# 4Imprint Group (FOUR.LSE)

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

Analysis as of: 2026-10-16T07:41:40.975Z. Financial observations: FY1996–FY2025.

Listing currency: GBX. Reporting currency: USD.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: GBX 4,552.00 per share; close as of 2026-10-15.

Estimated value: low GBX 3,401.43 per share, central GBX 3,829.63 per share, high GBX 4,399.64 per share. Buy at or below the central value GBX 3,829.63 per share. Valuation as of 2026-10-16T07:41:40.975Z; scenarios are not confidence intervals.

Expected annual return: 8.8% at the stated quote. About 8.8% 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

- 1 revenue decline in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.43×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.07×

- FY2017: 0.07×

- FY2018: 0.06×

- FY2019: 0.06×

- FY2020: 0.01×

- FY2021: 0.04×

- FY2022: 0.09×

- FY2023: 0.10×

- FY2024: 0.11×

- FY2025: 0.11×

### moat: pass

- ROIC, median of available years: >100%

- ROIC, second-lowest year: 42.8%

- Typical minus recent gross margin: -2.0 pp

- Typical gross margin (annual median): 29.8%

- Recent gross margin (lower of latest and 3-year median): 31.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.6%

- ROIC including acquisitions, ten-year median: >100%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: >100%

- FY2017: >100%

- FY2018: >100%

- FY2019: >100%

- FY2020: 8.2%

- FY2021: 42.8%

- FY2022: >100%

- FY2023: >100%

- FY2024: >100%

- FY2025: >100%

### economics: pass

- Owner earnings / net income, 5-yr: 0.96×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $426M

- Net income, five-year total: $442M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.1 pp

- Working capital / revenue, change between three-year averages: 0.2 pp

- Working capital / revenue, final three-year average: -0.5%

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

- FY2021: 0.96×

- FY2022: 0.97×

- FY2023: 0.98×

- FY2024: 0.90×

- FY2025: 1.02×

### management: pass

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

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 259.8% vs 268.9%

- Per-share earnings: 0.87 to 4.12 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.0%

- Ordinary dilution, 5-year annual growth: 0.1%

- Market cap gain: $775M

- Cumulative retained earnings: $131M

- Diluted shares, 10-year annual growth: 0.0%

- Diluted shares, 5-year annual growth: 0.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 21.5%

- Per-share value change: $3.25

- Per-share value, starting three-year median: $0.87

- Per-share value, ending three-year median: $4.12

- Buybacks concentrated in cheaper years (correlation): 0.15

- Average buyback yield: 0.2%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: $1.0M

- Cumulative net income, 10 years: $576M

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

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

Chart: Earnings per share; fiscal year observations.

- FY2016: $0.87

- FY2017: $1.03

- FY2018: $1.25

- FY2019: $1.52

- FY2020: $0.11

- FY2021: $0.80

- FY2022: $2.85

- FY2023: $3.77

- FY2024: $4.15

- FY2025: $4.12

### accounting: pass

- Sloan accruals: -6.7%

- Receivables to sales index (DSRI): 0.90×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 2.2%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.15×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.01×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 4.9%

- FY2017: 0.8%

- FY2018: 1.1%

- FY2019: -2.9%

- FY2020: 0.3%

- FY2021: 6.6%

- FY2022: 1.3%

- FY2023: -12.9%

- FY2024: -5.4%

- FY2025: -6.7%

## Holders

## Price story

Down 30% since May 2024 · sales +0.5%

Story as of 2026-10-16T10:00:12.065Z; price observation 2026-10-15.

Price needs cash profits to grow 3.2% a year for ten years

### Sales · FY2024–2025

sales +0.5%; source https://filings.xbrl.org/213800G95T751RN2CT94/2025-12-27/ESEF/GB/0/213800G95T751RN2CT94-2025-12-27/reports/213800G95T751RN2CT94-2025-12-27-T01.xhtml; observed 2026-04-15.

