# CVS Group (CVSG.LSE)

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

Analysis as of: 2026-10-16T07:43:39.202Z. Financial observations: FY2005–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 1,246.00 per share; close as of 2026-10-15.

Estimated value: low GBX 872.97 per share, central GBX 992.49 per share, high GBX 1,151.59 per share. Buy at or below the central value GBX 992.49 per share. Valuation as of 2026-10-16T07:43:39.202Z; scenarios are not confidence intervals.

Expected annual return: 8.5% at the stated quote. About 8.5% 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

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.36×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.06×

- FY2018: 0.05×

- FY2019: 0.04×

- FY2020: 0.04×

- FY2021: 0.08×

- FY2022: 0.08×

- FY2023: 0.13×

- FY2024: 0.08×

- FY2025: 0.11×

- FY2026: 0.11×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 11.4%

- ROIC, second-lowest year: 6.4%

- Typical minus recent gross margin: 2.4 pp

- Typical gross margin (annual median): 43.0%

- Recent gross margin (lower of latest and 3-year median): 40.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.0%

- ROIC including acquisitions, ten-year median: 9.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 9.7%

- FY2018: 8.5%

- FY2019: 6.4%

- FY2020: 5.3%

- FY2021: 11.5%

- FY2022: 12.9%

- FY2023: 21.7%

- FY2024: 11.3%

- FY2025: 15.5%

- FY2026: 15.5%

### economics: pass

- Owner earnings / net income, 5-yr: 1.68×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: GBP 185M

- Net income, five-year total: GBP 110M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.3 pp

- Working capital / revenue, change between three-year averages: 2.2 pp

- Working capital / revenue, final three-year average: 5.8%

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

- FY2022: 1.90×

- FY2023: 0.60×

- FY2024: 0.05×

- FY2025: 2.97×

- FY2026: 3.09×

### management: pass

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

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 8.5% vs 15.5%

- Per-share earnings: 0.15 to 0.25 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.9%

- Ordinary dilution, 5-year annual growth: -0.7%

- Market cap gain: GBP -29M

- Cumulative retained earnings: GBP 68M

- Diluted shares, 10-year annual growth: 0.9%

- Diluted shares, 5-year annual growth: -0.7%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 6.5%

- Per-share value change: GBP 0.10

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

- Per-share value, ending three-year median: GBP 0.25

- Buybacks concentrated in cheaper years (correlation): -0.10

- Average buyback yield: 2.0%

- Buyback history: 5 years

- Debt-funded buybacks: No

- Acquisition spending: GBP 282M

- Cumulative net income, 10 years: GBP 166M

- ROIC, first three-year median: 8.5%

- ROIC, last three-year median: 15.5%

Chart: Earnings per share; fiscal year observations.

- FY2017: GBP 0.17

- FY2018: GBP 0.15

- FY2019: GBP 0.12

- FY2020: GBP 0.08

- FY2021: GBP 0.27

- FY2022: GBP 0.36

- FY2023: GBP 0.58

- FY2024: GBP 0.09

- FY2025: GBP 0.27

- FY2026: GBP 0.25

### accounting: pass

- Sloan accruals: -7.0%

- Receivables to sales index (DSRI): 1.22×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 4.12×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.33×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -6.9%

- FY2018: -8.4%

- FY2019: -8.8%

- FY2020: -15.5%

- FY2021: -8.4%

- FY2022: -9.6%

- FY2023: -7.4%

- FY2024: -8.9%

- FY2025: -9.0%

- FY2026: -7.0%

## Holders

## Price story

Down 50% since Oct 2021 · sales +5.9%

Story as of 2026-10-16T10:00:12.782Z; price observation 2026-10-15.

Price needs cash profits to grow 3.8% a year for ten years

### Sales · FY2025–2026

sales +5.9%; source https://filings.xbrl.org/213800J41XDQ2NX48O05/2026-06-30/ESEF/GB/0/213800J41XDQ2NX48O05-2026-06-30/reports/213800J41XDQ2NX48O05-2026-06-30-T01.html; observed 2026-10-06.

