# Hollywood Bowl Group (BOWL.LSE)

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

Analysis as of: 2026-10-16T07:46:14.761Z. Financial observations: FY2013–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 265.50 per share; close as of 2026-10-15.

## Checklist

### understandable: pass

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

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.30×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.18×

- FY2017: 0.20×

- FY2018: 0.21×

- FY2019: 0.22×

- FY2020: 0.11×

- FY2021: 0.08×

- FY2022: 0.29×

- FY2023: 0.25×

- FY2024: 0.23×

- FY2025: 0.23×

### moat: fail

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

- Recent gross margin fell 18.8pp below the typical margin (limit 4pp)

- ROIC, median of available years: 21.2%

- ROIC, second-lowest year: 4.7%

- Typical minus recent gross margin: 18.8 pp

- Typical gross margin (annual median): 68.7%

- Recent gross margin (lower of latest and 3-year median): 50.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 12.3%

- ROIC including acquisitions, ten-year median: -0.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 62.6%

- FY2017: 88.1%

- FY2018: 89.3%

- FY2019: 82.3%

- FY2020: 4.7%

- FY2021: 3.2%

- FY2022: 22.8%

- FY2023: 19.7%

- FY2024: 15.0%

- FY2025: 16.0%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: -0.38×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: GBP -53M

- Net income, five-year total: GBP 138M

- Return on incremental invested capital: 635.0%

- Working capital / revenue, annual change: -0.1 pp

- Working capital / revenue, change between three-year averages: -0.5 pp

- Working capital / revenue, final three-year average: -0.4%

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

- FY2021: -13.05×

- FY2022: -0.01×

- FY2023: -0.11×

- FY2024: -0.46×

- FY2025: -0.36×

### management: fail

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

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 88.1% vs 16.0%

- Per-share earnings: 0.02 to 0.20 (three-year endpoint medians)

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

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 1.4%

- Ordinary dilution, 5-year annual growth: 1.8%

- Market cap gain: GBP 156M

- Cumulative retained earnings: GBP -26M

- Diluted shares, 10-year annual growth: 1.4%

- Diluted shares, 5-year annual growth: 1.8%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 30.2%

- Per-share value change: GBP 0.17

- Per-share value, starting three-year median: GBP 0.02

- Per-share value, ending three-year median: GBP 0.20

- Buybacks concentrated in cheaper years (correlation): 0.50

- Average buyback yield: 2.2%

- Buyback history: 3 years

- Debt-funded buybacks: Yes

- Acquisition spending: GBP 103M

- Cumulative net income, 10 years: GBP 200M

- ROIC, first three-year median: 88.1%

- ROIC, last three-year median: 16.0%

Chart: Earnings per share; fiscal year observations.

- FY2016: GBP 0.01

- FY2017: GBP 0.12

- FY2018: GBP 0.12

- FY2019: GBP 0.15

- FY2020: GBP 0.01

- FY2021: GBP 0.01

- FY2022: GBP 0.22

- FY2023: GBP 0.20

- FY2024: GBP 0.17

- FY2025: GBP 0.20

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: -8.9%

- Receivables to sales index (DSRI): 2.35×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 2.4%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.13×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.66×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -17.4%

- FY2017: -7.2%

- FY2018: -7.7%

- FY2019: -6.9%

- FY2020: -4.5%

- FY2021: -8.8%

- FY2022: -10.2%

- FY2023: -7.6%

- FY2024: -9.1%

- FY2025: -8.9%

## Holders

## Price story

Down 22% since Apr 2024 · sales +8.7%

Story as of 2026-10-16T10:00:13.547Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales +8.7%; source https://filings.xbrl.org/213800XB8YZNGJYDEZ97/2025-09-30/ESEF/GB/0/213800XB8YZNGJYDEZ97-2025-09-30/reports/213800XB8YZNGJYDEZ97-2025-09-30-T01.xhtml; observed 2026-01-08.

- FY2016: GBP 105M 

- FY2017: GBP 114M 

- FY2018: GBP 121M 

- FY2019: GBP 130M 

- FY2020: GBP 79M 

- FY2021: GBP 72M 

- FY2022: GBP 194M 

- FY2023: GBP 215M 

- FY2024: GBP 230M 

- FY2025: GBP 250M 

### Gross margin · FY2025

gross margin 50%; source https://filings.xbrl.org/213800XB8YZNGJYDEZ97/2025-09-30/ESEF/GB/0/213800XB8YZNGJYDEZ97-2025-09-30/reports/213800XB8YZNGJYDEZ97-2025-09-30-T01.xhtml; observed 2026-01-08.

