# Centrica (CNA.LSE)

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

Analysis as of: 2026-10-16T07:36:08.307Z. Financial observations: FY1996–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 148.30 per share; close as of 2026-10-15.

Estimated value: low GBX 361.02 per share, central GBX 400.27 per share, high GBX 452.51 per share. Buy at or below the central value GBX 400.27 per share. Valuation as of 2026-10-16T07:36:08.307Z; scenarios are not confidence intervals.

Expected annual return: 36.7% at the stated quote. About 36.7% 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: fail

- 5 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: 5

- Years with a net loss: 3

- Operating margin variation: 0.76×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.09×

- FY2017: 0.02×

- FY2018: 0.03×

- FY2019: 0.20×

- FY2020: 0.15×

- FY2021: 0.02×

- FY2022: 0.35×

- FY2023: 0.25×

- FY2024: 0.09×

- FY2025: 0.26×

### moat: pass

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

- ROIC, median of available years: 63.0%

- ROIC, second-lowest year: 14.0%

- Typical minus recent gross margin: -14.2 pp

- Typical gross margin (annual median): 24.4%

- Recent gross margin (lower of latest and 3-year median): 38.7%

- Years with nonpositive capital: 1

- Capital spending / revenue: 2.2%

- ROIC including acquisitions, ten-year median: 9.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 40.3%

- FY2017: 14.0%

- FY2018: 16.8%

- FY2019: 83.8%

- FY2020: 42.2%

- FY2021: 11.8%

- FY2022: >100%

- FY2023: >100%

- FY2024: >100%

- FY2025: >100%

### economics: pass

- Owner earnings / net income, 5-yr: 1.09×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: GBP 5.4B

- Net income, five-year total: GBP 5.0B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.2 pp

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

- Working capital / revenue, final three-year average: 14.9%

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

- FY2021: 1.52×

- FY2022: 0.70×

- FY2023: 1.03×

- FY2024: 0.99×

- FY2025: 3.67×

### management: pass

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

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 16.8% vs 293.9%

- Per-share earnings: 0.06 to 0.27 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -13.7%

- Ordinary dilution, 5-year annual growth: -27.7%

- Market cap gain: GBP -12B

- Cumulative retained earnings: GBP 2.0B

- Diluted shares, 10-year annual growth: -13.7%

- Diluted shares, 5-year annual growth: -27.7%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 21.1%

- Per-share value change: GBP 0.21

- Per-share value, starting three-year median: GBP 0.06

- Per-share value, ending three-year median: GBP 0.27

- Buybacks concentrated in cheaper years (correlation): -0.02

- Average buyback yield: 7.6%

- Buyback history: 8 years

- Debt-funded buybacks: No

- Acquisition spending: GBP 766M

- Cumulative net income, 10 years: GBP 6.3B

- ROIC, first three-year median: 16.8%

- ROIC, last three-year median: >100%

Chart: Earnings per share; fiscal year observations.

- FY2016: GBP 0.29

- FY2017: GBP 0.06

- FY2018: GBP 0.03

- FY2019: GBP -0.17

- FY2020: GBP 0.01

- FY2021: GBP 0.10

- FY2022: GBP -0.13

- FY2023: GBP 0.73

- FY2024: GBP 0.27

- FY2025: GBP -0.06

### accounting: pass

- Sloan accruals: -6.1%

- Receivables to sales index (DSRI): 0.97×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 6.4%

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.27×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -3.3%

- FY2017: -6.1%

- FY2018: -7.2%

- FY2019: -12.2%

- FY2020: -7.2%

- FY2021: -2.9%

- FY2022: -7.2%

- FY2023: 4.6%

- FY2024: -1.1%

- FY2025: -6.1%

## Holders

## Price story

Down 31% since Apr 2026 · "British Gas profits tumble as household supply arm sees £80m warm weather hit" (uk.finance.yahoo.com, Feb 2026) · sales -2.1%

Story as of 2026-10-16T10:00:06.917Z; price observation 2026-10-15.

