# Hunting (HTG.LSE)

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

Analysis as of: 2026-10-16T07:44:59.494Z. Financial observations: FY2013–FY2025.

Listing currency: GBX. Reporting currency: USD.

## 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 400.00 per share; close as of 2026-10-15.

Estimated value: low GBX 78.55 per share, central GBX 85.61 per share, high GBX 93.66 per share. Buy at or below the central value GBX 85.61 per share. Valuation as of 2026-10-16T07:44:59.494Z; scenarios are not confidence intervals.

Expected annual return: 3.9% at the stated quote. About 3.9% 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

- 4 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: 10 years

- Years with declining revenue: 4

- Years with a net loss: 6

- Operating margin variation: 2.66×

Chart: Operating margin; fiscal year observations.

- FY2016: -0.28×

- FY2017: -0.02×

- FY2018: 0.08×

- FY2019: 0.06×

- FY2020: -0.35×

- FY2021: -0.15×

- FY2022: 0.00×

- FY2023: 0.07×

- FY2024: -0.02×

- FY2025: 0.07×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: -0.8%

- ROIC, second-lowest year: -11.6%

- Typical minus recent gross margin: -1.6 pp

- Typical gross margin (annual median): 24.4%

- Recent gross margin (lower of latest and 3-year median): 25.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.8%

- ROIC including acquisitions, ten-year median: 2.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -11.6%

- FY2017: -1.7%

- FY2018: 8.2%

- FY2019: 6.0%

- FY2020: -23.4%

- FY2021: -10.0%

- FY2022: 0.2%

- FY2023: 7.3%

- FY2024: -2.1%

- FY2025: 5.7%

### economics: pass

- Owner earnings / net income, 5-yr: 1.92×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $78M

- Net income, five-year total: $41M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -1.9 pp

- Working capital / revenue, change between three-year averages: -13.1 pp

- Working capital / revenue, final three-year average: 46.4%

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

- FY2021: 0.65×

- FY2022: -1.13×

- FY2023: 1.01×

- FY2024: 0.86×

- FY2025: 0.83×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: -1.7% vs 5.7%

- Per-share earnings: -0.75 to 0.25 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 1.2%

- Ordinary dilution, 5-year annual growth: 0.4%

- Market cap gain: -$458M

- Cumulative retained earnings: -$133M

- Diluted shares, 10-year annual growth: 1.2%

- Diluted shares, 5-year annual growth: 0.4%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: $1.01

- Per-share value, starting three-year median: -$0.75

- Per-share value, ending three-year median: $0.25

- Buybacks concentrated in cheaper years (correlation): -0.20

- Average buyback yield: 2.0%

- Buyback history: 9 years

- Debt-funded buybacks: Yes

- Acquisition spending: $85M

- Cumulative net income, 10 years: -$207M

- ROIC, first three-year median: -1.7%

- ROIC, last three-year median: 5.7%

Chart: Earnings per share; fiscal year observations.

- FY2016: -$0.75

- FY2017: -$0.16

- FY2018: $0.52

- FY2019: $0.24

- FY2020: -$1.43

- FY2021: -$0.53

- FY2022: -$0.03

- FY2023: $0.70

- FY2024: -$0.17

- FY2025: $0.25

### accounting: pass

- Sloan accruals: -7.7%

- Receivables to sales index (DSRI): 1.02×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 9.6%

- Earnings backed by cash: Yes

- Operating cash / earnings: 3.15×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.19×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -12.3%

- FY2017: -5.6%

- FY2018: 2.7%

- FY2019: -6.9%

- FY2020: -25.7%

- FY2021: -11.3%

- FY2022: 3.1%

- FY2023: 5.5%

- FY2024: -16.9%

- FY2025: -7.7%

## Holders

## Price story

Down 23% since Feb 2026 · sales -2.9%

Story as of 2026-10-16T10:00:13.269Z; price observation 2026-10-15.

Price needs cash profits to grow 27.4% a year for ten years

### Sales · FY2024–2025

sales -2.9%; source https://filings.xbrl.org/2138008S5FL78ITZRN66/2025-12-31/ESEF/GB/0/2138008S5FL78ITZRN66-2025-12-31/reports/2138008S5FL78ITZRN66-2025-12-31-T01.html; observed 2026-04-07.

