Warpaint London is a value-focused colour cosmetics and personal care supplier serving mainly 16-to-34-year-old consumers through W7, Technic, Brand Architekts and Barry M. Its asset-light model outsources manufacturing to approximately 30 factories, supporting low capital expenditure, rapid product launches and high cash conversion. **The core investment tension is weak 2025 organic growth versus a substantial international and acquisition-led recovery opportunity.** FY 2025 revenue reached a record £105.1 million, up 3.4% from £101.6 million, but organic sales declined 8.0% to £93.3 million after the £11.8 million Brand Architekts contribution. Statutory EPS fell 24.3% to £0.178, although it exceeded consensus by 6.7%. The stock trades at approximately 10.66x–10.86x forward P/E and offers a 6.77% trailing dividend yield, despite ROCE of 22.63% to 27.76%, zero bank debt and £20.6 million of cash at 31 May 2026. Near-term catalysts include the 2,200-store Rossmann rollout, stronger Walmart orders, the Ulta pilot and Barry M integration. Berenberg retained Buy with a £4.70 12-month target, while Shore Capital retained its house-stock view.