Deep Value: cash covers more than 100% of the stock price

This company holds roughly $262M in cash and investments — more than its entire stock-market value, based on its latest quarterly filing. You're paying very little for the actual business. Sometimes that's a genuine bargain or a takeover target, sometimes it's cheap for a reason. Not a buy signal on its own — always ask why it's this cheap.

Synthomer

SYNT.L

Chemicals - Specialty · Basic Materials

Exchange

London Stock Exchange

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Weak

Cash Flow

Weak

Stability

Mixed

Valuation

Data not available

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Winston Score History

The full picture

Synthomer is a British chemical company that makes specialty polymers and emulsions — thick liquid materials used in products like gloves, coatings, adhesives, and construction materials. Its main customers are manufacturers in industries such as healthcare, construction, and consumer goods. The company is one of the largest producers of water-based polymers in the world.

Synthomer earns revenue by selling these chemical products to industrial customers, primarily on long-term supply contracts. It operates globally, with major facilities across Europe, Asia, and North America, and generates roughly $1.5 billion in annual sales. The company built up significant debt after acquiring Omnova Solutions in 2020 and Eastman's adhesive resins business in 2022, and reducing that debt load while restoring profitability is the central challenge the business faces right now. Weak demand in key end markets like construction and the lingering oversupply of nitrile latex — used in disposable gloves — have kept margins under pressure.

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

+3.1% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+85.8% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

27.9%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~6 months

£192M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Cash watch

Synthomer has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

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.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

13.9%

Thin — 13.9% gross margin

Profit after running costs

Operating Margin

2.6%

Thin — 2.6% operating margin

Return on the money invested

ROCE

-1.4%

Weak — -1.4% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

-5.0%

Shrinking sales (-5.0% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

—

Data not available

Spare cash per sale

FCF Margin

-0.9%

Burning cash (-0.9%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

0.95

Moderate — manageable debt (0.95)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

no trend

Negative earnings — P/E not meaningful

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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