# Clarkson (CKN.LSE)

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

Analysis as of: 2026-10-16T07:40:35.992Z. Financial observations: FY1996–FY2025.

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 5,265.00 per share; close as of 2026-10-15.

Estimated value: low GBX 4,256.43 per share, central GBX 4,637.39 per share, high GBX 5,144.54 per share. Buy at or below the central value GBX 4,637.39 per share. Valuation as of 2026-10-16T07:40:35.992Z; scenarios are not confidence intervals.

Expected annual return: 8.8% at the stated quote. About 8.8% 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

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

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 2

- Operating margin variation: 0.32×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.15×

- FY2017: 0.14×

- FY2018: 0.13×

- FY2019: 0.01×

- FY2020: 0.14×

- FY2021: 0.16×

- FY2022: 0.17×

- FY2023: 0.16×

- FY2024: 0.15×

- FY2025: 0.13×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

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

- ROIC, median of available years: 13.9%

- ROIC, second-lowest year: 8.0%

- Typical minus recent gross margin: 3.3 pp

- Typical gross margin (annual median): 96.2%

- Recent gross margin (lower of latest and 3-year median): 92.9%

- Years with nonpositive capital: 8

- Capital spending / revenue: 1.6%

- ROIC including acquisitions, ten-year median: 25.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 8.7%

- FY2017: 8.0%

- FY2018: 7.4%

- FY2019: 14.1%

- FY2020: >100%

- FY2021: 13.6%

- FY2022: 17.4%

- FY2023: 15.9%

- FY2024: 14.3%

- FY2025: 10.7%

### economics: fail

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 1.02×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: GBP 367M

- Net income, five-year total: GBP 360M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 2.3 pp

- Working capital / revenue, change between three-year averages: 26.4 pp

- Working capital / revenue, final three-year average: 2.8%

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

- FY2021: 0.95×

- FY2022: 0.98×

- FY2023: 1.00×

- FY2024: 1.06×

- FY2025: 1.08×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 8.0% vs 14.3%

- Per-share earnings: 1.04 to 2.71 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.3%

- Ordinary dilution, 5-year annual growth: 0.4%

- Market cap gain: GBP 531M

- Cumulative retained earnings: GBP 270M

- Diluted shares, 10-year annual growth: 0.3%

- Diluted shares, 5-year annual growth: 0.4%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 12.8%

- Per-share value change: GBP 1.68

- Per-share value, starting three-year median: GBP 1.04

- Per-share value, ending three-year median: GBP 2.71

- Buybacks concentrated in cheaper years (correlation): 0.90

- Average buyback yield: 1.7%

- Buyback history: 8 years

- Debt-funded buybacks: No

- Acquisition spending: GBP 64M

- Cumulative net income, 10 years: GBP 417M

- ROIC, first three-year median: 8.0%

- ROIC, last three-year median: 14.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: GBP 1.19

- FY2017: GBP 1.04

- FY2018: GBP 0.99

- FY2019: GBP -0.36

- FY2020: GBP -0.95

- FY2021: GBP 1.64

- FY2022: GBP 2.46

- FY2023: GBP 2.71

- FY2024: GBP 2.74

- FY2025: GBP 2.12

### accounting: pass

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

- Sloan accruals: -1.0%

- Receivables to sales index (DSRI): 1.81×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 3.2%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.16×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.34×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -1.6%

- FY2017: -2.8%

- FY2018: 1.2%

- FY2019: -12.7%

- FY2020: -16.6%

- FY2021: -9.3%

- FY2022: -12.4%

- FY2023: -8.2%

- FY2024: -3.3%

- FY2025: -1.0%

## Holders

## Price story

Price needs cash profits to grow 3.2% a year for ten years · "Clarkson shares jump 6% as strong freight trading lifts profit outlook" (finance.yahoo.com, Oct 2026) · sales -4.5%

Story as of 2026-10-16T10:00:11.547Z; price observation 2026-10-15.

Price needs cash profits to grow 3.2% a year for ten years

- 2026-10-06: Clarkson shares jump 6% as strong freight trading lifts profit outlook ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/clarkson-shares-jump-6-strong-080609540.html))

### Sales · FY2024–2025

sales -4.5%; source https://filings.xbrl.org/2138007G6BGTEHI3OT22/2025-12-31/ESEF/GB/0/2138007G6BGTEHI3OT22-2025-12-31/reports/2138007G6BGTEHI3OT22-2025-12-31-T01.xhtml; observed 2026-04-15.