- FY2017: GBP 272M 

- FY2018: GBP 327M 

- FY2019: GBP 407M 

- FY2020: GBP 428M 

- FY2021: GBP 510M 

- FY2022: GBP 554M 

- FY2023: GBP 589M 

- FY2024: GBP 647M 

- FY2025: GBP 673M 

- FY2026: GBP 713M 

### Gross margin · FY2026

gross margin 40.6%; source https://filings.xbrl.org/213800J41XDQ2NX48O05/2026-06-30/ESEF/GB/0/213800J41XDQ2NX48O05-2026-06-30/reports/213800J41XDQ2NX48O05-2026-06-30-T01.html; observed 2026-10-06.

- FY2017: 45.8% 

- FY2018: 46.3% 

- FY2019: 41.5% 

- FY2020: 39.8% 

- FY2021: 43.5% 

- FY2022: 43.1% 

- FY2023: 44.5% 

- FY2024: 42.9% 

- FY2025: 38.6% 

- FY2026: 40.6% 

## Owner memo

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

### How it makes money

Operates in medical care facilities; annual sales are GBP 712.8 million.

- Source: https://filings.xbrl.org/213800J41XDQ2NX48O05/2026-06-30/ESEF/GB/0/213800J41XDQ2NX48O05-2026-06-30/reports/213800J41XDQ2NX48O05-2026-06-30-T01.html (filed 2026-10-06); FY2026: revenue 712800000; grossProfit 289600000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CVSG.LSE: CVS Group plc, together with its subsidiaries, engages in veterinary practices, online pharmacy, veterinary diagnostic, and retail businesses in the United Kingdom and Australia. It operates through the Veterinary Practices, Laboratories, and Online Retail Business segments. The company is involved in animal veterinary practices and complementary veterinary diagnostic businesses. It also operates Animed Direct, an online retail business that sells prescription and non-prescription medicines, health supplements, pet foods, and pet accessories; pet clubs; and laboratories, as well as an online dispensary. In addition, the company provides veterinary instrumentation supply and property development services. CVS Group plc was founded in 1999 and is based in Diss, the United Kingdom.

### Why customers stay

Margins ranged from 38.6% to 42.9% during 2024–26; it earns 11.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-06); FY2024: grossProfit / revenue = 42.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-06); FY2025: grossProfit / revenue = 38.6%.

- Source: https://filings.xbrl.org/213800J41XDQ2NX48O05/2026-06-30/ESEF/GB/0/213800J41XDQ2NX48O05-2026-06-30/reports/213800J41XDQ2NX48O05-2026-06-30-T01.html (filed 2026-10-06); FY2026: grossProfit / revenue = 40.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-06); 10-year return on capital observations [[2017,0.09661033505909936],[2018,0.084851010067069],[2019,0.06438947781703964],[2020,0.05295024218405989],[2021,0.11522988505747127],[2022,0.12913966375504837],[2023,0.21696222013541633],[2024,0.11325114001013344],[2025,0.1551529255319149],[2026,0.1545049200492005]]; median 0.11424051253380235. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 43% gross margin through 2022 cost inflation.

- Source: https://filings.xbrl.org/213800J41XDQ2NX48O05/2026-06-30/ESEF/GB/0/213800J41XDQ2NX48O05-2026-06-30/reports/213800J41XDQ2NX48O05-2026-06-30-T01.html (filed 2026-10-06); Gross margin observations: [[2021,0.4350127425994903],[2022,0.4314326957776976],[2023,0.445406690439803]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back GBP 31.7 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-06); FY2017: growth capex 0; upkeep 13800000; owner earnings 19600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-06); FY2018: growth capex 0; upkeep 10700000; owner earnings 26400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-06); FY2019: growth capex 0; upkeep 12900000; owner earnings 26700000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-06); FY2020: growth capex 0; upkeep 12400000; owner earnings 19980000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-06); FY2021: growth capex 0; upkeep 16600000; owner earnings 31040000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-06); FY2022: growth capex 0; upkeep 24500000; owner earnings 48800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-06); FY2023: growth capex 0; upkeep 45700000; owner earnings 25220000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-06); FY2024: growth capex 0; upkeep 43100000; owner earnings 300000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-06); FY2025: growth capex 0; upkeep 26400000; owner earnings 57400000. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/213800J41XDQ2NX48O05/2026-06-30/ESEF/GB/0/213800J41XDQ2NX48O05-2026-06-30/reports/213800J41XDQ2NX48O05-2026-06-30-T01.html (filed 2026-10-06); FY2026: growth capex 0; upkeep 28500000; owner earnings 53500000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-06); Dividend observations: [[2017,2100000],[2018,2900000],[2019,3500000],[2020,3900000],[2021,3900000],[2022,4600000],[2023,5000000],[2024,5400000],[2025,5700000],[2026,6100000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://filings.xbrl.org/213800J41XDQ2NX48O05/2026-06-30/ESEF/GB/0/213800J41XDQ2NX48O05-2026-06-30/reports/213800J41XDQ2NX48O05-2026-06-30-T01.html (filed 2026-10-06); FY2026: cash repurchases 31700000 GBP.