- FY2016: $456M 

- FY2017: $725M 

- FY2018: $911M 

- FY2019: $960M 

- FY2020: $626M 

- FY2021: $522M 

- FY2022: $726M 

- FY2023: $929M 

- FY2024: $1.0B 

- FY2025: $1.0B 

### Gross margin · FY2025

gross margin 27.5%; source https://filings.xbrl.org/2138008S5FL78ITZRN66/2025-12-31/ESEF/GB/0/2138008S5FL78ITZRN66-2025-12-31/reports/2138008S5FL78ITZRN66-2025-12-31-T01.html; observed 2026-04-07.

- FY2016: 11.4% 

- FY2017: 24.2% 

- FY2018: 30.2% 

- FY2019: 27.8% 

- FY2020: 19.9% 

- FY2021: 19.1% 

- FY2022: 23.6% 

- FY2023: 24.5% 

- FY2024: 25.9% 

- FY2025: 27.5% 

## Owner memo

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

### How it makes money

Operates in oil & gas equipment & services; annual sales are USD 1 billion.

- Source: https://filings.xbrl.org/2138008S5FL78ITZRN66/2025-12-31/ESEF/GB/0/2138008S5FL78ITZRN66-2025-12-31/reports/2138008S5FL78ITZRN66-2025-12-31-T01.html (filed 2026-04-07); FY2025: revenue 1018800000; grossProfit 279800000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); HTG.LSE: Hunting PLC, together with its subsidiaries, manufactures components, technology systems, and precision parts worldwide. It operates in five segments: Hunting Titan; North America; Subsea Technologies; Europe, Middle East and Africa; and Asia Pacific. The company designs and manufactures perforating and logging systems, energetics, instrumentation, and associated hardware; connection technology and OCTG; subsea technologies; supplies highly engineered tubular components, hollow rotating shafts, very accurate deep hole drilling, plus complex turned, and milled profiles; well intervention equipment; and well test and process systems. It also offers electronic parts for the energy, medical, defense, and aerospace sectors; trenchless technologies, which include drill pipe, tooling products, and conversion roadmaps; and MWD solutions for gyro, steering tool, and running gear; organic oil recovery technology and flexible engineering solutions. The company serves its products to energy, aerospace and defense, telecommunications, utilities, commercial, medical, and transportation industries. The company was founded in 1874 and is headquartered in London, the United Kingdom.

### Why customers stay

Margins ranged from 24.5% to 27.5% during 2023–25; it lost 0.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2023: grossProfit / revenue = 24.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2024: grossProfit / revenue = 25.9%.

- Source: https://filings.xbrl.org/2138008S5FL78ITZRN66/2025-12-31/ESEF/GB/0/2138008S5FL78ITZRN66-2025-12-31/reports/2138008S5FL78ITZRN66-2025-12-31-T01.html (filed 2026-04-07); FY2025: grossProfit / revenue = 27.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); 10-year return on capital observations [[2016,-0.11574925304527695],[2017,-0.017295062028703477],[2018,0.08206343831132182],[2019,0.06006864988558353],[2020,-0.2340110407970917],[2021,-0.10037143312609596],[2022,0.0022600486339579458],[2023,0.07324687800192123],[2024,-0.02134314980793854],[2025,0.0567424598440143]]; median -0.007517506697372766. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 54.3 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2017: growth capex 0; upkeep 9100000; owner earnings 45600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2018: growth capex 0; upkeep 24300000; owner earnings 131900000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2019: growth capex 0; upkeep 40600000; owner earnings 82960000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2022: growth capex 0; upkeep 21500000; owner earnings 5180000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2023: growth capex 0; upkeep 34000000; owner earnings 117760000. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/2138008S5FL78ITZRN66/2025-12-31/ESEF/GB/0/2138008S5FL78ITZRN66-2025-12-31/reports/2138008S5FL78ITZRN66-2025-12-31-T01.html (filed 2026-04-07); FY2025: growth capex 0; upkeep 46046211; owner earnings 34936079. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); Dividend observations: [[2016,5900000],[2017,6600000],[2018,6600000],[2019,16600000],[2020,8200000],[2021,12800000],[2022,13600000],[2023,15000000],[2024,16700000],[2025,19500722]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://filings.xbrl.org/2138008S5FL78ITZRN66/2025-12-31/ESEF/GB/0/2138008S5FL78ITZRN66-2025-12-31/reports/2138008S5FL78ITZRN66-2025-12-31-T01.html (filed 2026-04-07); FY2025: cash repurchases 54316151 USD.