- FY2016: $558M 

- FY2017: $628M 

- FY2018: $738M 

- FY2019: $861M 

- FY2020: $560M 

- FY2021: $787M 

- FY2022: $1.1B 

- FY2023: $1.3B 

- FY2024: $1.4B 

- FY2025: $1.4B 

### Gross margin · FY2025

gross margin 32.4%; source https://filings.xbrl.org/213800G95T751RN2CT94/2025-12-27/ESEF/GB/0/213800G95T751RN2CT94-2025-12-27/reports/213800G95T751RN2CT94-2025-12-27-T01.xhtml; observed 2026-04-15.

- FY2016: 30.1% 

- FY2017: 30.2% 

- FY2018: 29.6% 

- FY2019: 30.0% 

- FY2020: 23.8% 

- FY2021: 28.7% 

- FY2022: 26.8% 

- FY2023: 28.9% 

- FY2024: 31.8% 

- FY2025: 32.4% 

## Owner memo

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

### How it makes money

Operates in advertising agencies; annual sales are USD 1.4 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-15); FY2025: revenue 1375056274; grossProfit 445147412; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 28.9% to 32.4% during 2023–25; it earns over 100% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-15); FY2023: grossProfit / revenue = 28.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-15); FY2024: grossProfit / revenue = 31.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-15); FY2025: grossProfit / revenue = 32.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-15); 10-year return on capital observations [[2016,3.5164031004106793],[2017,2.5983290184724064],[2018,2.272448523387484],[2019,1.7634830439585696],[2020,0.08228913589950747],[2021,0.4282640763183357],[2022,1.205617435936797],[2023,2.4891867194639055],[2024,2.6894228623844114],[2025,3.3931425609608112]]; median 2.3808176214256944. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Average order values in 2025 were 1% above the prior year, driven primarily by price adjustments.

- Source: https://filings.xbrl.org/213800G95T751RN2CT94/2025-12-27/ESEF/GB/0/213800G95T751RN2CT94-2025-12-27/reports/213800G95T751RN2CT94-2025-12-27-T01.xhtml (filed 2026-04-15); In 2025, 421,000 new customer orders were received, down 12% compared to 2024, reflective of the ongoing uncertain macroeconomic trading environment. Average order values in 2025 were 1% above the prior year, driven primarily by price adjustments. 08 4imprint Group plc Annual Report & Accounts 2025 09 4imprint Group plc Annual Report & Accounts 2025 STRATEGIC REPORT CHIEF EXECUTIVE’S REVIEW CONTINUED “ As always, the dedication of our team members, the strength of our supplierpartnerships, and the effectiveness of our marketing investment were critical to oursuccess.” STRAT nt Supply Chain Code of Conduct – Charitable giving programme and encouragement of all team members to volunteer or otherwise participate in their local communities KPIs (SEE PAGES 12 AND 13) – Revenue growth – 24-month customer retention – Sustainability: We continue to make good progress in embedding sustainability across the business, and during 2025, we took an important step forward by setting Scope 1 and Scope 2 emissions reduction targets.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 5.5 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-15); FY2016: growth capex 514000; upkeep 2389000; owner earnings 24479000. Growth capex / owner earnings = 0.02099758977082397.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-15); FY2017: growth capex 0; upkeep 1844000; owner earnings 29593000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-15); FY2018: growth capex 0; upkeep 2492000; owner earnings 35347000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-15); FY2019: growth capex 3839357.0900418544; upkeep 4338642.909958146; owner earnings 42253357.09004185. Growth capex / owner earnings = 0.09086513722117248.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-15); FY2020: growth capex 0; upkeep 3427000; owner earnings 1954800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-15); FY2021: growth capex 0; upkeep 3465000; owner earnings 21717200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-15); FY2022: growth capex 2560000; upkeep 5500000; owner earnings 77350000. Growth capex / owner earnings = 0.033096315449256626.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-15); FY2023: growth capex 3600000; upkeep 6400000; owner earnings 103740000. Growth capex / owner earnings = 0.03470213996529786.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-15); FY2024: growth capex 1862187.4749379456; upkeep 17737812.525062054; owner earnings 105202187.47493795. Growth capex / owner earnings = 0.017701033786788604.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-15); FY2025: growth capex 0; upkeep 3981825; owner earnings 118366299. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-15); Dividend observations: [[2016,12141000],[2017,15845000],[2018,32984000],[2019,20659000],[2020,477000],[2021,4134000],[2022,18722000],[2023,110800000],[2024,65500000],[2025,145795986]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-15); FY2025: cash repurchases 5513293 USD.

