# Genuit Group (GEN.LSE)

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

Analysis as of: 2026-10-16T07:44:04.221Z. Financial observations: FY2011–FY2025.

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 285.20 per share; close as of 2026-10-15.

Estimated value: low GBX 186.49 per share, central GBX 211.54 per share, high GBX 244.90 per share. Buy at or below the central value GBX 211.54 per share. Valuation as of 2026-10-16T07:44:04.221Z; scenarios are not confidence intervals.

Expected annual return: 8.1% at the stated quote. About 8.1% 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

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

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 0

- Operating margin variation: 0.22×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.14×

- FY2017: 0.15×

- FY2018: 0.15×

- FY2019: 0.15×

- FY2020: 0.08×

- FY2021: 0.11×

- FY2022: 0.09×

- FY2023: 0.11×

- FY2024: 0.11×

- FY2025: 0.13×

### moat: pass

- ROIC, median of available years: 16.0%

- ROIC, second-lowest year: 12.9%

- Typical minus recent gross margin: 0.1 pp

- Typical gross margin (annual median): 41.7%

- Recent gross margin (lower of latest and 3-year median): 41.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.6%

- ROIC including acquisitions, ten-year median: 5.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 41.2%

- FY2017: 38.7%

- FY2018: 36.2%

- FY2019: 30.9%

- FY2020: 12.9%

- FY2021: 13.9%

- FY2022: 12.7%

- FY2023: 14.9%

- FY2024: 13.4%

- FY2025: 17.1%

### economics: pass

- Owner earnings / net income, 5-yr: 1.08×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: GBP 211M

- Net income, five-year total: GBP 195M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.3 pp

- Working capital / revenue, change between three-year averages: 2.8 pp

- Working capital / revenue, final three-year average: 8.8%

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

- FY2021: 0.96×

- FY2022: 0.87×

- FY2023: 1.06×

- FY2024: 1.31×

- FY2025: 1.22×

### management: fail

- 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: 38.7% vs 14.9%

- Per-share earnings: 0.17 to 0.16 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- five-year and ten-year diluted share growth both above threshold

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 2.6%

- Ordinary dilution, 5-year annual growth: 2.5%

- Market cap gain: GBP 197M

- Cumulative retained earnings: GBP 154M

- Diluted shares, 10-year annual growth: 2.6%

- Diluted shares, 5-year annual growth: 2.5%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -1.2%

- Per-share value change: GBP -0.02

- Per-share value, starting three-year median: GBP 0.17

- Per-share value, ending three-year median: GBP 0.16

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 0.4%

- Buyback history: 2 years

- Debt-funded buybacks: No

- Acquisition spending: GBP 387M

- Cumulative net income, 10 years: GBP 390M

- ROIC, first three-year median: 38.7%

- ROIC, last three-year median: 14.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: GBP 0.22

- FY2017: GBP 0.17

- FY2018: GBP 0.24

- FY2019: GBP 0.25

- FY2020: GBP 0.08

- FY2021: GBP 0.16

- FY2022: GBP 0.15

- FY2023: GBP 0.16

- FY2024: GBP 0.13

- FY2025: GBP 0.17

### accounting: pass

- Sloan accruals: -4.4%

- Receivables to sales index (DSRI): 1.25×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 2.7%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.07×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.02×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.4%

- FY2017: -5.7%

- FY2018: -4.5%

- FY2019: -4.0%

- FY2020: -5.0%

- FY2021: -3.3%

- FY2022: -4.9%

- FY2023: -6.0%

- FY2024: -7.2%

- FY2025: -4.4%

## Holders

## Price story

Down 57% since Oct 2021 · sales +7.3%

Story as of 2026-10-16T10:00:12.925Z; price observation 2026-10-15.

Price needs cash profits to grow 4.7% a year for ten years

### Sales · FY2024–2025

sales +7.3%; source https://filings.xbrl.org/2138005IF1N2RKJ6KO18/2025-12-31/ESEF/GB/0/2138005IF1N2RKJ6KO18-2025-12-31/reports/2138005IF1N2RKJ6KO18-2025-12-31-T01.html; observed 2026-04-29.

