten makes money primarily through the rising value of its portfolio companies over time, realizing gains when those startups are sold or go public. It is listed on the London Stock Exchange and manages a portfolio worth roughly £1 billion, giving it one of the larger profiles among publicly traded European venture capital firms. The main risk the business faces is that startup valuations are sensitive to interest rates and investor sentiment — when funding markets tighten, the value of its holdings can fall sharply, which directly impacts its reported results.

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

+220.2% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

+30.0% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

4.6%ownership

↓ Declining

Insider ownership declining — could be dilution or selling

Cash Position

Cash flow positive

£52M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Strong grower

Molten Ventures is growing revenue at 220% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

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

92.0%

Premium pricing power — 92.0% gross margin

Profit after running costs

Operating Margin

28.0%

Excellent — 28.0% operating margin

Return on the money invested

ROCE

8.4%

Below par — 8.4% 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

+267.4%

Fast-growing sales (+267.4% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

Weak — only 9% of profit becomes cash

Spare cash per sale

FCF Margin

6.4%

Modest free cash flow (6.4%)

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

0.10

Conservative — low debt load (0.10)

Covers its interest

Interest Cover

9.97x

Comfortably covers interest (10.0x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

10.1x

no trend

Attractive valuation — P/E 10.1

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

-0.4

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Not applicable for this business.

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