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LMS Capital

LMS.L
23
Asset Management · Financial Services
Price
15.00 GBp
-0.70 (-4.46%)
Market Cap
12.1M GBp
Exchange
London Stock Exchange
Winston Score
23
Winston is worried
Weak fundamentals across most pillars.
Data as of Jul 28, 2026 · filings through Dec 31, 2025

LMS Capital plc operates as a private equity firm, specializing in both direct investments and fund-of-funds strategies. Their investment activities span a wide range of company development stages, from mid and late ventures to emerging growth, middle market, later stage, growth and development capital, buyouts, and recapitalizations. Beyond private equity, the firm also allocates capital to public equities and alternative specialist asset classes. They show a preference for companies across diverse sectors, including media, consumer services, energy equipment services, financial institutions, healthcare, industrial production, professional services, information technology, software development and related services, and public utilities. LMS Capital typically targets small to medium-sized enterprises, whether publicly traded or privately held, primarily in the United Kingdom, Israel, Europe, and North America. For potential equity investments, they seek companies requiring between $5.68 million and $34.07 million, demonstrating minimum sales of $5.68 million, a minimum EBITDA of $1.14 million, and an enterprise value between $11.36 million and $113.57 million. The firm expresses a strong preference for acquiring a majority ownership stake in its portfolio companies. Established in 2006, LMS Capital plc is headquartered in London, United Kingdom.

Winston Score History

Growth Profile

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

Revenue Growth

-55.5% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-319.0% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Cash Runway

~12 months

$11M cash & investments

Adequate runway but may need to raise capital within 2 years

Revenue declining

LMS Capital'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: 80.7M (2021) → 80.7M (2025)

Score breakdown

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Quality

Gross Margin
17.4%
Thin — 17.4% gross margin
Operating Margin
-17.9%
Losing money on operations — -17.9%
ROCE
-2.5%
Weak — -2.5% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY
-79.3%
Shrinking sales (-79.3% YoY)
EPS YoY
N/A
Data not available
EPS Consistency
0/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion
N/A
Data not available
FCF Margin
-186.4%
Burning cash (-186.4%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity
0.00
Conservative — low debt load (0.00)
Interest Cover
N/A
Data not available

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Valuation

P/E Ratio (TTM)
N/M
Negative earnings — P/E not meaningful
P/E vs Forward
N/A
not available
Data not available

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Dividends

Dividend Yield
26.67%
Healthy income — 26.67% yield

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

Dividend Growth
+166.2%
Dividend growing fast (166.2% YoY)

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