# Hammerson (HMSO.LSE)

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

Analysis as of: 2026-10-16T07:39:46.672Z. Financial observations: FY1996–FY2025.

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

## Checklist

### understandable: fail

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

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 7 years

- Years with declining revenue: 3

- Years with a net loss: 6

- Operating margin variation: 2.90×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.80×

- FY2017: 2.35×

- FY2018: -0.50×

- FY2019: 0.49×

- FY2020: -11.41×

- FY2021: 0.06×

- FY2022: 0.23×

- FY2023: 0.20×

- FY2024: 0.19×

- FY2025: 0.40×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 0.6%

- ROIC, second-lowest year: 0.1%

- Typical minus recent gross margin: 0.8 pp

- Typical gross margin (annual median): 62.5%

- Recent gross margin (lower of latest and 3-year median): 61.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 15.9%

- ROIC including acquisitions, ten-year median: -10.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 4.7%

- FY2017: 6.3%

- FY2018: -1.3%

- FY2019: 0.7%

- FY2020: -25.7%

- FY2021: 0.1%

- FY2022: 0.6%

- FY2023: 0.6%

- FY2024: 0.7%

- FY2025: 2.4%

### economics: fail

- owner earnings cash conversion below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: GBP -1.2B

- Net income, five-year total: GBP -939M

- Return on incremental invested capital: 29.7%

- Working capital / revenue, annual change: -6.8 pp

- Working capital / revenue, change between three-year averages: -36.9 pp

- Working capital / revenue, final three-year average: -31.4%

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: GBP -453M

- FY2022: GBP -204M

- FY2023: GBP -75M

- FY2024: GBP -689M

- FY2025: GBP 187M

### management: fail

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 0.1% vs 0.7%

- Per-share earnings: -4.66 to -0.10 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 17.5%

- Diluted shares, 5-year annual growth: 17.5%

- Per-share value change: GBP 4.56

- Per-share value, starting three-year median: GBP -4.66

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

- Buybacks concentrated in cheaper years (correlation): 0.31

- Average buyback yield: 0.3%

- Buyback history: 6 years

- Debt-funded buybacks: No

- ROIC, first three-year median: 0.1%

- ROIC, last three-year median: 0.7%

- Ordinary dilution, 10-year annual growth: 11.4%

- Market cap gain: GBP 658M

- Cumulative retained earnings: GBP -2.2B

- Diluted shares, 10-year annual growth: 11.4%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Acquisition spending: GBP 0

- Cumulative net income, 10 years: GBP -3.0B

Chart: Earnings per share; fiscal year observations.

- FY2016: GBP 1.64

- FY2017: GBP 1.99

- FY2018: GBP -1.39

- FY2019: GBP -4.66

- FY2020: GBP -7.69

- FY2021: GBP -0.91

- FY2022: GBP -0.33

- FY2023: GBP -0.10

- FY2024: GBP -1.06

- FY2025: GBP 0.46

### accounting: pass

- Sloan accruals: 3.4%

- Receivables to sales index (DSRI): 0.59×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.42×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 1.4%

- FY2017: 2.5%

- FY2018: -4.3%

- FY2019: -13.0%

- FY2020: -28.0%

- FY2021: -7.1%

- FY2022: -5.2%

- FY2023: -2.1%

- FY2024: -15.3%

- FY2025: 3.4%

## Holders

## Price story

Up 55% since Oct 2023 · sales +74.6%

Story as of 2026-10-16T10:00:11.017Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales +74.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2019: GBP 131M 

- FY2020: GBP 146M 

- FY2021: GBP 137M 

- FY2022: GBP 131M 

- FY2023: GBP 134M 

- FY2024: GBP 121M 

- FY2025: GBP 211M 

### Gross margin · FY2025

gross margin 61.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2019: 88.2% 

- FY2020: 64.5% 

- FY2021: 60.4% 

- FY2022: 66.9% 

- FY2023: 62.5% 

- FY2024: 55.5% 

- FY2025: 61.7% 

## Owner memo

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

### How it makes money

Operates in property rentals; annual sales are GBP 211.4 million.

