Volution Group

FAN.L

Construction · Industrials

Price

652.00 GBp

+4.00 (+0.62%)

Market Cap

£1.29B

Exchange

London Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

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

How the score breaks down

Quality

Good

Growth

Exceptional

Cash Flow

Exceptional

Stability

Good

Valuation

Strong

Dividends

Good

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Winston Score History

The full picture

Volution Group makes ventilation products — basically fans and air systems that move fresh air in and out of buildings. Its main products include residential fans, heat recovery units, and commercial ventilation systems sold to homebuilders, contractors, and renovation projects across Europe. The company owns several well-known brands in the ventilation space, including Vent-Axia in the UK.

Volution earns money by selling ventilation hardware and related products, primarily through trade distributors and builders merchants rather than directly to homeowners. It operates mainly in the UK, Nordics, Germany, and Australasia, with the UK being its largest market. The company's strong gross margins near 49% reflect its branded product mix and focus on higher-value energy-efficient ventilation, which is increasingly required by building regulations — those tightening regulations around indoor air quality and energy efficiency are both the key growth driver and a reminder that demand is tied closely to construction activity levels.

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

+21.7% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+59.2% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

£1M/ year

↓ Declining (-78% vs prior year)

0.3% of revenue

Below sector average (4%)

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

Insider Activity

0.5%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

£106M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth + cash flow

Volution Group is a rare growth stock that's already generating positive cash flow while growing at 22%. 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.

Share count broadly stable

−0.1% over 4y

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

Diluted shares outstanding: 201.0M (2021) → 200.7M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

48.1%

Healthy — 48.1% gross margin

Profit after running costs

Operating Margin

20.0%

Healthy — 20.0% operating margin

Return on the money invested

ROCE

15.2%

Strong — 15.2% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+26.7%

Fast-growing sales (+26.7% YoY)

Profit growth

EPS YoY

+27.3%

Earnings growing fast (+27.3% YoY)

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

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

168%

Turns 168% of profit into real cash

Spare cash per sale

FCF Margin

17.1%

Converts sales into free cash efficiently (17.1%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

0.86

Moderate — manageable debt (0.86)

Covers its interest

Interest Cover

6.94x

Adequate interest coverage (6.9x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

25.1x

Growth-priced — P/E 25.1

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

Cheaper or dearer next year

P/E vs Forward

+7.5

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (25.1 → 17.6)

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Dividends

Dividend

Dividend Yield

1.65%

Small dividend — 1.65% yield

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

Dividend record

Dividend Growth

+32.9%

Dividend growing fast (32.9% YoY)

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