# Big Yellow Group (BYG.LSE)

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

Analysis as of: 2026-10-16T07:40:22.728Z. Financial observations: FY1999–FY2026.

Listing currency: GBX. Reporting currency: GBP.

## Verdict

Not a wonderful business

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

Share price: GBX 884.50 per share; close as of 2026-10-15.

Estimated value: low GBX 819.65 per share, central GBX 932.30 per share, high GBX 1,082.27 per share. Buy at or below the central value GBX 932.30 per share. Valuation as of 2026-10-16T07:40:22.728Z; scenarios are not confidence intervals.

Expected annual return: 10.4% at the stated quote. About 10.4% 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

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

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.02×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.60×

- FY2018: 0.61×

- FY2019: 0.61×

- FY2020: 0.62×

- FY2021: 0.60×

- FY2022: 0.62×

- FY2023: 0.64×

- FY2024: 0.64×

- FY2025: 0.62×

- FY2026: 0.62×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 4.5%

- ROIC, second-lowest year: 4.2%

- Typical minus recent gross margin: 1.3 pp

- Typical gross margin (annual median): 70.9%

- Recent gross margin (lower of latest and 3-year median): 69.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 42.0%

- ROIC including acquisitions, ten-year median: 7.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 5.5%

- FY2018: 5.4%

- FY2019: 5.3%

- FY2020: 5.2%

- FY2021: 4.5%

- FY2022: 4.1%

- FY2023: 4.4%

- FY2024: 4.5%

- FY2025: 4.2%

- FY2026: 4.2%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.81×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: GBP 1.1B

- Net income, five-year total: GBP 1.3B

- Return on incremental invested capital: 11.4%

- Working capital / revenue, annual change: -0.6 pp

- Working capital / revenue, change between three-year averages: -4.0 pp

- Working capital / revenue, final three-year average: 0.6%

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

- FY2022: 0.99×

- FY2023: 0.11×

- FY2024: 0.87×

- FY2025: 0.71×

- FY2026: 0.18×

### management: fail

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

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 5.4% vs 4.2%

- Per-share earnings: 0.71 to 1.03 (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: 2.2%

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

- Market cap gain: GBP 499M

- Cumulative retained earnings: GBP 1.4B

- Diluted shares, 10-year annual growth: 2.2%

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

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 4.7%

- Per-share value change: GBP 0.32

- Per-share value, starting three-year median: GBP 0.71

- Per-share value, ending three-year median: GBP 1.03

- Buybacks concentrated in cheaper years (correlation): -0.60

- Average buyback yield: 2.3%

- Buyback history: 4 years

- Debt-funded buybacks: Yes

- Acquisition spending: GBP 0

- Cumulative net income, 10 years: GBP 2.1B

- ROIC, first three-year median: 5.4%

- ROIC, last three-year median: 4.2%

Chart: Earnings per share; fiscal year observations.

- FY2017: GBP 0.63

- FY2018: GBP 0.84

- FY2019: GBP 0.76

- FY2020: GBP 0.53

- FY2021: GBP 1.48

- FY2022: GBP 3.78

- FY2023: GBP 0.40

- FY2024: GBP 1.22

- FY2025: GBP 1.03

- FY2026: GBP 0.64

### accounting: pass

- Sloan accruals: 0.5%

- Receivables to sales index (DSRI): 0.44×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 1.7%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.87×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2017: 3.5%

- FY2018: 5.2%

- FY2019: 3.6%

- FY2020: 1.2%

- FY2021: 10.2%

- FY2022: 22.1%

- FY2023: -1.4%

- FY2024: 4.6%

- FY2025: 2.9%

- FY2026: 0.5%

## Holders

## Price story

Down 48% since Dec 2021 · sales +2.2%

Story as of 2026-10-16T10:00:11.435Z; price observation 2026-10-15.

Price needs cash profits to grow 0.2% a year for ten years

### Sales · FY2025–2026

sales +2.2%; source https://filings.xbrl.org/213800W7Q4V2ZI8LIW31/2022-03-31/ESEF/GB/0/213800W7Q4V2ZI8LIW31-2022-03-31/reports/213800W7Q4V2ZI8LIW31-2022-03-31-T01.xhtml; observed 2022-08-02.