Price needs cash profits to shrink 18.7% a year for ten years

- 2025-11-07: British Gas boss: Surging net zero costs risk destroying businesses ([uk.finance.yahoo.com](https://uk.finance.yahoo.com/news/british-gas-boss-surging-net-144617125.html))

- 2026-02-19: British Gas profits tumble as household supply arm sees £80m warm weather hit ([uk.finance.yahoo.com](https://uk.finance.yahoo.com/news/british-gas-profits-tumble-household-075832411.html))

### Sales · FY2024–2025

sales -2.1%; source https://filings.xbrl.org/E26EDV109X6EEPBKVH76/2025-12-31/ESEF/GB/0/E26EDV109X6EEPBKVH76-2025-12-31/reports/E26EDV109X6EEPBKVH76-2025-12-31-T01.html; observed 2026-04-07.

- FY2016: GBP 27B 

- FY2017: GBP 28B 

- FY2018: GBP 30B 

- FY2019: GBP 13B 

- FY2020: GBP 12B 

- FY2021: GBP 15B 

- FY2022: GBP 24B 

- FY2023: GBP 26B 

- FY2024: GBP 20B 

- FY2025: GBP 19B 

### Gross margin · FY2025

gross margin 38.7%; source https://filings.xbrl.org/E26EDV109X6EEPBKVH76/2025-12-31/ESEF/GB/0/E26EDV109X6EEPBKVH76-2025-12-31/reports/E26EDV109X6EEPBKVH76-2025-12-31-T01.html; observed 2026-04-07.

- FY2016: 20.1% 

- FY2017: 15.0% 

- FY2018: 13.7% 

- FY2019: 35.7% 

- FY2020: 28.8% 

- FY2021: 9.6% 

- FY2022: 41.1% 

- FY2024: 40.8% 

- FY2025: 38.7% 

## Owner memo

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

### How it makes money

Operates in utilities independent power producers; annual sales are GBP 19.5 billion.

- Source: https://filings.xbrl.org/E26EDV109X6EEPBKVH76/2025-12-31/ESEF/GB/0/E26EDV109X6EEPBKVH76-2025-12-31/reports/E26EDV109X6EEPBKVH76-2025-12-31-T01.html (filed 2026-04-07); FY2025: revenue 19492000000; grossProfit 7536000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CNA.LSE: Centrica plc operates as an integrated energy company in the United Kingdom, Ireland, Scandinavia, North America, and internationally. The company operates through British Gas Services & Solutions, British Gas Energy, Centrica Business Solutions, Bord Gáis Energy, Energy Marketing & Trading, and Upstream segments. It supplies gas and electricity to residential, commercial, industrial customers, and small businesses, as well as offers energy-related services; and generates power from nuclear assets. The company also provides installation, repair, and maintenance services for domestic central heating, plumbing and drains, electrical appliances; and heating, ventilation, and air conditioning systems, as well as offers breakdown services. In addition, it is involved in the procurement, trading, and optimization of energy; procurement and sale of LNG; and supply of energy efficiency solutions and technologies. Further, the company produces and processes gas and oil; develops new fields to maintain reserves; constructs, owns, and exploits infrastructure; and engages in the social enterprise investment fund activities. Additionally, it provides vehicle leasing, commercial, and insurance services, as well as energy management products and services; constructs battery storage; builds solar farm and connects to grid; and operates a gas storage and franchise network. The company was formerly known as Yieldtop plc and changed its name to Centrica plc in December 1996. Centrica plc was founded in 1812 and is based in Windsor, the United Kingdom.

### Why customers stay

It earns 63% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2023: grossProfit / revenue = -6.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2024: grossProfit / revenue = 40.8%.

