# Currys (CURY.LSE)

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

Analysis as of: 2026-10-16T07:40:52.100Z. Financial observations: FY2016–FY2026.

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 150.90 per share; close as of 2026-10-15.

Estimated value: low GBX 150.38 per share, central GBX 171.11 per share, high GBX 198.71 per share. Buy at or below the central value GBX 171.11 per share. Valuation as of 2026-10-16T07:40:52.100Z; scenarios are not confidence intervals.

Expected annual return: 11.0% at the stated quote. About 11.0% 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: fail

- 6 revenue declines in the last 10 years

- more than 5 revenue declines in ten years

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 6

- Years with a net loss: 3

- Operating margin variation: 2.05×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.04×

- FY2018: 0.03×

- FY2019: -0.02×

- FY2020: -0.00×

- FY2021: 0.01×

- FY2022: 0.02×

- FY2023: -0.04×

- FY2024: 0.01×

- FY2025: 0.02×

- FY2026: 0.03×

### moat: fail

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

- ROIC, median of available years: 15.5%

- ROIC, second-lowest year: -28.7%

- Typical minus recent gross margin: 0.5 pp

- Typical gross margin (annual median): 18.1%

- Recent gross margin (lower of latest and 3-year median): 17.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.2%

- ROIC including acquisitions, ten-year median: 2.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: >100%

- FY2018: 76.4%

- FY2019: -271.0%

- FY2020: -2.0%

- FY2021: 13.9%

- FY2022: 15.9%

- FY2023: -28.7%

- FY2024: 15.2%

- FY2025: 22.2%

- FY2026: 29.1%

### economics: pass

- Owner earnings / net income, 5-yr: 1.04×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: GBP 29M

- Net income, five-year total: GBP 28M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.0 pp

- Working capital / revenue, change between three-year averages: 0.3 pp

- Working capital / revenue, final three-year average: 6.0%

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

- FY2022: 0.32×

- FY2023: 1.10×

- FY2024: 1.31×

- FY2025: 1.22×

- FY2026: 1.15×

### management: pass

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

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 76.4% vs 22.2%

- Per-share earnings: 0.14 to 0.15 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.6%

- Ordinary dilution, 5-year annual growth: -1.6%

- Market cap gain: GBP -2.5B

- Cumulative retained earnings: GBP -554M

- Diluted shares, 10-year annual growth: -0.6%

- Diluted shares, 5-year annual growth: -1.6%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 0.2%

- Per-share value change: GBP 0.00

- Per-share value, starting three-year median: GBP 0.14

- Per-share value, ending three-year median: GBP 0.15

- Buybacks concentrated in cheaper years (correlation): 0.68

- Average buyback yield: 2.0%

- Buyback history: 7 years

- Debt-funded buybacks: No

- Acquisition spending: GBP 75M

- Cumulative net income, 10 years: GBP 18M

- ROIC, first three-year median: 76.4%

- ROIC, last three-year median: 22.2%

Chart: Earnings per share; fiscal year observations.

- FY2017: GBP 0.25

- FY2018: GBP 0.14

- FY2019: GBP -0.28

- FY2020: GBP -0.14

- FY2021: GBP 0.01

- FY2022: GBP 0.06

- FY2023: GBP -0.42

- FY2024: GBP 0.15

- FY2025: GBP 0.09

- FY2026: GBP 0.15

### accounting: pass

- Sloan accruals: -3.4%

- Receivables to sales index (DSRI): 0.96×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 4.2%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.17×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.02×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -0.9%

- FY2018: -2.0%

- FY2019: -9.2%

- FY2020: -9.6%

- FY2021: -12.1%

- FY2022: -5.2%

- FY2023: -12.8%

- FY2024: -3.8%

- FY2025: -6.4%

- FY2026: -3.4%

## Holders

## Price story

Price needs cash profits to shrink 0.7% a year for ten years · "AI tech boosts sales at Currys despite ‘subdued consumer backdrop’" (uk.finance.yahoo.com, Jul 2026) · sales +6.3%

Story as of 2026-10-16T10:00:11.693Z; price observation 2026-10-15.

Price needs cash profits to shrink 0.7% a year for ten years

- 2025-09-04: Currys Shares Surge After Revenue Growth, Buyback Program Launch ([finance.yahoo.com](https://finance.yahoo.com/m/40d96293-e979-37cb-832d-cda8fbb694a5/currys-shares-surge-after.html))

- 2026-07-02: AI tech boosts sales at Currys despite ‘subdued consumer backdrop’ ([uk.finance.yahoo.com](https://uk.finance.yahoo.com/news/ai-tech-boosts-sales-currys-065241534.html))

### Sales · FY2025–2026

sales +6.3%; source https://filings.xbrl.org/2138001E12GWLLDQQF16/2026-05-02/ESEF/GB/0/2138001E12GWLLDQQF16-2026-05-02/reports/2138001E12GWLLDQQF16-2026-05-02-T01.xhtml; observed 2026-09-02.