- FY2016: GBP 306M 

- FY2017: GBP 324M 

- FY2018: GBP 338M 

- FY2019: GBP 363M 

- FY2020: GBP 358M 

- FY2021: GBP 443M 

- FY2022: GBP 604M 

- FY2023: GBP 639M 

- FY2024: GBP 661M 

- FY2025: GBP 631M 

### Gross margin · FY2025

gross margin 92.9%; source https://filings.xbrl.org/2138007G6BGTEHI3OT22/2025-12-31/ESEF/GB/0/2138007G6BGTEHI3OT22-2025-12-31/reports/2138007G6BGTEHI3OT22-2025-12-31-T01.xhtml; observed 2026-04-15.

- FY2016: 97.1% 

- FY2017: 97.0% 

- FY2018: 96.2% 

- FY2019: 96.1% 

- FY2020: 96.3% 

- FY2021: 96.3% 

- FY2022: 96.4% 

- FY2023: 95.2% 

- FY2024: 94.9% 

- FY2025: 92.9% 

## Owner memo

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

### How it makes money

Operates in marine shipping; annual sales are GBP 631.4 million.

- Source: https://filings.xbrl.org/2138007G6BGTEHI3OT22/2025-12-31/ESEF/GB/0/2138007G6BGTEHI3OT22-2025-12-31/reports/2138007G6BGTEHI3OT22-2025-12-31-T01.xhtml (filed 2026-04-15); FY2025: revenue 631400000; grossProfit 586500000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CKN.LSE: Clarkson PLC provides shipping services in Europe, the Middle East, Africa, the Americas, and the Asia-Pacific. It operates through Broking, Financial, Support, and Research segments. The company's Broking segment offers services to shipowners and charterers in the transportation of various cargoes by sea; and to buyers and sellers/yards related to sale and purchase services, as well as futures broking operation. Its Financial segment provides investment banking services for maritime, oil services, and natural resources sectors; structured asset finance services and projects in the shipping, offshore, and real estate sectors; and project finance and bespoke asset finance solutions. The company's Support segment offers port and agency, project logistics, freight forwarding, warehousing, crew travel, vessel agency, customs clearance, stevedoring, shortsea broking, and industrial supplies for the marine and offshore industries. Its Research segment provides shipping-related information and publications. This segment also offers digital products, including Shipping Intelligence Network, World Fleet Register, Offshore Intelligence Network, Renewables Intelligence Network and API portal; and data and intelligence to shipyards, equipment suppliers, class societies, regulators, and ship financiers. It is involved in property management services; real estate project management, shipping and offshore project syndication, and property-related services; investment banking, and trading in instruments and financial services; and advisory services related to finance structuring for shipping-related projects. The company also provides brokerage of shipping-related derivative financial instruments; supply of MRO, PPE, and safety equipment; and accounting and financial advisory services. The company was formerly known as Horace Clarkson PLC and changed its name to Clarkson PLC in May 2001. The company was founded in 1852 and is based in London, the United Kingdom.

### Why customers stay

Margins ranged from 92.9% to 95.2% during 2023–25; it earns 13.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-15); FY2023: grossProfit / revenue = 95.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-15); FY2024: grossProfit / revenue = 94.9%.

- Source: https://filings.xbrl.org/2138007G6BGTEHI3OT22/2025-12-31/ESEF/GB/0/2138007G6BGTEHI3OT22-2025-12-31/reports/2138007G6BGTEHI3OT22-2025-12-31-T01.xhtml (filed 2026-04-15); FY2025: grossProfit / revenue = 92.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-15); 10-year return on capital observations [[2016,0.08667432603877966],[2017,0.08034146159179895],[2018,0.07445844685010015],[2019,0.1414351851851852],[2020,4.283555555555555],[2021,0.13571548628457927],[2022,0.17389127382567138],[2023,0.15873855088626818],[2024,0.14304859921570687],[2025,0.10694310218241386]]; median 0.13857533573488223. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 96% gross margin through 2022 cost inflation.

