# Bloomsbury Publishing (BMY.LSE)

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

Analysis as of: 2026-10-16T07:45:16.263Z. Financial observations: FY2012–FY2026.

Listing currency: GBX. Reporting currency: GBP.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: GBX 683.00 per share; close as of 2026-10-15.

Estimated value: low GBX 449.64 per share, central GBX 505.24 per share, high GBX 579.26 per share. Buy at or below the central value GBX 505.24 per share. Valuation as of 2026-10-16T07:45:16.263Z; scenarios are not confidence intervals.

Expected annual return: 8.0% at the stated quote. About 8.0% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; GB 10-year bond 5.4% + 4 points).

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.17×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.07×

- FY2018: 0.07×

- FY2019: 0.08×

- FY2020: 0.09×

- FY2021: 0.10×

- FY2022: 0.11×

- FY2023: 0.10×

- FY2024: 0.12×

- FY2025: 0.09×

- FY2026: 0.11×

### moat: pass

- ROIC, median of available years: 19.2%

- ROIC, second-lowest year: 12.9%

- Typical minus recent gross margin: -2.7 pp

- Typical gross margin (annual median): 52.4%

- Recent gross margin (lower of latest and 3-year median): 55.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.7%

- ROIC including acquisitions, ten-year median: 11.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 10.1%

- FY2018: 12.9%

- FY2019: 14.2%

- FY2020: 12.9%

- FY2021: 18.2%

- FY2022: 21.2%

- FY2023: 20.7%

- FY2024: 32.5%

- FY2025: 20.1%

- FY2026: 23.1%

### economics: pass

- Owner earnings / net income, 5-yr: 1.24×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: GBP 151M

- Net income, five-year total: GBP 122M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.9 pp

- Working capital / revenue, change between three-year averages: -6.1 pp

- Working capital / revenue, final three-year average: 29.7%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 0.97×

- FY2023: 1.18×

- FY2024: 1.18×

- FY2025: 1.30×

- FY2026: 1.48×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 12.9% vs 23.1%

- Per-share earnings: 0.12 to 0.33 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.5%

- Ordinary dilution, 5-year annual growth: -0.2%

- Market cap gain: GBP 246M

- Cumulative retained earnings: GBP 74M

- Diluted shares, 10-year annual growth: 0.5%

- Diluted shares, 5-year annual growth: -0.2%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 14.0%

- Per-share value change: GBP 0.22

- Per-share value, starting three-year median: GBP 0.12

- Per-share value, ending three-year median: GBP 0.33

- Buybacks concentrated in cheaper years (correlation): -0.21

- Average buyback yield: 0.7%

- Buyback history: 8 years

- Debt-funded buybacks: No

- Acquisition spending: GBP 136M

- Cumulative net income, 10 years: GBP 172M

- ROIC, first three-year median: 12.9%

- ROIC, last three-year median: 23.1%

Chart: Earnings per share; fiscal year observations.

- FY2017: GBP 0.09

- FY2018: GBP 0.12

- FY2019: GBP 0.12

- FY2020: GBP 0.13

- FY2021: GBP 0.17

- FY2022: GBP 0.21

- FY2023: GBP 0.25

- FY2024: GBP 0.39

- FY2025: GBP 0.31

- FY2026: GBP 0.33

### accounting: pass

- Sloan accruals: -3.6%

- Receivables to sales index (DSRI): 1.04×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 2.7%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.49×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.58×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -5.9%

- FY2018: -5.0%

- FY2019: -2.8%

- FY2020: -2.7%

- FY2021: -4.4%

- FY2022: -7.9%

- FY2023: -2.0%

- FY2024: -1.4%

- FY2025: -4.3%

- FY2026: -3.6%

## Holders

## Price story

Price needs cash profits to grow 5% a year for ten years · sales -9.7%

Story as of 2026-10-16T10:00:13.378Z; price observation 2026-10-15.

Price needs cash profits to grow 5% a year for ten years

### Sales · FY2025–2026

sales -9.7%; source https://filings.xbrl.org/213800ZL2PEC4C6UOQ53/2026-02-28/ESEF/GB/0/213800ZL2PEC4C6UOQ53-2026-02-28/reports/213800ZL2PEC4C6UOQ53-2026-02-28--T01.html; observed 2026-06-25.

