Tate & Lyle

TATE.L

Packaged Foods · Consumer Defensive

Price

554.00 GBp

+0.00 (+0.00%)

Market Cap

£2.45B

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

Good

Growth

Good

Cash Flow

Strong

Stability

Good

Valuation

Strong

Dividends

Good

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Share count rising — dilution

+10.9% over 4y

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

Diluted shares outstanding: 403.2M (2022) → 447.2M (2026)

Winston Score History

The full picture

Tate & Lyle is a British food ingredients company that makes sweeteners, fibers, and thickeners used in everyday food and drinks. Its customers are large food and beverage manufacturers — companies that make products like yogurt, sauces, soft drinks, and snacks. The company is best known for ingredients like sucralose, a low-calorie sweetener, and a range of dietary fibers that help food companies reduce sugar and calories in their products.

Tate & Lyle earns money by selling these specialty ingredients to food manufacturers around the world, operating mainly in North America, Europe, and Asia. It refocused its business in recent years by selling its bulk commodity sweetener operations, making it a leaner specialty ingredients company. Its competitive position rests on technical expertise and long-standing customer relationships, but it faces pressure from competing ingredient suppliers and from food companies developing their own formulations. The key growth driver is rising consumer demand for healthier, lower-sugar food products.

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

+2.2% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+284.7% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

£0/ year

0.0% of revenue

Below sector average (2%)

Research and development spending

Insider Activity

19.9%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

£458M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Growth context

Tate & Lyle is growing revenue at 2% 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

95.8%

Premium pricing power — 95.8% gross margin

Profit after running costs

Operating Margin

12.9%

Healthy — 12.9% operating margin

Return on the money invested

ROCE

7.9%

Weak — 7.9% 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

+15.6%

Fast-growing sales (+15.6% YoY)

Profit growth

EPS YoY

+70.5%

Earnings growing fast (+70.5% YoY)

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

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

245%

Turns 245% of profit into real cash

Spare cash per sale

FCF Margin

6.1%

Modest free cash flow (6.1%)

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

0.77

Moderate — manageable debt (0.77)

Covers its interest

Interest Cover

3.95x

Tight — interest eats into profit (3.9x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

25.0x

Growth-priced — P/E 25.0

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

Cheaper or dearer next year

P/E vs Forward

+12.2

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (25.0 → 12.8)

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Dividends

Dividend

Dividend Yield

3.57%

Moderate income — 3.57% yield

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

Dividend record

Dividend Growth

+5.3%

Dividend growing modestly (5.3% YoY)

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