- FY2016: GBP 437M 

- FY2017: GBP 412M 

- FY2018: GBP 433M 

- FY2019: GBP 448M 

- FY2020: GBP 399M 

- FY2021: GBP 594M 

- FY2022: GBP 622M 

- FY2023: GBP 587M 

- FY2024: GBP 561M 

- FY2025: GBP 602M 

### Gross margin · FY2025

gross margin 41.6%; source https://filings.xbrl.org/2138005IF1N2RKJ6KO18/2025-12-31/ESEF/GB/0/2138005IF1N2RKJ6KO18-2025-12-31/reports/2138005IF1N2RKJ6KO18-2025-12-31-T01.html; observed 2026-04-29.

- FY2016: 41.2% 

- FY2017: 42.0% 

- FY2018: 41.9% 

- FY2019: 43.0% 

- FY2020: 39.2% 

- FY2021: 40.2% 

- FY2022: 39.8% 

- FY2023: 41.9% 

- FY2024: 44.5% 

- FY2025: 41.6% 

## Owner memo

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

### How it makes money

Operates in building products & equipment; annual sales are GBP 602.1 million.

- Source: https://filings.xbrl.org/2138005IF1N2RKJ6KO18/2025-12-31/ESEF/GB/0/2138005IF1N2RKJ6KO18-2025-12-31/reports/2138005IF1N2RKJ6KO18-2025-12-31-T01.html (filed 2026-04-29); FY2025: revenue 602100000; grossProfit 250600000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); GEN.LSE: Genuit Group plc develops and produces solutions for water, climate, and ventilation management in the construction industry in the United Kingdom, rest of Europe, and internationally. The company operates in three segments: Climate Management Solutions, Water Management Solutions, and Sustainable Building Solutions. The company offers plastic pipes and fittings; underfloor heating solutions and air-source heat pumps; magnetite filters; water testing and treatment products; MVHR systems that combine supply and extract ventilation in one system; and MRXBOX hybrid cooling system, which reduces the temperature of air entering the dwelling. It also provides roof solutions, which reduce and absorb carbon; drainage solutions for surface water flooding; bio-solar systems; stormwater management, urban greening; installation services; and Polysync, a surface water attenuation system that forecasts weather events to optimize water volumes stored in attenuation tanks for weather events caused by climate change. In addition, the company offers Polyplumb, a plumbing solution; drainage; value-added solutions; building solutions; Permavoid solution, which makes running tracks permeable and prevents flooding; Nuaire, heat recovery units; Bat Ridge Roost and Swift Nesting Brick, which provides habitable spaces for bats and birds; and compact magnetic filters. The company was formerly known as Polypipe Group plc and changed its name to Genuit Group plc in April 2021. Genuit Group plc was founded in 1980 and is headquartered in Leeds, the United Kingdom.

### Why customers stay

Margins ranged from 41.6% to 44.5% during 2023–25; it earns 16% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2023: grossProfit / revenue = 41.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2024: grossProfit / revenue = 44.5%.

