Renew Holdings

RNWH.L

Engineering & Construction · Industrials

Price

951.00 GBp

+13.00 (+1.39%)

Market Cap

£752.8M

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

Mixed

Growth

Good

Cash Flow

Strong

Stability

Good

Valuation

Strong

Dividends

Strong

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Winston Score History

The full picture

Renew Holdings is a UK engineering services company that maintains and upgrades critical infrastructure. Its main work covers railways, energy networks, water systems, and environmental sites. Customers are mostly government bodies and regulated utilities — organisations that must keep essential services running no matter what.

The company earns revenue through long-term contracts and framework agreements with clients like Network Rail and water companies, which provides steady, recurring work rather than one-off projects. Renew operates almost entirely in the United Kingdom, with annual revenues around £1 billion, and its competitive edge comes from deep specialist expertise in regulated, safety-critical sectors where switching to a new contractor carries real risk. The key growth driver is the UK government's multi-year spending commitments on rail upgrades and water infrastructure improvements, though the main risk is margin pressure, since contract work in this industry leaves little room for cost overruns.

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

+5.1% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-28.1% YoY

YoY Growth Rate

Earnings declining

R&D Spend

£0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

11.1%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

£14M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth context

Renew Holdings is growing revenue at 5% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

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.

Share count broadly stable

−0.2% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 79.3M (2021) → 79.2M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

14.1%

Thin — 14.1% gross margin

Profit after running costs

Operating Margin

4.8%

Thin — 4.8% operating margin

Return on the money invested

ROCE

21.9%

Exceptional — 21.9% 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

+7.9%

Steady sales growth (+7.9% YoY)

Profit growth

EPS YoY

-6.9%

Earnings shrinking (-6.9% YoY)

Slight earnings drop. Typical near a cyclical low.

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

149%

Turns 149% of profit into real cash

Spare cash per sale

FCF Margin

4.9%

Thin free cash flow (4.9%)

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

N/A

Data not available

Covers its interest

Interest Cover

16.65x

Comfortably covers interest (16.7x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

17.6x

Fair value — P/E 17.6

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

+5.6

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (17.6 → 12.0)

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Dividends

Dividend

Dividend Yield

2.20%

Moderate income — 2.20% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record

Dividend Growth

+11.2%

Dividend growing fast (11.2% YoY)

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