### Are managers owners

Insiders own 18.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); HTG.LSE SharesStats.PercentInsiders = 18.445 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 27.4% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); Ten-year compound average after fade. Initial solved rate 0.388184700103379. Price 400; FX 75.34943299551671; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share -1.4773495605138607 → FY2025 0.2097418996559943. Closing-price date 2026-10-15.

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

- 2016-10: GBX 503.50 per share

- 2016-11: GBX 540.00 per share

- 2016-12: GBX 627.50 per share

- 2017-01: GBX 555.50 per share

- 2017-02: GBX 529.50 per share

- 2017-03: GBX 565.00 per share

- 2017-04: GBX 562.50 per share

- 2017-05: GBX 505.50 per share

- 2017-06: GBX 487.80 per share

- 2017-07: GBX 467.70 per share

- 2017-08: GBX 402.20 per share

- 2017-09: GBX 473.90 per share

- 2017-10: GBX 523.50 per share

- 2017-11: GBX 541.00 per share

- 2017-12: GBX 605.00 per share

- 2018-01: GBX 613.00 per share

- 2018-02: GBX 608.50 per share

- 2018-03: GBX 671.50 per share

- 2018-04: GBX 801.00 per share

- 2018-05: GBX 844.50 per share

- 2018-06: GBX 776.00 per share

- 2018-07: GBX 782.00 per share

- 2018-08: GBX 834.00 per share

- 2018-09: GBX 781.00 per share

- 2018-10: GBX 675.00 per share

- 2018-11: GBX 566.50 per share

- 2018-12: GBX 480.00 per share

- 2019-01: GBX 558.50 per share

- 2019-02: GBX 547.50 per share

- 2019-03: GBX 594.50 per share

- 2019-04: GBX 589.00 per share

- 2019-05: GBX 508.00 per share

- 2019-06: GBX 510.50 per share

- 2019-07: GBX 510.00 per share

- 2019-08: GBX 457.00 per share

- 2019-09: GBX 458.40 per share

- 2019-10: GBX 393.00 per share

- 2019-11: GBX 390.40 per share

- 2019-12: GBX 417.40 per share

- 2020-01: GBX 306.20 per share

- 2020-02: GBX 318.00 per share

- 2020-03: GBX 175.00 per share

- 2020-04: GBX 182.40 per share

- 2020-05: GBX 167.10 per share

- 2020-06: GBX 212.60 per share

- 2020-07: GBX 179.30 per share

- 2020-08: GBX 161.60 per share

- 2020-09: GBX 128.80 per share

- 2020-10: GBX 139.50 per share

- 2020-11: GBX 175.90 per share

- 2020-12: GBX 223.00 per share

- 2021-01: GBX 199.90 per share

- 2021-02: GBX 252.20 per share

- 2021-03: GBX 256.00 per share

- 2021-04: GBX 246.00 per share

- 2021-05: GBX 261.00 per share

- 2021-06: GBX 220.50 per share

- 2021-07: GBX 210.00 per share

- 2021-08: GBX 210.00 per share

- 2021-09: GBX 225.50 per share

- 2021-10: GBX 169.40 per share

- 2021-11: GBX 147.40 per share

- 2021-12: GBX 169.20 per share

- 2022-01: GBX 216.00 per share

- 2022-02: GBX 234.00 per share

- 2022-03: GBX 300.50 per share

- 2022-04: GBX 290.00 per share

- 2022-05: GBX 331.50 per share

- 2022-06: GBX 216.00 per share

- 2022-07: GBX 216.00 per share

- 2022-08: GBX 288.50 per share

- 2022-09: GBX 233.50 per share

- 2022-10: GBX 267.50 per share

- 2022-11: GBX 272.50 per share

- 2022-12: GBX 333.00 per share

- 2023-01: GBX 348.50 per share

