Uniphar

UPR.IR

Medical - Distribution · Healthcare

Price

€4.46

+0.04 (+0.90%)

Market Cap

€1.16B

Exchange

Euronext Dublin

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Jul 25, 2026 · filings through Dec 31, 2025

Share count falling — buybacks

−2.9% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 269.8M (2021) → 261.8M (2025)

Uniphar is an Irish healthcare services company that helps get medicines and medical products from manufacturers to patients and hospitals. Its core work includes distributing pharmaceuticals, providing outsourced commercial services to drug companies, and running a network of pharmacies and healthcare outlets across Ireland and beyond. The company acts as a critical link in the healthcare supply chain, serving pharmaceutical manufacturers, hospitals, and retail pharmacies.

Uniphar makes money by taking a margin on the medicines and products it distributes, charging fees for commercial and regulatory services it provides to drug companies, and earning revenue from its owned pharmacy and healthcare retail operations. It operates primarily in Ireland and the UK, with a growing presence across Europe and the US through acquisitions. With a market cap around $1.2 billion, its main competitive advantage is its established relationships with pharmaceutical manufacturers and its broad distribution network. The key growth driver is expanding its higher-margin commercial services division, while thin operating margins leave the business exposed to pricing pressure and supply chain disruptions.

Winston Score History

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

+13.3% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-27.8% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

↓ Declining (-100% vs prior year)

0.0% of revenue

Below sector average (18%)

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

Insider Activity

9.9%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$185M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth + cash flow

Uniphar is a rare growth stock that's already generating positive cash flow while growing at 13%. 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.

Score breakdown

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Quality

Gross Margin

15.0%

Thin — 15.0% gross margin

Operating Margin

3.3%

Thin — 3.3% operating margin

ROCE

7.0%

Weak — 7.0% 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

+11.0%

Steady sales growth (11.0% YoY)

EPS YoY

-13.7%

Earnings shrinking (-13.7% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

212%

Turns 212% of profit into real cash

FCF Margin

2.8%

Thin free cash flow (2.8%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.88

Moderate — manageable debt (0.88)

Interest Cover

4.21x

Adequate interest coverage (4.2x)

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

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Valuation

P/E Ratio (TTM)

22.7x

Growth-priced — P/E 22.7

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

P/E vs Forward

+8.3

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (22.7 → 14.5)

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Dividends

Dividend Yield

0.45%

Small dividend — 0.45% yield

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

Dividend Growth

+11.3%

Dividend growing fast (11.3% YoY)

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