Topps Tiles

TPT.L

Specialty Retail · Consumer Cyclical

Exchange

London Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Good

Growth

Mixed

Cash Flow

Strong

Stability

Weak

Valuation

Good

Dividends

Good

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Winston Score History

The full picture

Topps Tiles is the largest specialist tile retailer in the United Kingdom. It sells ceramic, porcelain, and natural stone tiles, along with related products like grout and adhesives, to homeowners renovating their kitchens and bathrooms, as well as to trade customers such as builders and contractors. The company operates under the Topps Tiles brand and also serves the commercial market through its Parkside division.

Topps Tiles makes money by selling tiles and installation products through its network of around 300 retail stores across the UK, as well as online. Its scale and specialist focus give it a strong position in a fragmented market, and its high gross margin of around 52% reflects the pricing power that comes with being the category leader. The main risk the business faces is its sensitivity to the UK housing market — when people move house less often or cut back on home improvements, tile sales tend to fall.

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

-0.2% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-70.0% YoY

YoY Growth Rate

Earnings declining

Insider Activity

1.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

£17M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Revenue declining

Topps Tiles'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

52.7%

Healthy — 52.7% gross margin

Profit after running costs

Operating Margin

6.1%

Modest — 6.1% operating margin

Return on the money invested

ROCE

89.4%

Exceptional — 89.4% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth

Sales YoY

+8.7%

Steady sales growth (+8.7% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

515%

Turns 515% of profit into real cash

Spare cash per sale

FCF Margin

7.8%

Modest free cash flow (7.8%)

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

5.08

Heavy debt load (5.08)

Covers its interest

Interest Cover

2.67x

Tight — interest eats into profit (2.7x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

13.3x

no trend

Attractive valuation — P/E 13.3

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

-1.0

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend

Dividend Yield

8.61%

no trend

Healthy income — 8.61% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

-31.1%

no trend

Dividend cut (-31.1% YoY) — warning sign

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