- FY2017: GBP 11B 

- FY2018: GBP 11B 

- FY2019: GBP 10B 

- FY2020: GBP 10B 

- FY2021: GBP 10B 

- FY2022: GBP 10B 

- FY2023: GBP 9.5B 

- FY2024: GBP 8.5B 

- FY2025: GBP 8.7B 

- FY2026: GBP 9.3B 

### Gross margin · FY2026

gross margin 17.6%; source https://filings.xbrl.org/2138001E12GWLLDQQF16/2026-05-02/ESEF/GB/0/2138001E12GWLLDQQF16-2026-05-02/reports/2138001E12GWLLDQQF16-2026-05-02-T01.xhtml; observed 2026-09-02.

- FY2017: 22.1% 

- FY2018: 20.5% 

- FY2019: 20.2% 

- FY2020: 18.2% 

- FY2021: 16.9% 

- FY2022: 17.6% 

- FY2023: 17.5% 

- FY2024: 18.1% 

- FY2025: 18.6% 

- FY2026: 17.6% 

## Owner memo

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

### How it makes money

Operates in specialty retail; annual sales are GBP 9.3 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2026: revenue 9254000000; grossProfit 1631000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CURY.LSE: Currys plc operates as a omnichannel retailer of technology products and services in the United Kingdom, Ireland, Norway, Sweden, Finland, Denmark, Iceland, Greenland, and the Faroe Islands. It offers consumer electronics and mobile technology products and services; iD Mobile, a mobile virtual network operator solution; and provides repair services, and sales of third-party insurance products. The company also involved in the sale of customer support agreements; and delivery, installation, and set-up services. It sells its products through franchise and own stores operated under Currys and Elkjøp brand names, as well as through online channels. The company was formerly known as Dixons Carphone plc and changed its name to Currys plc in September 2021. Currys plc was founded in 1884 and is based in London, the United Kingdom.

### Why customers stay

Margins ranged from 17.6% to 18.6% during 2024–26; it earns 15.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2024: grossProfit / revenue = 18.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2025: grossProfit / revenue = 18.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2026: grossProfit / revenue = 17.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); 10-year return on capital observations [[2017,1.5217978069646947],[2018,0.7639983328971728],[2019,-2.7103076923076923],[2020,-0.019662222222222223],[2021,0.1390829694323144],[2022,0.15857142857142856],[2023,-0.2871218487394958],[2024,0.1520504428186369],[2025,0.2216601708267684],[2026,0.29082774049217003]]; median 0.15531093569503274. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 18% gross margin through 2022 cost inflation.

- Source: https://filings.xbrl.org/2138001E12GWLLDQQF16/2026-05-02/ESEF/GB/0/2138001E12GWLLDQQF16-2026-05-02/reports/2138001E12GWLLDQQF16-2026-05-02-T01.xhtml (filed 2026-09-02); Gross margin observations: [[2021,0.16937354988399073],[2022,0.17626182965299683],[2023,0.17463989065292818]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 8 of 10 years; bought back GBP 73 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2017: growth capex 32721096.65294969; upkeep 209278903.3470503; owner earnings 271721096.6529497. Growth capex / owner earnings = 0.12042162738192556.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2018: growth capex 0; upkeep 187000000; owner earnings 183000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2022: growth capex 0; upkeep 133000000; owner earnings 22600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2024: growth capex 0; upkeep 48000000; owner earnings 215400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2025: growth capex 0; upkeep 77000000; owner earnings 132000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2026: growth capex 0; upkeep 79000000; owner earnings 189600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); Dividend observations: [[2017,115000000],[2018,130000000],[2019,116000000],[2020,78000000],[2021,326000000],[2022,46000000],[2023,35000000],[2024,0],[2025,0],[2026,24000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2026: cash repurchases 73000000 GBP.

### Are managers owners

Insiders own 12.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CURY.LSE SharesStats.PercentInsiders = 12.892000000000001 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 0.7% yearly over ten years; actual growth was 5.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); Ten-year compound average after fade. Initial solved rate -0.022322323275373035. Price 150.9; FX 100; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 0.10060189165950129 → FY2026 0.17280318482831786. Closing-price date 2026-10-15.

