# JD Sports Fashion (JD.LSE)

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

Analysis as of: 2026-10-16T07:37:11.319Z. Financial observations: FY1997–FY2026.

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

Estimated value: low GBX 72.14 per share, central GBX 80.45 per share, high GBX 91.51 per share. Buy at or below the central value GBX 80.45 per share. Valuation as of 2026-10-16T07:37:11.319Z; scenarios are not confidence intervals.

Expected annual return: 8.9% at the stated quote. About 8.9% 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: pass

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

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.18×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.10×

- FY2018: 0.09×

- FY2019: 0.07×

- FY2020: 0.07×

- FY2021: 0.06×

- FY2022: 0.08×

- FY2023: 0.05×

- FY2024: 0.09×

- FY2025: 0.08×

- FY2026: 0.07×

### moat: pass

- ROIC, median of available years: 20.1%

- ROIC, second-lowest year: 15.2%

- Typical minus recent gross margin: 0.8 pp

- Typical gross margin (annual median): 47.8%

- Recent gross margin (lower of latest and 3-year median): 47.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.4%

- ROIC including acquisitions, ten-year median: 7.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 75.7%

- FY2018: 68.6%

- FY2019: 40.2%

- FY2020: 11.9%

- FY2021: 15.2%

- FY2022: 26.4%

- FY2023: 16.8%

- FY2024: 23.5%

- FY2025: 16.1%

- FY2026: 16.5%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.55×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: GBP 1.1B

- Net income, five-year total: GBP 2.0B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.2 pp

- Working capital / revenue, change between three-year averages: -1.4 pp

- Working capital / revenue, final three-year average: 8.9%

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

- FY2022: 0.69×

- FY2023: 0.20×

- FY2024: 0.40×

- FY2025: 0.37×

- FY2026: 0.94×

### management: pass

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

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 68.6% vs 16.5%

- Per-share earnings: 0.04 to 0.10 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.0%

- Ordinary dilution, 5-year annual growth: -1.1%

- Market cap gain: GBP 614M

- Cumulative retained earnings: GBP 2.3B

- Diluted shares, 10-year annual growth: 0.0%

- Diluted shares, 5-year annual growth: -1.1%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 12.7%

- Per-share value change: GBP 0.06

- Per-share value, starting three-year median: GBP 0.04

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

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 2.7%

- Buyback history: 2 years

- Debt-funded buybacks: No

- Acquisition spending: GBP 2.3B

- Cumulative net income, 10 years: GBP 3.1B

- ROIC, first three-year median: 68.6%

- ROIC, last three-year median: 16.5%

Chart: Earnings per share; fiscal year observations.

- FY2017: GBP 0.04

- FY2018: GBP 0.05

- FY2019: GBP 0.05

- FY2020: GBP 0.05

- FY2021: GBP 0.04

- FY2022: GBP 0.07

- FY2023: GBP 0.03

- FY2024: GBP 0.10

- FY2025: GBP 0.10

- FY2026: GBP 0.09

### accounting: pass

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

- Sloan accruals: -9.5%

- Receivables to sales index (DSRI): 3.32×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.4%

- Earnings backed by cash: Yes

- Operating cash / earnings: 3.14×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.72×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -8.5%

- FY2018: -6.6%

- FY2019: -5.3%

- FY2020: -14.0%

- FY2021: -16.2%

- FY2022: -12.7%

- FY2023: -11.7%

- FY2024: -7.5%

- FY2025: -7.4%

- FY2026: -9.5%

## Holders

## Price story

Down 59% since Nov 2021 · "JD Sports grapples with ‘tough’ consumer backdrop as sales weaken" (uk.finance.yahoo.com, Sep 2026) · sales +10.5%

Story as of 2026-10-16T10:00:08.807Z; price observation 2026-10-15.

Price needs cash profits to grow 2.9% a year for ten years

- 2025-08-27: JD Sports Fashion Shares Rise on $135 Million Buyback, Guidance ([finance.yahoo.com](https://finance.yahoo.com/m/06bd3980-10ea-3c94-8596-304442dd1cde/jd-sports-fashion-shares-rise.html))

- 2025-09-24: JD Sports says consumer finances ‘strained’ as sales and profits drop ([uk.finance.yahoo.com](https://uk.finance.yahoo.com/news/jd-sports-says-consumer-finances-071213900.html))

- 2025-11-20: JD Sports Warns on Holiday Profits Amid Strained Consumer Spending Headwinds ([finance.yahoo.com](https://finance.yahoo.com/news/jd-sports-warns-holiday-profits-205219427.html))

