# Frasers Group (FRAS.LSE)

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

Analysis as of: 2026-10-16T07:37:38.873Z. 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 859.00 per share; close as of 2026-10-15.

Estimated value: low GBX 430.74 per share, central GBX 481.02 per share, high GBX 547.96 per share. Buy at or below the central value GBX 481.02 per share. Valuation as of 2026-10-16T07:37:38.873Z; scenarios are not confidence intervals.

Expected annual return: 6.6% at the stated quote. About 6.6% 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: 0.34×

Chart: Operating margin; fiscal year observations.

- FY2018: 0.05×

- FY2019: 0.05×

- FY2020: 0.04×

- FY2021: 0.06×

- FY2022: 0.10×

- FY2023: 0.06×

- FY2024: 0.09×

- FY2025: 0.11×

- FY2026: 0.07×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 7.5%

- ROIC, second-lowest year: 5.5%

- Typical minus recent gross margin: -4.0 pp

- Typical gross margin (annual median): 42.8%

- Recent gross margin (lower of latest and 3-year median): 46.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 6.9%

- ROIC including acquisitions, ten-year median: 0.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2018: 7.1%

- FY2019: 7.1%

- FY2020: 5.5%

- FY2021: 7.5%

- FY2022: 14.4%

- FY2023: 9.4%

- FY2024: 14.0%

- FY2025: 11.9%

- FY2026: 5.3%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.42×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: GBP 744M

- Net income, five-year total: GBP 1.8B

- Return on incremental invested capital: 11.9%

- Working capital / revenue, annual change: -0.9 pp

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

- FY2022: 0.50×

- FY2023: 0.72×

- FY2024: 0.71×

- FY2025: 0.08×

- FY2026: -0.08×

### management: pass

- Historical market-dollar context (not the management verdict): 2018 to 2026 (8 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 7.1% vs 11.9%

- Per-share earnings: 0.19 to 0.84 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -1.7%

- Market cap gain: GBP 835M

- Cumulative retained earnings: GBP 686M

- Diluted shares, 5-year annual growth: -1.7%

- $1 test, starting fiscal year: FY2018

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 28.4%

- Per-share value change: GBP 0.65

- Per-share value, starting three-year median: GBP 0.19

- Per-share value, ending three-year median: GBP 0.84

- Buybacks concentrated in cheaper years (correlation): 0.21

- Average buyback yield: 3.3%

- Buyback history: 8 years

- Debt-funded buybacks: No

- ROIC, first three-year median: 7.1%

- ROIC, last three-year median: 11.9%

Chart: Earnings per share; fiscal year observations.

- FY2018: GBP 0.05

- FY2019: GBP 0.22

- FY2020: GBP 0.19

- FY2021: GBP -0.17

- FY2022: GBP 0.53

- FY2023: GBP 1.11

- FY2024: GBP 0.88

- FY2025: GBP 0.67

- FY2026: GBP 0.84

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: -1.8%

- Receivables to sales index (DSRI): 2.57×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.9%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.31×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.04×

Chart: Sloan accruals; fiscal year observations.

- FY2018: -10.4%

- FY2019: -5.1%

- FY2020: -7.1%

- FY2021: -15.3%

- FY2022: -5.6%

- FY2023: -0.5%

- FY2024: -6.8%

- FY2025: -12.7%

- FY2026: -1.8%

## Holders

## Price story

Price needs cash profits to grow 9% a year for ten years · sales +8.1%

Story as of 2026-10-16T10:00:09.333Z; price observation 2026-10-15.

Price needs cash profits to grow 9% a year for ten years

- 2025-07-18: Frasers Group posts profit growth in FY25 but expects £50m budget hit ([finance.yahoo.com](https://finance.yahoo.com/news/frasers-group-posts-profit-growth-094110574.html))

### Sales · FY2025–2026

sales +8.1%; source https://filings.xbrl.org/213800JEGHHEAXIJDX34/2026-04-26/ESEF/GB/0/213800JEGHHEAXIJDX34-2026-04-26/reports/213800JEGHHEAXIJDX34-2026-04-26-T01.html; observed 2026-09-02.

- FY2018: GBP 3.4B 

- FY2019: GBP 3.7B 

- FY2020: GBP 4.0B 

- FY2021: GBP 3.5B 

- FY2022: GBP 4.7B 

- FY2023: GBP 5.6B 

- FY2024: GBP 5.5B 

- FY2025: GBP 4.9B 

- FY2026: GBP 5.3B 

### Gross margin · FY2026

gross margin 48.8%; source https://filings.xbrl.org/213800JEGHHEAXIJDX34/2026-04-26/ESEF/GB/0/213800JEGHHEAXIJDX34-2026-04-26/reports/213800JEGHHEAXIJDX34-2026-04-26-T01.html; observed 2026-09-02.

