Workspace Group

WKP.L

REIT - Office · Real Estate

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

Weak

Cash Flow

Mixed

Stability

Good

Valuation

Data not available

Dividends

Good

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Winston Score History

The full picture

Workspace Group is a UK property company that owns and rents out office and studio spaces to small and medium-sized businesses. It focuses on flexible, shorter-term leases rather than long traditional contracts, giving tenants more freedom to grow or shrink their space. The company operates entirely in London, owning around 70 buildings across the city.

Workspace makes money by collecting rent from its tenants, which include startups, creative agencies, and growing businesses across a wide range of industries. Its competitive edge comes from its large portfolio of well-located London properties and its focus on flexible workspace, which appeals to smaller companies that cannot commit to long leases. The main risk the business faces is a softening in London office demand, particularly if more companies shift to remote or hybrid working arrangements, which could push vacancy rates higher and put pressure on rental income.

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

-1.6% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-940.0% YoY

YoY Growth Rate

Earnings declining

Insider Activity

43.2%ownership

↑ Rising

Insiders increasing their stake — aligned with shareholders

Cash Position

Cash flow positive

£2.1B cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

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

Revenue declining

Workspace Group'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

58.4%

Premium pricing power — 58.4% gross margin

Profit after running costs

Operating Margin

49.0%

Excellent — 49.0% operating margin

Return on the money invested

ROCE

4.4%

Weak — 4.4% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

-2.1%

Shrinking sales (-2.1% YoY)

Profit growth

EPS YoY

<−1,000%

Earnings shrinking (<−1,000% 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

33.2%

Converts sales into free cash efficiently (33.2%)

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

0.57

Conservative — low debt load (0.57)

Covers its interest

Interest Cover

2.75x

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)

N/M

no trend

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

7.23%

no trend

Healthy income — 7.23% yield

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

Dividend record

Dividend Growth

+1.3%

no trend

Dividend flat

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