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Optima Health

OPT.L
47
Medical - Care Facilities · Healthcare
Price
238.00 GBp
+0.00 (+0.00%)
Market Cap
£258.9M
Exchange
London Stock Exchange
Winston Score
47
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Aug 23, 2026 · filings through Mar 31, 2026
How the score breaks down
Quality
Weak
Growth
Mixed
Cash Flow
Strong
Stability
Good
Valuation
Good

Share count rising — dilution

+1.1% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 88.8M (2022) → 89.8M (2026)

Winston Score History

The full picture

Optima Health is a UK-based company that provides occupational health services to employers. This means it helps businesses look after the health and wellbeing of their workers — offering things like health assessments, mental health support, absence management, and employee assistance programs. Its main customers are large and mid-sized organisations across both the public and private sectors, including the NHS and government bodies.

The company earns money by charging employers fees for its health services, typically through contracts rather than one-off transactions. It operates almost entirely within the United Kingdom and, with a market cap of around £0.2 billion, is a relatively small player in the broader healthcare services market. Its competitive position relies on long-term client relationships and specialist expertise in workplace health, but thin operating margins of around 3.5% leave little room for error. The key risk is contract concentration and pricing pressure from larger rivals, while growth depends on employers continuing to invest in staff wellbeing services.

Growth Profile

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

Revenue Growth

+12.7% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-91.6% YoY

YoY Growth Rate

Earnings declining

R&D Spend

£0/ year

0.0% of revenue

Below sector average (18%)

Research and development spending

Insider Activity

42.3%ownership

Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

£22M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth + cash flow

Optima Health is a rare growth stock that's already generating positive cash flow while growing at 13%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

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

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Quality

Profit per sale
Gross Margin
23.3%
Thin — 23.3% gross margin
Profit after running costs
Operating Margin
6.0%
Modest — 6.0% operating margin
Return on the money invested
ROCE
1.5%
Weak — 1.5% 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
+14.8%
Fast-growing sales (+14.8% YoY)
Profit growth
EPS YoY
-15.1%
Earnings shrinking (-15.1% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is
EPS Consistency
2/3 quarters
Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash
Cash Conversion
1053%
Turns 1053% of profit into real cash
Spare cash per sale
FCF Margin
11.4%
Modest free cash flow (11.4%)

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
0.51
Conservative — low debt load (0.51)
Covers its interest
Interest Cover
2.55x
Tight — interest eats into profit (2.5x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit
P/E Ratio (TTM)
150.6x
Expensive — P/E 150.6

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

Cheaper or dearer next year
P/E vs Forward
+132.9
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (150.6 → 17.8)

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Dividends

Not applicable for this business.
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