- FY2017: GBP 110M 

- FY2018: GBP 117M 

- FY2019: GBP 126M 

- FY2020: GBP 129M 

- FY2021: GBP 135M 

- FY2022: GBP 171M 

- FY2023: GBP 189M 

- FY2024: GBP 200M 

- FY2025: GBP 204M 

- FY2026: GBP 209M 

### Gross margin · FY2026

gross margin 69.6%; source https://filings.xbrl.org/213800W7Q4V2ZI8LIW31/2022-03-31/ESEF/GB/0/213800W7Q4V2ZI8LIW31-2022-03-31/reports/213800W7Q4V2ZI8LIW31-2022-03-31-T01.xhtml; observed 2022-08-02.

- FY2017: 72.5% 

- FY2018: 73.6% 

- FY2019: 73.9% 

- FY2020: 68.7% 

- FY2021: 68.0% 

- FY2022: 70.6% 

- FY2023: 71.2% 

- FY2024: 71.9% 

- FY2025: 69.6% 

- FY2026: 69.6% 

## Owner memo

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

### How it makes money

Operates in property rentals; annual sales are GBP 209.1 million.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2022-08-02); FY2026: revenue 209084000; grossProfit 145558000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BYG.LSE: Big Yellow Group Plc is the UK's brand leader in self-storage and operates from a platform of 115 stores. We have a pipeline of 0.8 million sq ft comprising 10 proposed self-storage facilities. The current maximum lettable area of the existing platform is 6.9 million sq ft. When fully built out the portfolio will provide approximately 7.7 million sq ft of flexible storage space. 99% of our stores and sites by value are held freehold and long leasehold, with the remaining 1% short leasehold. Currently by revenue 75% of our stores are in London and its commuter towns, with the balance in larger regional conurbations. Our stores utilize state of the art technology for our digital and operating platforms including security, and we focus on locating our stores in high profile, accessible, main road locations. We also focus on providing excellent customer service, a highly engaged employee culture, and with a significant investment in sustainability. Big Yellow Group Plc was incorporated in 1998 in United Kingdom.

### Why customers stay

Margins ranged from 69.6% to 71.9% during 2024–26; it earns 4.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2022-08-02); FY2024: grossProfit / revenue = 71.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2022-08-02); FY2025: grossProfit / revenue = 69.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2022-08-02); FY2026: grossProfit / revenue = 69.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2022-08-02); 10-year return on capital observations [[2017,0.05472864223451507],[2018,0.05380159865475446],[2019,0.052660136282498396],[2020,0.05179172738730622],[2021,0.04532780202273322],[2022,0.04094270440066238],[2023,0.043521369170882104],[2024,0.044893127541348846],[2025,0.042279307717896765],[2026,0.041795072605146234]]; median 0.04511046478204103. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 2.2% of cash earnings on expansion; earns 11.4% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2022-08-02); FY2017: growth capex 4404000; upkeep 1934000; owner earnings 99511000. Growth capex / owner earnings = 0.044256413863793954.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2022-08-02); FY2018: growth capex 40121000; upkeep 1838000; owner earnings 133542000. Growth capex / owner earnings = 0.3004373156010843.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2022-08-02); FY2019: growth capex 81251000; upkeep 1787000; owner earnings 122745200. Growth capex / owner earnings = 0.6619484916721794.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2022-08-02); FY2020: growth capex 12124000; upkeep 1981000; owner earnings 88788600. Growth capex / owner earnings = 0.13654906147861323.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2022-08-02); FY2021: growth capex 40794964.899856895; upkeep 32215035.100143105; owner earnings 231460364.8998569. Growth capex / owner earnings = 0.17625032656242096.

