NCC Group

NCC.L

Software - Infrastructure · Technology

Exchange

London Stock Exchange

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

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

How the score breaks down

Quality

Weak

Growth

Weak

Cash Flow

Exceptional

Stability

Good

Valuation

Weak

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Winston Score History

The full picture

NCC Group is a cybersecurity company based in the UK. It helps businesses find weaknesses in their computer systems before hackers do. Its main services are penetration testing (where experts try to break into a client's systems on purpose), software security testing, and managed security monitoring. Customers include large banks, governments, and big corporations across many industries.

NCC Group earns money by charging fees for consulting projects and ongoing security monitoring contracts. It operates mainly in the UK and Europe, with a smaller presence in North America and Asia-Pacific, and generates roughly $400 million in annual revenue. Its moat comes from its technical reputation and the difficulty of quickly training skilled cybersecurity professionals, but the company is currently unprofitable with a negative operating margin, which is a real concern. The key risk is that the cybersecurity consulting market is highly competitive, and NCC has struggled to convert strong demand into consistent profits, making cost discipline the central challenge ahead.

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

YoY Growth Rate

Revenue data limited

EPS Growth

YoY Growth Rate

EPS data limited

Insider Activity

7.1%ownership

↓ Declining

Insider ownership declining — could be dilution or selling

Cash Position

Cash flow positive

£10M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

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

33.7%

Modest — 33.7% gross margin

Profit after running costs

Operating Margin

-1.1%

Losing money on operations — -1.1%

Return on the money invested

ROCE

-9.3%

Weak — -9.3% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

N/A

Data not available

Profit growth

EPS YoY

N/A

Data not available

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

453%

Turns 453% of profit into real cash

Spare cash per sale

FCF Margin

18.4%

Converts sales into free cash efficiently (18.4%)

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

0.27

Conservative — low debt load (0.27)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

45.3x

no trend

Expensive — P/E 45.3

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

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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