### Are managers owners

Insiders own 2.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); FOUR.LSE SharesStats.PercentInsiders = 2.582 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 3.2% yearly over ten years; actual growth was 21.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-15); Ten-year compound average after fade. Initial solved rate 0.03320157380765443. Price 4552; FX 75.34943299551671; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.6146365947268989 → FY2025 4.201409115110212. Closing-price date 2026-10-15.

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

- 2016-10: GBX 1,649.00 per share

- 2016-11: GBX 1,652.00 per share

- 2016-12: GBX 1,775.00 per share

- 2017-01: GBX 1,668.00 per share

- 2017-02: GBX 1,650.00 per share

- 2017-03: GBX 1,786.00 per share

- 2017-04: GBX 1,781.00 per share

- 2017-05: GBX 1,716.00 per share

- 2017-06: GBX 1,683.00 per share

- 2017-07: GBX 1,586.00 per share

- 2017-08: GBX 2,015.00 per share

- 2017-09: GBX 1,831.00 per share

- 2017-10: GBX 1,923.00 per share

- 2017-11: GBX 1,825.00 per share

- 2017-12: GBX 1,900.00 per share

- 2018-01: GBX 2,000.00 per share

- 2018-02: GBX 1,890.00 per share

- 2018-03: GBX 1,575.00 per share

- 2018-04: GBX 1,720.00 per share

- 2018-05: GBX 1,750.00 per share

- 2018-06: GBX 1,720.00 per share

- 2018-07: GBX 2,020.00 per share

- 2018-08: GBX 2,150.00 per share

- 2018-09: GBX 1,990.00 per share

- 2018-10: GBX 1,810.00 per share

- 2018-11: GBX 2,040.00 per share

- 2018-12: GBX 1,845.00 per share

- 2019-01: GBX 1,985.00 per share

- 2019-02: GBX 2,000.00 per share

- 2019-03: GBX 2,460.00 per share

- 2019-04: GBX 2,670.00 per share

- 2019-05: GBX 2,620.00 per share

- 2019-06: GBX 2,700.00 per share

- 2019-07: GBX 2,790.00 per share

- 2019-08: GBX 2,780.00 per share

- 2019-09: GBX 3,000.00 per share

- 2019-10: GBX 2,970.00 per share

- 2019-11: GBX 3,100.00 per share

- 2019-12: GBX 3,480.00 per share

- 2020-01: GBX 3,310.00 per share

- 2020-02: GBX 2,770.00 per share

- 2020-03: GBX 1,930.00 per share

- 2020-04: GBX 1,878.00 per share

- 2020-05: GBX 2,320.00 per share

- 2020-06: GBX 2,465.00 per share

- 2020-07: GBX 2,380.00 per share

- 2020-08: GBX 2,170.00 per share

- 2020-09: GBX 1,868.00 per share

- 2020-10: GBX 2,070.00 per share

- 2020-11: GBX 2,455.00 per share

- 2020-12: GBX 2,565.00 per share

- 2021-01: GBX 2,395.00 per share

- 2021-02: GBX 2,440.00 per share

- 2021-03: GBX 2,450.00 per share

- 2021-04: GBX 2,350.00 per share

- 2021-05: GBX 2,875.00 per share

- 2021-06: GBX 2,675.00 per share

- 2021-07: GBX 2,805.00 per share

- 2021-08: GBX 2,870.00 per share

- 2021-09: GBX 3,010.00 per share

- 2021-10: GBX 2,860.00 per share

- 2021-11: GBX 2,825.00 per share

- 2021-12: GBX 2,820.00 per share

- 2022-01: GBX 2,800.00 per share

- 2022-02: GBX 2,710.00 per share

- 2022-03: GBX 2,810.00 per share

- 2022-04: GBX 2,730.00 per share

- 2022-05: GBX 2,675.00 per share

- 2022-06: GBX 2,320.00 per share

- 2022-07: GBX 3,190.00 per share

- 2022-08: GBX 3,800.00 per share