- Source: https://filings.xbrl.org/213800W7Q4V2ZI8LIW31/2022-03-31/ESEF/GB/0/213800W7Q4V2ZI8LIW31-2022-03-31/reports/213800W7Q4V2ZI8LIW31-2022-03-31-T01.xhtml (filed 2022-08-02); FY2022: growth capex 102698000; upkeep 2453000; owner earnings 693138800. Growth capex / owner earnings = 0.14816368669594027.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2022-08-02); FY2023: growth capex 42849705.3441341; upkeep 63563294.6558659; owner earnings 8286505.3441341. Growth capex / owner earnings = 5.171022471429021.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2022-08-02); FY2024: growth capex 1462912.280922439; upkeep 29447087.71907756; owner earnings 209238512.28092244. Growth capex / owner earnings = 0.006991601426406345.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2022-08-02); FY2025: growth capex 589228.8782133609; upkeep 57668771.12178664; owner earnings 143344428.87821335. Growth capex / owner earnings = 0.004110580947055674.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2022-08-02); FY2026: growth capex 511828.5384552032; upkeep 100328171.4615448; owner earnings 23018028.538455203. Growth capex / owner earnings = 0.02223598504972369.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2022-08-02); Incremental return on capital 0.11447264754397157, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2022-08-02); Dividend observations: [[2017,41158000],[2018,46183000],[2019,52058000],[2020,55706000],[2021,58808000],[2022,68698000],[2023,79140000],[2024,85259000],[2025,88542000],[2026,93243000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 6.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BYG.LSE SharesStats.PercentInsiders = 6.148 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 0.2% yearly over ten years; actual decline was 16.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2022-08-02); Ten-year compound average after fade. Initial solved rate -0.009384470315667082. Price 884.5; FX 100; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 0.711556543837357 → FY2026 0.11748327704569686. Closing-price date 2026-10-15.

