# Dr. Martens (DOCS.LSE)

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

Analysis as of: 2026-10-16T07:33:24.911Z. Financial observations: FY2018–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 68.20 per share; close as of 2026-10-15.

Estimated value: low GBX 93.56 per share, central GBX 104.08 per share, high GBX 118.09 per share. Buy at or below the central value GBX 104.08 per share. Valuation as of 2026-10-16T07:33:24.911Z; scenarios are not confidence intervals.

Expected annual return: 15.2% at the stated quote. About 15.2% 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

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

- Financial history: 9 years

- Years with declining revenue: 3

- Years with a net loss: 1

- Operating margin variation: 0.35×

Chart: Operating margin; fiscal year observations.

- FY2018: 0.12×

- FY2019: 0.15×

- FY2020: 0.21×

- FY2021: 0.15×

- FY2022: 0.25×

- FY2023: 0.18×

- FY2024: 0.14×

- FY2025: 0.07×

- FY2026: 0.10×

### 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: 41.7%

- ROIC, second-lowest year: 16.0%

- Typical minus recent gross margin: -3.8 pp

- Typical gross margin (annual median): 61.8%

- Recent gross margin (lower of latest and 3-year median): 65.6%

- Years with nonpositive capital: 3

- Capital spending / revenue: 3.2%

- ROIC including acquisitions, ten-year median: 12.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2018: 55.2%

- FY2019: 67.1%

- FY2020: 41.7%

- FY2021: 44.9%

- FY2022: 76.1%

- FY2023: 31.9%

- FY2024: 19.1%

- FY2025: 9.8%

- FY2026: 16.0%

### economics: pass

- Owner earnings / net income, 5-yr: 1.06×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: GBP 430M

- Net income, five-year total: GBP 408M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 1.6 pp

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

- FY2022: 0.94×

- FY2023: 0.79×

- FY2024: 1.11×

- FY2025: 6.05×

- FY2026: 2.29×

### management: fail

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 55.2% vs 16.0%

- Per-share earnings: 0.05 to 0.02 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -0.5%

- Diluted shares, 5-year annual growth: -0.5%

- Per-share value growth: -11.0%

- Per-share value change: GBP -0.02

- Per-share value, starting three-year median: GBP 0.05

- Per-share value, ending three-year median: GBP 0.02

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 2.4%

- Buyback history: 4 years

- Debt-funded buybacks: No

- ROIC, first three-year median: 55.2%

- ROIC, last three-year median: 16.0%

Chart: Earnings per share; fiscal year observations.

- FY2018: GBP -0.01

- FY2019: GBP 0.05

- FY2020: GBP 0.21

- FY2021: GBP 0.03

- FY2022: GBP 0.18

- FY2023: GBP 0.13

- FY2024: GBP 0.07

- FY2025: GBP 0.00

- FY2026: GBP 0.02

### accounting: pass

- Sloan accruals: -11.6%

- Receivables to sales index (DSRI): 1.25×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 4.1%

- Earnings backed by cash: Yes

- Operating cash / earnings: 5.27×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.75×

Chart: Sloan accruals; fiscal year observations.

- FY2018: -11.6%

- FY2019: -8.6%

- FY2020: -7.1%

- FY2021: -13.3%

- FY2022: -0.4%

- FY2023: 5.2%

- FY2024: -10.4%

- FY2025: -21.6%

- FY2026: -11.6%

## Holders

## Price story

Down 84% since Dec 2021 · sales -2.9%

Story as of 2026-10-16T09:59:56.100Z; price observation 2026-10-15.

Price needs cash profits to shrink 5.8% a year for ten years

### Sales · FY2025–2026

sales -2.9%; source https://filings.xbrl.org/213800QPT8YM6NQZPH28/2026-03-29/ESEF/GB/0/213800QPT8YM6NQZPH28-2026-03-29/reports/213800QPT8YM6NQZPH28-2026-03-29-T01.xhtml; observed 2026-06-02.

- FY2018: GBP 349M 

- FY2019: GBP 454M 

- FY2020: GBP 672M 

- FY2021: GBP 773M 

- FY2022: GBP 908M 

- FY2023: GBP 1.0B 

- FY2024: GBP 877M 

- FY2025: GBP 788M 

- FY2026: GBP 765M 

### Gross margin · FY2026

gross margin 66.2%; source https://filings.xbrl.org/213800QPT8YM6NQZPH28/2026-03-29/ESEF/GB/0/213800QPT8YM6NQZPH28-2026-03-29/reports/213800QPT8YM6NQZPH28-2026-03-29-T01.xhtml; observed 2026-06-02.

