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Uniphar

UPR.IR
43
Medical - Distribution · Healthcare
Price
€4.20
+0.06 (+1.33%)
Market Cap
€1.09B
Exchange
Euronext Dublin
Winston Score
43
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Aug 23, 2026 · filings through Dec 31, 2025
How the score breaks down
Quality
Weak
Growth
Mixed
Cash Flow
Strong
Stability
Good
Valuation
Strong
Dividends
Good

Share count falling — buybacks

2.9% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 269.8M (2021) → 261.8M (2025)

Winston Score History

The full picture

Uniphar is an Irish healthcare services company that helps get medicines and medical products from manufacturers to patients and hospitals. Its core work includes distributing pharmaceuticals, providing outsourced commercial services to drug companies, and running a network of pharmacies and healthcare outlets across Ireland and beyond. The company acts as a critical link in the healthcare supply chain, serving pharmaceutical manufacturers, hospitals, and retail pharmacies.

Uniphar makes money by taking a margin on the medicines and products it distributes, charging fees for commercial and regulatory services it provides to drug companies, and earning revenue from its owned pharmacy and healthcare retail operations. It operates primarily in Ireland and the UK, with a growing presence across Europe and the US through acquisitions. With a market cap around $1.2 billion, its main competitive advantage is its established relationships with pharmaceutical manufacturers and its broad distribution network. The key growth driver is expanding its higher-margin commercial services division, while thin operating margins leave the business exposed to pricing pressure and supply chain disruptions.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+13.3% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-27.8% YoY

YoY Growth Rate

Earnings declining

R&D Spend

€0/ year

Declining (-100% vs prior year)

0.0% of revenue

Below sector average (18%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

9.9%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

€185M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth + cash flow

Uniphar is a rare growth stock that's already generating positive cash flow while growing at 13%. 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
15.0%
Thin — 15.0% gross margin
Profit after running costs
Operating Margin
3.3%
Thin — 3.3% operating margin
Return on the money invested
ROCE
11.3%
Below par — 11.3% 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
+11.0%
Steady sales growth (+11.0% YoY)
Profit growth
EPS YoY
-13.9%
Earnings shrinking (-13.9% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

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
212%
Turns 212% of profit into real cash
Spare cash per sale
FCF Margin
2.8%
Thin free cash flow (2.8%)

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
0.88
Moderate — manageable debt (0.88)
Covers its interest
Interest Cover
4.21x
Adequate interest coverage (4.2x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
21.4x
Growth-priced — P/E 21.4

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year
P/E vs Forward
+6.9
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (21.4 → 14.5)

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Dividends

Dividend
Dividend Yield
0.45%
Small dividend — 0.45% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record
Dividend Growth
+11.3%
Dividend growing fast (11.3% YoY)

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