# Funding Circle Holdings (FCH.LSE)

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

Analysis as of: 2026-10-16T07:45:09.474Z. Financial observations: FY2015–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 201.00 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- positive earnings in fewer than 9 of 10 years

- Financial history: 10 years

- Profitable years in the last ten: 3

- Required profitable years: 9

Chart: Net income; fiscal year observations.

- FY2016: GBP -47M

- FY2017: GBP -35M

- FY2018: GBP -50M

- FY2019: GBP -85M

- FY2020: GBP -108M

- FY2021: GBP 61M

- FY2022: GBP -6.9M

- FY2023: GBP -38M

- FY2024: GBP 8.6M

- FY2025: GBP 46M

### moat: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- median return on common equity below threshold

- return on tangible common equity below 5% in more than one year

- Bank / P&C ROTE, median of available years: -15.9%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: -56.1%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2016: -91.2%

- FY2017: -36.8%

- FY2018: -14.6%

- FY2019: -29.8%

- FY2020: -56.1%

- FY2021: 23.3%

- FY2022: -2.7%

- FY2023: -17.1%

- FY2024: 4.4%

- FY2025: 22.2%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 8.9%

- Book return interval: 10 years

- Starting book value per share: GBP 0.27

- Ending book value per share: GBP 0.63

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: -45.0%

- FY2017: 153.4%

- FY2018: 213.6%

- FY2019: -30.9%

- FY2020: -31.3%

- FY2021: 22.9%

- FY2022: 8.4%

- FY2023: -11.5%

- FY2024: -29.2%

- FY2025: 35.7%

### management: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Diluted shares, 10-year annual growth: -0.4%

- Diluted shares, 5-year annual growth: -1.1%

- Share growth excluding flagged crisis recapitalisations: -0.4%

- Five-year share growth excluding flagged crisis recapitalisations: -1.1%

- Flagged crisis recapitalisations: 0

- Book value created per share: GBP 0.36

- Earnings retained per share after dividends and buybacks: GBP -1.05

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

Up 491% since Oct 2023 · "Funding Circle Full Year 2025 Results, Achieves FY 2026 Revenue Guidance a Year Early" (globenewswire.com, Mar 2026) · net income +434.9%

Story as of 2026-10-16T10:00:13.317Z; price observation 2026-10-15.

### Net income · FY2025

net income +434.9%; source https://filings.xbrl.org/2138003EK6UAINBBUS19/2025-12-31/ESEF/GB/0/2138003EK6UAINBBUS19-2025-12-31/reports/2138003EK6UAINBBUS19-2025-12-31-T01.xhtml; observed 2026-04-21.

- FY2016: GBP -47M 

- FY2017: GBP -35M 

- FY2018: GBP -50M 

- FY2019: GBP -85M 

- FY2020: GBP -108M 

- FY2021: GBP 61M 

- FY2022: GBP -6.9M 

- FY2023: GBP -38M 

- FY2024: GBP 8.6M 

- FY2025: GBP 46M 

## Owner memo

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

### How it makes money

Operates in credit services; annual sales are GBP 222.5 million.

- Source: https://filings.xbrl.org/2138003EK6UAINBBUS19/2025-12-31/ESEF/GB/0/2138003EK6UAINBBUS19-2025-12-31/reports/2138003EK6UAINBBUS19-2025-12-31-T01.xhtml (filed 2026-04-21); FY2025: revenue 222500000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); FCH.LSE: Funding Circle Holdings plc, together with its subsidiaries, provides online lending platforms in the United Kingdom and internationally. The company offers small business loans, recovery loan schemes, government backed loans, business credit cards, and business finance solutions to small enterprises. It also provides flexipay and flexipay card solutions. In addition, the company offers asset, vehicle, agricultural, and equipment finance services. Funding Circle Holdings plc was incorporated in 2010 and is based in London, the United Kingdom.

### Why customers stay

It lost 15.9% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-21); 10-year return on tangible equity observations [[2016,-0.9119373776908023],[2017,-0.3680917622523462],[2018,-0.1461901949202599],[2019,-0.2981344596972897],[2020,-0.5605590062111802],[2021,0.23261117445838084],[2022,-0.02697419859265051],[2023,-0.17113494191242182],[2024,0.044034818228366614],[2025,0.2221149203283438]]; median -0.15866256841634085. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 3 of 10 years; bought back GBP 39.2 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-21); Dividend observations: [[2016,500000],[2017,500000],[2018,500000],[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://filings.xbrl.org/2138003EK6UAINBBUS19/2025-12-31/ESEF/GB/0/2138003EK6UAINBBUS19-2025-12-31/reports/2138003EK6UAINBBUS19-2025-12-31-T01.xhtml (filed 2026-04-21); FY2025: cash repurchases 39200000 GBP.

### Are managers owners

Insiders own 25% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); FCH.LSE SharesStats.PercentInsiders = 25.008000000000003 percentage points; cache date 2026-10-16.