- 2022-09: GBX 3,395.00 per share

- 2022-10: GBX 3,470.00 per share

- 2022-11: GBX 4,225.00 per share

- 2022-12: GBX 4,275.00 per share

- 2023-01: GBX 4,580.00 per share

- 2023-02: GBX 4,480.00 per share

- 2023-03: GBX 4,825.00 per share

- 2023-04: GBX 4,510.00 per share

- 2023-05: GBX 4,605.00 per share

- 2023-06: GBX 4,795.00 per share

- 2023-07: GBX 4,435.00 per share

- 2023-08: GBX 5,100.00 per share

- 2023-09: GBX 5,250.00 per share

- 2023-10: GBX 5,020.00 per share

- 2023-11: GBX 4,270.00 per share

- 2023-12: GBX 4,570.00 per share

- 2024-01: GBX 5,470.00 per share

- 2024-02: GBX 5,700.00 per share

- 2024-03: GBX 6,340.00 per share

- 2024-04: GBX 6,280.00 per share

- 2024-05: GBX 6,490.00 per share

- 2024-06: GBX 5,860.00 per share

- 2024-07: GBX 6,110.00 per share

- 2024-08: GBX 5,270.00 per share

- 2024-09: GBX 4,980.00 per share

- 2024-10: GBX 5,110.00 per share

- 2024-11: GBX 5,050.00 per share

- 2024-12: GBX 4,855.00 per share

- 2025-01: GBX 6,030.00 per share

- 2025-02: GBX 5,200.00 per share

- 2025-03: GBX 3,700.00 per share

- 2025-04: GBX 3,400.00 per share

- 2025-05: GBX 3,550.00 per share

- 2025-06: GBX 3,660.00 per share

- 2025-07: GBX 3,595.00 per share

- 2025-08: GBX 3,370.00 per share

- 2025-09: GBX 3,230.00 per share

- 2025-10: GBX 3,330.00 per share

- 2025-11: GBX 3,895.00 per share

- 2025-12: GBX 3,845.00 per share

- 2026-01: GBX 4,080.00 per share

- 2026-02: GBX 3,975.00 per share

- 2026-03: GBX 3,370.00 per share

- 2026-04: GBX 3,644.00 per share

- 2026-05: GBX 3,648.00 per share

- 2026-06: GBX 3,680.00 per share

- 2026-07: GBX 4,118.00 per share

- 2026-08: GBX 4,480.00 per share

- 2026-09: GBX 4,516.00 per share

- 2026-10: GBX 4,552.00 per share

## Annual estimated value (GBX per share)

- FY2016: low GBX 724.97 per share, central GBX 821.05 per share, high GBX 948.95 per share

- FY2017: low GBX 832.94 per share, central GBX 941.05 per share, high GBX 1,084.97 per share

- FY2018: low GBX 1,293.66 per share, central GBX 1,871.53 per share, high GBX 2,193.83 per share

- FY2019: low GBX 1,643.66 per share, central GBX 2,368.32 per share, high GBX 2,772.49 per share

- FY2020: low GBX 850.74 per share, central GBX 957.47 per share, high GBX 1,099.56 per share

- FY2021: low GBX 1,512.67 per share, central GBX 2,174.90 per share, high GBX 2,544.25 per share

- FY2022: low GBX 2,159.23 per share, central GBX 3,011.11 per share, high GBX 3,507.16 per share

- FY2023: low GBX 2,574.19 per share, central GBX 3,587.99 per share, high GBX 4,178.33 per share

- FY2024: low GBX 3,688.64 per share, central GBX 5,131.76 per share, high GBX 5,972.10 per share

- FY2025: low GBX 3,373.24 per share, central GBX 3,799.49 per share, high GBX 4,366.92 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 2026-10-15T06:47:32.883Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/213800G95T751RN2CT94/2025-12-27/ESEF/GB/0/213800G95T751RN2CT94-2025-12-27/reports/213800G95T751RN2CT94-2025-12-27-T01.xhtml); period 2025-12-27, filed 2026-04-15.

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.