# Hays (HAS.LSE)

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

Analysis as of: 2026-10-16T07:43:18.185Z. Financial observations: FY1997–FY2026.

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

Estimated value: low GBX 32.38 per share, central GBX 36.84 per share, high GBX 42.78 per share. Buy at or below the central value GBX 36.84 per share. Valuation as of 2026-10-16T07:43:18.185Z; scenarios are not confidence intervals.

Expected annual return: 7.4% at the stated quote. About 7.4% 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

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

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 3

- Operating margin variation: 0.73×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.05×

- FY2018: 0.04×

- FY2019: 0.04×

- FY2020: 0.02×

- FY2021: 0.02×

- FY2022: 0.03×

- FY2023: 0.03×

- FY2024: 0.00×

- FY2025: 0.00×

- FY2026: -0.00×

### moat: fail

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

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

- ROIC, median of available years: 21.5%

- ROIC, second-lowest year: 2.7%

- Typical minus recent gross margin: 5.7 pp

- Typical gross margin (annual median): 5.7%

- Recent gross margin (lower of latest and 3-year median): 0.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.3%

- ROIC including acquisitions, ten-year median: 12.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 62.3%

- FY2018: 47.7%

- FY2019: 47.4%

- FY2020: 15.9%

- FY2021: 14.4%

- FY2022: 32.8%

- FY2023: 27.1%

- FY2024: 3.3%

- FY2025: 2.7%

- FY2026: -1.5%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 1.38×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: GBP 305M

- Net income, five-year total: GBP 222M

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: -0.5 pp

- Working capital / revenue, change between three-year averages: -6.1 pp

- Working capital / revenue, final three-year average: 0.9%

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

- FY2022: 1.02×

- FY2023: 1.00×

- FY2024: -0.44×

- FY2025: -6.13×

- FY2026: 0.69×

### management: fail

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 47.7% vs 2.7%

- Per-share earnings: 0.10 to -0.00 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.8%

- Ordinary dilution, 5-year annual growth: -1.5%

- Market cap gain: GBP -1.9B

- Cumulative retained earnings: GBP -149M

- Diluted shares, 10-year annual growth: 0.8%

- Diluted shares, 5-year annual growth: -1.5%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value change: GBP -0.10

- Per-share value, starting three-year median: GBP 0.10

- Per-share value, ending three-year median: GBP -0.00

- Buybacks concentrated in cheaper years (correlation): 0.11

- Average buyback yield: 1.5%

- Buyback history: 7 years

- Debt-funded buybacks: Yes

- Acquisition spending: GBP 248M

- Cumulative net income, 10 years: GBP 797M

- ROIC, first three-year median: 47.7%

- ROIC, last three-year median: 2.7%

Chart: Earnings per share; fiscal year observations.

- FY2017: GBP 0.10

- FY2018: GBP 0.11

- FY2019: GBP 0.11

- FY2020: GBP 0.03

- FY2021: GBP 0.04

- FY2022: GBP 0.09

- FY2023: GBP 0.09

- FY2024: GBP -0.00

- FY2025: GBP -0.00

- FY2026: GBP -0.04

### accounting: pass

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

- Sloan accruals: -7.6%

- Receivables to sales index (DSRI): 1.69×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 12.9%

- Earnings backed by cash: Yes

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.58×

Chart: Sloan accruals; fiscal year observations.

- FY2017: 0.4%

- FY2018: 0.2%

- FY2019: -0.5%

- FY2020: -15.8%

- FY2021: 3.0%

- FY2022: -0.8%

- FY2023: -1.4%

- FY2024: -5.7%

- FY2025: -6.2%

- FY2026: -7.6%

## Holders

## Price story

Down 65% since Oct 2021 · sales -2.8%

Story as of 2026-10-16T10:00:12.660Z; price observation 2026-10-15.

Price needs cash profits to grow 6.5% a year for ten years

### Sales · FY2025–2026

sales -2.8%; source https://filings.xbrl.org/213800QC8AWD4BO8TH08/2026-06-30/ESEF/GB/0/213800QC8AWD4BO8TH08-2026-06-30/reports/213800QC8AWD4BO8TH08-2026-06-30-T01.xhtml; observed 2026-09-22.