- FY2016: 85.3% 

- FY2017: 86.5% 

- FY2018: 86.1% 

- FY2019: 85.7% 

- FY2020: 60.4% 

- FY2021: 57.8% 

- FY2022: 73.8% 

- FY2023: 63.6% 

- FY2024: 63.2% 

- FY2025: 50.0% 

## Owner memo

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

### How it makes money

Operates in leisure; annual sales are GBP 250.5 million.

- Source: https://filings.xbrl.org/213800XB8YZNGJYDEZ97/2025-09-30/ESEF/GB/0/213800XB8YZNGJYDEZ97-2025-09-30/reports/213800XB8YZNGJYDEZ97-2025-09-30-T01.xhtml (filed 2026-01-08); FY2025: revenue 250460000; grossProfit 125106000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 50% to 63.6% during 2023–25; it earns 21.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-08); FY2023: grossProfit / revenue = 63.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-08); FY2024: grossProfit / revenue = 63.2%.

- Source: https://filings.xbrl.org/213800XB8YZNGJYDEZ97/2025-09-30/ESEF/GB/0/213800XB8YZNGJYDEZ97-2025-09-30/reports/213800XB8YZNGJYDEZ97-2025-09-30-T01.xhtml (filed 2026-01-08); FY2025: grossProfit / revenue = 50%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-08); 10-year return on capital observations [[2016,0.6262763994258765],[2017,0.880680726690758],[2018,0.8930705011758173],[2019,0.8230589723791296],[2020,0.04711995479675157],[2021,0.03196641539639852],[2022,0.22759079215870792],[2023,0.19732456243134394],[2024,0.15029563195011303],[2025,0.1596281062802227]]; median 0.21245767729502593. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 9 of 10 years; bought back GBP 15.2 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-08); FY2016: growth capex 348000; upkeep 9809000; owner earnings 1187000. Growth capex / owner earnings = 0.2931760741364785.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-08); FY2017: growth capex 3021000; upkeep 10530000; owner earnings 18262000. Growth capex / owner earnings = 0.16542547366115432.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-08); FY2018: growth capex 0; upkeep 10687000; owner earnings 19095000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-08); FY2019: growth capex 3304679.0475810133; upkeep 13085320.952418987; owner earnings 18255279.047581013. Growth capex / owner earnings = 0.1810259398921055.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-08); Dividend observations: [[2016,2985000],[2017,2985000],[2018,13964000],[2019,16244000],[2020,14489000],[2021,0],[2022,5132000],[2023,25338000],[2024,26180000],[2025,20827000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://filings.xbrl.org/213800XB8YZNGJYDEZ97/2025-09-30/ESEF/GB/0/213800XB8YZNGJYDEZ97-2025-09-30/reports/213800XB8YZNGJYDEZ97-2025-09-30-T01.xhtml (filed 2026-01-08); FY2025: cash repurchases 15151000 GBP.

### Are managers owners

Insiders own 4.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BOWL.LSE SharesStats.PercentInsiders = 4.189 percentage points; cache date 2026-10-16.

### What the price says

The price is 1.8 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-08); Closing price 265.5 GBX; reporting-to-trading FX 100; FY2025 annual sales per share 1.45747536589638; price multiple 1.82164313862493. FY2025 cash earnings/share -0.07302855885911207. Closing-price date 2026-10-15.