- FY2017: GBP 143M 

- FY2018: GBP 162M 

- FY2019: GBP 163M 

- FY2020: GBP 163M 

- FY2021: GBP 185M 

- FY2022: GBP 230M 

- FY2023: GBP 264M 

- FY2024: GBP 343M 

- FY2025: GBP 361M 

- FY2026: GBP 326M 

### Gross margin · FY2026

gross margin 55.1%; source https://filings.xbrl.org/213800ZL2PEC4C6UOQ53/2026-02-28/ESEF/GB/0/213800ZL2PEC4C6UOQ53-2026-02-28/reports/213800ZL2PEC4C6UOQ53-2026-02-28--T01.html; observed 2026-06-25.

- FY2017: 52.5% 

- FY2018: 52.2% 

- FY2019: 53.9% 

- FY2020: 51.5% 

- FY2021: 51.6% 

- FY2022: 50.8% 

- FY2023: 51.8% 

- FY2024: 56.8% 

- FY2025: 56.5% 

- FY2026: 55.1% 

## Owner memo

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

### How it makes money

Operates in publishing; annual sales are GBP 325.9 million.

- Source: https://filings.xbrl.org/213800ZL2PEC4C6UOQ53/2026-02-28/ESEF/GB/0/213800ZL2PEC4C6UOQ53-2026-02-28/reports/213800ZL2PEC4C6UOQ53-2026-02-28--T01.html (filed 2026-06-25); FY2026: revenue 325900000; grossProfit 179600000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BMY.LSE: Bloomsbury Publishing Plc publishes academic, educational, and general fiction and non-fiction books publishing for children, general reader, teachers, students, libraries, researchers, and professionals worldwide. It operates through Consumer and Academic & Professional segments. The company offers print books, ebooks, and audiobooks; licensing rights to third parties; and digital resources to academic, educational and professional settings. It also provides advertising and publishing services; and books for students and scholars of the arts, humanities, and social sciences. In addition, the company offers digital resources and databases for school libraries and higher education; and books and digital resources for professionals; educational content secondary schools; and professional development content for teachers and trainee teachers. Further, it offers pre-school and picture books, non-fiction, and fiction and graphic novels; audio books, games, and digital reference; and books for sport and wellbeing, science and nature, history, current affairs, creative arts and games, nautical, and military history. Bloomsbury Publishing Plc was incorporated in 1986 and is headquartered in London, the United Kingdom.

### Why customers stay

Margins ranged from 55.1% to 56.8% during 2024–26; it earns 19.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-25); FY2024: grossProfit / revenue = 56.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-25); FY2025: grossProfit / revenue = 56.5%.

- Source: https://filings.xbrl.org/213800ZL2PEC4C6UOQ53/2026-02-28/ESEF/GB/0/213800ZL2PEC4C6UOQ53-2026-02-28/reports/213800ZL2PEC4C6UOQ53-2026-02-28--T01.html (filed 2026-06-25); FY2026: grossProfit / revenue = 55.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-25); 10-year return on capital observations [[2017,0.10128178257509267],[2018,0.128560636803398],[2019,0.14168715947506896],[2020,0.12891753087461236],[2021,0.18182459806530027],[2022,0.21189864072544873],[2023,0.20746093705890759],[2024,0.3247900058155734],[2025,0.20127788684633233],[2026,0.23098954009629755]]; median 0.19155124245581628. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 51% gross margin through 2022 cost inflation.

- Source: https://filings.xbrl.org/213800ZL2PEC4C6UOQ53/2026-02-28/ESEF/GB/0/213800ZL2PEC4C6UOQ53-2026-02-28/reports/213800ZL2PEC4C6UOQ53-2026-02-28--T01.html (filed 2026-06-25); Gross margin observations: [[2021,0.5159180278281912],[2022,0.508130893920299],[2023,0.5184057674686295]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back GBP 4.8 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-25); FY2017: growth capex 0; upkeep 267000; owner earnings 11615000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-25); FY2018: growth capex 0; upkeep 314000; owner earnings 13192000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-25); FY2019: growth capex 0; upkeep 456000; owner earnings 13400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-25); FY2020: growth capex 0; upkeep 4644000; owner earnings 9529000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-25); FY2021: growth capex 0; upkeep 5773000; owner earnings 13099400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-25); FY2022: growth capex 0; upkeep 7987000; owner earnings 16363800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-25); FY2023: growth capex 0; upkeep 6616000; owner earnings 23957600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-25); FY2024: growth capex 0; upkeep 5834000; owner earnings 38018200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-25); FY2025: growth capex 0; upkeep 6200000; owner earnings 33040000. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/213800ZL2PEC4C6UOQ53/2026-02-28/ESEF/GB/0/213800ZL2PEC4C6UOQ53-2026-02-28/reports/213800ZL2PEC4C6UOQ53-2026-02-28--T01.html (filed 2026-06-25); FY2026: growth capex 0; upkeep 1400000; owner earnings 39900000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-25); Dividend observations: [[2017,4819000],[2018,5041000],[2019,5655000],[2020,6009000],[2021,1045000],[2022,15157000],[2023,8752000],[2024,11348000],[2025,12200000],[2026,12700000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://filings.xbrl.org/213800ZL2PEC4C6UOQ53/2026-02-28/ESEF/GB/0/213800ZL2PEC4C6UOQ53-2026-02-28/reports/213800ZL2PEC4C6UOQ53-2026-02-28--T01.html (filed 2026-06-25); FY2026: cash repurchases 4800000 GBP.