- Source: https://filings.xbrl.org/2138005IF1N2RKJ6KO18/2025-12-31/ESEF/GB/0/2138005IF1N2RKJ6KO18-2025-12-31/reports/2138005IF1N2RKJ6KO18-2025-12-31-T01.html (filed 2026-04-29); FY2025: grossProfit / revenue = 41.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); 10-year return on capital observations [[2016,0.41156045751633985],[2017,0.38702779169166573],[2018,0.36202433458704264],[2019,0.3089129781851215],[2020,0.1289860922534953],[2021,0.1385419032477856],[2022,0.12705450743318739],[2023,0.14863828154967393],[2024,0.13356312224675906],[2025,0.17062701939954777]]; median 0.15963265047461084. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2016: growth capex 0; upkeep 19100000; owner earnings 46900000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2017: growth capex 0; upkeep 23400000; owner earnings 30700000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2018: growth capex 2900000; upkeep 21200000; owner earnings 49100000. Growth capex / owner earnings = 0.059063136456211814.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2019: growth capex 0; upkeep 22300000; owner earnings 51640000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2020: growth capex 0; upkeep 25100000; owner earnings 18420000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2021: growth capex 0; upkeep 34600000; owner earnings 39380000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2022: growth capex 3600000; upkeep 40200000; owner earnings 31880000. Growth capex / owner earnings = 0.11292346298619825.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2023: growth capex 0; upkeep 34500000; owner earnings 40820000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2024: growth capex 0; upkeep 25600000; owner earnings 43780000. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/2138005IF1N2RKJ6KO18/2025-12-31/ESEF/GB/0/2138005IF1N2RKJ6KO18-2025-12-31/reports/2138005IF1N2RKJ6KO18-2025-12-31-T01.html (filed 2026-04-29); FY2025: growth capex 0; upkeep 27600000; owner earnings 55040000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); Dividend observations: [[2016,17100000],[2017,21000000],[2018,22300000],[2019,23700000],[2020,21700000],[2021,21700000],[2022,30500000],[2023,30500000],[2024,30800000],[2025,31300000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 0.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); GEN.LSE SharesStats.PercentInsiders = 0.387 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 4.7% yearly over ten years; actual growth was 2.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); Ten-year compound average after fade. Initial solved rate 0.05452565676764565. Price 285.2; FX 100; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.17055816033267343 → FY2025 0.2129248147933229. Closing-price date 2026-10-15.