### Are managers owners

Insiders own 0.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CVSG.LSE SharesStats.PercentInsiders = 0.739 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 3.8% yearly over ten years; actual growth was 13%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-06); Ten-year compound average after fade. Initial solved rate 0.04086668391185447. Price 1246; FX 100; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 0.22837640237384582 → FY2026 0.7737811139555402. Closing-price date 2026-10-15.

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

- 2016-10: GBX 875.00 per share

- 2016-11: GBX 1,065.00 per share

- 2016-12: GBX 1,103.00 per share

- 2017-01: GBX 1,039.00 per share

- 2017-02: GBX 1,044.00 per share

- 2017-03: GBX 1,142.00 per share

- 2017-04: GBX 1,315.00 per share

- 2017-05: GBX 1,407.00 per share

- 2017-06: GBX 1,259.00 per share

- 2017-07: GBX 1,290.00 per share

- 2017-08: GBX 1,353.00 per share

- 2017-09: GBX 1,450.00 per share

- 2017-10: GBX 1,420.00 per share

- 2017-11: GBX 1,010.00 per share

- 2017-12: GBX 1,041.00 per share

- 2018-01: GBX 1,237.00 per share

- 2018-02: GBX 1,066.00 per share

- 2018-03: GBX 976.50 per share

- 2018-04: GBX 986.00 per share

- 2018-05: GBX 965.00 per share

- 2018-06: GBX 1,138.00 per share

- 2018-07: GBX 1,132.00 per share

- 2018-08: GBX 914.00 per share

- 2018-09: GBX 930.00 per share

- 2018-10: GBX 839.50 per share

- 2018-11: GBX 650.50 per share

- 2018-12: GBX 661.50 per share

- 2019-01: GBX 402.40 per share

- 2019-02: GBX 474.60 per share

- 2019-03: GBX 600.50 per share

- 2019-04: GBX 628.50 per share

- 2019-05: GBX 649.00 per share

- 2019-06: GBX 723.50 per share

- 2019-07: GBX 920.00 per share

- 2019-08: GBX 866.00 per share

- 2019-09: GBX 1,020.00 per share

- 2019-10: GBX 967.50 per share

- 2019-11: GBX 1,084.00 per share

- 2019-12: GBX 1,145.00 per share

- 2020-01: GBX 1,147.00 per share

- 2020-02: GBX 1,066.00 per share

- 2020-03: GBX 825.00 per share

- 2020-04: GBX 915.00 per share

- 2020-05: GBX 963.50 per share

- 2020-06: GBX 1,030.00 per share

- 2020-07: GBX 1,139.00 per share

- 2020-08: GBX 1,194.00 per share

- 2020-09: GBX 1,236.00 per share

- 2020-10: GBX 1,235.00 per share

- 2020-11: GBX 1,450.00 per share

- 2020-12: GBX 1,502.00 per share

- 2021-01: GBX 1,530.00 per share

- 2021-02: GBX 1,699.00 per share

- 2021-03: GBX 1,871.00 per share

- 2021-04: GBX 2,230.00 per share

- 2021-05: GBX 2,185.00 per share

- 2021-06: GBX 2,415.00 per share

- 2021-07: GBX 2,400.00 per share

- 2021-08: GBX 2,495.00 per share

- 2021-09: GBX 2,420.00 per share

- 2021-10: GBX 2,495.00 per share

- 2021-11: GBX 2,195.00 per share

- 2021-12: GBX 2,240.00 per share

- 2022-01: GBX 1,972.00 per share

- 2022-02: GBX 1,680.00 per share

- 2022-03: GBX 1,792.00 per share

- 2022-04: GBX 1,800.00 per share

- 2022-05: GBX 1,794.00 per share

- 2022-06: GBX 1,656.00 per share

- 2022-07: GBX 1,719.00 per share

- 2022-08: GBX 1,822.00 per share