### What the price says

The price is 3 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-21); Closing price 201 GBX; reporting-to-trading FX 100; FY2025 annual sales per share 0.6807841409422053; price multiple 2.952477707865168. FY2025 cash earnings/share 0.1687120787934975. Closing-price date 2026-10-15.

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

- 2018-09: GBX 440.00 per share

- 2018-10: GBX 373.50 per share

- 2018-11: GBX 388.00 per share

- 2018-12: GBX 345.00 per share

- 2019-01: GBX 320.00 per share

- 2019-02: GBX 343.00 per share

- 2019-03: GBX 397.00 per share

- 2019-04: GBX 253.00 per share

- 2019-05: GBX 235.00 per share

- 2019-06: GBX 179.80 per share

- 2019-07: GBX 113.00 per share

- 2019-08: GBX 112.00 per share

- 2019-09: GBX 95.00 per share

- 2019-10: GBX 117.40 per share

- 2019-11: GBX 100.60 per share

- 2019-12: GBX 87.40 per share

- 2020-01: GBX 80.50 per share

- 2020-02: GBX 79.00 per share

- 2020-03: GBX 55.00 per share

- 2020-04: GBX 86.30 per share

- 2020-05: GBX 80.00 per share

- 2020-06: GBX 68.40 per share

- 2020-07: GBX 91.20 per share

- 2020-08: GBX 82.70 per share

- 2020-09: GBX 79.60 per share

- 2020-10: GBX 79.20 per share

- 2020-11: GBX 86.90 per share

- 2020-12: GBX 90.00 per share

- 2021-01: GBX 99.50 per share

- 2021-02: GBX 139.00 per share

- 2021-03: GBX 153.80 per share

- 2021-04: GBX 153.60 per share

- 2021-05: GBX 167.00 per share

- 2021-06: GBX 151.00 per share

- 2021-07: GBX 139.00 per share

- 2021-08: GBX 150.00 per share

- 2021-09: GBX 153.80 per share

- 2021-10: GBX 157.00 per share

- 2021-11: GBX 138.00 per share

- 2021-12: GBX 112.00 per share

- 2022-01: GBX 95.50 per share

- 2022-02: GBX 73.90 per share

- 2022-03: GBX 73.90 per share

- 2022-04: GBX 73.00 per share

- 2022-05: GBX 70.20 per share

- 2022-06: GBX 56.80 per share

- 2022-07: GBX 37.00 per share

- 2022-08: GBX 32.65 per share

- 2022-09: GBX 41.00 per share

- 2022-10: GBX 48.85 per share

- 2022-11: GBX 53.00 per share

- 2022-12: GBX 55.00 per share

- 2023-01: GBX 58.10 per share

- 2023-02: GBX 57.00 per share

- 2023-03: GBX 53.60 per share

- 2023-04: GBX 55.00 per share

- 2023-05: GBX 54.00 per share

- 2023-06: GBX 56.20 per share

- 2023-07: GBX 48.60 per share

- 2023-08: GBX 43.40 per share

- 2023-09: GBX 38.80 per share

- 2023-10: GBX 34.00 per share

- 2023-11: GBX 38.50 per share

- 2023-12: GBX 40.00 per share

- 2024-01: GBX 30.00 per share

- 2024-02: GBX 27.70 per share

- 2024-03: GBX 43.50 per share

- 2024-04: GBX 65.40 per share

- 2024-05: GBX 92.80 per share

- 2024-06: GBX 96.20 per share

- 2024-07: GBX 112.50 per share

- 2024-08: GBX 105.50 per share

- 2024-09: GBX 138.00 per share

- 2024-10: GBX 131.00 per share

- 2024-11: GBX 141.50 per share

- 2024-12: GBX 134.00 per share

- 2025-01: GBX 126.50 per share

- 2025-02: GBX 106.00 per share

- 2025-03: GBX 111.50 per share

- 2025-04: GBX 113.60 per share

- 2025-05: GBX 107.40 per share

- 2025-06: GBX 128.40 per share

- 2025-07: GBX 135.20 per share

- 2025-08: GBX 145.60 per share

- 2025-09: GBX 124.20 per share

- 2025-10: GBX 132.20 per share

- 2025-11: GBX 126.60 per share

- 2025-12: GBX 126.40 per share

- 2026-01: GBX 162.80 per share

- 2026-02: GBX 145.20 per share

- 2026-03: GBX 128.00 per share

- 2026-04: GBX 145.00 per share

- 2026-05: GBX 143.80 per share

- 2026-06: GBX 148.20 per share

- 2026-07: GBX 220.50 per share

- 2026-08: GBX 229.00 per share

- 2026-09: GBX 188.20 per share

- 2026-10: GBX 201.00 per share

## Annual estimated value (GBX 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/2138003EK6UAINBBUS19/2025-12-31/ESEF/GB/0/2138003EK6UAINBBUS19-2025-12-31/reports/2138003EK6UAINBBUS19-2025-12-31-T01.xhtml); period 2025-12-31, filed 2026-04-21.