### Are managers owners

Insiders own 5.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BMY.LSE SharesStats.PercentInsiders = 5.755 percentage points; cache date 2026-10-16.

### What could break it

At the time, there was much discussion spanning potential US tariffs to European sustainability regulation.

- Source: https://filings.xbrl.org/213800ZL2PEC4C6UOQ53/2026-02-28/ESEF/GB/0/213800ZL2PEC4C6UOQ53-2026-02-28/reports/213800ZL2PEC4C6UOQ53-2026-02-28--T01.html (filed 2026-06-25); Our Response T y list. At the time, there was much discussion spanning potential US tariffs to European sustainability regulation. However, books were exempt from US tariffs and in Europe the anti-deforestation regulation (EUDR) that was expected to commence at the end of 2025 has been modified to exclude printed products.

### What the price says

The price assumes cash profits grow 5% yearly over ten years; actual growth was 12.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-25); Ten-year compound average after fade. Initial solved rate 0.05861494861729864. Price 683; FX 100; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 0.1540160559475285 → FY2026 0.489078473192616. Closing-price date 2026-10-15.

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

- 2016-10: GBX 151.50 per share

- 2016-11: GBX 161.75 per share

- 2016-12: GBX 169.75 per share

- 2017-01: GBX 169.25 per share

- 2017-02: GBX 170.00 per share

- 2017-03: GBX 179.00 per share

- 2017-04: GBX 171.25 per share

- 2017-05: GBX 174.00 per share

- 2017-06: GBX 166.75 per share

- 2017-07: GBX 180.00 per share

- 2017-08: GBX 172.00 per share

- 2017-09: GBX 160.50 per share

- 2017-10: GBX 164.00 per share

- 2017-11: GBX 187.75 per share

- 2017-12: GBX 189.00 per share

- 2018-01: GBX 185.00 per share

- 2018-02: GBX 167.00 per share

- 2018-03: GBX 176.50 per share

- 2018-04: GBX 177.00 per share

- 2018-05: GBX 234.00 per share

- 2018-06: GBX 236.00 per share

- 2018-07: GBX 212.00 per share

- 2018-08: GBX 226.00 per share

- 2018-09: GBX 222.00 per share

- 2018-10: GBX 192.00 per share

- 2018-11: GBX 206.00 per share

- 2018-12: GBX 202.00 per share

- 2019-01: GBX 220.00 per share

- 2019-02: GBX 232.50 per share

- 2019-03: GBX 228.00 per share

- 2019-04: GBX 237.00 per share

- 2019-05: GBX 230.00 per share

- 2019-06: GBX 227.00 per share

- 2019-07: GBX 232.00 per share

- 2019-08: GBX 235.00 per share

- 2019-09: GBX 240.00 per share

- 2019-10: GBX 250.00 per share

- 2019-11: GBX 270.00 per share

- 2019-12: GBX 290.00 per share

- 2020-01: GBX 284.00 per share

- 2020-02: GBX 245.00 per share

- 2020-03: GBX 217.00 per share

- 2020-04: GBX 206.00 per share

- 2020-05: GBX 217.00 per share

- 2020-06: GBX 200.00 per share

- 2020-07: GBX 205.00 per share

- 2020-08: GBX 210.50 per share

- 2020-09: GBX 199.00 per share

- 2020-10: GBX 255.50 per share

- 2020-11: GBX 262.00 per share

- 2020-12: GBX 294.00 per share

- 2021-01: GBX 306.00 per share

- 2021-02: GBX 268.00 per share

- 2021-03: GBX 286.00 per share

- 2021-04: GBX 301.00 per share

- 2021-05: GBX 318.00 per share

- 2021-06: GBX 348.00 per share

- 2021-07: GBX 361.00 per share

- 2021-08: GBX 353.00 per share

- 2021-09: GBX 333.00 per share

