# Inchcape (INCH.LSE)

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

Analysis as of: 2026-10-16T07:39:15.204Z. Financial observations: FY1996–FY2025.

Listing currency: GBX. Reporting currency: GBP.

## Verdict

A wonderful business at a fair price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: yes.

Share price: GBX 687.00 per share; close as of 2026-10-15.

Estimated value: low GBX 851.62 per share, central GBX 949.58 per share, high GBX 1,079.98 per share. Buy at or below the central value GBX 949.58 per share. Valuation as of 2026-10-16T07:39:15.204Z; scenarios are not confidence intervals.

Expected annual return: 13.5% at the stated quote. About 13.5% 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

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

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 1

- Operating margin variation: 0.25×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.05×

- FY2017: 0.05×

- FY2018: 0.04×

- FY2019: 0.04×

- FY2020: 0.02×

- FY2021: 0.04×

- FY2022: 0.05×

- FY2023: 0.06×

- FY2024: 0.06×

- FY2025: 0.06×

### moat: pass

- ROIC, median of available years: 21.1%

- ROIC, second-lowest year: 10.8%

- Typical minus recent gross margin: -2.5 pp

- Typical gross margin (annual median): 14.0%

- Recent gross margin (lower of latest and 3-year median): 16.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.8%

- ROIC including acquisitions, ten-year median: 10.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 27.8%

- FY2017: 31.9%

- FY2018: 17.1%

- FY2019: 21.1%

- FY2020: 10.8%

- FY2021: 21.1%

- FY2022: 8.1%

- FY2023: 19.8%

- FY2024: 24.2%

- FY2025: 23.0%

### economics: pass

- Owner earnings / net income, 5-yr: 0.94×

- Cash conversion uses consolidated totals: No

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

- Net income, five-year total: GBP 1.3B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.2 pp

- Working capital / revenue, change between three-year averages: 1.3 pp

- Working capital / revenue, final three-year average: 10.6%

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

- FY2021: 0.83×

- FY2022: 0.80×

- FY2023: 0.93×

- FY2024: 0.98×

- FY2025: 1.05×

### management: pass

- 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: 27.8% vs 23.0%

- Per-share earnings: 0.48 to 0.74 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -1.7%

- Ordinary dilution, 5-year annual growth: -1.2%

- Market cap gain: GBP 148M

- Cumulative retained earnings: GBP 217M

- Diluted shares, 10-year annual growth: -1.7%

- Diluted shares, 5-year annual growth: -1.2%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 5.5%

- Per-share value change: GBP 0.26

- Per-share value, starting three-year median: GBP 0.48

- Per-share value, ending three-year median: GBP 0.74

- Buybacks concentrated in cheaper years (correlation): 0.65

- Average buyback yield: 3.0%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: GBP 1.4B

- Cumulative net income, 10 years: GBP 2.0B

- ROIC, first three-year median: 27.8%

- ROIC, last three-year median: 23.0%

Chart: Earnings per share; fiscal year observations.

- FY2016: GBP 0.48

- FY2017: GBP 0.70

- FY2018: GBP 0.08

- FY2019: GBP 0.79

- FY2020: GBP -0.36

- FY2021: GBP 0.30

- FY2022: GBP 0.49

- FY2023: GBP 0.65

- FY2024: GBP 1.02

- FY2025: GBP 0.74

### accounting: pass

- Sloan accruals: -2.0%

- Receivables to sales index (DSRI): 1.03×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 3.9%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.42×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.95×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.0%

- FY2017: -2.5%

- FY2018: -7.9%

- FY2019: -0.1%

- FY2020: -10.8%

- FY2021: -7.3%

- FY2022: -3.6%

- FY2023: -4.5%

- FY2024: -2.9%

- FY2025: -2.0%

## Holders

## Price story

Down 25% since Jan 2023 · sales -1.8%

Story as of 2026-10-16T10:00:10.664Z; price observation 2026-10-15.

Price needs cash profits to shrink 4% a year for ten years

### Sales · FY2024–2025

sales -1.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: GBP 7.8B 

- FY2017: GBP 9.0B 

- FY2018: GBP 9.3B 

- FY2019: GBP 9.4B 

- FY2020: GBP 6.8B 

- FY2021: GBP 6.9B 

- FY2022: GBP 8.1B 

- FY2023: GBP 11B 

- FY2024: GBP 9.3B 

- FY2025: GBP 9.1B 

### Gross margin · FY2025

gross margin 16.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 13.8% 

- FY2017: 14.0% 

- FY2018: 14.0% 

- FY2019: 12.2% 

- FY2020: 11.3% 

- FY2021: 13.8% 

- FY2022: 14.9% 

- FY2023: 16.9% 

- FY2024: 17.3% 

- FY2025: 16.5% 

## Owner memo

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

### How it makes money

Operates in auto & truck dealerships; annual sales are GBP 9.1 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:15.204Z); FY2025: revenue 9100000000; grossProfit 1499000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); INCH.LSE: Inchcape plc operates as an automotive distributor. It engages in the distribution, sales, and marketing of new and used vehicles, and parts. The company provides aftersales service and body shop repairs; and vehicle parts, maintenance, finance, and insurance products and services, as well as product planning, logistics, brand and marketing, channel management, and digital retail services. It operates in the Asia Pacific, Europe, the Americas, and Africa. Inchcape plc was founded in 1847 and is headquartered in London, the United Kingdom.