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

- 2016-10: GBX 314.70 per share

- 2016-11: GBX 331.80 per share

- 2016-12: GBX 354.60 per share

- 2017-01: GBX 315.90 per share

- 2017-02: GBX 303.00 per share

- 2017-03: GBX 317.60 per share

- 2017-04: GBX 335.50 per share

- 2017-05: GBX 328.60 per share

- 2017-06: GBX 283.60 per share

- 2017-07: GBX 269.00 per share

- 2017-08: GBX 173.40 per share

- 2017-09: GBX 193.40 per share

- 2017-10: GBX 173.40 per share

- 2017-11: GBX 158.90 per share

- 2017-12: GBX 199.00 per share

- 2018-01: GBX 195.70 per share

- 2018-02: GBX 196.60 per share

- 2018-03: GBX 186.55 per share

- 2018-04: GBX 203.00 per share

- 2018-05: GBX 185.00 per share

- 2018-06: GBX 186.60 per share

- 2018-07: GBX 176.90 per share

- 2018-08: GBX 165.30 per share

- 2018-09: GBX 169.65 per share

- 2018-10: GBX 169.45 per share

- 2018-11: GBX 161.70 per share

- 2018-12: GBX 120.10 per share

- 2019-01: GBX 137.95 per share

- 2019-02: GBX 132.75 per share

- 2019-03: GBX 146.75 per share

- 2019-04: GBX 145.10 per share

- 2019-05: GBX 115.65 per share

- 2019-06: GBX 109.45 per share

- 2019-07: GBX 119.55 per share

- 2019-08: GBX 107.40 per share

- 2019-09: GBX 118.95 per share

- 2019-10: GBX 131.25 per share

- 2019-11: GBX 123.40 per share

- 2019-12: GBX 144.20 per share

- 2020-01: GBX 135.60 per share

- 2020-02: GBX 121.70 per share

- 2020-03: GBX 78.08 per share

- 2020-04: GBX 77.65 per share

- 2020-05: GBX 75.35 per share

- 2020-06: GBX 89.85 per share

- 2020-07: GBX 73.60 per share

- 2020-08: GBX 92.35 per share

- 2020-09: GBX 93.30 per share

- 2020-10: GBX 96.05 per share

- 2020-11: GBX 110.40 per share

- 2020-12: GBX 115.80 per share

- 2021-01: GBX 109.90 per share

- 2021-02: GBX 126.70 per share

- 2021-03: GBX 142.90 per share

- 2021-04: GBX 139.30 per share

- 2021-05: GBX 136.50 per share

- 2021-06: GBX 130.20 per share

- 2021-07: GBX 129.20 per share

- 2021-08: GBX 139.50 per share

- 2021-09: GBX 133.50 per share

- 2021-10: GBX 121.40 per share

- 2021-11: GBX 130.60 per share

- 2021-12: GBX 114.40 per share

- 2022-01: GBX 106.30 per share

- 2022-02: GBX 93.90 per share

- 2022-03: GBX 90.90 per share

- 2022-04: GBX 93.30 per share

- 2022-05: GBX 83.75 per share

- 2022-06: GBX 68.10 per share

- 2022-07: GBX 66.60 per share

- 2022-08: GBX 63.70 per share

- 2022-09: GBX 56.65 per share

- 2022-10: GBX 65.20 per share

- 2022-11: GBX 77.75 per share

- 2022-12: GBX 53.60 per share

- 2023-01: GBX 64.75 per share

- 2023-02: GBX 81.00 per share

- 2023-03: GBX 58.75 per share

- 2023-04: GBX 57.00 per share

- 2023-05: GBX 50.45 per share

- 2023-06: GBX 52.35 per share

- 2023-07: GBX 53.35 per share

- 2023-08: GBX 50.05 per share

- 2023-09: GBX 48.40 per share

- 2023-10: GBX 44.76 per share

- 2023-11: GBX 43.64 per share

- 2023-12: GBX 50.50 per share

- 2024-01: GBX 49.48 per share

- 2024-02: GBX 66.00 per share

- 2024-03: GBX 60.55 per share

- 2024-04: GBX 61.85 per share

- 2024-05: GBX 77.50 per share

- 2024-06: GBX 72.00 per share

- 2024-07: GBX 81.35 per share

- 2024-08: GBX 79.35 per share

- 2024-09: GBX 89.45 per share

- 2024-10: GBX 82.50 per share

- 2024-11: GBX 79.65 per share

- 2024-12: GBX 94.90 per share

- 2025-01: GBX 93.95 per share

- 2025-02: GBX 91.05 per share

- 2025-03: GBX 87.00 per share

- 2025-04: GBX 111.00 per share

- 2025-05: GBX 121.70 per share

- 2025-06: GBX 121.70 per share

- 2025-07: GBX 112.90 per share

- 2025-08: GBX 112.30 per share

- 2025-09: GBX 139.70 per share

- 2025-10: GBX 140.50 per share

- 2025-11: GBX 131.70 per share

- 2025-12: GBX 126.00 per share

- 2026-01: GBX 146.00 per share

- 2026-02: GBX 161.10 per share

- 2026-03: GBX 124.30 per share

- 2026-04: GBX 124.70 per share

- 2026-05: GBX 150.40 per share

- 2026-06: GBX 159.60 per share

- 2026-07: GBX 167.90 per share

- 2026-08: GBX 151.90 per share

- 2026-09: GBX 150.60 per share

- 2026-10: GBX 150.90 per share

## Annual estimated value (GBX per share)

- FY2020: low GBX 152.27 per share, central GBX 167.91 per share, high GBX 188.74 per share

- FY2025: low GBX 19.03 per share, central GBX 21.59 per share, high GBX 25.00 per share

- FY2026: low GBX 139.77 per share, central GBX 159.05 per share, high GBX 184.70 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 2026-10-15T06:46:39.928Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/2138001E12GWLLDQQF16/2026-05-02/ESEF/GB/0/2138001E12GWLLDQQF16-2026-05-02/reports/2138001E12GWLLDQQF16-2026-05-02-T01.xhtml); period 2026-05-02, filed 2026-09-02.

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.