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

- 2016-10: GBX 252.00 per share

- 2016-11: GBX 307.20 per share

- 2016-12: GBX 323.90 per share

- 2017-01: GBX 338.00 per share

- 2017-02: GBX 338.60 per share

- 2017-03: GBX 381.00 per share

- 2017-04: GBX 398.30 per share

- 2017-05: GBX 417.40 per share

- 2017-06: GBX 382.30 per share

- 2017-07: GBX 401.20 per share

- 2017-08: GBX 395.80 per share

- 2017-09: GBX 421.60 per share

- 2017-10: GBX 412.50 per share

- 2017-11: GBX 369.30 per share

- 2017-12: GBX 393.20 per share

- 2018-01: GBX 395.80 per share

- 2018-02: GBX 390.40 per share

- 2018-03: GBX 348.00 per share

- 2018-04: GBX 383.20 per share

- 2018-05: GBX 387.00 per share

- 2018-06: GBX 385.00 per share

- 2018-07: GBX 375.60 per share

- 2018-08: GBX 370.00 per share

- 2018-09: GBX 356.20 per share

- 2018-10: GBX 371.00 per share

- 2018-11: GBX 342.00 per share

- 2018-12: GBX 327.40 per share

- 2019-01: GBX 395.40 per share

- 2019-02: GBX 415.60 per share

- 2019-03: GBX 403.00 per share

- 2019-04: GBX 439.60 per share

- 2019-05: GBX 427.60 per share

- 2019-06: GBX 444.40 per share

- 2019-07: GBX 408.40 per share

- 2019-08: GBX 375.00 per share

- 2019-09: GBX 405.60 per share

- 2019-10: GBX 453.00 per share

- 2019-11: GBX 490.60 per share

- 2019-12: GBX 540.00 per share

- 2020-01: GBX 542.50 per share

- 2020-02: GBX 534.50 per share

- 2020-03: GBX 460.00 per share

- 2020-04: GBX 499.50 per share

- 2020-05: GBX 432.00 per share

- 2020-06: GBX 432.50 per share

- 2020-07: GBX 405.00 per share

- 2020-08: GBX 435.00 per share

- 2020-09: GBX 433.00 per share

- 2020-10: GBX 460.00 per share

- 2020-11: GBX 496.00 per share

- 2020-12: GBX 597.00 per share

- 2021-01: GBX 514.00 per share

- 2021-02: GBX 551.00 per share

- 2021-03: GBX 555.00 per share

- 2021-04: GBX 565.00 per share

- 2021-05: GBX 645.00 per share

- 2021-06: GBX 612.00 per share

- 2021-07: GBX 639.00 per share

- 2021-08: GBX 794.00 per share

- 2021-09: GBX 696.00 per share

- 2021-10: GBX 664.00 per share

- 2021-11: GBX 576.00 per share

- 2021-12: GBX 586.00 per share

- 2022-01: GBX 572.00 per share

- 2022-02: GBX 511.00 per share

- 2022-03: GBX 491.50 per share

- 2022-04: GBX 452.00 per share

- 2022-05: GBX 460.50 per share

- 2022-06: GBX 382.50 per share

- 2022-07: GBX 424.00 per share

- 2022-08: GBX 360.00 per share

- 2022-09: GBX 291.50 per share

- 2022-10: GBX 255.50 per share

- 2022-11: GBX 313.00 per share

- 2022-12: GBX 281.00 per share

- 2023-01: GBX 327.00 per share

- 2023-02: GBX 313.50 per share

- 2023-03: GBX 279.00 per share

- 2023-04: GBX 300.50 per share

- 2023-05: GBX 317.50 per share

- 2023-06: GBX 293.50 per share

- 2023-07: GBX 313.00 per share

- 2023-08: GBX 319.00 per share

- 2023-09: GBX 329.50 per share

- 2023-10: GBX 265.50 per share

- 2023-11: GBX 323.50 per share

- 2023-12: GBX 403.50 per share

- 2024-01: GBX 424.00 per share

- 2024-02: GBX 404.00 per share

- 2024-03: GBX 441.00 per share

- 2024-04: GBX 436.50 per share

- 2024-05: GBX 450.50 per share

- 2024-06: GBX 431.50 per share

- 2024-07: GBX 512.00 per share

- 2024-08: GBX 460.00 per share

- 2024-09: GBX 479.50 per share

- 2024-10: GBX 469.00 per share

- 2024-11: GBX 405.50 per share

- 2024-12: GBX 389.50 per share

- 2025-01: GBX 391.50 per share

- 2025-02: GBX 358.00 per share

- 2025-03: GBX 360.00 per share

- 2025-04: GBX 381.00 per share

- 2025-05: GBX 403.00 per share

- 2025-06: GBX 393.50 per share

- 2025-07: GBX 390.00 per share

- 2025-08: GBX 337.00 per share

- 2025-09: GBX 367.50 per share

- 2025-10: GBX 370.00 per share

- 2025-11: GBX 330.00 per share

- 2025-12: GBX 327.00 per share

- 2026-01: GBX 332.50 per share

- 2026-02: GBX 381.00 per share

- 2026-03: GBX 286.50 per share

- 2026-04: GBX 256.80 per share

- 2026-05: GBX 261.00 per share

- 2026-06: GBX 277.00 per share

- 2026-07: GBX 271.20 per share

- 2026-08: GBX 276.00 per share

- 2026-09: GBX 292.00 per share

- 2026-10: GBX 285.20 per share

## Annual estimated value (GBX per share)

- FY2016: low GBX 157.87 per share, central GBX 178.41 per share, high GBX 205.75 per share

- FY2017: low GBX 181.63 per share, central GBX 204.77 per share, high GBX 235.59 per share

- FY2018: low GBX 246.07 per share, central GBX 277.42 per share, high GBX 319.16 per share

- FY2019: low GBX 280.00 per share, central GBX 315.96 per share, high GBX 363.82 per share

- FY2020: low GBX 220.72 per share, central GBX 248.97 per share, high GBX 286.58 per share

- FY2021: low GBX 218.89 per share, central GBX 258.35 per share, high GBX 298.16 per share

- FY2022: low GBX 204.39 per share, central GBX 241.04 per share, high GBX 278.17 per share

- FY2023: low GBX 180.01 per share, central GBX 212.97 per share, high GBX 247.52 per share

- FY2024: low GBX 174.47 per share, central GBX 196.76 per share, high GBX 226.42 per share

- FY2025: low GBX 189.87 per share, central GBX 214.30 per share, high GBX 246.82 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 2026-10-15T06:49:52.252Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/2138005IF1N2RKJ6KO18/2025-12-31/ESEF/GB/0/2138005IF1N2RKJ6KO18-2025-12-31/reports/2138005IF1N2RKJ6KO18-2025-12-31-T01.html); period 2025-12-31, filed 2026-04-29.

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.