- FY2018: 39.7% 

- FY2019: 42.8% 

- FY2020: 34.7% 

- FY2021: 42.1% 

- FY2022: 43.4% 

- FY2023: 42.7% 

- FY2024: 43.3% 

- FY2025: 46.8% 

- FY2026: 48.8% 

## Owner memo

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

### How it makes money

Operates in specialty retail; annual sales are GBP 5.3 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2026: revenue 5325900000; grossProfit 2601400000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); FRAS.LSE: Frasers Group Plc, together with its subsidiaries, engages in the retail of sports and leisure clothing, footwear and equipment, and premium and luxury apparel through department stores, shops, and online. It operates through five segments: UK Sports, Premium Lifestyle, International, Property, and Financial Services. The company is involved in wholesale distribution and sale of sports and leisure clothing, footwear and equipment, and premium and luxury apparel; operation of gyms; property investment and management activities; and provision of flexible repayment solutions. It also engages in the production of apparel under group-owned or licensed brands; and licensing of group brands. The company offers its products under its own and third-party brands comprising 18montrose, Agent Provocateur, Amara, Antigua, Campri, carlton, Cruise, Donnay, Evans Cycles, Everlast, Everlast Gyms, Firetrap, Flannels, Frasers, gelert, Gieves & Hawkes, Gul, House of Fraser, I Saw It First, Jack Wills, karrimor, LA Gear, lovell sports, Lillywhites, Lonsdale, Muddyfox, Nevica, No Fear, scotts, Slazenger, sofa.com, Sondico, Soulcal & Co, Sports Direct, sportsmaster, studio, Tessuti, USA PRO, USC, and Van Mildert. It operates in the United Kingdom, Europe, the United States, Asia, and Africa. The company was formerly known as Sports Direct International plc and changed its name to Frasers Group Plc in December 2019. The company was founded in 1982 and is headquartered in Shirebrook, the United Kingdom. Frasers Group Plc operates as a subsidiary of Mash Beta Ltd.

### Why customers stay

Margins ranged from 43.3% to 48.8% during 2024–26; it earns 7.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2024: grossProfit / revenue = 43.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2025: grossProfit / revenue = 46.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2026: grossProfit / revenue = 48.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); 9-year return on capital observations [[2018,0.07088875653497452],[2019,0.07085406301824212],[2020,0.055153752774511094],[2021,0.07494144867315139],[2022,0.1443676716410381],[2023,0.09397019893029437],[2024,0.13992271272385995],[2025,0.11895052457458506],[2026,0.0526750337132473]]; median 0.07494144867315139. 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/213800JEGHHEAXIJDX34/2026-04-26/ESEF/GB/0/213800JEGHHEAXIJDX34-2026-04-26/reports/213800JEGHHEAXIJDX34-2026-04-26-T01.html (filed 2026-09-02); Gross margin observations: [[2021,0.42106463661506],[2022,0.4340986122657799],[2023,0.4272859790883078]]; range within 2 percentage points.

### Where the cash goes

Paid no dividends in 9 years; bought back GBP 18.1 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2019: growth capex 34600000; upkeep 123900000; owner earnings 112000000. Growth capex / owner earnings = 0.30892857142857144.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2022: growth capex 69100000; upkeep 254100000; owner earnings 125680000. Growth capex / owner earnings = 0.5498090388287715.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2023: growth capex 200200000; upkeep 269200000; owner earnings 355720000. Growth capex / owner earnings = 0.5628022039806589.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2024: growth capex 0; upkeep 267200000; owner earnings 268940000. 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 411700000; owner earnings 22240000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); Dividend observations: [[2018,0],[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0],[2026,0]]. 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 18100000 GBP.

### Are managers owners

Insiders own 78.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); FRAS.LSE SharesStats.PercentInsiders = 78.092 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 9% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); Ten-year compound average after fade. Initial solved rate 0.1168441303558837. Price 859; 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)