- 2023-02: GBX 330.50 per share

- 2023-03: GBX 236.00 per share

- 2023-04: GBX 234.00 per share

- 2023-05: GBX 219.00 per share

- 2023-06: GBX 199.40 per share

- 2023-07: GBX 264.00 per share

- 2023-08: GBX 245.50 per share

- 2023-09: GBX 305.50 per share

- 2023-10: GBX 289.50 per share

- 2023-11: GBX 260.00 per share

- 2023-12: GBX 295.50 per share

- 2024-01: GBX 328.50 per share

- 2024-02: GBX 334.50 per share

- 2024-03: GBX 330.50 per share

- 2024-04: GBX 358.00 per share

- 2024-05: GBX 417.50 per share

- 2024-06: GBX 413.50 per share

- 2024-07: GBX 459.00 per share

- 2024-08: GBX 448.00 per share

- 2024-09: GBX 375.00 per share

- 2024-10: GBX 301.50 per share

- 2024-11: GBX 303.00 per share

- 2024-12: GBX 289.00 per share

- 2025-01: GBX 351.00 per share

- 2025-02: GBX 310.00 per share

- 2025-03: GBX 302.00 per share

- 2025-04: GBX 256.50 per share

- 2025-05: GBX 257.00 per share

- 2025-06: GBX 301.00 per share

- 2025-07: GBX 315.00 per share

- 2025-08: GBX 328.50 per share

- 2025-09: GBX 338.50 per share

- 2025-10: GBX 341.50 per share

- 2025-11: GBX 370.50 per share

- 2025-12: GBX 370.50 per share

- 2026-01: GBX 442.00 per share

- 2026-02: GBX 519.00 per share

- 2026-03: GBX 496.00 per share

- 2026-04: GBX 508.00 per share

- 2026-05: GBX 465.50 per share

- 2026-06: GBX 443.00 per share

- 2026-07: GBX 443.50 per share

- 2026-08: GBX 408.50 per share

- 2026-09: GBX 397.00 per share

- 2026-10: GBX 400.00 per share

## Annual estimated value (GBX per share)

- FY2017: low GBX 244.58 per share, central GBX 276.25 per share, high GBX 318.41 per share

- FY2018: low GBX 299.42 per share, central GBX 337.67 per share, high GBX 388.59 per share

- FY2019: low GBX 349.29 per share, central GBX 390.57 per share, high GBX 445.53 per share

- FY2020: low GBX 239.86 per share, central GBX 267.20 per share, high GBX 303.58 per share

- FY2021: low GBX 216.74 per share, central GBX 239.87 per share, high GBX 270.66 per share

- FY2022: low GBX 33.67 per share, central GBX 37.35 per share, high GBX 42.24 per share

- FY2023: low GBX 44.71 per share, central GBX 49.21 per share, high GBX 55.19 per share

- FY2025: low GBX 93.44 per share, central GBX 99.59 per share, high GBX 106.58 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/2138008S5FL78ITZRN66/2025-12-31/ESEF/GB/0/2138008S5FL78ITZRN66-2025-12-31/reports/2138008S5FL78ITZRN66-2025-12-31-T01.html); period 2025-12-31, filed 2026-04-07.

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.

Hunting

HTG · LSE

FTSE 250

Not a wonderful business

2 quality tests fail. A lower price would not fix the business.

Share price: GBX 400.00
Buy up to: GBX 85.61
Expected / yr: 3.9% at today's price (10.0% at central value)

The business

How it makes money
Why customers stay
Where the cash goes
Are managers owners
What the price says

1. Is this a good business?

Evidence only; not required for Buy

6 loss years were recorded (limit 2), and average operating margin was negative (must be zero or higher), and margins varied 265.7% around their average (limit 35%).

