# Asos (ASC.LSE)

Canonical: https://gigainvestors.com/s/ASC.LSE

Analysis as of: 2026-10-16T07:45:16.116Z. Financial observations: FY2004–FY2025.

Listing currency: GBX. Reporting currency: GBP.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: GBX 455.50 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 3 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 4

- Operating margin variation: 1.68×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.04×

- FY2017: 0.04×

- FY2018: 0.04×

- FY2019: 0.01×

- FY2020: 0.05×

- FY2021: 0.05×

- FY2022: -0.00×

- FY2023: -0.01×

- FY2024: -0.03×

- FY2025: -0.02×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 8.6%

- ROIC, second-lowest year: -6.1%

- Typical minus recent gross margin: 3.6 pp

- Typical gross margin (annual median): 42.9%

- Recent gross margin (lower of latest and 3-year median): 39.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.7%

- ROIC including acquisitions, ten-year median: 4.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: >100%

- FY2017: 49.8%

- FY2018: 20.8%

- FY2019: 4.8%

- FY2020: 17.9%

- FY2021: 12.4%

- FY2022: -0.8%

- FY2023: -2.2%

- FY2024: -6.1%

- FY2025: -6.1%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: GBP -813M

- Net income, five-year total: GBP -763M

- Return on incremental invested capital: -152.9%

- Working capital / revenue, annual change: 0.6 pp

- Working capital / revenue, change between three-year averages: 3.2 pp

- Working capital / revenue, final three-year average: 17.1%

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: GBP 63M

- FY2022: GBP -136M

- FY2023: GBP -294M

- FY2024: GBP -261M

- FY2025: GBP -184M

### management: fail

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 49.8% vs -6.1%

- Per-share earnings: 0.44 to -2.50 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- five-year and ten-year diluted share growth both above threshold

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 3.7%

- Ordinary dilution, 5-year annual growth: 5.8%

- Market cap gain: GBP -4.4B

- Cumulative retained earnings: GBP -445M

- Diluted shares, 10-year annual growth: 3.7%

- Diluted shares, 5-year annual growth: 5.8%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value change: GBP -2.95

- Per-share value, starting three-year median: GBP 0.44

- Per-share value, ending three-year median: GBP -2.50

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: GBP 660M

- Cumulative net income, 10 years: GBP -444M

- ROIC, first three-year median: 49.8%

- ROIC, last three-year median: -6.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: GBP 0.42

- FY2017: GBP 0.77

- FY2018: GBP 0.98

- FY2019: GBP 0.29

- FY2020: GBP 1.26

- FY2021: GBP 1.21

- FY2022: GBP -0.29

- FY2023: GBP -1.87

- FY2024: GBP -2.84

- FY2025: GBP -2.50

### accounting: pass

- Sloan accruals: -25.4%

- Receivables to sales index (DSRI): 1.16×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 2.9%

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 2.23×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -14.8%

- FY2017: -9.7%

- FY2018: -1.1%

- FY2019: -5.2%

- FY2020: -14.2%

- FY2021: -2.8%

- FY2022: 3.3%

- FY2023: -8.0%

- FY2024: -23.6%

- FY2025: -25.4%

## Holders

## Price story

Down 82% since Oct 2021 · sales -14.9%

Story as of 2026-10-16T10:00:13.372Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales -14.9%; source https://filings.xbrl.org/213800H8DBB8JSKDW630/2025-08-31/ESEF/GB/0/213800H8DBB8JSKDW630-2025-08-31/reports/213800H8DBB8JSKDW630-2025-08-31-T01.xhtml; observed 2025-12-09.

- FY2016: GBP 1.4B 

- FY2017: GBP 1.9B 

- FY2018: GBP 2.4B 

- FY2019: GBP 2.7B 

- FY2020: GBP 3.3B 

- FY2021: GBP 3.9B 

- FY2022: GBP 3.9B 

- FY2023: GBP 3.5B 

- FY2024: GBP 2.9B 

- FY2025: GBP 2.5B 

### Gross margin · FY2025

gross margin 40.4%; source https://filings.xbrl.org/213800H8DBB8JSKDW630/2025-08-31/ESEF/GB/0/213800H8DBB8JSKDW630-2025-08-31/reports/213800H8DBB8JSKDW630-2025-08-31-T01.xhtml; observed 2025-12-09.

- FY2016: 50.0% 

- FY2017: 49.8% 

- FY2018: 51.2% 

- FY2019: 48.8% 

- FY2020: 43.8% 

- FY2021: 42.0% 

- FY2022: 39.8% 

- FY2023: 39.3% 

- FY2024: 37.5% 

- FY2025: 40.4% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in internet retail; annual sales are GBP 2.5 billion.

