Trainline

TRN.L

Travel Services · Consumer Cyclical

Exchange

London Stock Exchange

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Data as of Aug 23, 2026 · filings through Feb 28, 2026

How the score breaks down

Quality

Exceptional

Growth

Strong

Cash Flow

Exceptional

Stability

Good

Valuation

Strong

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Winston Score History

The full picture

Trainline is a digital ticketing platform that lets people search, book, and pay for train and coach journeys. It serves everyday travelers across the UK and Europe, connecting them to hundreds of rail and coach operators through a single app or website. It is the UK's leading independent rail ticketing app, competing against train operators' own booking sites.

Trainline makes money by charging a booking fee on tickets sold through its platform, keeping a small percentage of each transaction. It operates mainly in the UK but has been expanding across Europe, particularly in markets like France, Italy, and Spain. The business benefits from strong brand recognition and a large base of repeat users, which is hard for new entrants to replicate quickly. The key growth opportunity is continued European expansion, though a major risk is that UK rail operators or the government could reduce or eliminate the booking fees Trainline is allowed to charge.

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

+2.3% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+42.0% YoY

YoY Growth Rate

Strong earnings growth

Insider Activity

0.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

5+ years

Quarterly Free Cash Flow

↑ Burn rate improving

£60M cash & investments at current burn rate

Growth context

Trainline 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

73.5%

Premium pricing power — 73.5% gross margin

Profit after running costs

Operating Margin

25.0%

Excellent — 25.0% operating margin

Return on the money invested

ROCE

28.4%

Exceptional — 28.4% 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

+2.4%

Nearly flat sales (+2.4% YoY)

Profit growth

EPS YoY

+54.5%

Earnings growing fast (+54.5% YoY)

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

How steady the profit is

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

157%

Turns 157% of profit into real cash

Spare cash per sale

FCF Margin

23.9%

Converts sales into free cash efficiently (23.9%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

1.11

Elevated debt (1.11)

Covers its interest

Interest Cover

10.21x

Comfortably covers interest (10.2x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

9.7x

no trend

Attractive valuation — P/E 9.7

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

Cheaper or dearer next year

P/E vs Forward

+0.2

GROWING

Earnings roughly flat

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Dividends

Not applicable for this business.

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