### Why customers stay

Margins ranged from 16.5% to 17.3% during 2023–25; it earns 21.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:15.204Z); FY2023: grossProfit / revenue = 16.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:15.204Z); FY2024: grossProfit / revenue = 17.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:15.204Z); FY2025: grossProfit / revenue = 16.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:15.204Z); 10-year return on capital observations [[2016,0.2783945292152206],[2017,0.3190539789389099],[2018,0.1707652425018048],[2019,0.2108562448085548],[2020,0.1077960294265847],[2021,0.21086701503679214],[2022,0.08131306552432685],[2023,0.19768582999421458],[2024,0.2419537573302154],[2025,0.23010357938901274]]; median 0.2108616299226735. 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 GBP 260 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:15.204Z); FY2016: growth capex 7600000; upkeep 63500000; owner earnings 184400000. Growth capex / owner earnings = 0.04121475054229935.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:15.204Z); FY2017: growth capex 36700000; upkeep 66500000; owner earnings 268900000. Growth capex / owner earnings = 0.136481963555225.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:15.204Z); FY2018: growth capex 0; upkeep 90800000; owner earnings 73800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:15.204Z); FY2019: growth capex 0; upkeep 69600000; owner earnings 314540000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:15.204Z); FY2021: growth capex 0; upkeep 64600000; owner earnings 96580000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:15.204Z); FY2022: growth capex 0; upkeep 68500000; owner earnings 195520000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:15.204Z); FY2023: growth capex 0; upkeep 93000000; owner earnings 251000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:15.204Z); FY2024: growth capex 0; upkeep 79000000; owner earnings 410600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:15.204Z); FY2025: growth capex 0; upkeep 47000000; owner earnings 286400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:15.204Z); Dividend observations: [[2016,90200000],[2017,102700000],[2018,115200000],[2019,110500000],[2020,52200000],[2021,52200000],[2022,88700000],[2023,128000000],[2024,147000000],[2025,101000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:15.204Z); FY2025: cash repurchases 260000000 GBP.

### Are managers owners

Insiders own 14.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); INCH.LSE SharesStats.PercentInsiders = 14.404 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 4% yearly over ten years; actual growth was 7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:15.204Z); Ten-year compound average after fade. Initial solved rate -0.06957396617952838. Price 687; FX 100; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.3955728002139224 → FY2025 0.7756178673758443. Closing-price date 2026-10-15.