- Source: https://filings.xbrl.org/213800H8DBB8JSKDW630/2025-08-31/ESEF/GB/0/213800H8DBB8JSKDW630-2025-08-31/reports/213800H8DBB8JSKDW630-2025-08-31-T01.xhtml (filed 2025-12-09); FY2025: revenue 2464800000; grossProfit 995100000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ASC.LSE: ASOS Plc, together with its subsidiaries, operates as an online fashion retailer in the United Kingdom, the European Union, the United States, and internationally. The company sells fashion products under the ASOS Design, ASOS 4505, Collusion, ARRANGE, HIIT, Miss Selfridge, Topman, and Topshop brands. It also provides payment processing and brand management services; employs marketing and supply chain staff; and acts as a vehicle for issue of convertible bonds. The company was formerly known as asSeenonScreen Holdings PLC and changed its name to ASOS Plc in August 2003. ASOS Plc was incorporated in 2000 and is headquartered in London, the United Kingdom.

### Why customers stay

Margins ranged from 37.5% to 40.4% during 2023–25; it earns 8.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-09); FY2023: grossProfit / revenue = 39.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-09); FY2024: grossProfit / revenue = 37.5%.

- Source: https://filings.xbrl.org/213800H8DBB8JSKDW630/2025-08-31/ESEF/GB/0/213800H8DBB8JSKDW630-2025-08-31/reports/213800H8DBB8JSKDW630-2025-08-31-T01.xhtml (filed 2025-12-09); FY2025: grossProfit / revenue = 40.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-09); 10-year return on capital observations [[2016,1.9645039539899354],[2017,0.49827734375],[2018,0.2084030776867709],[2019,0.04804126129259322],[2020,0.1792533021544685],[2021,0.12418183926325282],[2022,-0.008460368876842731],[2023,-0.022258783783783785],[2024,-0.06102784716440004],[2025,-0.06116302864938609]]; median 0.08611155027792303. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid no dividends in 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-09); FY2016: growth capex 0; upkeep 23500000; owner earnings 42900000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-09); FY2017: growth capex 26522458.056229413; upkeep 45477541.94377059; owner earnings 60922458.05622941. Growth capex / owner earnings = 0.43534779952164865.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-09); FY2018: growth capex 33368214.186020225; upkeep 72231785.81397977; owner earnings 64768214.186020225. Growth capex / owner earnings = 0.5151942909863728.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-09); FY2019: growth capex 24627751.313991502; upkeep 72072248.6860085; owner earnings 23827751.313991502. Growth capex / owner earnings = 1.0335742970227428.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-09); FY2020: growth capex 0; upkeep 116600000; owner earnings 51480000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-09); FY2021: growth capex 21600000; upkeep 135500000; owner earnings 62620000. Growth capex / owner earnings = 0.34493771957840946.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-09); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 52.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ASC.LSE SharesStats.PercentInsiders = 52.822 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.2 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-09); Closing price 455.5 GBX; reporting-to-trading FX 100; FY2025 annual sales per share 20.668003837097757; price multiple 0.22038896624472573. FY2025 cash earnings/share -1.5454045387768245. Closing-price date 2026-10-15.

