KNOS

Kainos Group PLC

Technology First-pass screen £980m

490/1000 Overall fit

AI beneficiary 35% 60

Operating leverage 25% 48

Valuation 25% 30

Downside protection 15% 55

First-pass take

Strong AI growth (61% YoY to £41m, now 11% of group revenue) and fortress balance sheet (£133.7m net cash, no debt) offset by revenue decline (-4%, first since 2009), margin compression (18% vs 20% prior), and intensifying Workday Services competition (partner count doubled). AI explicit in strategy but still services-embedded.

Flags

no-valuation-datarevenue-declinemargin-pressurecompetitive-intensityai-growth-armnet-cash