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Marimekko Oyj

0JX9.L
56
Apparel - Manufacturers · Consumer Cyclical
Price
10.38 GBp
-0.20 (-1.89%)
Market Cap
£420.2M
Exchange
London Stock Exchange
Winston Score
56
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Aug 12, 2026 · filings through Mar 31, 2026

Marimekko is a Finnish fashion and lifestyle brand best known for its bold, colorful prints and patterns. It sells clothing, bags, home décor, and accessories directly to consumers through its own stores and online shop, as well as through retail partners worldwide. The company was founded in Helsinki in 1951 and its iconic poppy print has made it one of the most recognizable Scandinavian design brands in the world.

Marimekko earns revenue through retail store sales, its own e-commerce channel, wholesale partnerships, and licensing agreements that allow other companies to use its prints on products. The business operates primarily in Finland and the Nordic region but has been expanding in Asia-Pacific markets, particularly Japan and South Korea, where demand for Scandinavian design is strong. Its main competitive advantage is its distinctive visual identity, which is difficult to copy, but the company is small and exposed to shifts in consumer spending on discretionary goods, which is its key risk.

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

+4.5% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+23.0% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

20.6%ownership

Flat

Insider ownership roughly steady over the past year

Cash Runway

~9 years

$33M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

$33M cash & investments at current burn rate

Growth context

Marimekko Oyj is growing revenue at 5% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

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

+0.3% over 4y

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

Diluted shares outstanding: 40.6M (2021) → 40.7M (2025)

Score breakdown

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Quality

Gross Margin
31.4%
Modest — 31.4% gross margin
Operating Margin
12.3%
Healthy — 12.3% operating margin
ROCE
5.9%
Weak — 5.9% 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 YoY
+3.7%
Slow sales growth (+3.7% YoY)
EPS YoY
+4.9%
Modest earnings growth (+4.9% YoY)

Single-digit earnings growth — steady but not exciting.

EPS Consistency
3/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion
149%
Turns 149% of profit into real cash
FCF Margin
18.2%
Converts sales into free cash efficiently (18.2%)

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

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Stability

Debt / Equity
0.11
Conservative — low debt load (0.11)
Interest Cover
19.18x
Comfortably covers interest (19.2x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)
0.2x
Attractive valuation — P/E 0.2

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward
-13.1
SLOWING
Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend Yield
4.06%
Healthy income — 4.06% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend Growth
-92.0%
Dividend cut (-92.0% YoY) — warning sign

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