# Foresight Group Holdings (FSG.LSE)

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

Analysis as of: 2026-10-16T07:45:48.809Z. 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 443.00 per share; close as of 2026-10-15.

Estimated value: low GBX 396.97 per share, central GBX 446.90 per share, high GBX 513.36 per share. Buy at or below the central value GBX 446.90 per share. Valuation as of 2026-10-16T07:45:48.809Z; scenarios are not confidence intervals.

Expected annual return: 10.1% at the stated quote. About 10.1% 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

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

- Financial history: 9 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.26×

Chart: Operating margin; fiscal year observations.

- FY2018: 0.25×

- FY2019: 0.16×

- FY2020: 0.13×

- FY2021: 0.23×

- FY2022: 0.32×

- FY2023: 0.26×

- FY2024: 0.23×

- FY2025: 0.26×

- FY2026: 0.33×

### moat: fail

- Recent gross margin fell 5.7pp below the typical margin (limit 4pp)

- ROIC, median of available years: 76.2%

- ROIC, second-lowest year: 56.9%

- Typical minus recent gross margin: 5.7 pp

- Typical gross margin (annual median): 90.7%

- Recent gross margin (lower of latest and 3-year median): 85.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.8%

- ROIC including acquisitions, ten-year median: 56.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2018: 56.9%

- FY2019: 78.9%

- FY2020: 32.6%

- FY2021: 90.4%

- FY2022: >100%

- FY2023: 84.4%

- FY2024: 76.2%

- FY2025: 74.1%

- FY2026: 68.6%

### economics: pass

- Owner earnings / net income, 5-yr: 1.03×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: GBP 155M

- Net income, five-year total: GBP 151M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.8 pp

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

- FY2022: 1.03×

- FY2023: 1.12×

- FY2024: 1.16×

- FY2025: 1.00×

- FY2026: 0.91×

### management: pass

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 56.9% vs 74.1%

- Per-share earnings: 0.07 to 0.29 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 1.0%

- Diluted shares, 5-year annual growth: 1.0%

- Per-share value growth: 26.9%

- Per-share value change: GBP 0.22

- Per-share value, starting three-year median: GBP 0.07

- Per-share value, ending three-year median: GBP 0.29

- Buybacks concentrated in cheaper years (correlation): 0.49

- Average buyback yield: 1.7%

- Buyback history: 6 years

- Debt-funded buybacks: Yes

- ROIC, first three-year median: 56.9%

- ROIC, last three-year median: 74.1%

Chart: Earnings per share; fiscal year observations.

- FY2018: GBP 0.15

- FY2019: GBP 0.06

- FY2020: GBP 0.07

- FY2021: GBP 0.14

- FY2022: GBP 0.21

- FY2023: GBP 0.20

- FY2024: GBP 0.22

- FY2025: GBP 0.29

- FY2026: GBP 0.38

### accounting: pass

- Sloan accruals: -2.4%

- Receivables to sales index (DSRI): 0.74×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 8.2%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.10×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.54×

Chart: Sloan accruals; fiscal year observations.

- FY2018: -4.0%

- FY2019: -6.1%

- FY2020: -14.8%

- FY2021: -1.6%

- FY2022: 0.0%

- FY2023: -19.2%

- FY2024: -11.9%

- FY2025: -6.5%

- FY2026: -2.4%

## Holders

## Price story

Price needs cash profits to grow 0.8% a year for ten years · sales +7.3%

Story as of 2026-10-16T10:00:13.527Z; price observation 2026-10-15.

Price needs cash profits to grow 0.8% a year for ten years

### Sales · FY2025–2026

sales +7.3%; source https://filings.xbrl.org/213800NNT42FFIZB1T09/2026-03-31/ESEF/GB/0/213800NNT42FFIZB1T09-2026-03-31/reports/213800NNT42FFIZB1T09-2026-03-31-T01.xhtml; observed 2026-06-30.

- FY2018: GBP 52M 

- FY2019: GBP 50M 

- FY2020: GBP 57M 

- FY2021: GBP 69M 

- FY2022: GBP 86M 

- FY2023: GBP 119M 

- FY2024: GBP 141M 

- FY2025: GBP 154M 

- FY2026: GBP 165M 

### Gross margin · FY2026

gross margin 85%; source https://filings.xbrl.org/213800NNT42FFIZB1T09/2026-03-31/ESEF/GB/0/213800NNT42FFIZB1T09-2026-03-31/reports/213800NNT42FFIZB1T09-2026-03-31-T01.xhtml; observed 2026-06-30.

