Raspberry Pi Holdings

RPI.L

Computer Hardware · Technology

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 Dec 31, 2025

How the score breaks down

Quality

Mixed

Growth

Good

Cash Flow

Weak

Stability

Exceptional

Valuation

Good

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Winston Score History

The full picture

Raspberry Pi makes small, affordable computers the size of a credit card. These tiny computers are used by hobbyists, students, and engineers to build projects like robots, home automation systems, and learning tools. The company also sells its chips and boards to industrial customers who embed them into commercial products like medical devices, factory equipment, and digital signage.

Raspberry Pi earns money by selling hardware — the physical boards, chips, and accessories — to both individual consumers and business customers. It sells globally, with strong demand across Europe, North America, and Asia, and went public on the London Stock Exchange in 2024. Its main competitive advantage is its low price point combined with a large, loyal community of developers who build software and tutorials around its products. The key growth driver is expanding sales to industrial and commercial customers, who tend to buy in larger volumes and generate more predictable revenue than hobbyist buyers.

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

+56.6% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+135.4% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

57.9%ownership

↓ Declining

Insider ownership declining — could be dilution or selling

Cash Position

Cash flow positive

£21M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

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

Revenue accelerating

Raspberry Pi Holdings grew revenue 57% 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

21.5%

Thin — 21.5% gross margin

Profit after running costs

Operating Margin

10.5%

Modest — 10.5% operating margin

Return on the money invested

ROCE

15.7%

Strong — 15.7% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+26.4%

Fast-growing sales (+26.4% YoY)

Profit growth

EPS YoY

+60.3%

Earnings growing fast (+60.3% YoY)

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

How steady the profit is

EPS Consistency

2/7 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

31%

Weak — only 31% of profit becomes cash

Spare cash per sale

FCF Margin

1.7%

Thin free cash flow (1.7%)

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

0.00

Conservative — low debt load (0.00)

Covers its interest

Interest Cover

23.08x

Comfortably covers interest (23.1x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

66.6x

no trend

Expensive — P/E 66.6

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

Cheaper or dearer next year

P/E vs Forward

+26.7

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (66.6 → 39.9)

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Dividends

Not applicable for this business.

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