# Itv (ITV.LSE)

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

Analysis as of: 2026-10-16T07:39:07.508Z. Financial observations: FY2003–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 64.45 per share; close as of 2026-10-15.

Estimated value: low GBX 133.46 per share, central GBX 150.99 per share, high GBX 174.33 per share. Buy at or below the central value GBX 150.99 per share. Valuation as of 2026-10-16T07:39:07.508Z; scenarios are not confidence intervals.

Expected annual return: 21.1% at the stated quote. About 21.1% 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

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

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.33×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.25×

- FY2017: 0.22×

- FY2018: 0.22×

- FY2019: 0.19×

- FY2020: 0.17×

- FY2021: 0.20×

- FY2022: 0.16×

- FY2023: 0.07×

- FY2024: 0.09×

- FY2025: 0.13×

### moat: fail

- Recent gross margin fell 4.9pp below the typical margin (limit 4pp)

- ROIC, median of available years: 93.6%

- ROIC, second-lowest year: 27.3%

- Typical minus recent gross margin: 4.9 pp

- Typical gross margin (annual median): 18.1%

- Recent gross margin (lower of latest and 3-year median): 13.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.6%

- ROIC including acquisitions, ten-year median: 23.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: >100%

- FY2017: >100%

- FY2018: >100%

- FY2019: >100%

- FY2020: 99.7%

- FY2021: 87.5%

- FY2022: 48.8%

- FY2023: 24.8%

- FY2024: 27.3%

- FY2025: 29.5%

### economics: fail

- incremental invested capital return below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 1.19×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: GBP 2.0B

- Net income, five-year total: GBP 1.6B

- Return on incremental invested capital: -192.2%

- Working capital / revenue, annual change: 2.5 pp

- Working capital / revenue, change between three-year averages: 16.6 pp

- Working capital / revenue, final three-year average: 40.1%

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

- FY2021: 1.18×

- FY2022: 1.06×

- FY2023: 1.20×

- FY2024: 1.29×

- FY2025: 1.29×

### management: fail

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

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 149.1% vs 27.3%

- Per-share earnings: 0.11 to 0.06 (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: -0.6%

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

- Market cap gain: GBP -5.2B

- Cumulative retained earnings: GBP 1.2B

- Diluted shares, 10-year annual growth: -0.6%

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

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -7.8%

- Per-share value change: GBP -0.05

- Per-share value, starting three-year median: GBP 0.11

- Per-share value, ending three-year median: GBP 0.06

- Buybacks concentrated in cheaper years (correlation): 0.33

- Average buyback yield: 1.2%

- Buyback history: 8 years

- Debt-funded buybacks: Yes

- Acquisition spending: GBP 1.6B

- Cumulative net income, 10 years: GBP 3.7B

- ROIC, first three-year median: >100%

- ROIC, last three-year median: 27.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: GBP 0.11

- FY2017: GBP 0.10

- FY2018: GBP 0.12

- FY2019: GBP 0.12

- FY2020: GBP 0.07

- FY2021: GBP 0.09

- FY2022: GBP 0.11

- FY2023: GBP 0.05

- FY2024: GBP 0.10

- FY2025: GBP 0.06

### accounting: pass

- Sloan accruals: 0.4%

- Receivables to sales index (DSRI): 1.08×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 7.9%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.92×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.83×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.6%

- FY2017: -1.4%

- FY2018: 1.2%

- FY2019: 0.0%

- FY2020: -6.1%

- FY2021: 4.9%

- FY2022: 2.8%

- FY2023: -4.2%

- FY2024: 1.8%

- FY2025: 0.4%

## Holders

## Price story

Down 43% since Jan 2022 · sales +0.7%

Story as of 2026-10-16T10:00:10.460Z; price observation 2026-10-15.

Price needs cash profits to shrink 10.7% a year for ten years

### Sales · FY2024–2025

sales +0.7%; source https://filings.xbrl.org/ZLECI7ED2QMWFGYCXZ59/2025-12-31/ESEF/GB/0/ZLECI7ED2QMWFGYCXZ59-2025-12-31/reports/ZLECI7ED2QMWFGYCXZ59-2025-12-31-T01.xhtml; observed 2026-03-24.

