# Kingfisher (KGF.LSE)

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

Analysis as of: 2026-10-16T07:36:34.520Z. 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 339.10 per share; close as of 2026-10-15.

Estimated value: low GBX 84.33 per share, central GBX 94.21 per share, high GBX 107.38 per share. Buy at or below the central value GBX 94.21 per share. Valuation as of 2026-10-16T07:36:34.520Z; scenarios are not confidence intervals.

Expected annual return: 4.7% at the stated quote. About 4.7% 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

- FY2025 operating-margin dip fully recovered the next year and stayed recovered; holding that year at the preceding margin meets the existing variation limit. Raw variation still determines the price discount.

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

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 0

- Operating margin variation: 0.37×

- One fully recovered margin dip: Yes

- Variation with recovered dip held at prior margin: 0.35

- Recovered dip fiscal year: FY2025

Chart: Operating margin; fiscal year observations.

- FY2017: 0.07×

- FY2018: 0.06×

- FY2019: 0.03×

- FY2020: 0.02×

- FY2021: 0.07×

- FY2022: 0.09×

- FY2023: 0.06×

- FY2024: 0.04×

- FY2025: 0.03×

- FY2026: 0.05×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 7.2%

- ROIC, second-lowest year: 4.4%

- Typical minus recent gross margin: -0.3 pp

- Typical gross margin (annual median): 37.0%

- Recent gross margin (lower of latest and 3-year median): 37.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.0%

- ROIC including acquisitions, ten-year median: 3.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 16.5%

- FY2018: 7.3%

- FY2019: 5.3%

- FY2020: 3.1%

- FY2021: 13.0%

- FY2022: 16.2%

- FY2023: 8.5%

- FY2024: 6.7%

- FY2025: 4.4%

- FY2026: 7.1%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.44×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: GBP 909M

- Net income, five-year total: GBP 2.1B

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: -0.1 pp

- Working capital / revenue, change between three-year averages: -0.4 pp

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

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

- FY2022: 0.61×

- FY2023: 0.23×

- FY2024: 0.42×

- FY2025: 0.42×

- FY2026: 0.26×

### management: fail

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

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 7.3% vs 6.7%

- Per-share earnings: 0.23 to 0.14 (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: -2.8%

- Ordinary dilution, 5-year annual growth: -4.3%

- Market cap gain: GBP -1.7B

- Cumulative retained earnings: GBP -625M

- Diluted shares, 10-year annual growth: -2.8%

- Diluted shares, 5-year annual growth: -4.3%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: -5.5%

- Per-share value change: GBP -0.08

- Per-share value, starting three-year median: GBP 0.23

- Per-share value, ending three-year median: GBP 0.14

- Buybacks concentrated in cheaper years (correlation): 0.03

- Average buyback yield: 3.4%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: GBP 166M

- Cumulative net income, 10 years: GBP 4.0B

- ROIC, first three-year median: 7.3%

- ROIC, last three-year median: 6.7%

Chart: Earnings per share; fiscal year observations.

- FY2017: GBP 0.27

- FY2018: GBP 0.23

- FY2019: GBP 0.09

- FY2020: GBP 0.00

- FY2021: GBP 0.28

- FY2022: GBP 0.43

- FY2023: GBP 0.24

- FY2024: GBP 0.18

- FY2025: GBP 0.10

- FY2026: GBP 0.14

### accounting: pass

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

- Sloan accruals: -10.6%

- Receivables to sales index (DSRI): 1.67×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 1.9%

- Earnings backed by cash: Yes

- Operating cash / earnings: 5.94×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.41×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -1.7%

- FY2018: 1.9%

- FY2019: -4.6%

- FY2020: -7.9%

- FY2021: -8.6%

- FY2022: -2.7%

- FY2023: -2.9%

- FY2024: -8.2%

- FY2025: -9.8%

- FY2026: -10.6%

## Holders

## Price story

Price needs cash profits to grow 18.5% a year for ten years · sales +1.3%

Story as of 2026-10-16T10:00:07.701Z; price observation 2026-10-15.