- FY2018: 53.4% 

- FY2019: 57.4% 

- FY2020: 59.7% 

- FY2021: 60.9% 

- FY2022: 63.7% 

- FY2023: 61.8% 

- FY2024: 65.6% 

- FY2025: 65.0% 

- FY2026: 66.2% 

## Owner memo

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

### How it makes money

Operates in footwear & accessories; annual sales are GBP 764.9 million.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-02); FY2026: revenue 764900000; grossProfit 506000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 65% to 66.2% during 2024–26; it earns 41.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-02); FY2024: grossProfit / revenue = 65.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-02); FY2025: grossProfit / revenue = 65%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-02); FY2026: grossProfit / revenue = 66.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-02); 9-year return on capital observations [[2018,0.552431289640592],[2019,0.6707132018209409],[2020,0.41680352869410164],[2021,0.4491707616707617],[2022,0.7614232218707462],[2023,0.3193649405015422],[2024,0.19062114535524843],[2025,0.09752607649104038],[2026,0.15994799392041603]]; median 0.41680352869410164. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 8 of 9 years; bought back GBP 6.7 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-02); FY2019: growth capex 6500000; upkeep 10600000; owner earnings 17200000. Growth capex / owner earnings = 0.37790697674418605.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-02); FY2020: growth capex 0; upkeep 21900000; owner earnings 64720000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-02); FY2021: growth capex 0; upkeep 21900000; owner earnings 30740000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-02); FY2022: growth capex 0; upkeep 25000000; owner earnings 170520000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-02); FY2023: growth capex 0; upkeep 51400000; owner earnings 101220000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-02); FY2024: growth capex 0; upkeep 28400000; owner earnings 76640000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-02); FY2025: growth capex 0; upkeep 18700000; owner earnings 27220000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-02); FY2026: growth capex 0; upkeep 9200000; owner earnings 54540000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-02); Dividend observations: [[2018,0],[2019,12200000],[2020,12200000],[2021,51300000],[2022,12200000],[2023,58400000],[2024,57800000],[2025,9500000],[2026,24600000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-02); FY2026: cash repurchases 6700000 GBP.

### Are managers owners

Insiders own 41.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); DOCS.LSE SharesStats.PercentInsiders = 41.78 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 5.8% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-02); Ten-year compound average after fade. Initial solved rate -0.09437432175324373. Price 68.2; FX 100; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

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

- 2021-01: GBX 450.00 per share

- 2021-02: GBX 493.40 per share

- 2021-03: GBX 453.20 per share

- 2021-04: GBX 483.60 per share

- 2021-05: GBX 490.40 per share

- 2021-06: GBX 445.00 per share

- 2021-07: GBX 433.00 per share

- 2021-08: GBX 422.60 per share

- 2021-09: GBX 394.00 per share

- 2021-10: GBX 368.80 per share

- 2021-11: GBX 399.80 per share

- 2021-12: GBX 428.00 per share

- 2022-01: GBX 304.40 per share

- 2022-02: GBX 283.60 per share

- 2022-03: GBX 238.80 per share

- 2022-04: GBX 213.00 per share

- 2022-05: GBX 216.40 per share

- 2022-06: GBX 237.40 per share

- 2022-07: GBX 259.60 per share

- 2022-08: GBX 236.60 per share

- 2022-09: GBX 222.80 per share

- 2022-10: GBX 248.80 per share

- 2022-11: GBX 203.20 per share

- 2022-12: GBX 190.60 per share

- 2023-01: GBX 155.20 per share

- 2023-02: GBX 159.90 per share

- 2023-03: GBX 142.30 per share

- 2023-04: GBX 166.10 per share

- 2023-05: GBX 156.30 per share

- 2023-06: GBX 122.30 per share

- 2023-07: GBX 152.60 per share

- 2023-08: GBX 157.20 per share

- 2023-09: GBX 141.30 per share

- 2023-10: GBX 116.40 per share

- 2023-11: GBX 90.20 per share

- 2023-12: GBX 88.60 per share

- 2024-01: GBX 89.10 per share

- 2024-02: GBX 95.10 per share

- 2024-03: GBX 87.75 per share

- 2024-04: GBX 76.00 per share

- 2024-05: GBX 87.40 per share

- 2024-06: GBX 74.70 per share

- 2024-07: GBX 71.00 per share

- 2024-08: GBX 71.95 per share

- 2024-09: GBX 56.30 per share

- 2024-10: GBX 54.70 per share

- 2024-11: GBX 69.00 per share

- 2024-12: GBX 72.20 per share

- 2025-01: GBX 72.45 per share

- 2025-02: GBX 65.65 per share

- 2025-03: GBX 50.95 per share

- 2025-04: GBX 55.00 per share

- 2025-05: GBX 59.60 per share

- 2025-06: GBX 75.05 per share

- 2025-07: GBX 80.85 per share

- 2025-08: GBX 90.65 per share

- 2025-09: GBX 99.35 per share

- 2025-10: GBX 90.90 per share

- 2025-11: GBX 77.30 per share

- 2025-12: GBX 76.60 per share

- 2026-01: GBX 67.35 per share

- 2026-02: GBX 69.30 per share

- 2026-03: GBX 62.95 per share

- 2026-04: GBX 62.20 per share

- 2026-05: GBX 74.00 per share

- 2026-06: GBX 69.10 per share

- 2026-07: GBX 77.40 per share

- 2026-08: GBX 77.60 per share

- 2026-09: GBX 70.10 per share

- 2026-10: GBX 68.20 per share

## Annual estimated value (GBX per share)

- FY2022: low GBX 60.24 per share, central GBX 65.66 per share, high GBX 72.88 per share

- FY2023: low GBX 118.78 per share, central GBX 133.27 per share, high GBX 152.55 per share

- FY2024: low GBX 107.52 per share, central GBX 120.99 per share, high GBX 138.90 per share

- FY2025: low GBX 92.41 per share, central GBX 103.15 per share, high GBX 117.45 per share

- FY2026: low GBX 91.67 per share, central GBX 101.98 per share, high GBX 115.71 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 2026-10-15T06:39:10.533Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/213800QPT8YM6NQZPH28/2026-03-29/ESEF/GB/0/213800QPT8YM6NQZPH28-2026-03-29/reports/213800QPT8YM6NQZPH28-2026-03-29-T01.xhtml); period 2026-03-29, filed 2026-06-02.

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.