- 2026-05-07: JD Sports cautions that Iran war could weigh on profits and push up prices ([uk.finance.yahoo.com](https://uk.finance.yahoo.com/news/jd-sports-cautions-iran-war-071605510.html))

- 2026-08-19: JD Sports Fashion lowers FY27 profit guidance ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/jd-sports-fashion-lowers-fy27-062000206.html))

### Sales · FY2025–2026

sales +10.5%; source https://filings.xbrl.org/213800HROV6Y9MUU8375/2026-01-31/ESEF/GB/0/213800HROV6Y9MUU8375-2026-01-31/reports/213800HROV6Y9MUU8375-2026-01-31--T01.html; observed 2026-05-27.

- FY2017: GBP 2.4B 

- FY2018: GBP 3.2B 

- FY2019: GBP 4.7B 

- FY2020: GBP 6.1B 

- FY2021: GBP 6.2B 

- FY2022: GBP 8.6B 

- FY2023: GBP 10B 

- FY2024: GBP 11B 

- FY2025: GBP 11B 

- FY2026: GBP 13B 

### Gross margin · FY2026

gross margin 47%; source https://filings.xbrl.org/213800HROV6Y9MUU8375/2026-01-31/ESEF/GB/0/213800HROV6Y9MUU8375-2026-01-31/reports/213800HROV6Y9MUU8375-2026-01-31--T01.html; observed 2026-05-27.

- FY2017: 48.9% 

- FY2018: 48.4% 

- FY2019: 47.5% 

- FY2020: 47.0% 

- FY2021: 48.0% 

- FY2022: 49.1% 

- FY2023: 47.8% 

- FY2024: 47.9% 

- FY2025: 47.7% 

- FY2026: 47.0% 

## Owner memo

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

### How it makes money

Operates in apparel retail; annual sales are GBP 12.7 billion.

- Source: https://filings.xbrl.org/213800HROV6Y9MUU8375/2026-01-31/ESEF/GB/0/213800HROV6Y9MUU8375-2026-01-31/reports/213800HROV6Y9MUU8375-2026-01-31--T01.html (filed 2026-05-27); FY2026: revenue 12662000000; grossProfit 5951000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); JD.LSE: JD Sports Fashion Plc engages in the retail of branded sports fashion and outdoor clothing, footwear, accessories, and equipment for women and men in the United Kingdom, Europe, North America, and the Asia Pacific. It operates through JD, Complementary Athleisure, and Sporting Goods and Outdoors segments. The company also engages in the business of fitness and leisure clubs; and sells gift cards. It offers products under the JD, Finish Line, JD Gyms, Size", Footpatrol, Livestock, Hibbett, DTLR, Shoe Palace, Sizeer, Courir, Sprinter, Sport Zone, Go Outdoors, Blacks, Tiso, Ultimate Outdoors, Fishing Republic, Millets, and Naylors brand names. The company sells its products through retail stores and websites. JD Sports Fashion Plc was founded in 1981 and is headquartered in Bury, the United Kingdom. The company operates as a subsidiary of Pentland Group Limited.

### Why customers stay

Margins ranged from 47% to 47.9% during 2024–26; it earns 20.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-27); FY2024: grossProfit / revenue = 47.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-27); FY2025: grossProfit / revenue = 47.7%.

- Source: https://filings.xbrl.org/213800HROV6Y9MUU8375/2026-01-31/ESEF/GB/0/213800HROV6Y9MUU8375-2026-01-31/reports/213800HROV6Y9MUU8375-2026-01-31--T01.html (filed 2026-05-27); FY2026: grossProfit / revenue = 47%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-27); 10-year return on capital observations [[2017,0.756554526860276],[2018,0.6862866311933753],[2019,0.4020572401854687],[2020,0.11928892842806171],[2021,0.1517449586872364],[2022,0.2637303021013407],[2023,0.16762950222581952],[2024,0.23520877779119537],[2025,0.16084575801556933],[2026,0.16522387958151993]]; median 0.20141914000850744. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 49% gross margin through 2022 cost inflation.

