Tharisa

THS.L

Other Precious Metals · Basic Materials

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

Good

Stability

Exceptional

Valuation

Strong

Dividends

Mixed

Track this stock — start free trial

Winston Score History

The full picture

Tharisa plc is a mining company based in Cyprus that operates primarily in South Africa. It digs platinum group metals (PGMs) — a family of six rare metals that includes platinum, palladium, and rhodium — out of the ground at its Tharisa Mine on the western limb of the Bushveld Complex, one of the richest mineral deposits on Earth. The company also produces chrome concentrate as a co-product, selling both PGMs and chrome to industrial customers in sectors like automotive catalysts, chemicals, and stainless steel manufacturing.

Tharisa earns revenue by selling mined PGMs and chrome concentrate directly to commodity markets and industrial buyers, with pricing tied to global metal spot prices. It operates almost entirely in South Africa, with a market cap of roughly $400 million, making it a small-scale producer compared to giants like Anglo American Platinum. Its integrated mine-to-market model and low-cost co-production of chrome alongside PGMs help protect margins, but the company remains highly exposed to volatile commodity prices, which is its primary ongoing risk.

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

+25.4% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+542.6% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

65.1%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~8 years

£196M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

£196M cash & investments at current burn rate

Revenue accelerating

Tharisa grew revenue 25% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

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

30.6%

Modest — 30.6% gross margin

Profit after running costs

Operating Margin

20.3%

Excellent — 20.3% operating margin

Return on the money invested

ROCE

19.1%

Strong — 19.1% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Growth

Sales growth

Sales YoY

+17.1%

Fast-growing sales (+17.1% YoY)

Profit growth

EPS YoY

+148.6%

Earnings growing fast (+148.6% YoY)

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

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Cash Flow

Profit that turns into cash

Cash Conversion

128%

Turns 128% of profit into real cash

Spare cash per sale

FCF Margin

-1.3%

Burning cash (-1.3%)

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

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Stability

What it owes vs what it owns

Debt / Equity

0.15

Conservative — low debt load (0.15)

Covers its interest

Interest Cover

15.18x

Comfortably covers interest (15.2x)

Interest coverage above 8. Profits cover interest many times over.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Valuation

Price vs profit

P/E Ratio (TTM)

3.9x

no trend

Attractive valuation — P/E 3.9

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

Cheaper or dearer next year

P/E vs Forward

+0.8

GROWING

Earnings roughly flat

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Dividends

Dividend

Dividend Yield

2.80%

no trend

Moderate income — 2.80% yield

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

Dividend record

Dividend Growth

-23.0%

no trend

Dividend cut (-23.0% YoY) — warning sign

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

🔒 See full fundamentals and if they are improving or declining — click here for your free trial now.

Start free trial