- FY2017: GBP 5.1B 

- FY2018: GBP 5.8B 

- FY2019: GBP 6.1B 

- FY2020: GBP 5.9B 

- FY2021: GBP 5.6B 

- FY2022: GBP 6.6B 

- FY2023: GBP 7.6B 

- FY2024: GBP 6.9B 

- FY2025: GBP 6.6B 

- FY2026: GBP 6.4B 

### Gross margin · FY2026

gross margin 0%; source https://filings.xbrl.org/213800QC8AWD4BO8TH08/2026-06-30/ESEF/GB/0/213800QC8AWD4BO8TH08-2026-06-30/reports/213800QC8AWD4BO8TH08-2026-06-30-T01.xhtml; observed 2026-09-22.

- FY2017: 7.7% 

- FY2018: 7.6% 

- FY2019: 7.4% 

- FY2020: 5.8% 

- FY2021: 5.2% 

- FY2022: 6.4% 

- FY2023: 5.6% 

- FY2024: 4.2% 

- FY2025: 0.4% 

- FY2026: 0.0% 

## Owner memo

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

### How it makes money

Operates in staffing & employment services; annual sales are GBP 6.4 billion.

- Source: https://filings.xbrl.org/213800QC8AWD4BO8TH08/2026-06-30/ESEF/GB/0/213800QC8AWD4BO8TH08-2026-06-30/reports/213800QC8AWD4BO8TH08-2026-06-30-T01.xhtml (filed 2026-09-22); FY2026: revenue 6421200000; grossProfit 400000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); HAS.LSE: Hays plc engages in the provision of professional and skilled recruitment services in Germany, the United Kingdom, Ireland, Australia, New Zealand, and internationally. The company provides qualified, professional, and skilled recruitment; and temporary, contracting, and permanent recruitment and workforce solutions, as well as workforce services. Hays plc was founded in 1968 and is based in London, the United Kingdom.

### Why customers stay

Margins ranged from 0% to 4.2% during 2024–26; it earns 21.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-22); FY2024: grossProfit / revenue = 4.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-22); FY2025: grossProfit / revenue = 0.4%.

- Source: https://filings.xbrl.org/213800QC8AWD4BO8TH08/2026-06-30/ESEF/GB/0/213800QC8AWD4BO8TH08-2026-06-30/reports/213800QC8AWD4BO8TH08-2026-06-30-T01.xhtml (filed 2026-09-22); FY2026: grossProfit / revenue = 0%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-22); 10-year return on capital observations [[2017,0.622554603950102],[2018,0.4774446195418128],[2019,0.4743136568751292],[2020,0.15907102418939784],[2021,0.14356940445938673],[2022,0.32845418368377316],[2023,0.27056027071618116],[2024,0.03281375703942076],[2025,0.02715919701213819],[2026,-0.014835680751173709]]; median 0.2148156474527895. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 6% gross margin through 2022 cost inflation.

- Source: https://filings.xbrl.org/213800QC8AWD4BO8TH08/2026-06-30/ESEF/GB/0/213800QC8AWD4BO8TH08-2026-06-30/reports/213800QC8AWD4BO8TH08-2026-06-30-T01.xhtml (filed 2026-09-22); Gross margin observations: [[2021,0.05174916790595567],[2022,0.06395604729165719],[2023,0.0562815660728179]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back GBP 11.7 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-22); FY2017: growth capex 0; upkeep 12900000; owner earnings 147900000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-22); FY2018: growth capex 0; upkeep 15100000; owner earnings 166200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-22); FY2019: growth capex 0; upkeep 13500000; owner earnings 163400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-22); FY2020: growth capex 0; upkeep 25800000; owner earnings 38860000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-22); FY2021: growth capex 0; upkeep 18800000; owner earnings 70480000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-22); FY2022: growth capex 0; upkeep 24400000; owner earnings 156880000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-22); FY2023: growth capex 0; upkeep 29100000; owner earnings 138140000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-22); FY2024: growth capex 0; upkeep 23400000; owner earnings 2140000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-22); FY2025: growth capex 0; upkeep 7000000; owner earnings 47800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-22); Dividend observations: [[2017,42600000],[2018,109700000],[2019,129100000],[2020,121600000],[2021,36400000],[2022,186400000],[2023,165100000],[2024,83300000],[2025,47800000],[2026,7000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://filings.xbrl.org/213800QC8AWD4BO8TH08/2026-06-30/ESEF/GB/0/213800QC8AWD4BO8TH08-2026-06-30/reports/213800QC8AWD4BO8TH08-2026-06-30-T01.xhtml (filed 2026-09-22); FY2026: cash repurchases 11700000 GBP.