Price needs cash profits to grow 18.5% a year for ten years

- 2025-09-23: Kingfisher Shares Soar on Lifted Guidance, Strong Performance ([finance.yahoo.com](https://finance.yahoo.com/m/cfc73868-74c2-3af3-a133-43e872811e14/kingfisher-shares-soar-on.html))

- 2026-09-23: Kingfisher lifts full-year guidance after first-half profit rise ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/kingfisher-lifts-full-guidance-first-110833497.html))

### Sales · FY2025–2026

sales +1.3%; source https://filings.xbrl.org/213800KBMEV7I92FY281/2026-01-31/ESEF/GB/0/213800KBMEV7I92FY281-2026-01-31/reports/213800KBMEV7I92FY281-2026-01-31-T01.xhtml; observed 2026-04-21.

- FY2017: GBP 11B 

- FY2018: GBP 12B 

- FY2019: GBP 12B 

- FY2020: GBP 12B 

- FY2021: GBP 12B 

- FY2022: GBP 13B 

- FY2023: GBP 13B 

- FY2024: GBP 13B 

- FY2025: GBP 13B 

- FY2026: GBP 13B 

### Gross margin · FY2026

gross margin 38.1%; source https://filings.xbrl.org/213800KBMEV7I92FY281/2026-01-31/ESEF/GB/0/213800KBMEV7I92FY281-2026-01-31/reports/213800KBMEV7I92FY281-2026-01-31-T01.xhtml; observed 2026-04-21.

- FY2017: 37.2% 

- FY2018: 36.9% 

- FY2019: 36.9% 

- FY2020: 37.0% 

- FY2021: 37.0% 

- FY2022: 37.4% 

- FY2023: 36.7% 

- FY2024: 36.8% 

- FY2025: 37.3% 

- FY2026: 38.1% 

## Owner memo

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

### How it makes money

Operates in home improvement retail; annual sales are GBP 12.9 billion.

- Source: https://filings.xbrl.org/213800KBMEV7I92FY281/2026-01-31/ESEF/GB/0/213800KBMEV7I92FY281-2026-01-31/reports/213800KBMEV7I92FY281-2026-01-31-T01.xhtml (filed 2026-04-21); FY2026: revenue 12945000000; grossProfit 4930000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); KGF.LSE: Kingfisher plc, together with its subsidiaries, supplies home improvement products and services in the United Kingdom, Ireland, France, Poland, and internationally. The company operates retail stores under the B&Q, Castorama, Brico Dépôt, Screwfix, TradePoint, and Koçtas brand names. It sells its products to consumers and trade professionals through stores and e-commerce channels. Kingfisher plc was incorporated in 1982 and is based in London, the United Kingdom.

### Why customers stay

Margins ranged from 36.8% to 38.1% during 2024–26; it earns 7.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-21); FY2024: grossProfit / revenue = 36.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-21); FY2025: grossProfit / revenue = 37.3%.

- Source: https://filings.xbrl.org/213800KBMEV7I92FY281/2026-01-31/ESEF/GB/0/213800KBMEV7I92FY281-2026-01-31/reports/213800KBMEV7I92FY281-2026-01-31-T01.xhtml (filed 2026-04-21); FY2026: grossProfit / revenue = 38.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-21); 10-year return on capital observations [[2017,0.16456997268975385],[2018,0.07297879117378937],[2019,0.05344029041141617],[2020,0.031390784982935155],[2021,0.12980293255356593],[2022,0.1616897151310068],[2023,0.0853371845367467],[2024,0.06663447609850315],[2025,0.04369116432700248],[2026,0.07133735979292494]]; median 0.07215807548335715. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 37% gross margin through 2022 cost inflation.