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

- 2016-10: GBX 692.00 per share

- 2016-11: GBX 664.50 per share

- 2016-12: GBX 685.50 per share

- 2017-01: GBX 688.00 per share

- 2017-02: GBX 731.00 per share

- 2017-03: GBX 730.50 per share

- 2017-04: GBX 774.00 per share

- 2017-05: GBX 788.50 per share

- 2017-06: GBX 792.00 per share

- 2017-07: GBX 775.00 per share

- 2017-08: GBX 808.50 per share

- 2017-09: GBX 757.00 per share

- 2017-10: GBX 777.50 per share

- 2017-11: GBX 833.50 per share

- 2017-12: GBX 869.50 per share

- 2018-01: GBX 867.50 per share

- 2018-02: GBX 831.00 per share

- 2018-03: GBX 853.00 per share

- 2018-04: GBX 921.50 per share

- 2018-05: GBX 930.00 per share

- 2018-06: GBX 953.50 per share

- 2018-07: GBX 951.50 per share

- 2018-08: GBX 942.00 per share

- 2018-09: GBX 918.00 per share

- 2018-10: GBX 862.50 per share

- 2018-11: GBX 873.50 per share

- 2018-12: GBX 873.50 per share

- 2019-01: GBX 958.50 per share

- 2019-02: GBX 980.50 per share

- 2019-03: GBX 991.50 per share

- 2019-04: GBX 1,041.00 per share

- 2019-05: GBX 1,018.00 per share

- 2019-06: GBX 989.50 per share

- 2019-07: GBX 989.00 per share

- 2019-08: GBX 1,070.00 per share

- 2019-09: GBX 1,039.00 per share

- 2019-10: GBX 1,142.00 per share

- 2019-11: GBX 1,105.00 per share

- 2019-12: GBX 1,200.00 per share

- 2020-01: GBX 1,179.00 per share

- 2020-02: GBX 1,066.00 per share

- 2020-03: GBX 1,004.00 per share

- 2020-04: GBX 1,072.00 per share

- 2020-05: GBX 1,000.00 per share

- 2020-06: GBX 1,004.00 per share

- 2020-07: GBX 1,019.00 per share

- 2020-08: GBX 1,072.00 per share

- 2020-09: GBX 1,040.00 per share

- 2020-10: GBX 1,100.00 per share

- 2020-11: GBX 1,138.00 per share

- 2020-12: GBX 1,097.00 per share

- 2021-01: GBX 1,106.00 per share

- 2021-02: GBX 1,135.00 per share

- 2021-03: GBX 1,115.00 per share

- 2021-04: GBX 1,196.00 per share

- 2021-05: GBX 1,308.00 per share

- 2021-06: GBX 1,307.00 per share

- 2021-07: GBX 1,452.00 per share

- 2021-08: GBX 1,525.00 per share

- 2021-09: GBX 1,395.00 per share

- 2021-10: GBX 1,479.00 per share

- 2021-11: GBX 1,632.00 per share

- 2021-12: GBX 1,707.00 per share

- 2022-01: GBX 1,494.00 per share

- 2022-02: GBX 1,415.00 per share

- 2022-03: GBX 1,536.00 per share

- 2022-04: GBX 1,430.00 per share

- 2022-05: GBX 1,347.00 per share

- 2022-06: GBX 1,312.00 per share

- 2022-07: GBX 1,425.00 per share

- 2022-08: GBX 1,330.00 per share

- 2022-09: GBX 1,060.00 per share

- 2022-10: GBX 1,126.00 per share

- 2022-11: GBX 1,090.00 per share

- 2022-12: GBX 1,147.00 per share

- 2023-01: GBX 1,209.00 per share

- 2023-02: GBX 1,214.00 per share

- 2023-03: GBX 1,169.00 per share

- 2023-04: GBX 1,224.00 per share

- 2023-05: GBX 1,150.00 per share

- 2023-06: GBX 1,073.00 per share

- 2023-07: GBX 1,073.00 per share

- 2023-08: GBX 1,075.00 per share

- 2023-09: GBX 938.50 per share

- 2023-10: GBX 955.00 per share

- 2023-11: GBX 1,083.00 per share

- 2023-12: GBX 1,222.00 per share

- 2024-01: GBX 1,148.00 per share

- 2024-02: GBX 1,003.00 per share

- 2024-03: GBX 1,064.00 per share

- 2024-04: GBX 1,080.00 per share

- 2024-05: GBX 1,248.00 per share

- 2024-06: GBX 1,174.00 per share

- 2024-07: GBX 1,210.00 per share

- 2024-08: GBX 1,262.00 per share

- 2024-09: GBX 1,268.00 per share

- 2024-10: GBX 1,208.00 per share

- 2024-11: GBX 1,072.00 per share

- 2024-12: GBX 960.00 per share

- 2025-01: GBX 955.00 per share

- 2025-02: GBX 929.00 per share

- 2025-03: GBX 932.00 per share

- 2025-04: GBX 1,006.00 per share

- 2025-05: GBX 996.00 per share

- 2025-06: GBX 1,012.00 per share

- 2025-07: GBX 936.00 per share

- 2025-08: GBX 910.00 per share

- 2025-09: GBX 972.00 per share

- 2025-10: GBX 1,112.00 per share

- 2025-11: GBX 1,160.00 per share

- 2025-12: GBX 1,046.00 per share

- 2026-01: GBX 1,030.00 per share

- 2026-02: GBX 1,040.00 per share

- 2026-03: GBX 845.00 per share

- 2026-04: GBX 902.00 per share

- 2026-05: GBX 838.50 per share

- 2026-06: GBX 902.50 per share

- 2026-07: GBX 887.50 per share

- 2026-08: GBX 877.50 per share

- 2026-09: GBX 829.00 per share

- 2026-10: GBX 884.50 per share

## Annual estimated value (GBX per share)

- FY2017: low GBX 690.08 per share, central GBX 784.81 per share, high GBX 910.93 per share

- FY2018: low GBX 894.84 per share, central GBX 1,017.82 per share, high GBX 1,181.54 per share

- FY2019: low GBX 1,029.34 per share, central GBX 1,317.95 per share, high GBX 1,538.69 per share

- FY2020: low GBX 935.88 per share, central GBX 1,219.79 per share, high GBX 1,422.39 per share

- FY2021: low GBX 922.39 per share, central GBX 1,203.25 per share, high GBX 1,406.56 per share

- FY2022: low GBX 1,382.45 per share, central GBX 1,890.79 per share, high GBX 2,216.17 per share

- FY2023: low GBX 1,095.07 per share, central GBX 1,245.72 per share, high GBX 1,446.26 per share

- FY2024: low GBX 1,416.66 per share, central GBX 1,968.99 per share, high GBX 2,309.60 per share

- FY2025: low GBX 1,220.53 per share, central GBX 1,420.17 per share, high GBX 1,650.91 per share

- FY2026: low GBX 820.20 per share, central GBX 932.94 per share, high GBX 1,083.01 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

Prior published observations retained from 2026-10-15T06:46:09.140Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/213800W7Q4V2ZI8LIW31/2022-03-31/ESEF/GB/0/213800W7Q4V2ZI8LIW31-2022-03-31/reports/213800W7Q4V2ZI8LIW31-2022-03-31-T01.xhtml); period 2022-03-31, filed 2022-08-02.

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.

## Reported holder observations