SDI Group

SDI.L

Hardware, Equipment & Parts · 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 Apr 30, 2026

How the score breaks down

Quality

Mixed

Growth

Good

Cash Flow

Strong

Stability

Strong

Valuation

Strong

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Winston Score History

The full picture

SDI Group plc is a UK-based company that designs and makes specialist scientific instruments and equipment. Its products include cameras, sensors, and other precision tools used in scientific research, healthcare, and industrial settings. The company has grown largely by acquiring small, niche equipment businesses rather than building everything from scratch.

SDI makes money by selling hardware directly to customers such as universities, hospitals, and manufacturers. It operates mainly in the UK but sells to customers across Europe and beyond, with a market cap of around £100 million making it a small-cap business. Its competitive position comes from owning a collection of highly specialized product lines where customers have few alternatives, but the company faces the ongoing challenge of finding and successfully integrating new acquisitions to keep growing.

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

+14.7% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+11.7% YoY

YoY Growth Rate

Steady EPS growth

Insider Activity

14.1%ownership

↑ Rising

Insiders increasing their stake — aligned with shareholders

Cash Position

Cash flow positive

£3M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth + cash flow

SDI Group is a rare growth stock that's already generating positive cash flow while growing at 15%. 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

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

26.1%

Modest — 26.1% gross margin

Profit after running costs

Operating Margin

13.5%

Healthy — 13.5% operating margin

Return on the money invested

ROCE

10.5%

Below par — 10.5% 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

+12.6%

Fast-growing sales (+12.6% YoY)

Profit growth

EPS YoY

+23.4%

Earnings growing fast (+23.4% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

136%

Turns 136% of profit into real cash

Spare cash per sale

FCF Margin

7.0%

Modest free cash flow (7.0%)

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

0.56

Conservative — low debt load (0.56)

Covers its interest

Interest Cover

5.45x

Adequate interest coverage (5.4x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

19.2x

no trend

Fair value — P/E 19.2

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

+7.8

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (19.2 → 11.3)

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Dividends

Not applicable for this business.

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