- Source: https://filings.xbrl.org/213800KBMEV7I92FY281/2026-01-31/ESEF/GB/0/213800KBMEV7I92FY281-2026-01-31/reports/213800KBMEV7I92FY281-2026-01-31-T01.xhtml (filed 2026-04-21); Gross margin observations: [[2021,0.37049339706716355],[2022,0.3743457483122203],[2023,0.36717972279653877]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back GBP 281 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-21); FY2017: growth capex 153000000; upkeep 253000000; owner earnings 610000000. Growth capex / owner earnings = 0.25081967213114753.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-21); FY2018: growth capex 114000000; upkeep 254000000; owner earnings 485000000. Growth capex / owner earnings = 0.23505154639175257.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-21); FY2019: growth capex 0; upkeep 339000000; owner earnings 381800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-21); FY2021: growth capex 0; upkeep 283000000; owner earnings 360800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-21); FY2022: growth capex 0; upkeep 408000000; owner earnings 514800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-21); FY2023: growth capex 0; upkeep 456000000; owner earnings 108200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-21); FY2024: growth capex 0; upkeep 367000000; owner earnings 145600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-21); FY2025: growth capex 0; upkeep 322000000; owner earnings 76800000. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/213800KBMEV7I92FY281/2026-01-31/ESEF/GB/0/213800KBMEV7I92FY281-2026-01-31/reports/213800KBMEV7I92FY281-2026-01-31-T01.xhtml (filed 2026-04-21); FY2026: growth capex 0; upkeep 401000000; owner earnings 63400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-21); Dividend observations: [[2017,230000000],[2018,231000000],[2019,231000000],[2020,227000000],[2021,227000000],[2022,254000000],[2023,246000000],[2024,237000000],[2025,228000000],[2026,218000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://filings.xbrl.org/213800KBMEV7I92FY281/2026-01-31/ESEF/GB/0/213800KBMEV7I92FY281-2026-01-31/reports/213800KBMEV7I92FY281-2026-01-31-T01.xhtml (filed 2026-04-21); FY2026: cash repurchases 281000000 GBP.

### Are managers owners

Insiders own 1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); KGF.LSE SharesStats.PercentInsiders = 0.984 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 18.5% yearly over ten years; actual decline was 12.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-21); Ten-year compound average after fade. Initial solved rate 0.2562484833000783. Price 339.1; FX 100; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 0.1402197802197802 → FY2026 0.03714118336262449. Closing-price date 2026-10-15.