Operating margin

10y median: -0.9%
Worst year: -35.1%
Latest · 2025: 6.7%

Capital return excluding acquisitions: median -0.8% (minimum 15%), and the second-worst year -11.6% (minimum 10%).

ROIC excluding acquisitions

10y median: -0.8%
Worst year: -23.4%
Latest · 2025: 5.7%

Each $1 of profit left $1.92 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 1.92×
Annual median: 0.83×
Latest · 2025: 0.83×

Per-share value rose from -0.75 to 0.25, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: -$0.09
Worst year: -$1.43
Latest · 2025: $0.25

Profits were backed by cash: accruals were -7.7% of assets (limit 10%).

Sloan accruals

10y median: -7.3%
Worst year: 5.5%
Latest · 2025: -7.7%

Profit record · fail 6 loss years in 10 (at most 2), mean operating margin -5.5%, three-year average owner earnings per share 0.26 USD. 6 loss years in the last 10; at most 2 allowed. Mean operating margin over the last ten years is negative.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price GBX 503.50; 2016-11 · Price GBX 540.00; 2016-12 · Price GBX 627.50; 2017-01 · Price GBX 555.50 · Value 276.25 · Buy at or below 276.25; 2017-02 · Price GBX 529.50 · Value 276.25 · Buy at or below 276.25; 2017-03 · Price GBX 565.00 · Value 276.25 · Buy at or below 276.25; 2017-04 · Price GBX 562.50 · Value 276.25 · Buy at or below 276.25; 2017-05 · Price GBX 505.50 · Value 276.25 · Buy at or below 276.25; 2017-06 · Price GBX 487.80 · Value 276.25 · Buy at or below 276.25; 2017-07 · Price GBX 467.70 · Value 276.25 · Buy at or below 276.25; 2017-08 · Price GBX 402.20 · Value 276.25 · Buy at or below 276.25; 2017-09 · Price GBX 473.90 · Value 276.25 · Buy at or below 276.25; 2017-10 · Price GBX 523.50 · Value 276.25 · Buy at or below 276.25; 2017-11 · Price GBX 541.00 · Value 276.25 · Buy at or below 276.25; 2017-12 · Price GBX 605.00 · Value 276.25 · Buy at or below 276.25; 2018-01 · Price GBX 613.00 · Value 276.25 · Buy at or below 276.25; 2018-02 · Price GBX 608.50 · Value 337.67 · Buy at or below 337.67; 2018-03 · Price GBX 671.50 · Value 337.67 · Buy at or below 337.67; 2018-04 · Price GBX 801.00 · Value 337.67 · Buy at or below 337.67; 2018-05 · Price GBX 844.50 · Value 337.67 · Buy at or below 337.67; 2018-06 · Price GBX 776.00 · Value 337.67 · Buy at or below 337.67; 2018-07 · Price GBX 782.00 · Value 337.67 · Buy at or below 337.67; 2018-08 · Price GBX 834.00 · Value 337.67 · Buy at or below 337.67; 2018-09 · Price GBX 781.00 · Value 337.67 · Buy at or below 337.67; 2018-10 · Price GBX 675.00 · Value 337.67 · Buy at or below 337.67; 2018-11 · Price GBX 566.50 · Value 337.67 · Buy at or below 337.67; 2018-12 · Price GBX 480.00 · Value 337.67 · Buy at or below 337.67; 2019-01 · Price GBX 558.50 · Value 337.67 · Buy at or below 337.67; 2019-02 · Price GBX 547.50 · Value 390.57 · Buy at or below 390.57; 2019-03 · Price GBX 594.50 · Value 390.57 · Buy at or below 390.57; 2019-04 · Price GBX 589.00 · Value 390.57 · Buy at or below 390.57; 2019-05 · Price GBX 508.00 · Value 390.57 · Buy at or below 390.57; 2019-06 · Price GBX 510.50 · Value 390.57 · Buy at