- FY2016: GBP 3.1B 

- FY2017: GBP 3.1B 

- FY2018: GBP 3.2B 

- FY2019: GBP 3.3B 

- FY2020: GBP 2.8B 

- FY2021: GBP 3.5B 

- FY2022: GBP 3.7B 

- FY2023: GBP 3.6B 

- FY2024: GBP 3.5B 

- FY2025: GBP 3.5B 

### Gross margin · FY2025

gross margin 13.2%; source https://filings.xbrl.org/ZLECI7ED2QMWFGYCXZ59/2025-12-31/ESEF/GB/0/ZLECI7ED2QMWFGYCXZ59-2025-12-31/reports/ZLECI7ED2QMWFGYCXZ59-2025-12-31-T01.xhtml; observed 2026-03-24.

- FY2016: 26.6% 

- FY2017: 27.1% 

- FY2018: 25.3% 

- FY2019: 18.7% 

- FY2020: 17.5% 

- FY2021: 20.0% 

- FY2022: 15.9% 

- FY2023: 8.6% 

- FY2024: 16.7% 

- FY2025: 13.2% 

## Owner memo

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

### How it makes money

Operates in broadcasting; annual sales are GBP 3.5 billion.

- Source: https://filings.xbrl.org/ZLECI7ED2QMWFGYCXZ59/2025-12-31/ESEF/GB/0/ZLECI7ED2QMWFGYCXZ59-2025-12-31/reports/ZLECI7ED2QMWFGYCXZ59-2025-12-31-T01.xhtml (filed 2026-03-24); FY2025: revenue 3511000000; grossProfit 464000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ITV.LSE: ITV plc, a vertically integrated production, broadcasting, and streaming company, which creates, owns, and distributes content on various platforms worldwide. It operates through ITV Studios and Media & Entertainment segments. The ITV Studios segment creates and produces original scripted and unscripted content for a diverse customer base of global streamers, major networks, and cable channels, as well as local free to air and pay TV broadcasters, and operators across its production bases. The Media & Entertainment segment broadcasts and streams various contents on its family of free-to-air TV channels, as well as through ITVX and third-party partners; and offers television advertising services, online advertising, and advertising around its content on YouTube. ITV plc was founded in 1955 and is based in London, the United Kingdom.

### Why customers stay

Margins ranged from 8.6% to 16.7% during 2023–25; it earns 93.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2023: grossProfit / revenue = 8.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2024: grossProfit / revenue = 16.7%.

- Source: https://filings.xbrl.org/ZLECI7ED2QMWFGYCXZ59/2025-12-31/ESEF/GB/0/ZLECI7ED2QMWFGYCXZ59-2025-12-31/reports/ZLECI7ED2QMWFGYCXZ59-2025-12-31-T01.xhtml (filed 2026-03-24); FY2025: grossProfit / revenue = 13.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); 10-year return on capital observations [[2016,3.4723628691983124],[2017,1.490671875],[2018,1.1079044412377748],[2019,1.1775382259338134],[2020,0.9974557904325158],[2021,0.8748049652734629],[2022,0.4877612308308724],[2023,0.24817518248175183],[2024,0.27291636720302365],[2025,0.2950102575405639]]; median 0.9361303778529892. 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 38 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2016: growth capex 0; upkeep 29000000; owner earnings 539000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2017: growth capex 0; upkeep 46000000; owner earnings 495000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2018: growth capex 0; upkeep 56000000; owner earnings 530000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2019: growth capex 0; upkeep 68000000; owner earnings 517200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2020: growth capex 0; upkeep 66000000; owner earnings 330000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2021: growth capex 0; upkeep 45000000; owner earnings 445600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2022: growth capex 0; upkeep 78000000; owner earnings 452600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2023: growth capex 0; upkeep 70000000; owner earnings 252000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2024: growth capex 0; upkeep 49000000; owner earnings 528000000. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/ZLECI7ED2QMWFGYCXZ59/2025-12-31/ESEF/GB/0/ZLECI7ED2QMWFGYCXZ59-2025-12-31/reports/ZLECI7ED2QMWFGYCXZ59-2025-12-31-T01.xhtml (filed 2026-03-24); FY2025: growth capex 0; upkeep 26000000; owner earnings 282800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); Dividend observations: [[2016,663000000],[2017,494000000],[2018,315000000],[2019,320000000],[2020,201000000],[2021,201000000],[2022,201000000],[2023,201000000],[2024,198000000],[2025,187000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://filings.xbrl.org/ZLECI7ED2QMWFGYCXZ59/2025-12-31/ESEF/GB/0/ZLECI7ED2QMWFGYCXZ59-2025-12-31/reports/ZLECI7ED2QMWFGYCXZ59-2025-12-31-T01.xhtml (filed 2026-03-24); FY2025: cash repurchases 38000000 GBP.