- FY2018: 90.7% 

- FY2019: 88.6% 

- FY2020: 92.3% 

- FY2021: 93.3% 

- FY2022: 90.0% 

- FY2023: 90.3% 

- FY2024: 94.8% 

- FY2025: 94.9% 

- FY2026: 85.0% 

## Owner memo

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

### How it makes money

Operates in asset management; annual sales are GBP 165.3 million.

- Source: https://filings.xbrl.org/213800NNT42FFIZB1T09/2026-03-31/ESEF/GB/0/213800NNT42FFIZB1T09-2026-03-31/reports/213800NNT42FFIZB1T09-2026-03-31-T01.xhtml (filed 2026-06-30); FY2026: revenue 165295000; grossProfit 140521000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); FSG.LSE: Foresight Group Holdings Limited operates as an infrastructure and private equity manager in the United Kingdom, Italy, Luxembourg, Ireland, Spain, and Australia. It operates through Infrastructure, Private Equity, venture capital and Foresight Capital Management segments. It specializes in early venture and emerging growth investments. The firm prefers to invest through growth capital and buyouts. The company involved in the provision of the management of infrastructure assets, private equity investments, and open-ended investment companies for institutional and retail investors. It also manages infrastructure assets with a focus on renewable energy generation, renewable energy enabling projects, and energy management solutions, as well as social infrastructure, transport businesses, and digital infrastructure and natural capital. In addition, it provides equity and credit to a range of sectors and development stages; and access to real assets and sustainable investment opportunities in listed markets. The firm prefers to invest between $0.11 million and $2.27 million in companies. The firm prefers majority stake. Foresight Group Holdings Limited was founded in 1984 and is based in London, United Kingdom.

### Why customers stay

Margins ranged from 85% to 94.9% during 2024–26; it earns 76.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-30); FY2024: grossProfit / revenue = 94.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-30); FY2025: grossProfit / revenue = 94.9%.

- Source: https://filings.xbrl.org/213800NNT42FFIZB1T09/2026-03-31/ESEF/GB/0/213800NNT42FFIZB1T09-2026-03-31/reports/213800NNT42FFIZB1T09-2026-03-31-T01.xhtml (filed 2026-06-30); FY2026: grossProfit / revenue = 85%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-30); 9-year return on capital observations [[2018,0.5688766453859121],[2019,0.7893518836902389],[2020,0.32583516814690466],[2021,0.9035506179682081],[2022,1.3333455865316408],[2023,0.8438400783809832],[2024,0.7615159442825685],[2025,0.7411467283173053],[2026,0.6860294027262738]]; median 0.7615159442825685. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 9 of 9 years; bought back GBP 19.2 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-30); FY2018: growth capex 0; upkeep 1797000; owner earnings 15998000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-30); FY2019: growth capex 0; upkeep 419000; owner earnings 6301200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-30); FY2020: growth capex 191000; upkeep 5819000; owner earnings 3674600. Growth capex / owner earnings = 0.0519784466336472.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-30); FY2021: growth capex 0; upkeep 189000; owner earnings 15229200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-30); FY2022: growth capex 0; upkeep 569000; owner earnings 25910400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-30); FY2023: growth capex 0; upkeep 632000; owner earnings 26356800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-30); FY2024: growth capex 0; upkeep 795000; owner earnings 30624600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-30); FY2025: growth capex 0; upkeep 2431000; owner earnings 33122600. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/213800NNT42FFIZB1T09/2026-03-31/ESEF/GB/0/213800NNT42FFIZB1T09-2026-03-31/reports/213800NNT42FFIZB1T09-2026-03-31-T01.xhtml (filed 2026-06-30); FY2026: growth capex 0; upkeep 4735000; owner earnings 39184600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-30); Dividend observations: [[2018,8916000],[2019,6677000],[2020,7745000],[2021,18229000],[2022,6175000],[2023,15965000],[2024,25787000],[2025,26465000],[2026,28363000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://filings.xbrl.org/213800NNT42FFIZB1T09/2026-03-31/ESEF/GB/0/213800NNT42FFIZB1T09-2026-03-31/reports/213800NNT42FFIZB1T09-2026-03-31-T01.xhtml (filed 2026-06-30); FY2026: cash repurchases 19158000 GBP.

