Solid State

SOLI.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 Mar 31, 2026

How the score breaks down

Quality

Mixed

Growth

Exceptional

Cash Flow

Strong

Stability

Strong

Valuation

Strong

Dividends

Weak

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Winston Score History

The full picture

Solid State plc is a UK-based technology company that makes and sells rugged electronic components, power supplies, and computing systems. Its customers are mainly in demanding industries like defense, aerospace, industrial manufacturing, and transportation — sectors where equipment must work reliably in harsh conditions. The company both designs its own products and distributes components made by other manufacturers.

Solid State earns money through product sales and some value-added services, operating primarily in the United Kingdom with some international reach. It is a small-cap business with around £200 million in annual revenue, and its competitive position comes from serving niche, high-reliability markets where customers prioritize performance over price. However, its thin operating margin of around 2.7% leaves little room for error, and the main risk is that rising costs or weaker defense and industrial spending could quickly squeeze profitability.

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

+8.2% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+358.5% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

30.1%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

£7M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Growth context

Solid State is growing revenue at 8% 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

31.6%

Modest — 31.6% gross margin

Profit after running costs

Operating Margin

3.5%

Thin — 3.5% operating margin

Return on the money invested

ROCE

9.3%

Below par — 9.3% 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

+23.3%

Fast-growing sales (+23.3% YoY)

Profit growth

EPS YoY

+709.0%

Earnings growing fast (+709.0% YoY)

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

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

258%

Turns 258% of profit into real cash

Spare cash per sale

FCF Margin

5.1%

Thin free cash flow (5.1%)

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

0.18

Conservative — low debt load (0.18)

Covers its interest

Interest Cover

6.30x

Adequate interest coverage (6.3x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

26.4x

no trend

Growth-priced — P/E 26.4

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

+9.6

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (26.4 → 16.8)

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Dividends

Dividend

Dividend Yield

1.33%

no trend

Small dividend — 1.33% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

-87.3%

no trend

Dividend cut (-87.3% YoY) — warning sign

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