### Are managers owners

Insiders own 5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ITV.LSE SharesStats.PercentInsiders = 4.9910000000000005 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 10.7% yearly over ten years; actual decline was 5.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); Ten-year compound average after fade. Initial solved rate -0.16162358283509654. Price 64.45; FX 100; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.13354806739345887 → FY2025 0.0745563724475713. Closing-price date 2026-10-15.

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

- 2016-10: GBX 170.50 per share

- 2016-11: GBX 168.00 per share

- 2016-12: GBX 206.40 per share

- 2017-01: GBX 203.20 per share

- 2017-02: GBX 202.50 per share

- 2017-03: GBX 218.90 per share

- 2017-04: GBX 210.00 per share

- 2017-05: GBX 195.70 per share

- 2017-06: GBX 181.40 per share

- 2017-07: GBX 173.00 per share

- 2017-08: GBX 158.60 per share

- 2017-09: GBX 174.70 per share

- 2017-10: GBX 164.50 per share

- 2017-11: GBX 159.90 per share

- 2017-12: GBX 165.50 per share

- 2018-01: GBX 167.00 per share

- 2018-02: GBX 160.00 per share

- 2018-03: GBX 144.15 per share

- 2018-04: GBX 151.65 per share

- 2018-05: GBX 162.60 per share

- 2018-06: GBX 174.00 per share

- 2018-07: GBX 164.85 per share

- 2018-08: GBX 160.65 per share

- 2018-09: GBX 157.85 per share

- 2018-10: GBX 148.95 per share

- 2018-11: GBX 145.20 per share

- 2018-12: GBX 124.85 per share

- 2019-01: GBX 129.30 per share

- 2019-02: GBX 131.10 per share

- 2019-03: GBX 127.10 per share

- 2019-04: GBX 136.65 per share

- 2019-05: GBX 107.25 per share

- 2019-06: GBX 108.00 per share

- 2019-07: GBX 110.95 per share

- 2019-08: GBX 115.95 per share

- 2019-09: GBX 125.90 per share

- 2019-10: GBX 133.75 per share

- 2019-11: GBX 145.10 per share

- 2019-12: GBX 151.00 per share

- 2020-01: GBX 135.40 per share

- 2020-02: GBX 116.55 per share

- 2020-03: GBX 66.02 per share

- 2020-04: GBX 76.50 per share

- 2020-05: GBX 80.28 per share

- 2020-06: GBX 74.68 per share

- 2020-07: GBX 56.68 per share

- 2020-08: GBX 60.72 per share

- 2020-09: GBX 67.62 per share

- 2020-10: GBX 72.14 per share

- 2020-11: GBX 94.08 per share

- 2020-12: GBX 106.80 per share

- 2021-01: GBX 105.90 per share

- 2021-02: GBX 109.85 per share

- 2021-03: GBX 120.15 per share

- 2021-04: GBX 121.00 per share

- 2021-05: GBX 128.40 per share

- 2021-06: GBX 125.55 per share

- 2021-07: GBX 112.20 per share

- 2021-08: GBX 115.80 per share

- 2021-09: GBX 106.60 per share

- 2021-10: GBX 107.65 per share

- 2021-11: GBX 109.95 per share

- 2021-12: GBX 110.55 per share

- 2022-01: GBX 112.15 per share

- 2022-02: GBX 110.65 per share

- 2022-03: GBX 81.92 per share

- 2022-04: GBX 74.30 per share

- 2022-05: GBX 70.28 per share

- 2022-06: GBX 65.26 per share

- 2022-07: GBX 73.54 per share

- 2022-08: GBX 64.30 per share

