Deep Value: cash covers more than 100% of the stock price

This company holds roughly $258M in cash and investments — more than its entire stock-market value, based on its latest quarterly filing. You're paying very little for the actual business. Sometimes that's a genuine bargain or a takeover target, sometimes it's cheap for a reason. Not a buy signal on its own — always ask why it's this cheap.

Oriola Oyj

0NES.L

Medical - Distribution · Healthcare

Price

0.91 GBp

+0.00 (+0.22%)

Market Cap

£164.3M

Exchange

London Stock Exchange

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Data as of Aug 13, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Weak

Stability

Mixed

Valuation

Data not available

Dividends

Mixed

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Share count rising — dilution

+1.5% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 181.4M (2021) → 184.2M (2025)

Winston Score History

The full picture

Oriola Oyj is a Finnish healthcare company that delivers medicines and health products to pharmacies, hospitals, and healthcare providers. It acts as a middleman — buying drugs from pharmaceutical manufacturers and distributing them to the places where patients actually get their medicine. The company operates mainly in Finland and Sweden, two of the Nordic countries in northern Europe.

Oriola makes money by taking a small margin on each product it moves through its distribution network. With a gross margin of just 3.4%, the business runs on thin profits and high volumes, which is typical for pharmaceutical distributors. Its main competitive advantage is its established logistics infrastructure and long-term contracts with pharmacy chains in the Nordics. The key risk is that regulatory changes to pharmacy pricing or drug reimbursement rules in Finland or Sweden could quickly squeeze already-thin margins, making profitability difficult to sustain.

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

-89.8% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+77.1% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (18%)

Research and development spending

Insider Activity

38.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~4 years

$297M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

$297M cash & investments at current burn rate

Revenue declining

Oriola Oyj'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

Gross Margin

0.8%

Thin — 0.8% gross margin

Operating Margin

1.2%

Thin — 1.2% operating margin

ROCE

0.4%

Weak — 0.4% 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 YoY

-41.5%

Shrinking sales (-41.5% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

-0.5%

Burning cash (-0.5%)

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

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Stability

Debt / Equity

0.80

Moderate — manageable debt (0.80)

Interest Cover

1.30x

Dangerous — barely covers interest (1.3x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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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

3.34%

Moderate income — 3.34% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth

-8.0%

Dividend cut (-8.0% YoY) — warning sign

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