- Source: https://filings.xbrl.org/213800HROV6Y9MUU8375/2026-01-31/ESEF/GB/0/213800HROV6Y9MUU8375-2026-01-31/reports/213800HROV6Y9MUU8375-2026-01-31--T01.html (filed 2026-05-27); Gross margin observations: [[2021,0.48021014058015665],[2022,0.4914165596169567],[2023,0.47799506172839507]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 9 of 10 years; bought back GBP 201 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-27); FY2017: growth capex 28102000; upkeep 52970000; owner earnings 178900000. Growth capex / owner earnings = 0.15708216880939072.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-27); FY2018: growth capex 80940797.85289311; upkeep 92859202.14710689; owner earnings 210340797.8528931. Growth capex / owner earnings = 0.3848078864353315.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-27); FY2019: growth capex 70900000; upkeep 115000000; owner earnings 261800000. Growth capex / owner earnings = 0.2708174178762414.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-27); FY2020: growth capex 0; upkeep 170400000; owner earnings 127160000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-27); FY2021: growth capex 0; upkeep 124300000; owner earnings 213240000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-27); FY2022: growth capex 0; upkeep 247400000; owner earnings 253620000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-27); FY2023: growth capex 0; upkeep 346500000; owner earnings 28638288.486987203. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-27); FY2024: growth capex 0; upkeep 529500000; owner earnings 216232462.8099174. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-27); FY2025: growth capex 0; upkeep 515000000; owner earnings 180755555.55555552. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/213800HROV6Y9MUU8375/2026-01-31/ESEF/GB/0/213800HROV6Y9MUU8375-2026-01-31/reports/213800HROV6Y9MUU8375-2026-01-31--T01.html (filed 2026-05-27); FY2026: growth capex 0; upkeep 367000000; owner earnings 409355555.5555556. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-27); Dividend observations: [[2017,14501000],[2018,15200000],[2019,15900000],[2020,16700000],[2021,0],[2022,14900000],[2023,24800000],[2024,50100000],[2025,48000000],[2026,52000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://filings.xbrl.org/213800HROV6Y9MUU8375/2026-01-31/ESEF/GB/0/213800HROV6Y9MUU8375-2026-01-31/reports/213800HROV6Y9MUU8375-2026-01-31--T01.html (filed 2026-05-27); FY2026: cash repurchases 201000000 GBP.

### Are managers owners

Insiders own 56.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); JD.LSE SharesStats.PercentInsiders = 56.206 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 2.9% yearly over ten years; actual growth was 15.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-27); Ten-year compound average after fade. Initial solved rate 0.028349883769032025. Price 92.26; FX 100; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 0.020063845748946738 → FY2026 0.08382590266034343. Closing-price date 2026-10-15.

