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NEXT

NXT.L
75
Apparel - Retail · Consumer Cyclical
Exchange
London Stock Exchange
Winston Score
75
Winston is happy
A high-quality business with solid fundamentals.
Data as of Aug 23, 2026 · filings through Jan 31, 2026
How the score breaks down
Quality
Strong
Growth
Exceptional
Cash Flow
Exceptional
Stability
Strong
Valuation
Good
Dividends
Exceptional
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Winston Score History

The full picture

NEXT plc is a British retailer that sells clothing, footwear, and home products. It serves everyday shoppers, mostly in the UK, through its own stores and a large online platform. NEXT is one of the UK's biggest clothing retailers and owns the NEXT brand, which covers everything from affordable basics to occasion wear for men, women, and children.

The company makes money through direct product sales in its roughly 450 UK stores and through its fast-growing online business, which now accounts for the majority of revenue. NEXT also runs a third-party platform called Total Platform, where other brands pay to use NEXT's warehousing, website, and delivery infrastructure — a newer but expanding revenue stream. It operates mainly in the UK and Ireland, with some international online sales. Its strong logistics network and loyal customer base give it a durable edge over smaller rivals, though slowing consumer spending in the UK remains a key risk to watch.

Growth Profile

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

Revenue Growth

+130.6% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+150.6% YoY

YoY Growth Rate

Strong earnings growth

Insider Activity

5.7%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

£138M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue accelerating

NEXT grew revenue 131% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

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
44.6%
Healthy — 44.6% gross margin
Profit after running costs
Operating Margin
19.4%
Healthy — 19.4% operating margin
Return on the money invested
ROCE
51.7%
Exceptional — 51.7% 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
+53.7%
Fast-growing sales (+53.7% YoY)
Profit growth
EPS YoY
+146.8%
Earnings growing fast (+146.8% YoY)

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

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
128%
Turns 128% of profit into real cash
Spare cash per sale
FCF Margin
14.5%
Converts sales into free cash efficiently (14.5%)

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
0.49
Conservative — low debt load (0.49)
Covers its interest
Interest Cover
13.15x
Comfortably covers interest (13.2x)

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

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Valuation

Price vs profit
P/E Ratio (TTM)
20.1x
no trend
Growth-priced — P/E 20.1

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year
P/E vs Forward
+4.1
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (20.1 → 16.0)

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Dividends

Dividend
Dividend Yield
4.24%
no trend
Healthy income — 4.24% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record
Dividend Growth
+86.3%
no trend
Dividend growing fast (86.3% YoY)

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