- 2021-10: GBX 362.00 per share

- 2021-11: GBX 367.00 per share

- 2021-12: GBX 360.00 per share

- 2022-01: GBX 379.00 per share

- 2022-02: GBX 407.00 per share

- 2022-03: GBX 424.00 per share

- 2022-04: GBX 401.00 per share

- 2022-05: GBX 413.00 per share

- 2022-06: GBX 378.50 per share

- 2022-07: GBX 415.00 per share

- 2022-08: GBX 420.50 per share

- 2022-09: GBX 366.50 per share

- 2022-10: GBX 461.50 per share

- 2022-11: GBX 485.00 per share

- 2022-12: GBX 449.50 per share

- 2023-01: GBX 445.50 per share

- 2023-02: GBX 419.00 per share

- 2023-03: GBX 446.00 per share

- 2023-04: GBX 448.50 per share

- 2023-05: GBX 410.00 per share

- 2023-06: GBX 436.00 per share

- 2023-07: GBX 432.00 per share

- 2023-08: GBX 417.00 per share

- 2023-09: GBX 401.00 per share

- 2023-10: GBX 398.00 per share

- 2023-11: GBX 415.00 per share

- 2023-12: GBX 470.00 per share

- 2024-01: GBX 471.00 per share

- 2024-02: GBX 545.00 per share

- 2024-03: GBX 528.00 per share

- 2024-04: GBX 534.00 per share

- 2024-05: GBX 610.00 per share

- 2024-06: GBX 626.00 per share

- 2024-07: GBX 744.00 per share

- 2024-08: GBX 714.00 per share

- 2024-09: GBX 674.00 per share

- 2024-10: GBX 680.00 per share

- 2024-11: GBX 664.00 per share

- 2024-12: GBX 674.00 per share

- 2025-01: GBX 666.00 per share

- 2025-02: GBX 610.00 per share

- 2025-03: GBX 588.00 per share

- 2025-04: GBX 595.00 per share

- 2025-05: GBX 521.00 per share

- 2025-06: GBX 512.00 per share

- 2025-07: GBX 480.00 per share

- 2025-08: GBX 489.00 per share

- 2025-09: GBX 477.50 per share

- 2025-10: GBX 500.00 per share

- 2025-11: GBX 498.00 per share

- 2025-12: GBX 482.00 per share

- 2026-01: GBX 497.00 per share

- 2026-02: GBX 463.00 per share

- 2026-03: GBX 563.00 per share

- 2026-04: GBX 612.00 per share

- 2026-05: GBX 652.00 per share

- 2026-06: GBX 621.00 per share

- 2026-07: GBX 611.00 per share

- 2026-08: GBX 643.00 per share

- 2026-09: GBX 635.00 per share

- 2026-10: GBX 683.00 per share

## Annual estimated value (GBX per share)

- FY2017: low GBX 180.16 per share, central GBX 202.76 per share, high GBX 232.83 per share

- FY2018: low GBX 212.65 per share, central GBX 238.06 per share, high GBX 271.89 per share

- FY2019: low GBX 219.34 per share, central GBX 245.27 per share, high GBX 279.80 per share

- FY2020: low GBX 221.56 per share, central GBX 247.16 per share, high GBX 281.23 per share

- FY2021: low GBX 261.47 per share, central GBX 289.03 per share, high GBX 325.72 per share

- FY2022: low GBX 281.57 per share, central GBX 339.78 per share, high GBX 389.06 per share

- FY2023: low GBX 306.95 per share, central GBX 341.48 per share, high GBX 387.46 per share

- FY2024: low GBX 461.85 per share, central GBX 613.70 per share, high GBX 707.61 per share

- FY2025: low GBX 530.94 per share, central GBX 669.55 per share, high GBX 775.60 per share

- FY2026: low GBX 445.57 per share, central GBX 500.67 per share, high GBX 574.02 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/213800ZL2PEC4C6UOQ53/2026-02-28/ESEF/GB/0/213800ZL2PEC4C6UOQ53-2026-02-28/reports/213800ZL2PEC4C6UOQ53-2026-02-28--T01.html); period 2026-02-28, filed 2026-06-25.

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.