- Source: https://filings.xbrl.org/213800G1C9KKVVDN1A60/2025-12-31/ESEF/GB/0/213800G1C9KKVVDN1A60-2025-12-31-T01.json (filed 2026-10-16T07:39:46.672Z); FY2025: revenue 211400000; grossProfit 130500000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); HMSO.LSE: Hammerson Plc is the largest UK-listed, pure-play owner and manager of prime retail and leisure anchored city destinations across the UK, France and Ireland. We own, manage and invest in landmark city destinations integrating retail, leisure and community hubs to meet evolving customer and occupier needs while delivering sustainable long-term growth for our stakeholders. Our 10 city locations rank in the top 20 of all retail venues across our geographies and in the top 1% where retail spend is concentrated. Our catchment reach of 40 million people attracts 170 million visitors per annum, generating 3 billion Pounds of sales for our brand partners. Hammerson Plc was incorporated in 1942 in United Kingdom.

### Why customers stay

Margins ranged from 55.5% to 62.5% during 2023–25; it earns 0.6% on its capital.

- Source: https://eodhd.com/api/fundamentals/HMSO.LSE.json#2023-12-31 (filed 2026-10-16T07:39:46.672Z); FY2023: grossProfit / revenue = 62.5%.

- Source: https://eodhd.com/api/fundamentals/HMSO.LSE.json#2024-12-31 (filed 2026-10-16T07:39:46.672Z); FY2024: grossProfit / revenue = 55.5%.

- Source: https://eodhd.com/api/fundamentals/HMSO.LSE.json#2025-12-31 (filed 2026-10-16T07:39:46.672Z); FY2025: grossProfit / revenue = 61.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:46.672Z); 7-year return on capital observations [[2019,0.007452181232403565],[2020,-0.2574391963341558],[2021,0.0014677194612169066],[2022,0.005776360816366725],[2023,0.005661223708323076],[2024,0.007036510922563059],[2025,0.02446235027571021]]; median 0.005776360816366725. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 0.3% of cash earnings; paid dividends in 7 of 7 years.

- Source: https://eodhd.com/api/fundamentals/HMSO.LSE.json#2025-12-31 (filed 2026-10-16T07:39:46.672Z); FY2025: growth capex 591558.7204917409; upkeep 33008441.27950826; cash acquisitions 0; owner earnings 187151558.72049174. Growth capex plus acquisitions / owner earnings = 0.0031608538263644685.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:46.672Z); Dividend observations: [[2019,198900000],[2020,13400000],[2021,24900000],[2022,13200000],[2023,29900000],[2024,82600000],[2025,75000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://filings.xbrl.org/213800G1C9KKVVDN1A60/2025-12-31/ESEF/GB/0/213800G1C9KKVVDN1A60-2025-12-31-T01.json (filed 2026-10-16T07:39:46.672Z); FY2025: cash repurchases 5200000 GBP.

### Are managers owners

Insiders own 0.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); HMSO.LSE SharesStats.PercentInsiders = 0.698 percentage points; cache date 2026-10-16.

### What the price says

The price is 8.2 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:46.672Z); Closing price 342 GBX; reporting-to-trading FX 100; FY2025 annual sales per share 0.41753900849298836; price multiple 8.19085146641438. FY2025 cash earnings/share 0.3696455830939991. Closing-price date 2026-10-15.