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

- 2016-10: GBX 650.50 per share

- 2016-11: GBX 608.50 per share

- 2016-12: GBX 702.00 per share

- 2017-01: GBX 717.50 per share

- 2017-02: GBX 750.50 per share

- 2017-03: GBX 841.50 per share

- 2017-04: GBX 854.50 per share

- 2017-05: GBX 817.00 per share

- 2017-06: GBX 754.50 per share

- 2017-07: GBX 803.00 per share

- 2017-08: GBX 832.50 per share

- 2017-09: GBX 863.00 per share

- 2017-10: GBX 781.50 per share

- 2017-11: GBX 746.00 per share

- 2017-12: GBX 782.50 per share

- 2018-01: GBX 724.50 per share

- 2018-02: GBX 678.50 per share

- 2018-03: GBX 691.00 per share

- 2018-04: GBX 726.50 per share

- 2018-05: GBX 731.50 per share

- 2018-06: GBX 780.50 per share

- 2018-07: GBX 705.50 per share

- 2018-08: GBX 692.00 per share

- 2018-09: GBX 669.00 per share

- 2018-10: GBX 541.00 per share

- 2018-11: GBX 581.50 per share

- 2018-12: GBX 551.50 per share

- 2019-01: GBX 573.00 per share

- 2019-02: GBX 565.00 per share

- 2019-03: GBX 571.00 per share

- 2019-04: GBX 614.50 per share

- 2019-05: GBX 586.00 per share

- 2019-06: GBX 616.00 per share

- 2019-07: GBX 624.50 per share

- 2019-08: GBX 578.00 per share

- 2019-09: GBX 631.50 per share

- 2019-10: GBX 645.00 per share

- 2019-11: GBX 651.00 per share

- 2019-12: GBX 706.00 per share

- 2020-01: GBX 657.00 per share

- 2020-02: GBX 577.00 per share

- 2020-03: GBX 433.20 per share

- 2020-04: GBX 501.50 per share

- 2020-05: GBX 500.50 per share

- 2020-06: GBX 490.00 per share

- 2020-07: GBX 429.20 per share

- 2020-08: GBX 505.50 per share

- 2020-09: GBX 440.60 per share

- 2020-10: GBX 495.80 per share

- 2020-11: GBX 598.50 per share

- 2020-12: GBX 643.50 per share

- 2021-01: GBX 665.00 per share

- 2021-02: GBX 709.00 per share

- 2021-03: GBX 753.00 per share

- 2021-04: GBX 781.50 per share

- 2021-05: GBX 782.50 per share

- 2021-06: GBX 768.50 per share

- 2021-07: GBX 850.50 per share

- 2021-08: GBX 919.50 per share

- 2021-09: GBX 811.00 per share

- 2021-10: GBX 826.00 per share

- 2021-11: GBX 829.00 per share

- 2021-12: GBX 909.50 per share

- 2022-01: GBX 841.00 per share

- 2022-02: GBX 747.00 per share

- 2022-03: GBX 670.00 per share

- 2022-04: GBX 714.50 per share

- 2022-05: GBX 727.50 per share

- 2022-06: GBX 695.50 per share

- 2022-07: GBX 840.50 per share

- 2022-08: GBX 760.00 per share

- 2022-09: GBX 682.50 per share

- 2022-10: GBX 744.00 per share

- 2022-11: GBX 830.50 per share

- 2022-12: GBX 820.00 per share

- 2023-01: GBX 912.00 per share

- 2023-02: GBX 910.00 per share

- 2023-03: GBX 774.50 per share

- 2023-04: GBX 808.50 per share

- 2023-05: GBX 762.00 per share

- 2023-06: GBX 777.50 per share

- 2023-07: GBX 818.50 per share

- 2023-08: GBX 763.50 per share

- 2023-09: GBX 758.50 per share

- 2023-10: GBX 666.00 per share

- 2023-11: GBX 633.00 per share

- 2023-12: GBX 715.50 per share

- 2024-01: GBX 685.00 per share

- 2024-02: GBX 682.00 per share

- 2024-03: GBX 724.00 per share

- 2024-04: GBX 800.00 per share

- 2024-05: GBX 796.00 per share

- 2024-06: GBX 744.00 per share

- 2024-07: GBX 843.00 per share

- 2024-08: GBX 852.00 per share

- 2024-09: GBX 796.50 per share

- 2024-10: GBX 716.00 per share

- 2024-11: GBX 770.00 per share

- 2024-12: GBX 769.50 per share

- 2025-01: GBX 675.00 per share

- 2025-02: GBX 679.00 per share

- 2025-03: GBX 670.00 per share

- 2025-04: GBX 671.50 per share

- 2025-05: GBX 680.50 per share

- 2025-06: GBX 726.00 per share

- 2025-07: GBX 702.00 per share

- 2025-08: GBX 667.50 per share

- 2025-09: GBX 692.50 per share

- 2025-10: GBX 764.00 per share

- 2025-11: GBX 770.50 per share

- 2025-12: GBX 769.00 per share

- 2026-01: GBX 816.50 per share

- 2026-02: GBX 888.50 per share

- 2026-03: GBX 750.00 per share

- 2026-04: GBX 826.20 per share

- 2026-05: GBX 845.50 per share

- 2026-06: GBX 771.00 per share

- 2026-07: GBX 838.50 per share

- 2026-08: GBX 849.50 per share

- 2026-09: GBX 748.00 per share

- 2026-10: GBX 687.00 per share

## Annual estimated value (GBX per share)

- FY2016: low GBX 760.73 per share, central GBX 871.48 per share, high GBX 986.85 per share

- FY2017: low GBX 972.17 per share, central GBX 1,184.70 per share, high GBX 1,349.22 per share

- FY2018: low GBX 878.96 per share, central GBX 1,099.31 per share, high GBX 1,264.95 per share

- FY2019: low GBX 696.04 per share, central GBX 784.07 per share, high GBX 901.25 per share

- FY2020: low GBX 534.94 per share, central GBX 596.61 per share, high GBX 678.70 per share

- FY2021: low GBX 383.46 per share, central GBX 420.32 per share, high GBX 469.39 per share

- FY2022: low GBX 429.77 per share, central GBX 464.12 per share, high GBX 509.86 per share

- FY2023: low GBX 858.75 per share, central GBX 1,082.17 per share, high GBX 1,246.72 per share

- FY2024: low GBX 628.42 per share, central GBX 702.87 per share, high GBX 801.98 per share

- FY2025: low GBX 776.23 per share, central GBX 865.52 per share, high GBX 984.38 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

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.

## Reported holder observations