### Are managers owners

Insiders own 35.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); FSG.LSE SharesStats.PercentInsiders = 35.762 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 0.8% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-30); Ten-year compound average after fade. Initial solved rate -0.0016912534443237685. Price 443; 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)

- 2021-02: GBX 422.00 per share

- 2021-03: GBX 425.00 per share

- 2021-04: GBX 424.00 per share

- 2021-05: GBX 420.00 per share

- 2021-06: GBX 405.00 per share

- 2021-07: GBX 390.00 per share

- 2021-08: GBX 421.00 per share

- 2021-09: GBX 443.00 per share

- 2021-10: GBX 450.00 per share

- 2021-11: GBX 452.00 per share

- 2021-12: GBX 440.00 per share

- 2022-01: GBX 388.00 per share

- 2022-02: GBX 408.00 per share

- 2022-03: GBX 370.00 per share

- 2022-04: GBX 380.00 per share

- 2022-05: GBX 360.00 per share

- 2022-06: GBX 385.00 per share

- 2022-07: GBX 424.00 per share

- 2022-08: GBX 405.00 per share

- 2022-09: GBX 380.00 per share

- 2022-10: GBX 362.00 per share

- 2022-11: GBX 336.00 per share

- 2022-12: GBX 435.00 per share

- 2023-01: GBX 461.00 per share

- 2023-02: GBX 430.00 per share

- 2023-03: GBX 394.00 per share

- 2023-04: GBX 420.00 per share

- 2023-05: GBX 405.00 per share

- 2023-06: GBX 435.00 per share

- 2023-07: GBX 480.00 per share

- 2023-08: GBX 465.00 per share

- 2023-09: GBX 430.00 per share

- 2023-10: GBX 368.00 per share

- 2023-11: GBX 404.00 per share

- 2023-12: GBX 431.00 per share

- 2024-01: GBX 455.00 per share

- 2024-02: GBX 429.00 per share

- 2024-03: GBX 445.00 per share

- 2024-04: GBX 442.00 per share

- 2024-05: GBX 474.00 per share

- 2024-06: GBX 470.00 per share

- 2024-07: GBX 522.00 per share

- 2024-08: GBX 514.00 per share

- 2024-09: GBX 520.00 per share

- 2024-10: GBX 465.00 per share

- 2024-11: GBX 418.00 per share

- 2024-12: GBX 411.00 per share

- 2025-01: GBX 394.00 per share

- 2025-02: GBX 373.00 per share

- 2025-03: GBX 347.00 per share

- 2025-04: GBX 371.00 per share

- 2025-05: GBX 381.00 per share

- 2025-06: GBX 443.50 per share

- 2025-07: GBX 463.00 per share

- 2025-08: GBX 461.00 per share

- 2025-09: GBX 487.50 per share

- 2025-10: GBX 456.00 per share

- 2025-11: GBX 476.00 per share

- 2025-12: GBX 430.00 per share

- 2026-01: GBX 423.00 per share

- 2026-02: GBX 411.00 per share

- 2026-03: GBX 352.00 per share

- 2026-04: GBX 400.50 per share

- 2026-05: GBX 438.00 per share

- 2026-06: GBX 438.00 per share

- 2026-07: GBX 464.00 per share

- 2026-08: GBX 498.00 per share

- 2026-09: GBX 449.00 per share

- 2026-10: GBX 443.00 per share

## Annual estimated value (GBX per share)

- FY2022: low GBX 218.57 per share, central GBX 242.62 per share, high GBX 274.64 per share

- FY2023: low GBX 273.26 per share, central GBX 306.60 per share, high GBX 350.98 per share

- FY2024: low GBX 320.93 per share, central GBX 360.30 per share, high GBX 412.71 per share

- FY2025: low GBX 352.94 per share, central GBX 396.85 per share, high GBX 455.30 per share

- FY2026: low GBX 385.84 per share, central GBX 434.36 per share, high GBX 498.96 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 2026-10-15T06:51:40.580Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/213800NNT42FFIZB1T09/2026-03-31/ESEF/GB/0/213800NNT42FFIZB1T09-2026-03-31/reports/213800NNT42FFIZB1T09-2026-03-31-T01.xhtml); period 2026-03-31, filed 2026-06-30.

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.