## Monthly share-price history (GBX per share)

- 2016-10: GBX 5,257.00 per share

- 2016-11: GBX 5,047.00 per share

- 2016-12: GBX 4,964.00 per share

- 2017-01: GBX 5,266.00 per share

- 2017-02: GBX 5,432.00 per share

- 2017-03: GBX 6,045.00 per share

- 2017-04: GBX 5,820.00 per share

- 2017-05: GBX 6,417.00 per share

- 2017-06: GBX 5,749.00 per share

- 2017-07: GBX 5,778.00 per share

- 2017-08: GBX 5,667.00 per share

- 2017-09: GBX 5,955.00 per share

- 2017-10: GBX 5,697.00 per share

- 2017-11: GBX 6,060.00 per share

- 2017-12: GBX 6,715.00 per share

- 2018-01: GBX 7,434.00 per share

- 2018-02: GBX 7,452.00 per share

- 2018-03: GBX 6,960.00 per share

- 2018-04: GBX 5,846.00 per share

- 2018-05: GBX 6,622.00 per share

- 2018-06: GBX 6,102.00 per share

- 2018-07: GBX 6,070.00 per share

- 2018-08: GBX 6,114.00 per share

- 2018-09: GBX 5,762.00 per share

- 2018-10: GBX 5,456.00 per share

- 2018-11: GBX 4,958.00 per share

- 2018-12: GBX 2,277.00 per share

- 2019-01: GBX 3,300.00 per share

- 2019-02: GBX 3,196.00 per share

- 2019-03: GBX 3,200.00 per share

- 2019-04: GBX 3,921.00 per share

- 2019-05: GBX 3,440.00 per share

- 2019-06: GBX 2,550.00 per share

- 2019-07: GBX 2,606.00 per share

- 2019-08: GBX 2,380.00 per share

- 2019-09: GBX 2,476.00 per share

- 2019-10: GBX 3,530.00 per share

- 2019-11: GBX 3,201.00 per share

- 2019-12: GBX 3,373.00 per share

- 2020-01: GBX 3,073.00 per share

- 2020-02: GBX 2,997.00 per share

- 2020-03: GBX 1,195.00 per share

- 2020-04: GBX 2,394.00 per share

- 2020-05: GBX 2,996.00 per share

- 2020-06: GBX 3,423.00 per share

- 2020-07: GBX 3,358.00 per share

- 2020-08: GBX 4,909.00 per share

- 2020-09: GBX 5,150.00 per share

- 2020-10: GBX 4,408.00 per share

- 2020-11: GBX 4,636.00 per share

- 2020-12: GBX 4,783.00 per share

- 2021-01: GBX 4,474.00 per share

- 2021-02: GBX 5,600.00 per share

- 2021-03: GBX 5,534.00 per share

- 2021-04: GBX 5,220.00 per share

- 2021-05: GBX 4,877.00 per share

- 2021-06: GBX 4,960.00 per share

- 2021-07: GBX 3,806.00 per share

- 2021-08: GBX 3,884.00 per share

- 2021-09: GBX 3,002.00 per share

- 2021-10: GBX 2,482.00 per share

- 2021-11: GBX 2,351.00 per share

- 2021-12: GBX 2,391.00 per share

- 2022-01: GBX 2,213.00 per share

- 2022-02: GBX 1,953.50 per share

- 2022-03: GBX 1,610.50 per share

- 2022-04: GBX 1,398.00 per share

- 2022-05: GBX 1,558.00 per share

- 2022-06: GBX 838.50 per share

- 2022-07: GBX 1,041.00 per share

- 2022-08: GBX 695.50 per share

- 2022-09: GBX 569.00 per share

- 2022-10: GBX 563.50 per share

- 2022-11: GBX 631.50 per share

- 2022-12: GBX 510.50 per share

- 2023-01: GBX 872.50 per share

- 2023-02: GBX 875.00 per share

- 2023-03: GBX 820.50 per share

- 2023-04: GBX 736.80 per share

- 2023-05: GBX 343.30 per share

- 2023-06: GBX 382.70 per share

- 2023-07: GBX 420.60 per share

- 2023-08: GBX 438.40 per share

- 2023-09: GBX 384.50 per share

- 2023-10: GBX 395.40 per share

- 2023-11: GBX 382.10 per share

- 2023-12: GBX 425.70 per share

- 2024-01: GBX 369.50 per share

- 2024-02: GBX 377.00 per share

- 2024-03: GBX 383.40 per share

- 2024-04: GBX 334.40 per share

- 2024-05: GBX 373.40 per share

- 2024-06: GBX 356.60 per share

- 2024-07: GBX 362.00 per share

- 2024-08: GBX 362.40 per share

- 2024-09: GBX 428.60 per share

- 2024-10: GBX 357.40 per share

- 2024-11: GBX 376.60 per share

- 2024-12: GBX 445.20 per share

- 2025-01: GBX 424.80 per share

- 2025-02: GBX 334.20 per share

- 2025-03: GBX 291.60 per share

- 2025-04: GBX 287.00 per share

- 2025-05: GBX 313.50 per share

- 2025-06: GBX 303.00 per share

- 2025-07: GBX 310.00 per share

- 2025-08: GBX 277.50 per share

- 2025-09: GBX 279.00 per share

- 2025-10: GBX 254.50 per share

- 2025-11: GBX 242.50 per share

- 2025-12: GBX 283.50 per share

- 2026-01: GBX 330.50 per share

- 2026-02: GBX 285.50 per share

- 2026-03: GBX 215.50 per share

- 2026-04: GBX 224.50 per share

- 2026-05: GBX 273.00 per share

- 2026-06: GBX 288.00 per share

- 2026-07: GBX 355.50 per share

- 2026-08: GBX 419.00 per share

- 2026-09: GBX 507.00 per share

- 2026-10: GBX 455.50 per share

## Annual estimated value (GBX per share)

- FY2016: low GBX 931.85 per share, central GBX 1,256.79 per share, high GBX 1,446.00 per share

- FY2017: low GBX 1,134.97 per share, central GBX 1,558.96 per share, high GBX 1,805.85 per share

- FY2018: low GBX 1,160.59 per share, central GBX 1,657.93 per share, high GBX 1,947.53 per share

- FY2019: low GBX 1,188.25 per share, central GBX 1,524.94 per share, high GBX 1,782.18 per share

- FY2020: low GBX 1,698.45 per share, central GBX 2,263.58 per share, high GBX 2,592.66 per share

- FY2021: low GBX 1,351.87 per share, central GBX 1,695.35 per share, high GBX 1,895.36 per share

- FY2022: low GBX 869.04 per share, central GBX 957.15 per share, high GBX 1,074.44 per share

- FY2023: low GBX 520.67 per share, central GBX 559.72 per share, high GBX 611.71 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original ESEF filing](https://filings.xbrl.org/213800H8DBB8JSKDW630/2025-08-31/ESEF/GB/0/213800H8DBB8JSKDW630-2025-08-31/reports/213800H8DBB8JSKDW630-2025-08-31-T01.xhtml); period 2025-08-31, filed 2025-12-09.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.