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

- 2016-10: GBX 303.80 per share

- 2016-11: GBX 66.60 per share

- 2016-12: GBX 63.58 per share

- 2017-01: GBX 69.46 per share

- 2017-02: GBX 70.36 per share

- 2017-03: GBX 77.06 per share

- 2017-04: GBX 89.00 per share

- 2017-05: GBX 90.22 per share

- 2017-06: GBX 70.00 per share

- 2017-07: GBX 71.58 per share

- 2017-08: GBX 64.82 per share

- 2017-09: GBX 74.90 per share

- 2017-10: GBX 71.52 per share

- 2017-11: GBX 65.96 per share

- 2017-12: GBX 67.24 per share

- 2018-01: GBX 73.24 per share

- 2018-02: GBX 76.66 per share

- 2018-03: GBX 67.06 per share

- 2018-04: GBX 78.20 per share

- 2018-05: GBX 76.14 per share

- 2018-06: GBX 88.12 per share

- 2018-07: GBX 93.58 per share

- 2018-08: GBX 101.60 per share

- 2018-09: GBX 91.82 per share

- 2018-10: GBX 81.66 per share

- 2018-11: GBX 79.00 per share

- 2018-12: GBX 69.76 per share

- 2019-01: GBX 92.56 per share

- 2019-02: GBX 93.14 per share

- 2019-03: GBX 100.52 per share

- 2019-04: GBX 125.88 per share

- 2019-05: GBX 123.36 per share

- 2019-06: GBX 117.28 per share

- 2019-07: GBX 129.96 per share

- 2019-08: GBX 123.40 per share

- 2019-09: GBX 150.28 per share

- 2019-10: GBX 153.68 per share

- 2019-11: GBX 152.12 per share

- 2019-12: GBX 167.48 per share

- 2020-01: GBX 164.36 per share

- 2020-02: GBX 147.40 per share

- 2020-03: GBX 91.54 per share

- 2020-04: GBX 105.88 per share

- 2020-05: GBX 131.68 per share

- 2020-06: GBX 124.44 per share

- 2020-07: GBX 121.12 per share

- 2020-08: GBX 145.16 per share

- 2020-09: GBX 161.88 per share

- 2020-10: GBX 148.24 per share

- 2020-11: GBX 155.24 per share

- 2020-12: GBX 172.00 per share

- 2021-01: GBX 149.40 per share

- 2021-02: GBX 166.08 per share

- 2021-03: GBX 164.92 per share

- 2021-04: GBX 183.68 per share

- 2021-05: GBX 189.04 per share

- 2021-06: GBX 183.80 per share

- 2021-07: GBX 179.40 per share

- 2021-08: GBX 201.90 per share

- 2021-09: GBX 209.70 per share

- 2021-10: GBX 217.60 per share

- 2021-11: GBX 222.90 per share

- 2021-12: GBX 217.80 per share

- 2022-01: GBX 188.05 per share

- 2022-02: GBX 151.00 per share

- 2022-03: GBX 148.25 per share

- 2022-04: GBX 133.40 per share

- 2022-05: GBX 122.65 per share

- 2022-06: GBX 115.40 per share

- 2022-07: GBX 129.55 per share

- 2022-08: GBX 112.95 per share

- 2022-09: GBX 100.20 per share

- 2022-10: GBX 97.44 per share

- 2022-11: GBX 126.05 per share

- 2022-12: GBX 126.15 per share

- 2023-01: GBX 162.75 per share

- 2023-02: GBX 181.10 per share

- 2023-03: GBX 177.75 per share

- 2023-04: GBX 161.05 per share

- 2023-05: GBX 152.00 per share

- 2023-06: GBX 146.00 per share

- 2023-07: GBX 157.70 per share

- 2023-08: GBX 145.25 per share

- 2023-09: GBX 149.70 per share

- 2023-10: GBX 127.50 per share

- 2023-11: GBX 157.05 per share

- 2023-12: GBX 165.95 per share

- 2024-01: GBX 117.05 per share

- 2024-02: GBX 117.90 per share

- 2024-03: GBX 134.50 per share

- 2024-04: GBX 115.60 per share

- 2024-05: GBX 127.50 per share

- 2024-06: GBX 119.50 per share

- 2024-07: GBX 131.60 per share

- 2024-08: GBX 137.95 per share

- 2024-09: GBX 154.05 per share

- 2024-10: GBX 124.00 per share

- 2024-11: GBX 101.80 per share

- 2024-12: GBX 95.90 per share

- 2025-01: GBX 89.12 per share

- 2025-02: GBX 78.06 per share

- 2025-03: GBX 67.90 per share

- 2025-04: GBX 78.58 per share

- 2025-05: GBX 84.12 per share

- 2025-06: GBX 88.74 per share

- 2025-07: GBX 85.46 per share

- 2025-08: GBX 96.02 per share

- 2025-09: GBX 95.30 per share

- 2025-10: GBX 93.18 per share

- 2025-11: GBX 77.26 per share

- 2025-12: GBX 84.46 per share

- 2026-01: GBX 81.78 per share

- 2026-02: GBX 81.98 per share

- 2026-03: GBX 70.66 per share

- 2026-04: GBX 67.30 per share

- 2026-05: GBX 84.26 per share

- 2026-06: GBX 84.72 per share

- 2026-07: GBX 89.46 per share

- 2026-08: GBX 86.70 per share

- 2026-09: GBX 81.28 per share

- 2026-10: GBX 92.26 per share

## Annual estimated value (GBX per share)

- FY2017: low GBX 28.67 per share, central GBX 39.94 per share, high GBX 46.23 per share

- FY2018: low GBX 56.40 per share, central GBX 79.60 per share, high GBX 92.54 per share

- FY2019: low GBX 81.34 per share, central GBX 117.18 per share, high GBX 137.17 per share

- FY2020: low GBX 108.25 per share, central GBX 154.67 per share, high GBX 180.56 per share

- FY2021: low GBX 112.65 per share, central GBX 156.84 per share, high GBX 181.49 per share

- FY2022: low GBX 84.88 per share, central GBX 93.53 per share, high GBX 105.04 per share

- FY2023: low GBX 79.60 per share, central GBX 88.28 per share, high GBX 99.83 per share

- FY2024: low GBX 62.44 per share, central GBX 68.82 per share, high GBX 77.31 per share

- FY2025: low GBX 58.99 per share, central GBX 65.90 per share, high GBX 75.10 per share

- FY2026: low GBX 69.59 per share, central GBX 77.61 per share, high GBX 88.28 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 2026-10-15T06:43:00.347Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/213800HROV6Y9MUU8375/2026-01-31/ESEF/GB/0/213800HROV6Y9MUU8375-2026-01-31/reports/213800HROV6Y9MUU8375-2026-01-31--T01.html); period 2026-01-31, filed 2026-05-27.

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