TMT Investments

TMT.L

Asset Management · Financial Services

Exchange

London Stock Exchange

Winston Score

Winston is worried

Weak fundamentals across most pillars.

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

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Weak

Stability

Good

Valuation

Good

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Winston Score History

The full picture

TMT Investments PLC is a venture capital firm listed on the London Stock Exchange that puts money into early-stage technology companies. It focuses on internet-based businesses, including software, e-commerce, and digital services, mainly targeting startups in the United States and other global markets. The firm acts as an investor rather than an operator, meaning it owns stakes in a portfolio of tech companies rather than selling products directly to consumers.

TMT Investments makes money when the companies it backs grow in value and are eventually sold or go public, generating returns on its invested capital. It is a small firm with a market cap of around $100 million, and its edge comes from its ability to identify and back early-stage tech businesses before they become well known. The main risk the company faces is concentration risk — if a few key portfolio companies underperform or fail to reach an exit, overall returns can fall sharply, since the portfolio is not especially large.

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

<−1,000% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+505.8% YoY

YoY Growth Rate

Strong earnings growth

Insider Activity

83.8%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

5+ years

Quarterly Free Cash Flow

£221M cash & investments at current burn rate

Revenue declining

TMT Investments's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

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

0.0%

Thin — 0.0% gross margin

Profit after running costs

Operating Margin

-291.5%

Losing money on operations — -291.5%

Return on the money invested

ROCE

7.4%

Weak — 7.4% 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

-91.9%

Shrinking sales (-91.9% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

-19%

Weak — only -19% of profit becomes cash

Spare cash per sale

FCF Margin

-262918.9%

Burning cash (-262918.9%)

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

N/A

Data not available

Covers its interest

Interest Cover

100.00x

—

Comfortably covers interest (100.0x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

3.7x

no trend

Attractive valuation — P/E 3.7

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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