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Volta Finance Limited

VTAS.L
21
Asset Management · Financial Services
Price
515.50 GBp
+0.00 (+0.00%)
Market Cap
£188.6M
Exchange
London Stock Exchange
Winston Score
21
Winston is worried
Weak fundamentals across most pillars.
Data as of Aug 23, 2026 · filings through Jan 31, 2026
How the score breaks down
Quality
Mixed
Growth
Weak
Cash Flow
Mixed
Stability
Data not available
Valuation
Data not available
Dividends
Good

Winston Score History

The full picture

Volta Finance Limited is a closed-end investment fund based in Guernsey that pools money from investors and puts it into complex debt products called structured credit. Its main investments include collateralized loan obligations, or CLOs, which are bundles of corporate loans packaged together and sold in slices. The fund is managed by AXA Investment Managers and targets investors looking for higher income than traditional bonds typically offer.

Volta makes money by collecting interest and returns from its portfolio of structured credit assets, then distributing much of that income to shareholders as dividends. It operates primarily in European and US credit markets and is listed on the London Stock Exchange. The fund's connection to AXA gives it access to deal flow and credit research that smaller managers may lack, but its main risk is sensitivity to credit cycles — when corporate loan defaults rise, the value of CLO investments can fall sharply, putting both income and net asset value under pressure.

Growth Profile

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

Revenue Growth

-53.7% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-125.3% YoY

YoY Growth Rate

Earnings declining

R&D Spend

€0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

0.3%ownership

Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

€40M cash & investments

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

Revenue declining

Volta Finance Limited'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.

Share count broadly stable

0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 36.6M (2021) → 36.6M (2025)

Score breakdown

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Quality

Profit per sale
Gross Margin
87.9%
Premium pricing power — 87.9% gross margin
Profit after running costs
Operating Margin
-53.8%
Losing money on operations — -53.8%
Return on the money invested
ROCE
-3.1%
Weak — -3.1% 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
-61.8%
Shrinking sales (-61.8% YoY)
Profit growth
EPS YoY
-101.5%
Earnings shrinking (-101.5% YoY)

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

How steady the profit is
EPS Consistency
3/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
N/A
Data not available
Spare cash per sale
FCF Margin
188.2%
Converts sales into free cash efficiently (188.2%)

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
N/A
Data not available
Covers its interest
Interest Cover
N/A
Data not available

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Valuation

Price vs profit
P/E Ratio (TTM)
N/M
Negative earnings — P/E not meaningful
Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

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Dividends

Dividend
Dividend Yield
9.71%
Healthy income — 9.71% yield

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

Dividend record
Dividend Growth
-2.1%
Dividend cut (-2.1% YoY) — warning sign

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