### 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); HAS.LSE SharesStats.PercentInsiders = 0.39899999999999997 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 6.5% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-22); Ten-year compound average after fade. Initial solved rate 0.08054974457292097. Price 57.7; FX 100; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 0.09359741420810123 → FY2026 -0.025529771449885708. Closing-price date 2026-10-15.

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

- 2016-10: GBX 136.60 per share

- 2016-11: GBX 138.90 per share

- 2016-12: GBX 149.20 per share

- 2017-01: GBX 152.40 per share

- 2017-02: GBX 162.80 per share

- 2017-03: GBX 157.00 per share

- 2017-04: GBX 171.20 per share

- 2017-05: GBX 166.90 per share

- 2017-06: GBX 166.00 per share

- 2017-07: GBX 166.80 per share

- 2017-08: GBX 183.00 per share

- 2017-09: GBX 189.40 per share

- 2017-10: GBX 186.40 per share

- 2017-11: GBX 184.20 per share

- 2017-12: GBX 182.90 per share

- 2018-01: GBX 202.20 per share

- 2018-02: GBX 193.70 per share

- 2018-03: GBX 188.30 per share

- 2018-04: GBX 179.30 per share

- 2018-05: GBX 183.50 per share

- 2018-06: GBX 186.60 per share

- 2018-07: GBX 198.70 per share

- 2018-08: GBX 203.40 per share

- 2018-09: GBX 204.00 per share

- 2018-10: GBX 164.30 per share

- 2018-11: GBX 156.80 per share

- 2018-12: GBX 140.00 per share

- 2019-01: GBX 150.70 per share

- 2019-02: GBX 152.00 per share

- 2019-03: GBX 150.00 per share

- 2019-04: GBX 151.60 per share

- 2019-05: GBX 148.40 per share

- 2019-06: GBX 157.10 per share

- 2019-07: GBX 154.10 per share

- 2019-08: GBX 140.00 per share

- 2019-09: GBX 150.80 per share

- 2019-10: GBX 157.10 per share

- 2019-11: GBX 166.70 per share

- 2019-12: GBX 181.60 per share

- 2020-01: GBX 155.20 per share

- 2020-02: GBX 138.30 per share

- 2020-03: GBX 115.20 per share

- 2020-04: GBX 108.50 per share

- 2020-05: GBX 112.70 per share

- 2020-06: GBX 119.00 per share

- 2020-07: GBX 109.00 per share

- 2020-08: GBX 120.60 per share

- 2020-09: GBX 113.00 per share

- 2020-10: GBX 106.80 per share

- 2020-11: GBX 130.20 per share

- 2020-12: GBX 143.00 per share

- 2021-01: GBX 140.80 per share

- 2021-02: GBX 152.20 per share

- 2021-03: GBX 149.50 per share

- 2021-04: GBX 163.40 per share

- 2021-05: GBX 173.40 per share

- 2021-06: GBX 158.60 per share

- 2021-07: GBX 148.00 per share

- 2021-08: GBX 159.20 per share

- 2021-09: GBX 161.70 per share

- 2021-10: GBX 166.00 per share

- 2021-11: GBX 146.40 per share

- 2021-12: GBX 146.20 per share

- 2022-01: GBX 143.90 per share

- 2022-02: GBX 135.70 per share

- 2022-03: GBX 122.80 per share

- 2022-04: GBX 123.20 per share

- 2022-05: GBX 122.60 per share

- 2022-06: GBX 111.60 per share

- 2022-07: GBX 127.90 per share

- 2022-08: GBX 117.30 per share

