Renishaw

RSW.L

Hardware, Equipment & Parts · Technology

Exchange

London Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Good

Growth

Weak

Cash Flow

Strong

Stability

Exceptional

Valuation

Weak

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Winston Score History

The full picture

Renishaw is a British engineering company that makes highly precise measurement and sensing tools used in manufacturing. Its core products include probes, encoders, and calibration systems that help factories check whether metal parts — like those in jet engines or medical implants — are made to exact specifications. Renishaw also makes equipment for metal 3D printing, and its customers include aerospace, automotive, and healthcare manufacturers around the world.

The company earns most of its revenue by selling hardware and related software, with a significant portion coming from Asia, particularly China, alongside Europe and the Americas. Renishaw's main competitive advantage is its deep engineering expertise and the high cost for customers to switch away from its tightly integrated systems. Its gross margin above 50% reflects strong pricing power, but the business is exposed to swings in global industrial spending — a slowdown in manufacturing investment, especially in China, is one of the most direct risks it faces.

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

+3.0% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-26.8% YoY

YoY Growth Rate

Earnings declining

Insider Activity

53.4%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

£301M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Growth context

Renishaw is growing revenue at 3% 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.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

58.1%

Premium pricing power — 58.1% gross margin

Profit after running costs

Operating Margin

10.1%

Modest — 10.1% operating margin

Return on the money invested

ROCE

10.2%

Below par — 10.2% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+5.0%

Slow sales growth (+5.0% YoY)

Profit growth

EPS YoY

-23.9%

Earnings shrinking (-23.9% YoY)

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

How steady the profit is

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

146%

Turns 146% of profit into real cash

Spare cash per sale

FCF Margin

9.2%

Modest free cash flow (9.2%)

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

14.16x

Comfortably covers interest (14.2x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

49.4x

no trend

Expensive — P/E 49.4

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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