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

- 2016-10: GBX 503.17 per share

- 2016-11: GBX 497.23 per share

- 2016-12: GBX 523.26 per share

- 2017-01: GBX 499.06 per share

- 2017-02: GBX 537.41 per share

- 2017-03: GBX 521.43 per share

- 2017-04: GBX 536.50 per share

- 2017-05: GBX 534.67 per share

- 2017-06: GBX 524.63 per share

- 2017-07: GBX 524.63 per share

- 2017-08: GBX 512.30 per share

- 2017-09: GBX 490.38 per share

- 2017-10: GBX 478.51 per share

- 2017-11: GBX 474.40 per share

- 2017-12: GBX 499.52 per share

- 2018-01: GBX 450.20 per share

- 2018-02: GBX 408.20 per share

- 2018-03: GBX 490.02 per share

- 2018-04: GBX 501.34 per share

- 2018-05: GBX 499.52 per share

- 2018-06: GBX 477.23 per share

- 2018-07: GBX 476.50 per share

- 2018-08: GBX 430.20 per share

- 2018-09: GBX 417.05 per share

- 2018-10: GBX 400.43 per share

- 2018-11: GBX 352.49 per share

- 2018-12: GBX 300.81 per share

- 2019-01: GBX 339.62 per share

- 2019-02: GBX 348.56 per share

- 2019-03: GBX 306.65 per share

- 2019-04: GBX 293.96 per share

- 2019-05: GBX 247.38 per share

- 2019-06: GBX 253.05 per share

- 2019-07: GBX 195.70 per share

- 2019-08: GBX 207.29 per share

- 2019-09: GBX 258.98 per share

- 2019-10: GBX 264.83 per share

- 2019-11: GBX 271.40 per share

- 2019-12: GBX 281.90 per share

- 2020-01: GBX 213.14 per share

- 2020-02: GBX 190.49 per share

- 2020-03: GBX 70.66 per share

- 2020-04: GBX 64.45 per share

- 2020-05: GBX 67.21 per share

- 2020-06: GBX 73.29 per share

- 2020-07: GBX 58.61 per share

- 2020-08: GBX 44.23 per share

- 2020-09: GBX 163.00 per share

- 2020-10: GBX 163.05 per share

- 2020-11: GBX 216.30 per share

- 2020-12: GBX 248.50 per share

- 2021-01: GBX 231.60 per share

- 2021-02: GBX 261.20 per share

- 2021-03: GBX 349.90 per share

- 2021-04: GBX 398.40 per share

- 2021-05: GBX 399.50 per share

- 2021-06: GBX 372.30 per share

- 2021-07: GBX 370.10 per share

- 2021-08: GBX 363.40 per share

- 2021-09: GBX 323.40 per share

- 2021-10: GBX 321.60 per share

- 2021-11: GBX 302.10 per share

- 2021-12: GBX 328.00 per share

- 2022-01: GBX 387.60 per share

- 2022-02: GBX 370.10 per share

- 2022-03: GBX 330.20 per share

- 2022-04: GBX 289.00 per share

- 2022-05: GBX 274.90 per share

- 2022-06: GBX 189.70 per share

- 2022-07: GBX 249.90 per share

- 2022-08: GBX 218.30 per share

- 2022-09: GBX 179.00 per share

- 2022-10: GBX 191.25 per share

- 2022-11: GBX 240.80 per share

- 2022-12: GBX 238.00 per share

- 2023-01: GBX 268.40 per share

- 2023-02: GBX 304.00 per share

- 2023-03: GBX 260.90 per share

- 2023-04: GBX 280.60 per share

- 2023-05: GBX 248.00 per share

- 2023-06: GBX 249.00 per share

- 2023-07: GBX 266.00 per share

- 2023-08: GBX 240.20 per share

- 2023-09: GBX 251.80 per share

- 2023-10: GBX 220.40 per share

- 2023-11: GBX 271.00 per share

- 2023-12: GBX 284.00 per share

- 2024-01: GBX 270.60 per share

- 2024-02: GBX 254.00 per share

- 2024-03: GBX 297.80 per share

- 2024-04: GBX 272.40 per share

- 2024-05: GBX 279.20 per share

- 2024-06: GBX 277.00 per share

- 2024-07: GBX 288.20 per share

- 2024-08: GBX 283.80 per share

- 2024-09: GBX 317.95 per share

- 2024-10: GBX 287.40 per share

- 2024-11: GBX 292.60 per share

- 2024-12: GBX 279.60 per share

- 2025-01: GBX 285.20 per share

- 2025-02: GBX 272.40 per share

- 2025-03: GBX 246.80 per share

- 2025-04: GBX 252.60 per share

- 2025-05: GBX 283.00 per share

- 2025-06: GBX 299.00 per share

- 2025-07: GBX 297.00 per share

- 2025-08: GBX 287.00 per share

- 2025-09: GBX 290.60 per share

- 2025-10: GBX 305.20 per share

- 2025-11: GBX 325.20 per share

- 2025-12: GBX 330.00 per share

- 2026-01: GBX 354.60 per share

- 2026-02: GBX 368.20 per share

- 2026-03: GBX 294.60 per share

- 2026-04: GBX 329.20 per share

- 2026-05: GBX 344.80 per share

- 2026-06: GBX 369.80 per share

- 2026-07: GBX 382.00 per share

- 2026-08: GBX 377.40 per share

- 2026-09: GBX 344.80 per share

- 2026-10: GBX 326.80 per share

## Annual estimated value (GBX 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 2026-10-15T06:45:32.207Z where newer inputs omit a numeric field or fiscal period.

## Sources

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.