THG

THG.L

Specialty Retail · Consumer Cyclical

Exchange

London Stock Exchange

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Weak

Growth

Weak

Cash Flow

Weak

Stability

Weak

Valuation

Good

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Winston Score History

The full picture

THG Plc is a UK-based online retailer that sells health, beauty, and nutrition products directly to consumers through its own websites. Its biggest brands include Myprotein, one of Europe's largest sports nutrition brands, and Lookfantastic, an online beauty retailer. The company also owns Ingenuity, a technology platform it built to run its own e-commerce operations.

THG makes money mainly by selling products online to customers across the UK, Europe, and internationally, with a growing presence in the US and Asia. It generates revenue through direct product sales and, to a smaller extent, by licensing its Ingenuity platform to other brands. The company has struggled with profitability, as shown by its negative operating margin, and faces pressure from larger rivals like Amazon and specialist beauty retailers. The key challenge ahead is proving that Ingenuity can attract enough external clients to justify its valuation while the core retail business returns to consistent profit.

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

+14.3% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+89.4% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

67.1%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

£183M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth + cash flow

THG is a rare growth stock that's already generating positive cash flow while growing at 14%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

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

36.3%

Modest — 36.3% gross margin

Profit after running costs

Operating Margin

-1.3%

Losing money on operations — -1.3%

Return on the money invested

ROCE

-4.3%

Weak — -4.3% 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

-1.9%

Shrinking sales (-1.9% 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

12%

Weak — only 12% of profit becomes cash

Spare cash per sale

FCF Margin

0.1%

Thin free cash flow (0.1%)

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

1.01

Elevated debt (1.01)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

8.1x

no trend

Attractive valuation — P/E 8.1

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

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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