- Source: https://filings.xbrl.org/E26EDV109X6EEPBKVH76/2025-12-31/ESEF/GB/0/E26EDV109X6EEPBKVH76-2025-12-31/reports/E26EDV109X6EEPBKVH76-2025-12-31-T01.html (filed 2026-04-07); FY2025: grossProfit / revenue = 38.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); 10-year return on capital observations [[2016,0.4033478087187351],[2017,0.1397354801610121],[2018,0.16763783642539848],[2019,0.8381548599670511],[2020,0.4220702455739577],[2021,0.11808606012202122],[2022,1.3178831090580438],[2023,5.822283356258597],[2024,1.1228804655766307],[2025,2.9394060283687944]]; median 0.6301125527705044. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back GBP 836 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2016: growth capex 0; upkeep 621000000; owner earnings 1972000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2017: growth capex 0; upkeep 610000000; owner earnings 656000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2018: growth capex 0; upkeep 574000000; owner earnings 613000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2020: growth capex 0; upkeep 489000000; owner earnings 334000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2021: growth capex 0; upkeep 420000000; owner earnings 892200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2023: growth capex 0; upkeep 335000000; owner earnings 4035200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2024: growth capex 0; upkeep 416000000; owner earnings 1320000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); Dividend observations: [[2016,532000000],[2017,463000000],[2018,551000000],[2019,471000000],[2020,59000000],[2021,59000000],[2022,59000000],[2023,186000000],[2024,219000000],[2025,237000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://filings.xbrl.org/E26EDV109X6EEPBKVH76/2025-12-31/ESEF/GB/0/E26EDV109X6EEPBKVH76-2025-12-31/reports/E26EDV109X6EEPBKVH76-2025-12-31-T01.html (filed 2026-04-07); FY2025: cash repurchases 836000000 GBP.

### Are managers owners

Insiders own 0.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CNA.LSE SharesStats.PercentInsiders = 0.29 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 18.7% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); Ten-year compound average after fade. Initial solved rate -0.26990062875059817. Price 148.3; FX 100; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share -0.07086302454473475 → FY2025 -0.22921930092451206. Closing-price date 2026-10-15.