- Source: https://filings.xbrl.org/2138007G6BGTEHI3OT22/2025-12-31/ESEF/GB/0/2138007G6BGTEHI3OT22-2025-12-31/reports/2138007G6BGTEHI3OT22-2025-12-31-T01.xhtml (filed 2026-04-15); Gross margin observations: [[2021,0.9627791563275434],[2022,0.9638953295793309],[2023,0.9524554269627776]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back GBP 33.4 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-15); FY2016: growth capex 0; upkeep 3100000; owner earnings 44200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-15); FY2017: growth capex 0; upkeep 6800000; owner earnings 33200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-15); FY2018: growth capex 0; upkeep 6100000; owner earnings 30600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-15); FY2021: growth capex 0; upkeep 6600000; owner earnings 47640000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-15); FY2022: growth capex 0; upkeep 9600000; owner earnings 74280000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-15); FY2023: growth capex 0; upkeep 10800000; owner earnings 83860000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-15); FY2024: growth capex 0; upkeep 7300000; owner earnings 90180000. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/2138007G6BGTEHI3OT22/2025-12-31/ESEF/GB/0/2138007G6BGTEHI3OT22-2025-12-31/reports/2138007G6BGTEHI3OT22-2025-12-31-T01.xhtml (filed 2026-04-15); FY2025: growth capex 0; upkeep 5500000; owner earnings 71000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-15); Dividend observations: [[2016,18500000],[2017,20100000],[2018,22500000],[2019,23000000],[2020,23700000],[2021,24400000],[2022,25900000],[2023,28300000],[2024,31500000],[2025,33000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://filings.xbrl.org/2138007G6BGTEHI3OT22/2025-12-31/ESEF/GB/0/2138007G6BGTEHI3OT22-2025-12-31/reports/2138007G6BGTEHI3OT22-2025-12-31-T01.xhtml (filed 2026-04-15); FY2025: cash repurchases 33400000 GBP.

### Are managers owners

Insiders own 11.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CKN.LSE SharesStats.PercentInsiders = 11.221 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 3.2% yearly over ten years; actual growth was 19%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-15); Ten-year compound average after fade. Initial solved rate 0.032486156638506944. Price 5265; FX 100; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.40236526899380515 → FY2025 2.286339924003349. Closing-price date 2026-10-15.