- 2016-10: GBX 276.70 per share

- 2016-11: GBX 316.00 per share

- 2016-12: GBX 278.60 per share

- 2017-01: GBX 284.00 per share

- 2017-02: GBX 297.00 per share

- 2017-03: GBX 308.20 per share

- 2017-04: GBX 306.70 per share

- 2017-05: GBX 297.70 per share

- 2017-06: GBX 291.20 per share

- 2017-07: GBX 379.10 per share

- 2017-08: GBX 388.00 per share

- 2017-09: GBX 410.50 per share

- 2017-10: GBX 395.40 per share

- 2017-11: GBX 378.50 per share

- 2017-12: GBX 377.00 per share

- 2018-01: GBX 372.10 per share

- 2018-02: GBX 367.40 per share

- 2018-03: GBX 367.60 per share

- 2018-04: GBX 402.80 per share

- 2018-05: GBX 406.70 per share

- 2018-06: GBX 399.40 per share

- 2018-07: GBX 413.50 per share

- 2018-08: GBX 381.70 per share

- 2018-09: GBX 341.20 per share

- 2018-10: GBX 326.40 per share

- 2018-11: GBX 289.80 per share

- 2018-12: GBX 237.80 per share

- 2019-01: GBX 278.20 per share

- 2019-02: GBX 269.80 per share

- 2019-03: GBX 292.20 per share

- 2019-04: GBX 297.80 per share

- 2019-05: GBX 287.40 per share

- 2019-06: GBX 276.20 per share

- 2019-07: GBX 226.80 per share

- 2019-08: GBX 249.20 per share

- 2019-09: GBX 279.20 per share

- 2019-10: GBX 309.00 per share

- 2019-11: GBX 337.20 per share

- 2019-12: GBX 458.60 per share

- 2020-01: GBX 471.40 per share

- 2020-02: GBX 383.80 per share

- 2020-03: GBX 182.60 per share

- 2020-04: GBX 260.00 per share

- 2020-05: GBX 306.60 per share

- 2020-06: GBX 305.60 per share

- 2020-07: GBX 251.80 per share

- 2020-08: GBX 350.00 per share

- 2020-09: GBX 344.60 per share

- 2020-10: GBX 374.80 per share

- 2020-11: GBX 421.80 per share

- 2020-12: GBX 451.40 per share

- 2021-01: GBX 427.20 per share

- 2021-02: GBX 469.20 per share

- 2021-03: GBX 460.80 per share

- 2021-04: GBX 515.50 per share

- 2021-05: GBX 579.00 per share

- 2021-06: GBX 602.50 per share

- 2021-07: GBX 603.50 per share

- 2021-08: GBX 669.00 per share

- 2021-09: GBX 683.50 per share

- 2021-10: GBX 643.50 per share

- 2021-11: GBX 680.00 per share

- 2021-12: GBX 771.00 per share

- 2022-01: GBX 732.00 per share

- 2022-02: GBX 636.50 per share

- 2022-03: GBX 634.00 per share

- 2022-04: GBX 679.00 per share

- 2022-05: GBX 691.00 per share

- 2022-06: GBX 665.50 per share

- 2022-07: GBX 896.50 per share

- 2022-08: GBX 805.00 per share

- 2022-09: GBX 678.00 per share

- 2022-10: GBX 647.50 per share

- 2022-11: GBX 898.50 per share

- 2022-12: GBX 710.00 per share

- 2023-01: GBX 783.00 per share

- 2023-02: GBX 801.50 per share

- 2023-03: GBX 777.00 per share

- 2023-04: GBX 768.50 per share

- 2023-05: GBX 672.50 per share

- 2023-06: GBX 702.00 per share

- 2023-07: GBX 813.00 per share

- 2023-08: GBX 806.50 per share

- 2023-09: GBX 805.50 per share

- 2023-10: GBX 803.00 per share

- 2023-11: GBX 884.00 per share

- 2023-12: GBX 910.50 per share

- 2024-01: GBX 810.00 per share

- 2024-02: GBX 809.00 per share

- 2024-03: GBX 811.00 per share

- 2024-04: GBX 816.50 per share

- 2024-05: GBX 881.50 per share

- 2024-06: GBX 882.50 per share

- 2024-07: GBX 895.50 per share

- 2024-08: GBX 863.00 per share

- 2024-09: GBX 833.50 per share

- 2024-10: GBX 761.00 per share

- 2024-11: GBX 736.50 per share

- 2024-12: GBX 609.00 per share

- 2025-01: GBX 636.00 per share

- 2025-02: GBX 626.50 per share

- 2025-03: GBX 622.00 per share

- 2025-04: GBX 662.00 per share

- 2025-05: GBX 732.00 per share

- 2025-06: GBX 680.50 per share

- 2025-07: GBX 688.50 per share

- 2025-08: GBX 676.00 per share

- 2025-09: GBX 743.00 per share

- 2025-10: GBX 729.00 per share

- 2025-11: GBX 769.00 per share

- 2025-12: GBX 678.00 per share

- 2026-01: GBX 695.50 per share

- 2026-02: GBX 705.00 per share

- 2026-03: GBX 637.00 per share

- 2026-04: GBX 655.50 per share

- 2026-05: GBX 771.50 per share

- 2026-06: GBX 719.00 per share

- 2026-07: GBX 810.50 per share

- 2026-08: GBX 832.50 per share

- 2026-09: GBX 805.00 per share

- 2026-10: GBX 859.00 per share

## Annual estimated value (GBX per share)

- FY2023: low GBX 418.52 per share, central GBX 469.30 per share, high GBX 536.90 per share

- FY2024: low GBX 431.82 per share, central GBX 483.46 per share, high GBX 552.22 per share

- FY2025: low GBX 368.67 per share, central GBX 414.60 per share, high GBX 475.76 per share

- FY2026: low GBX 411.00 per share, central GBX 458.98 per share, high GBX 522.85 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/213800JEGHHEAXIJDX34/2026-04-26/ESEF/GB/0/213800JEGHHEAXIJDX34-2026-04-26/reports/213800JEGHHEAXIJDX34-2026-04-26-T01.html); period 2026-04-26, 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.