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

- 2016-10: GBX 214.20 per share

- 2016-11: GBX 210.30 per share

- 2016-12: GBX 234.10 per share

- 2017-01: GBX 224.30 per share

- 2017-02: GBX 226.90 per share

- 2017-03: GBX 217.00 per share

- 2017-04: GBX 197.90 per share

- 2017-05: GBX 203.30 per share

- 2017-06: GBX 200.20 per share

- 2017-07: GBX 198.50 per share

- 2017-08: GBX 199.90 per share

- 2017-09: GBX 187.00 per share

- 2017-10: GBX 169.80 per share

- 2017-11: GBX 144.60 per share

- 2017-12: GBX 137.30 per share

- 2018-01: GBX 133.45 per share

- 2018-02: GBX 143.00 per share

- 2018-03: GBX 142.20 per share

- 2018-04: GBX 153.80 per share

- 2018-05: GBX 145.90 per share

- 2018-06: GBX 157.65 per share

- 2018-07: GBX 148.75 per share

- 2018-08: GBX 143.30 per share

- 2018-09: GBX 154.90 per share

- 2018-10: GBX 147.20 per share

- 2018-11: GBX 137.75 per share

- 2018-12: GBX 134.90 per share

- 2019-01: GBX 136.40 per share

- 2019-02: GBX 124.50 per share

- 2019-03: GBX 114.20 per share

- 2019-04: GBX 106.25 per share

- 2019-05: GBX 93.52 per share

- 2019-06: GBX 87.78 per share

- 2019-07: GBX 76.08 per share

- 2019-08: GBX 69.70 per share

- 2019-09: GBX 73.74 per share

- 2019-10: GBX 72.56 per share

- 2019-11: GBX 80.22 per share

- 2019-12: GBX 89.30 per share

- 2020-01: GBX 84.84 per share

- 2020-02: GBX 72.12 per share

- 2020-03: GBX 38.08 per share

- 2020-04: GBX 39.90 per share

- 2020-05: GBX 36.52 per share

- 2020-06: GBX 38.54 per share

- 2020-07: GBX 48.77 per share

- 2020-08: GBX 46.04 per share

- 2020-09: GBX 40.09 per share

- 2020-10: GBX 37.18 per share

- 2020-11: GBX 44.12 per share

- 2020-12: GBX 46.60 per share

- 2021-01: GBX 51.78 per share

- 2021-02: GBX 52.76 per share

- 2021-03: GBX 54.14 per share

- 2021-04: GBX 56.66 per share

- 2021-05: GBX 54.66 per share

- 2021-06: GBX 51.46 per share

- 2021-07: GBX 45.47 per share

- 2021-08: GBX 51.96 per share

- 2021-09: GBX 56.68 per share

- 2021-10: GBX 60.32 per share

- 2021-11: GBX 64.78 per share

- 2021-12: GBX 71.50 per share

- 2022-01: GBX 72.32 per share

- 2022-02: GBX 77.28 per share

- 2022-03: GBX 80.08 per share

- 2022-04: GBX 79.46 per share

- 2022-05: GBX 79.18 per share

- 2022-06: GBX 80.00 per share

- 2022-07: GBX 87.70 per share

- 2022-08: GBX 75.74 per share

- 2022-09: GBX 70.84 per share

- 2022-10: GBX 76.62 per share

- 2022-11: GBX 95.06 per share

- 2022-12: GBX 96.52 per share

- 2023-01: GBX 100.75 per share

- 2023-02: GBX 105.15 per share

- 2023-03: GBX 106.05 per share

- 2023-04: GBX 114.50 per share

- 2023-05: GBX 117.65 per share

- 2023-06: GBX 123.95 per share

- 2023-07: GBX 138.05 per share

- 2023-08: GBX 151.75 per share

- 2023-09: GBX 154.45 per share

- 2023-10: GBX 157.30 per share

- 2023-11: GBX 149.05 per share

- 2023-12: GBX 140.65 per share

- 2024-01: GBX 138.45 per share

- 2024-02: GBX 125.85 per share

- 2024-03: GBX 127.65 per share

- 2024-04: GBX 127.95 per share

- 2024-05: GBX 141.55 per share

- 2024-06: GBX 134.90 per share

- 2024-07: GBX 132.55 per share

- 2024-08: GBX 128.75 per share

- 2024-09: GBX 116.65 per share

- 2024-10: GBX 117.30 per share

- 2024-11: GBX 127.40 per share

- 2024-12: GBX 133.60 per share

- 2025-01: GBX 142.50 per share

- 2025-02: GBX 149.50 per share

- 2025-03: GBX 149.35 per share

- 2025-04: GBX 160.15 per share

- 2025-05: GBX 158.35 per share

- 2025-06: GBX 161.55 per share

- 2025-07: GBX 164.60 per share

- 2025-08: GBX 160.95 per share

- 2025-09: GBX 166.60 per share

- 2025-10: GBX 179.30 per share

- 2025-11: GBX 171.50 per share

- 2025-12: GBX 169.55 per share

- 2026-01: GBX 190.95 per share

- 2026-02: GBX 199.15 per share

- 2026-03: GBX 212.50 per share

- 2026-04: GBX 214.80 per share

- 2026-05: GBX 187.50 per share

- 2026-06: GBX 170.85 per share

- 2026-07: GBX 155.00 per share

- 2026-08: GBX 155.40 per share

- 2026-09: GBX 147.70 per share

- 2026-10: GBX 148.30 per share

## Annual estimated value (GBX per share)

- FY2016: low GBX 203.86 per share, central GBX 235.63 per share, high GBX 270.34 per share

- FY2017: low GBX 163.99 per share, central GBX 181.10 per share, high GBX 203.87 per share

- FY2018: low GBX 135.32 per share, central GBX 152.12 per share, high GBX 174.48 per share

- FY2019: low GBX 71.17 per share, central GBX 78.12 per share, high GBX 87.38 per share

- FY2020: low GBX 80.60 per share, central GBX 87.99 per share, high GBX 97.84 per share

- FY2021: low GBX 146.00 per share, central GBX 154.90 per share, high GBX 166.74 per share

- FY2022: low GBX 150.69 per share, central GBX 163.30 per share, high GBX 180.09 per share

- FY2023: low GBX 264.56 per share, central GBX 284.81 per share, high GBX 311.77 per share

- FY2024: low GBX 379.30 per share, central GBX 415.57 per share, high GBX 463.84 per share

- FY2025: low GBX 1,418.59 per share, central GBX 1,572.81 per share, high GBX 1,778.12 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/E26EDV109X6EEPBKVH76/2025-12-31/ESEF/GB/0/E26EDV109X6EEPBKVH76-2025-12-31/reports/E26EDV109X6EEPBKVH76-2025-12-31-T01.html); period 2025-12-31, filed 2026-04-07.

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.