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

- 2016-10: GBX 361.30 per share

- 2016-11: GBX 353.10 per share

- 2016-12: GBX 350.30 per share

- 2017-01: GBX 336.20 per share

- 2017-02: GBX 329.20 per share

- 2017-03: GBX 326.10 per share

- 2017-04: GBX 341.30 per share

- 2017-05: GBX 325.10 per share

- 2017-06: GBX 300.70 per share

- 2017-07: GBX 294.40 per share

- 2017-08: GBX 298.90 per share

- 2017-09: GBX 298.50 per share

- 2017-10: GBX 312.60 per share

- 2017-11: GBX 334.00 per share

- 2017-12: GBX 337.70 per share

- 2018-01: GBX 347.00 per share

- 2018-02: GBX 357.90 per share

- 2018-03: GBX 292.50 per share

- 2018-04: GBX 303.80 per share

- 2018-05: GBX 305.20 per share

- 2018-06: GBX 297.00 per share

- 2018-07: GBX 296.70 per share

- 2018-08: GBX 273.50 per share

- 2018-09: GBX 258.00 per share

- 2018-10: GBX 254.70 per share

- 2018-11: GBX 250.00 per share

- 2018-12: GBX 207.50 per share

- 2019-01: GBX 222.70 per share

- 2019-02: GBX 242.10 per share

- 2019-03: GBX 234.80 per share

- 2019-04: GBX 264.10 per share

- 2019-05: GBX 213.90 per share

- 2019-06: GBX 214.90 per share

- 2019-07: GBX 222.40 per share

- 2019-08: GBX 194.45 per share

- 2019-09: GBX 206.80 per share

- 2019-10: GBX 207.20 per share

- 2019-11: GBX 209.90 per share

- 2019-12: GBX 217.00 per share

- 2020-01: GBX 204.00 per share

- 2020-02: GBX 189.35 per share

- 2020-03: GBX 143.90 per share

- 2020-04: GBX 157.30 per share

- 2020-05: GBX 194.20 per share

- 2020-06: GBX 220.80 per share

- 2020-07: GBX 241.90 per share

- 2020-08: GBX 270.30 per share

- 2020-09: GBX 296.70 per share

- 2020-10: GBX 287.10 per share

- 2020-11: GBX 273.60 per share

- 2020-12: GBX 270.40 per share

- 2021-01: GBX 277.70 per share

- 2021-02: GBX 265.40 per share

- 2021-03: GBX 318.30 per share

- 2021-04: GBX 357.30 per share

- 2021-05: GBX 360.30 per share

- 2021-06: GBX 364.50 per share

- 2021-07: GBX 368.40 per share

- 2021-08: GBX 350.30 per share

- 2021-09: GBX 336.50 per share

- 2021-10: GBX 335.00 per share

- 2021-11: GBX 316.80 per share

- 2021-12: GBX 338.30 per share

- 2022-01: GBX 331.10 per share

- 2022-02: GBX 306.20 per share

- 2022-03: GBX 255.40 per share

- 2022-04: GBX 253.30 per share

- 2022-05: GBX 263.60 per share

- 2022-06: GBX 244.30 per share

- 2022-07: GBX 258.60 per share

- 2022-08: GBX 232.10 per share

- 2022-09: GBX 220.40 per share

- 2022-10: GBX 218.90 per share

- 2022-11: GBX 241.10 per share

- 2022-12: GBX 236.10 per share

- 2023-01: GBX 279.00 per share

- 2023-02: GBX 287.20 per share

- 2023-03: GBX 261.20 per share

- 2023-04: GBX 257.50 per share

- 2023-05: GBX 231.00 per share

- 2023-06: GBX 231.70 per share

- 2023-07: GBX 245.70 per share

- 2023-08: GBX 234.00 per share

- 2023-09: GBX 223.30 per share

- 2023-10: GBX 209.80 per share

- 2023-11: GBX 219.40 per share

- 2023-12: GBX 243.30 per share

- 2024-01: GBX 220.40 per share

- 2024-02: GBX 234.50 per share

- 2024-03: GBX 249.40 per share

- 2024-04: GBX 248.10 per share

- 2024-05: GBX 264.10 per share

- 2024-06: GBX 248.80 per share

- 2024-07: GBX 276.30 per share

- 2024-08: GBX 284.20 per share

- 2024-09: GBX 322.00 per share

- 2024-10: GBX 292.50 per share

- 2024-11: GBX 247.50 per share

- 2024-12: GBX 248.70 per share

- 2025-01: GBX 246.20 per share

- 2025-02: GBX 246.70 per share

- 2025-03: GBX 253.30 per share

- 2025-04: GBX 287.20 per share

- 2025-05: GBX 277.60 per share

- 2025-06: GBX 290.80 per share

- 2025-07: GBX 270.50 per share

- 2025-08: GBX 257.40 per share

- 2025-09: GBX 308.70 per share

- 2025-10: GBX 308.80 per share

- 2025-11: GBX 305.60 per share

- 2025-12: GBX 312.70 per share

- 2026-01: GBX 337.50 per share

- 2026-02: GBX 370.50 per share

- 2026-03: GBX 283.80 per share

- 2026-04: GBX 286.40 per share

- 2026-05: GBX 287.50 per share

- 2026-06: GBX 283.20 per share

- 2026-07: GBX 308.60 per share

- 2026-08: GBX 315.50 per share

- 2026-09: GBX 334.30 per share

- 2026-10: GBX 339.10 per share

## Annual estimated value (GBX per share)

- FY2017: low GBX 329.91 per share, central GBX 401.23 per share, high GBX 463.72 per share

- FY2018: low GBX 325.61 per share, central GBX 398.37 per share, high GBX 464.24 per share

- FY2019: low GBX 263.57 per share, central GBX 314.89 per share, high GBX 366.65 per share

- FY2020: low GBX 194.50 per share, central GBX 221.32 per share, high GBX 257.02 per share

- FY2021: low GBX 249.57 per share, central GBX 278.17 per share, high GBX 316.24 per share

- FY2022: low GBX 274.08 per share, central GBX 316.04 per share, high GBX 362.96 per share

- FY2023: low GBX 216.02 per share, central GBX 245.63 per share, high GBX 285.04 per share

- FY2024: low GBX 90.09 per share, central GBX 101.77 per share, high GBX 117.33 per share

- FY2025: low GBX 89.57 per share, central GBX 101.61 per share, high GBX 117.62 per share

- FY2026: low GBX 80.75 per share, central GBX 90.22 per share, high GBX 102.83 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 2026-10-15T06:42:22.015Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/213800KBMEV7I92FY281/2026-01-31/ESEF/GB/0/213800KBMEV7I92FY281-2026-01-31/reports/213800KBMEV7I92FY281-2026-01-31-T01.xhtml); period 2026-01-31, filed 2026-04-21.

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.