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.
← Companies

Funding Circle Holdings

FCH · LSE

FTSE 250

Not a wonderful business

2 quality tests fail. A lower price would not fix the business.

Share price
GBX 201.00
Quality tests
Fail
Annual history
11 years
Market value
$748M

The business

How it makes money
Why customers stay
Where the cash goes
Are managers owners
What the price says

1. Is this a good business?

Evidence only; not required for Buy

Profits were positive in 3 years (at least 9 needed).

10y median
GBP -37M
Worst year
GBP -108M
Latest · 2025
GBP 46M

Earned a median -15.9% on tangible equity (minimum 12%), and the second-worst year -56.1% (minimum 5%).

10y median
-15.9%
Worst year
-91.2%
Latest · 2025
22.2%

Book value plus dividends grew 8.9% a year (minimum 7%).

10y median
-1.6%
Worst year
-45.0%
Latest · 2025
35.7%

Ordinary share growth was -0.4% over the full period and -1.1% over five years (either must be at most 2% a year).

Filing signals · estimated likelihood
Founder / family13%Pay incentives90%Acquisition-led2%
Founder or family ownership or board role: 13% estimated likelihood. ; Compensation incentives: 90% estimated likelihood. ; Acquisitions are the main growth strategy: 2% estimated likelihood.
per-share value change
Passing bar
≥ GBP 0

0 accounting warnings were found (none allowed).

Filing signals · estimated likelihood
Control weakness4%Auditor change3%Going concern3%
Material weakness in internal control: 4% estimated likelihood. ; Auditor change within the past three years disclosed: 3% estimated likelihood. ; Going-concern uncertainty: 3% estimated likelihood.
accounting warnings
0
Passing bar
≤ 0

Profit record · fail 7 loss years in 10 (at most 2), three-year average earnings per share 0.02 GBP. 7 loss years in the last 10; at most 2 allowed.

Net incomeGBP 46M
61M-108M20162025
FY2016 · Net income: GBP -47M; FY2017 · Net income: GBP -35M; FY2018 · Net income: GBP -50M; FY2019 · Net income: GBP -85M; FY2020 · Net income: GBP -108M; FY2021 · Net income: GBP 61M; FY2022 · Net income: GBP -6.9M; FY2023 · Net income: GBP -38M; FY2024 · Net income: GBP 8.6M; FY2025 · Net income: GBP 46M
Net income
Book / shareGBP 0.63
1.18020162025
FY2016 · Book / share: GBP 0.15; FY2017 · Book / share: GBP 0.38; FY2018 · Book / share: GBP 1.18; FY2019 · Book / share: GBP 0.82; FY2020 · Book / share: GBP 0.56; FY2021 · Book / share: GBP 0.69; FY2022 · Book / share: GBP 0.75; FY2023 · Book / share: GBP 0.66; FY2024 · Book / share: GBP 0.47; FY2025 · Book / share: GBP 0.63
Book / share
Dividend / shareGBP 0
1.00020162025
FY2016 · Dividend / share: GBP 0.00; FY2017 · Dividend / share: GBP 0.00; FY2018 · Dividend / share: GBP 0.00; FY2019 · Dividend / share: GBP 0; FY2020 · Dividend / share: GBP 0; FY2021 · Dividend / share: GBP 0; FY2022 · Dividend / share: GBP 0; FY2023 · Dividend / share: GBP 0; FY2024 · Dividend / share: GBP 0; FY2025 · Dividend / share: GBP 0
Dividend / share
Return on tangible equity22.2%
23.3%-91.2%20162025
FY2016 · Return on tangible equity: -91.2%; FY2017 · Return on tangible equity: -36.8%; FY2018 · Return on tangible equity: -14.6%; FY2019 · Return on tangible equity: -29.8%; FY2020 · Return on tangible equity: -56.1%; FY2021 · Return on tangible equity: 23.3%; FY2022 · Return on tangible equity: -2.7%; FY2023 · Return on tangible equity: -17.1%; FY2024 · Return on tangible equity: 4.4%; FY2025 · Return on tangible equity: 22.2%
Return on tangible equity
Diluted shares327M
418M020162025
FY2016 · Diluted shares: 342M; FY2017 · Diluted shares: 255M; FY2018 · Diluted shares: 287M; FY2019 · Diluted shares: 349M; FY2020 · Diluted shares: 345M; FY2021 · Diluted shares: 382M; FY2022 · Diluted shares: 343M; FY2023 · Diluted shares: 339M; FY2024 · Diluted shares: 418M; FY2025 · Diluted shares: 327M
Diluted shares
Prices 15 Oct 2026 · FY2025Original filing ↗ ·