- 2022-09: GBX 102.00 per share

- 2022-10: GBX 109.90 per share

- 2022-11: GBX 117.10 per share

- 2022-12: GBX 115.70 per share

- 2023-01: GBX 123.30 per share

- 2023-02: GBX 117.90 per share

- 2023-03: GBX 111.50 per share

- 2023-04: GBX 113.80 per share

- 2023-05: GBX 107.60 per share

- 2023-06: GBX 102.20 per share

- 2023-07: GBX 107.00 per share

- 2023-08: GBX 107.10 per share

- 2023-09: GBX 109.20 per share

- 2023-10: GBX 96.10 per share

- 2023-11: GBX 104.10 per share

- 2023-12: GBX 109.20 per share

- 2024-01: GBX 98.40 per share

- 2024-02: GBX 94.10 per share

- 2024-03: GBX 94.45 per share

- 2024-04: GBX 92.05 per share

- 2024-05: GBX 107.80 per share

- 2024-06: GBX 94.50 per share

- 2024-07: GBX 94.10 per share

- 2024-08: GBX 92.65 per share

- 2024-09: GBX 92.80 per share

- 2024-10: GBX 77.40 per share

- 2024-11: GBX 78.55 per share

- 2024-12: GBX 80.35 per share

- 2025-01: GBX 77.05 per share

- 2025-02: GBX 70.35 per share

- 2025-03: GBX 79.30 per share

- 2025-04: GBX 71.60 per share

- 2025-05: GBX 72.00 per share

- 2025-06: GBX 71.35 per share

- 2025-07: GBX 63.80 per share

- 2025-08: GBX 62.40 per share

- 2025-09: GBX 56.20 per share

- 2025-10: GBX 59.05 per share

- 2025-11: GBX 57.60 per share

- 2025-12: GBX 56.30 per share

- 2026-01: GBX 47.44 per share

- 2026-02: GBX 40.56 per share

- 2026-03: GBX 33.32 per share

- 2026-04: GBX 33.40 per share

- 2026-05: GBX 33.00 per share

- 2026-06: GBX 31.18 per share

- 2026-07: GBX 56.40 per share

- 2026-08: GBX 76.85 per share

- 2026-09: GBX 63.25 per share

- 2026-10: GBX 57.70 per share

## Annual estimated value (GBX per share)

- FY2017: low GBX 111.24 per share, central GBX 126.48 per share, high GBX 146.76 per share

- FY2018: low GBX 124.83 per share, central GBX 141.96 per share, high GBX 164.78 per share

- FY2019: low GBX 149.11 per share, central GBX 194.07 per share, high GBX 226.88 per share

- FY2020: low GBX 142.35 per share, central GBX 172.03 per share, high GBX 197.13 per share

- FY2021: low GBX 115.72 per share, central GBX 129.25 per share, high GBX 147.26 per share

- FY2022: low GBX 126.00 per share, central GBX 156.44 per share, high GBX 180.99 per share

- FY2023: low GBX 107.81 per share, central GBX 140.58 per share, high GBX 164.42 per share

- FY2024: low GBX 59.40 per share, central GBX 67.59 per share, high GBX 78.50 per share

- FY2025: low GBX 58.72 per share, central GBX 66.51 per share, high GBX 76.87 per share

- FY2026: low GBX 32.38 per share, central GBX 36.84 per share, high GBX 42.78 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/213800QC8AWD4BO8TH08/2026-06-30/ESEF/GB/0/213800QC8AWD4BO8TH08-2026-06-30/reports/213800QC8AWD4BO8TH08-2026-06-30-T01.xhtml); period 2026-06-30, filed 2026-09-22.

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.