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

- 2016-10: GBX 1,950.00 per share

- 2016-11: GBX 2,123.00 per share

- 2016-12: GBX 2,173.00 per share

- 2017-01: GBX 2,340.00 per share

- 2017-02: GBX 2,498.00 per share

- 2017-03: GBX 2,600.00 per share

- 2017-04: GBX 2,864.00 per share

- 2017-05: GBX 2,680.00 per share

- 2017-06: GBX 2,526.00 per share

- 2017-07: GBX 2,672.00 per share

- 2017-08: GBX 2,803.00 per share

- 2017-09: GBX 2,861.00 per share

- 2017-10: GBX 2,931.00 per share

- 2017-11: GBX 2,873.00 per share

- 2017-12: GBX 2,861.00 per share

- 2018-01: GBX 3,150.00 per share

- 2018-02: GBX 3,420.00 per share

- 2018-03: GBX 3,020.00 per share

- 2018-04: GBX 2,410.00 per share

- 2018-05: GBX 2,555.00 per share

- 2018-06: GBX 2,300.00 per share

- 2018-07: GBX 2,550.00 per share

- 2018-08: GBX 2,855.00 per share

- 2018-09: GBX 2,700.00 per share

- 2018-10: GBX 2,380.00 per share

- 2018-11: GBX 2,360.00 per share

- 2018-12: GBX 1,900.00 per share

- 2019-01: GBX 2,560.00 per share

- 2019-02: GBX 2,495.00 per share

- 2019-03: GBX 2,375.00 per share

- 2019-04: GBX 2,600.00 per share

- 2019-05: GBX 2,400.00 per share

- 2019-06: GBX 2,510.00 per share

- 2019-07: GBX 2,575.00 per share

- 2019-08: GBX 2,300.00 per share

- 2019-09: GBX 2,450.00 per share

- 2019-10: GBX 2,820.00 per share

- 2019-11: GBX 2,690.00 per share

- 2019-12: GBX 3,025.00 per share

- 2020-01: GBX 2,920.00 per share

- 2020-02: GBX 2,490.00 per share

- 2020-03: GBX 2,310.00 per share

- 2020-04: GBX 2,495.00 per share

- 2020-05: GBX 2,295.00 per share

- 2020-06: GBX 2,245.00 per share

- 2020-07: GBX 2,055.00 per share

- 2020-08: GBX 2,465.00 per share

- 2020-09: GBX 2,260.00 per share

- 2020-10: GBX 2,010.00 per share

- 2020-11: GBX 2,560.00 per share

- 2020-12: GBX 2,700.00 per share

- 2021-01: GBX 2,500.00 per share

- 2021-02: GBX 2,540.00 per share

- 2021-03: GBX 2,750.00 per share

- 2021-04: GBX 3,035.00 per share

- 2021-05: GBX 3,080.00 per share

- 2021-06: GBX 3,190.00 per share

- 2021-07: GBX 3,225.00 per share

- 2021-08: GBX 3,820.00 per share

- 2021-09: GBX 3,800.00 per share

- 2021-10: GBX 4,000.00 per share

- 2021-11: GBX 3,615.00 per share

- 2021-12: GBX 3,880.00 per share

- 2022-01: GBX 3,295.00 per share

- 2022-02: GBX 3,310.00 per share

- 2022-03: GBX 3,700.00 per share

- 2022-04: GBX 3,690.00 per share

- 2022-05: GBX 3,100.00 per share

- 2022-06: GBX 3,010.00 per share

- 2022-07: GBX 3,435.00 per share

- 2022-08: GBX 3,015.00 per share

- 2022-09: GBX 2,630.00 per share

- 2022-10: GBX 2,765.00 per share

- 2022-11: GBX 3,055.00 per share

- 2022-12: GBX 3,235.00 per share

- 2023-01: GBX 3,075.00 per share

- 2023-02: GBX 3,305.00 per share

- 2023-03: GBX 3,090.00 per share

- 2023-04: GBX 3,100.00 per share

- 2023-05: GBX 2,865.00 per share

- 2023-06: GBX 2,960.00 per share

- 2023-07: GBX 2,790.00 per share

- 2023-08: GBX 2,710.00 per share

- 2023-09: GBX 2,735.00 per share

- 2023-10: GBX 2,645.00 per share

- 2023-11: GBX 2,920.00 per share

- 2023-12: GBX 3,165.00 per share

- 2024-01: GBX 3,550.00 per share

- 2024-02: GBX 3,590.00 per share

- 2024-03: GBX 4,010.00 per share

- 2024-04: GBX 3,885.00 per share

- 2024-05: GBX 4,115.00 per share

- 2024-06: GBX 4,140.00 per share

- 2024-07: GBX 4,535.00 per share

- 2024-08: GBX 3,810.00 per share

- 2024-09: GBX 3,680.00 per share

- 2024-10: GBX 3,515.00 per share

- 2024-11: GBX 3,980.00 per share

- 2024-12: GBX 3,955.00 per share

- 2025-01: GBX 4,280.00 per share

- 2025-02: GBX 4,430.00 per share

- 2025-03: GBX 3,405.00 per share

- 2025-04: GBX 3,285.00 per share

- 2025-05: GBX 3,330.00 per share

- 2025-06: GBX 3,265.00 per share

- 2025-07: GBX 3,455.00 per share

- 2025-08: GBX 3,495.00 per share

- 2025-09: GBX 3,670.00 per share

- 2025-10: GBX 3,625.00 per share

- 2025-11: GBX 3,780.00 per share

- 2025-12: GBX 3,815.00 per share

- 2026-01: GBX 4,190.00 per share

- 2026-02: GBX 4,260.00 per share

- 2026-03: GBX 4,610.00 per share

- 2026-04: GBX 4,836.00 per share

- 2026-05: GBX 4,636.00 per share

- 2026-06: GBX 4,166.00 per share

- 2026-07: GBX 4,730.00 per share

- 2026-08: GBX 5,065.00 per share

- 2026-09: GBX 5,060.00 per share

- 2026-10: GBX 5,265.00 per share

## Annual estimated value (GBX per share)

- FY2016: low GBX 1,622.37 per share, central GBX 1,911.51 per share, high GBX 2,134.09 per share

- FY2017: low GBX 1,502.40 per share, central GBX 1,636.13 per share, high GBX 1,814.16 per share

- FY2018: low GBX 1,633.25 per share, central GBX 1,785.75 per share, high GBX 1,988.75 per share

- FY2019: low GBX 1,798.41 per share, central GBX 1,962.44 per share, high GBX 2,180.79 per share

- FY2020: low GBX 1,877.84 per share, central GBX 2,122.42 per share, high GBX 2,364.85 per share

- FY2021: low GBX 2,472.57 per share, central GBX 2,918.67 per share, high GBX 3,264.80 per share

- FY2022: low GBX 3,615.54 per share, central GBX 4,593.63 per share, high GBX 5,179.71 per share

- FY2023: low GBX 4,341.41 per share, central GBX 5,518.83 per share, high GBX 6,236.88 per share

- FY2024: low GBX 4,987.55 per share, central GBX 6,272.25 per share, high GBX 7,087.06 per share

- FY2025: low GBX 4,211.64 per share, central GBX 4,588.60 per share, high GBX 5,090.41 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 2026-10-15T06:46:23.520Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/2138007G6BGTEHI3OT22/2025-12-31/ESEF/GB/0/2138007G6BGTEHI3OT22-2025-12-31/reports/2138007G6BGTEHI3OT22-2025-12-31-T01.xhtml); period 2025-12-31, filed 2026-04-15.

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