- 2022-09: GBX 57.28 per share

- 2022-10: GBX 67.00 per share

- 2022-11: GBX 74.86 per share

- 2022-12: GBX 75.16 per share

- 2023-01: GBX 80.88 per share

- 2023-02: GBX 88.40 per share

- 2023-03: GBX 82.80 per share

- 2023-04: GBX 80.78 per share

- 2023-05: GBX 69.80 per share

- 2023-06: GBX 68.30 per share

- 2023-07: GBX 72.34 per share

- 2023-08: GBX 70.80 per share

- 2023-09: GBX 70.62 per share

- 2023-10: GBX 63.86 per share

- 2023-11: GBX 60.12 per share

- 2023-12: GBX 63.28 per share

- 2024-01: GBX 60.00 per share

- 2024-02: GBX 55.94 per share

- 2024-03: GBX 73.90 per share

- 2024-04: GBX 70.30 per share

- 2024-05: GBX 79.60 per share

- 2024-06: GBX 80.50 per share

- 2024-07: GBX 80.30 per share

- 2024-08: GBX 79.70 per share

- 2024-09: GBX 80.05 per share

- 2024-10: GBX 73.90 per share

- 2024-11: GBX 72.65 per share

- 2024-12: GBX 73.60 per share

- 2025-01: GBX 74.15 per share

- 2025-02: GBX 71.10 per share

- 2025-03: GBX 78.85 per share

- 2025-04: GBX 80.10 per share

- 2025-05: GBX 78.00 per share

- 2025-06: GBX 82.45 per share

- 2025-07: GBX 82.30 per share

- 2025-08: GBX 81.55 per share

- 2025-09: GBX 79.95 per share

- 2025-10: GBX 69.65 per share

- 2025-11: GBX 82.25 per share

- 2025-12: GBX 82.35 per share

- 2026-01: GBX 81.25 per share

- 2026-02: GBX 79.85 per share

- 2026-03: GBX 75.05 per share

- 2026-04: GBX 80.00 per share

- 2026-05: GBX 82.20 per share

- 2026-06: GBX 80.60 per share

- 2026-07: GBX 74.25 per share

- 2026-08: GBX 71.00 per share

- 2026-09: GBX 67.75 per share

- 2026-10: GBX 64.45 per share

## Annual estimated value (GBX per share)

- FY2016: low GBX 158.71 per share, central GBX 178.88 per share, high GBX 205.73 per share

- FY2017: low GBX 151.47 per share, central GBX 172.14 per share, high GBX 199.65 per share

- FY2018: low GBX 154.46 per share, central GBX 175.66 per share, high GBX 203.87 per share

- FY2019: low GBX 152.93 per share, central GBX 173.40 per share, high GBX 200.65 per share

- FY2020: low GBX 134.64 per share, central GBX 151.10 per share, high GBX 173.02 per share

- FY2021: low GBX 162.06 per share, central GBX 182.13 per share, high GBX 208.86 per share

- FY2022: low GBX 136.67 per share, central GBX 154.58 per share, high GBX 178.43 per share

- FY2023: low GBX 124.97 per share, central GBX 141.29 per share, high GBX 163.02 per share

- FY2024: low GBX 127.19 per share, central GBX 143.47 per share, high GBX 165.14 per share

- FY2025: low GBX 128.94 per share, central GBX 145.88 per share, high GBX 168.42 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 2026-10-15T06:44:42.308Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/ZLECI7ED2QMWFGYCXZ59/2025-12-31/ESEF/GB/0/ZLECI7ED2QMWFGYCXZ59-2025-12-31/reports/ZLECI7ED2QMWFGYCXZ59-2025-12-31-T01.xhtml); period 2025-12-31, filed 2026-03-24.

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