or below 390.57; 2019-07 · Price GBX 510.00 · Value 390.57 · Buy at or below 390.57; 2019-08 · Price GBX 457.00 · Value 390.57 · Buy at or below 390.57; 2019-09 · Price GBX 458.40 · Value 390.57 · Buy at or below 390.57; 2019-10 · Price GBX 393.00 · Value 390.57 · Buy at or below 390.57; 2019-11 · Price GBX 390.40 · Value 390.57 · Buy at or below 390.57; 2019-12 · Price GBX 417.40 · Value 390.57 · Buy at or below 390.57; 2020-01 · Price GBX 306.20 · Value 390.57 · Buy at or below 390.57; 2020-02 · Price GBX 318.00 · Value 267.20 · Buy at or below 267.20; 2020-03 · Price GBX 175.00 · Value 267.20 · Buy at or below 267.20; 2020-04 · Price GBX 182.40 · Value 267.20 · Buy at or below 267.20; 2020-05 · Price GBX 167.10 · Value 267.20 · Buy at or below 267.20; 2020-06 · Price GBX 212.60 · Value 267.20 · Buy at or below 267.20; 2020-07 · Price GBX 179.30 · Value 267.20 · Buy at or below 267.20; 2020-08 · Price GBX 161.60 · Value 267.20 · Buy at or below 267.20; 2020-09 · Price GBX 128.80 · Value 267.20 · Buy at or below 267.20; 2020-10 · Price GBX 139.50 · Value 267.20 · Buy at or below 267.20; 2020-11 · Price GBX 175.90 · Value 267.20 · Buy at or below 267.20; 2020-12 · Price GBX 223.00 · Value 267.20 · Buy at or below 267.20; 2021-01 · Price GBX 199.90 · Value 267.20 · Buy at or below 267.20; 2021-02 · Price GBX 252.20 · Value 239.87 · Buy at or below 239.87; 2021-03 · Price GBX 256.00 · Value 239.87 · Buy at or below 239.87; 2021-04 · Price GBX 246.00 · Value 239.87 · Buy at or below 239.87; 2021-05 · Price GBX 261.00 · Value 239.87 · Buy at or below 239.87; 2021-06 · Price GBX 220.50 · Value 239.87 · Buy at or below 239.87; 2021-07 · Price GBX 210.00 · Value 239.87 · Buy at or below 239.87; 2021-08 · Price GBX 210.00 · Value 239.87 · Buy at or below 239.87; 2021-09 · Price GBX 225.50 · Value 239.87 · Buy at or below 239.87; 2021-10 · Price GBX 169.40 · Value 239.87 · Buy at or below 239.87; 2021-11 · Price GBX 147.40 · Value 239.87 · Buy at or below 239.87; 2021-12 · Price GBX 169.20 · Value 239.87 · Buy at or below 239.87; 2022-01 · Price GBX 216.00 · Value 239.87 · Buy at or below 239.87; 2022-02 · Price GBX 234.00 · Value 37.35 · Buy at or below 37.35; 2022-03 · Price GBX 300.50 · Value 37.35 · Buy at or below 37.35; 2022-04 · Price GBX 290.00 · Value 37.35 · Buy at or below 37.35; 2022-05 · Price GBX 331.50 · Value 37.35 · Buy at or below 37.35; 2022-06 · Price GBX 216.00 · Value 37.35 · Buy at or below 37.35; 2022-07 · Price GBX 216.00 · Value 37.35 · Buy at or below 37.35; 2022-08 · Price GBX 288.50 · Value 37.35 · Buy at or below 37.35; 2022-09 · Price GBX 233.50 · Value 37.35 · Buy at or below 37.35; 2022-10 · Price GBX 267.50 · Value 37.35 · Buy at or below 37.35; 2022-11 · Price GBX 272.50 · Value 37.35 · Buy at or below 37.35; 2022-12 · Price GBX 333.00 · Value 37.35 · Buy at or below 37.35; 2023-01 · Price GBX 348.50 · Value 37.35 · Buy at or below 37.35; 2023-02 · Price GBX 330.50 · Value 49.21 · Buy at or below 49.21; 2023-03 · Price GBX 236.00 · Value 49.21 · Buy at or below 49.21; 2023-04 · Price GBX 234.00 · Value 49.21 · Buy at or below 49.21; 2023-05 · Price GBX 219.00 · Value 49.21 · Buy at or below 49.21; 2023-06 · Price GBX 199.40 · Value 49.21 · Buy at or below 49.21; 2023-07 · Price GBX 264.00 · Value 49.21 · Buy at or below 49.21; 2023-08 · Price GBX 245.50 · Value 49.21 · Buy at or below 49.21; 2023-09 · Price GBX 305.50 · Value 49.21 · Buy at or below 49.21; 2023-10 · Price GBX 289.50 · Value 49.21 · Buy at or below 49.21; 2023-11 · Price GBX 260.00 · Value 49.21 · Buy at or below 49.21; 2023-12 · Price GBX 295.50 · Value 49.21 · Buy at or below 49.21; 2024-01 · Price GBX 328.50 · Value 49.21 · Buy at or below 49.21; 2024-02 · Price GBX 334.50; 2024-03 · Price GBX 330.50; 2024-04 · Price GBX 358.00; 2024-05 · Price GBX 417.50; 2024-06 · Price GBX 413.50; 2024-07 · Price GBX 459.00; 2024-08 · Price GBX 448.00; 2024-09 · Price GBX 375.00; 2024-10 · Price GBX 301.50; 2024-11 · Price GBX 303.00; 2024-12 · Price GBX 289.00; 2025-01 · Price GBX 351.00 · Value 99.59 · Buy at or below 99.59; 2025-02 · Price GBX 310.00 · Value 99.59 · Buy at or below 99.59; 2025-03 · Price GBX 302.00 · Value 99.59 · Buy at or below 99.59; 2025-04 · Price GBX 256.50 · Value 99.59 · Buy at or below 99.59; 2025-05 · Price GBX 257.00 · Value 99.59 · Buy at or below 99.59; 2025-06 · Price GBX 301.00 · Value 99.59 · Buy at or below 99.59; 2025-07 · Price GBX 315.00 · Value 99.59 · Buy at or below 99.59; 2025-08 · Price GBX 328.50 · Value 99.59 · Buy at or below 99.59; 2025-09 · Price GBX 338.50 · Value 99.59 · Buy at or below 99.59; 2025-10 · Price GBX 341.50 · Value 99.59 · Buy at or below 99.59; 2025-11 · Price GBX 370.50 · Value 99.59 · Buy at or below 99.59; 2025-12 · Price GBX 370.50 · Value 99.59 · Buy at or below 99.59; 2026-01 · Price GBX 442.00 · Value 99.59 · Buy at or below 99.59; 2026-02 · Price GBX 519.00 · Value 85.61 · Buy at or below 85.61; 2026-03 · Price GBX 496.00 · Value 85.61 · Buy at or below 85.61; 2026-04 · Price GBX 508.00 · Value 85.61 · Buy at or below 85.61; 2026-05 · Price GBX 465.50 · Value 85.61 · Buy at or below 85.61; 2026-06 · Price GBX 443.00 · Value 85.61 · Buy at or below 85.61; 2026-07 · Price GBX 443.50 · Value 85.61 · Buy at or below 85.61; 2026-08 · Price GBX 408.50 · Value 85.61 · Buy at or below 85.61; 2026-09 · Price GBX 397.00 · Value 85.61 · Buy at or below 85.61; 2026-10 · Price GBX 400.00 · Value 85.61 · Buy at or below 85.61; 2026-10 · Price GBX 400.00 · Value 85.61 · Buy at or below 85.61

GBX per share · annual estimates

Price & return math
Value range	GBX 78.55 – GBX 93.66
Buy at or below	Central value GBX 85.61
Discount to value	1 − 400.00 / 85.61 = -367.2%
Return / year	About 3.9% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash GBX 3.78/share; 0.9% growth for 5 years, then fades to 3.0%; excess cash GBX 36.20/share today.
Required return	10.0% / year, earned by construction at the central value

Revenue$1.0B

Revenue

Owner earnings$35M

Owner earnings

Operating margin6.7%

Operating margin

Net cash / debt$28M

Net cash / debt

Diluted shares167M

Diluted shares

Prices 15 Oct 2026 · FY2025Original filing ↗ ·