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

- 2016-10: GBX 165.00 per share

- 2016-11: GBX 168.75 per share

- 2016-12: GBX 166.25 per share

- 2017-01: GBX 161.00 per share

- 2017-02: GBX 157.00 per share

- 2017-03: GBX 163.00 per share

- 2017-04: GBX 165.75 per share

- 2017-05: GBX 170.00 per share

- 2017-06: GBX 169.75 per share

- 2017-07: GBX 162.50 per share

- 2017-08: GBX 164.75 per share

- 2017-09: GBX 185.00 per share

- 2017-10: GBX 183.00 per share

- 2017-11: GBX 178.00 per share

- 2017-12: GBX 206.00 per share

- 2018-01: GBX 209.00 per share

- 2018-02: GBX 207.00 per share

- 2018-03: GBX 198.00 per share

- 2018-04: GBX 213.00 per share

- 2018-05: GBX 228.00 per share

- 2018-06: GBX 228.00 per share

- 2018-07: GBX 206.00 per share

- 2018-08: GBX 211.00 per share

- 2018-09: GBX 224.00 per share

- 2018-10: GBX 202.00 per share

- 2018-11: GBX 195.00 per share

- 2018-12: GBX 233.00 per share

- 2019-01: GBX 226.00 per share

- 2019-02: GBX 220.00 per share

- 2019-03: GBX 210.00 per share

- 2019-04: GBX 239.00 per share

- 2019-05: GBX 230.00 per share

- 2019-06: GBX 224.00 per share

- 2019-07: GBX 215.00 per share

- 2019-08: GBX 222.00 per share

- 2019-09: GBX 232.00 per share

- 2019-10: GBX 238.00 per share

- 2019-11: GBX 240.00 per share

- 2019-12: GBX 285.00 per share

- 2020-01: GBX 293.00 per share

- 2020-02: GBX 243.00 per share

- 2020-03: GBX 149.50 per share

- 2020-04: GBX 163.50 per share

- 2020-05: GBX 180.50 per share

- 2020-06: GBX 155.00 per share

- 2020-07: GBX 135.00 per share

- 2020-08: GBX 150.50 per share

- 2020-09: GBX 135.00 per share

- 2020-10: GBX 130.00 per share

- 2020-11: GBX 190.00 per share

- 2020-12: GBX 204.00 per share

- 2021-01: GBX 196.00 per share

- 2021-02: GBX 230.00 per share

- 2021-03: GBX 230.00 per share

- 2021-04: GBX 237.50 per share

- 2021-05: GBX 258.00 per share

- 2021-06: GBX 240.00 per share

- 2021-07: GBX 235.50 per share

- 2021-08: GBX 239.00 per share

- 2021-09: GBX 242.50 per share

- 2021-10: GBX 237.50 per share

- 2021-11: GBX 228.00 per share

- 2021-12: GBX 239.00 per share

- 2022-01: GBX 250.50 per share

- 2022-02: GBX 225.50 per share

- 2022-03: GBX 242.00 per share

- 2022-04: GBX 258.00 per share

- 2022-05: GBX 249.00 per share

- 2022-06: GBX 208.00 per share

- 2022-07: GBX 201.00 per share

- 2022-08: GBX 172.20 per share

- 2022-09: GBX 187.40 per share

- 2022-10: GBX 200.00 per share

- 2022-11: GBX 215.00 per share

- 2022-12: GBX 249.00 per share

- 2023-01: GBX 263.00 per share

- 2023-02: GBX 243.50 per share

- 2023-03: GBX 233.00 per share

- 2023-04: GBX 240.50 per share

- 2023-05: GBX 273.50 per share

- 2023-06: GBX 249.50 per share

- 2023-07: GBX 224.50 per share

- 2023-08: GBX 237.00 per share

- 2023-09: GBX 247.50 per share

- 2023-10: GBX 250.00 per share

- 2023-11: GBX 266.50 per share

- 2023-12: GBX 306.00 per share

- 2024-01: GBX 299.00 per share

- 2024-02: GBX 326.00 per share

- 2024-03: GBX 329.50 per share

- 2024-04: GBX 341.50 per share

- 2024-05: GBX 332.00 per share

- 2024-06: GBX 306.00 per share

- 2024-07: GBX 332.50 per share

- 2024-08: GBX 334.50 per share

- 2024-09: GBX 310.00 per share

- 2024-10: GBX 326.50 per share

- 2024-11: GBX 320.00 per share

- 2024-12: GBX 298.50 per share

- 2025-01: GBX 281.00 per share

- 2025-02: GBX 263.00 per share

- 2025-03: GBX 269.50 per share

- 2025-04: GBX 293.00 per share

- 2025-05: GBX 265.00 per share

- 2025-06: GBX 252.00 per share

- 2025-07: GBX 246.00 per share

- 2025-08: GBX 252.50 per share

- 2025-09: GBX 252.50 per share

- 2025-10: GBX 269.50 per share

- 2025-11: GBX 279.50 per share

- 2025-12: GBX 275.50 per share

- 2026-01: GBX 259.00 per share

- 2026-02: GBX 265.50 per share

- 2026-03: GBX 235.50 per share

- 2026-04: GBX 254.50 per share

- 2026-05: GBX 307.50 per share

- 2026-06: GBX 274.50 per share

- 2026-07: GBX 285.50 per share

- 2026-08: GBX 279.50 per share

- 2026-09: GBX 252.50 per share

- 2026-10: GBX 265.50 per share

## Annual estimated value (GBX per share)

- FY2017: low GBX 22.45 per share, central GBX 23.75 per share, high GBX 25.47 per share

- FY2018: low GBX 62.13 per share, central GBX 68.54 per share, high GBX 77.06 per share

- FY2019: low GBX 147.03 per share, central GBX 165.26 per share, high GBX 189.53 per share

- FY2020: low GBX 89.70 per share, central GBX 100.39 per share, high GBX 114.61 per share

- FY2021: low GBX 81.41 per share, central GBX 90.34 per share, high GBX 102.21 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/213800XB8YZNGJYDEZ97/2025-09-30/ESEF/GB/0/213800XB8YZNGJYDEZ97-2025-09-30/reports/213800XB8YZNGJYDEZ97-2025-09-30-T01.xhtml); period 2025-09-30, filed 2026-01-08.

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.