- 2022-09: GBX 1,713.00 per share

- 2022-10: GBX 1,891.00 per share

- 2022-11: GBX 2,022.00 per share

- 2022-12: GBX 1,936.00 per share

- 2023-01: GBX 2,016.00 per share

- 2023-02: GBX 1,876.00 per share

- 2023-03: GBX 1,855.00 per share

- 2023-04: GBX 2,120.00 per share

- 2023-05: GBX 2,092.00 per share

- 2023-06: GBX 1,979.00 per share

- 2023-07: GBX 2,062.00 per share

- 2023-08: GBX 2,120.00 per share

- 2023-09: GBX 1,631.00 per share

- 2023-10: GBX 1,465.00 per share

- 2023-11: GBX 1,490.00 per share

- 2023-12: GBX 1,683.00 per share

- 2024-01: GBX 1,688.00 per share

- 2024-02: GBX 1,471.00 per share

- 2024-03: GBX 975.00 per share

- 2024-04: GBX 979.00 per share

- 2024-05: GBX 1,158.00 per share

- 2024-06: GBX 1,008.00 per share

- 2024-07: GBX 1,140.00 per share

- 2024-08: GBX 1,134.00 per share

- 2024-09: GBX 1,132.00 per share

- 2024-10: GBX 943.00 per share

- 2024-11: GBX 850.00 per share

- 2024-12: GBX 840.00 per share

- 2025-01: GBX 980.00 per share

- 2025-02: GBX 1,020.00 per share

- 2025-03: GBX 1,004.00 per share

- 2025-04: GBX 1,076.00 per share

- 2025-05: GBX 1,240.00 per share

- 2025-06: GBX 1,250.00 per share

- 2025-07: GBX 1,228.00 per share

- 2025-08: GBX 1,228.00 per share

- 2025-09: GBX 1,248.00 per share

- 2025-10: GBX 1,242.00 per share

- 2025-11: GBX 1,224.00 per share

- 2025-12: GBX 1,284.00 per share

- 2026-01: GBX 1,306.00 per share

- 2026-02: GBX 1,328.00 per share

- 2026-03: GBX 1,118.00 per share

- 2026-04: GBX 1,157.00 per share

- 2026-05: GBX 1,251.00 per share

- 2026-06: GBX 1,173.00 per share

- 2026-07: GBX 1,252.00 per share

- 2026-08: GBX 1,322.00 per share

- 2026-09: GBX 1,219.00 per share

- 2026-10: GBX 1,246.00 per share

## Annual estimated value (GBX per share)

- FY2017: low GBX 320.86 per share, central GBX 364.81 per share, high GBX 423.33 per share

- FY2018: low GBX 377.41 per share, central GBX 427.80 per share, high GBX 494.87 per share

- FY2019: low GBX 459.27 per share, central GBX 521.74 per share, high GBX 604.90 per share

- FY2020: low GBX 453.51 per share, central GBX 513.52 per share, high GBX 593.41 per share

- FY2021: low GBX 544.41 per share, central GBX 614.95 per share, high GBX 708.85 per share

- FY2022: low GBX 607.58 per share, central GBX 684.07 per share, high GBX 785.89 per share

- FY2023: low GBX 560.23 per share, central GBX 635.61 per share, high GBX 735.94 per share

- FY2024: low GBX 465.55 per share, central GBX 529.06 per share, high GBX 613.60 per share

- FY2025: low GBX 628.48 per share, central GBX 714.63 per share, high GBX 829.31 per share

- FY2026: low GBX 851.76 per share, central GBX 968.37 per share, high GBX 1,123.60 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 2026-10-15T06:49:32.806Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/213800J41XDQ2NX48O05/2026-06-30/ESEF/GB/0/213800J41XDQ2NX48O05-2026-06-30/reports/213800J41XDQ2NX48O05-2026-06-30-T01.html); period 2026-06-30, filed 2026-10-06.

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