Stock

Talenom Oyj

0RQI.L
36
Specialty Business Services · Industrials
Price
1.15 GBp
+0.02 (+1.96%)
Market Cap
£52.3M
Exchange
London Stock Exchange
Winston Score
36
Winston is serious
Below-average fundamentals — multiple weak pillars.
Data as of Oct 12, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Mixed
9/30
Growth
Mixed
8/20
Cash Flow
Data not available
0/10
Stability
Weak
1/10
Valuation
Good
6/10
Ownership
Good
10/15
Dividends
Mixed
2/5

36 of 100 counted points = Winston Score 36.

Share count rising — dilution

+6.5% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 43.6M (2021) → 46.4M (2025)

§Winston Score History

The full picture

Talenom is a Finnish company that provides accounting, payroll, and bookkeeping services to small and medium-sized businesses. It handles the financial paperwork that business owners do not want to deal with themselves, such as tax filings, invoices, and employee pay. Talenom also offers its own accounting software, which connects directly to its service teams.

The company makes money by charging businesses recurring fees for its services and software, giving it a relatively predictable revenue stream. Talenom operates mainly in Finland, with some expansion into Sweden, Spain, and Italy. Its competitive edge comes from combining human accountants with its own proprietary software, which makes switching to a competitor inconvenient for customers. However, the company's negative gross margin and very low return on invested capital suggest its current cost structure is under pressure, and its ability to scale profitably in new international markets remains the key challenge to watch.

Score breakdown

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Quality

Profit per sale
Gross Margin
25.2%
Modest — 25.2% gross margin
Profit after running costs
Operating Margin
7.6%
Modest — 7.6% operating margin
Return on the money invested
ROCE
2.0%
Weak — 2.0% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth
Sales YoY
-23.0%
Shrinking sales (-23.0% YoY)
Profit growth
EPS YoY
+332.1%
Earnings growing fast (+332.1% YoY)

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

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
N/A
Data not available

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Stability

What it owes vs what it owns
Debt / Equity
2.05
Heavy debt load (2.05)
Covers its interest
Interest Cover
0.62x
Dangerous — barely covers interest (0.6x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

Price vs profit
P/E Ratio (TTM)
1.9x
Attractive valuation — P/E 1.9

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year
P/E vs Forward
-8.7
SLOWING
Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend
Dividend Yield
2.47%
Moderate income — 2.47% yield

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

Dividend record
Dividend Growth
-66.4%
Dividend cut (-66.4% YoY) — warning sign

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