# Kier Group (KIE.LSE)

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

Analysis as of: 2026-10-16T07:41:42.004Z. Financial observations: FY1997–FY2026.

Listing currency: GBX. Reporting currency: GBP.

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

Estimated value: low GBX 615.97 per share, central GBX 642.99 per share, high GBX 678.97 per share. Buy at or below the central value GBX 642.99 per share. Valuation as of 2026-10-16T07:41:42.004Z; scenarios are not confidence intervals.

## Checklist

### understandable: fail

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

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 4

- Operating margin variation: 1.58×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.03×

- FY2018: 0.03×

- FY2019: -0.05×

- FY2020: 0.01×

- FY2021: 0.02×

- FY2022: 0.01×

- FY2023: 0.02×

- FY2024: 0.03×

- FY2025: 0.03×

- FY2026: 0.03×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

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

- ROIC, median of available years: 14.9%

- ROIC, second-lowest year: 3.5%

- Typical minus recent gross margin: 0.0 pp

- Typical gross margin (annual median): 8.1%

- Recent gross margin (lower of latest and 3-year median): 8.0%

- Years with nonpositive capital: 3

- Capital spending / revenue: 0.3%

- ROIC including acquisitions, ten-year median: 7.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 62.1%

- FY2018: 37.3%

- FY2019: -94.5%

- FY2020: 10.0%

- FY2021: >100%

- FY2022: 19.8%

- FY2023: 64.1%

- FY2024: 3.7%

- FY2025: 3.8%

- FY2026: 3.5%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 1.77×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: GBP 380M

- Net income, five-year total: GBP 215M

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: -0.5 pp

- Working capital / revenue, change between three-year averages: -3.8 pp

- Working capital / revenue, final three-year average: 8.0%

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

- FY2022: 2.09×

- FY2023: 1.77×

- FY2024: 1.58×

- FY2025: 1.29×

- FY2026: 2.29×

### 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: 37.3% vs 3.7%

- Per-share earnings: -0.25 to 0.12 (three-year endpoint medians)

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 16.8%

- Ordinary dilution, 5-year annual growth: -0.1%

- Market cap gain: GBP -204M

- Cumulative retained earnings: GBP 567M

- Diluted shares, 10-year annual growth: 16.8%

- Diluted shares, 5-year annual growth: -0.1%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value change: GBP 0.38

- Per-share value, starting three-year median: GBP -0.25

- Per-share value, ending three-year median: GBP 0.12

- Buybacks concentrated in cheaper years (correlation): 0.16

- Average buyback yield: 11.7%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: GBP 558M

- Cumulative net income, 10 years: GBP -192M

- ROIC, first three-year median: 37.3%

- ROIC, last three-year median: 3.7%

Chart: Earnings per share; fiscal year observations.

- FY2017: GBP -0.27

- FY2018: GBP 0.85

- FY2019: GBP -1.03

- FY2020: GBP -1.44

- FY2021: GBP -0.00

- FY2022: GBP 0.03

- FY2023: GBP 0.09

- FY2024: GBP 0.09

- FY2025: GBP 0.12

- FY2026: GBP 0.14

### accounting: pass

- Sloan accruals: -3.3%

- Receivables to sales index (DSRI): 1.24×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 3.08×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.14×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -3.7%

- FY2018: -1.5%

- FY2019: -4.2%

- FY2020: -6.7%

- FY2021: -2.1%

- FY2022: -1.5%

- FY2023: -4.5%

- FY2024: -5.4%

- FY2025: -5.0%

- FY2026: -3.3%

## Holders

## Price story

Up 197% since Oct 2023 · sales +6.8%

Story as of 2026-10-16T10:00:12.080Z; price observation 2026-10-15.

### Sales · FY2025–2026

sales +6.8%; source https://filings.xbrl.org/2138002RKCU2OM4Y7O48/2026-06-30/ESEF/GB/0/2138002RKCU2OM4Y7O48-2026-06-30/reports/2138002RKCU2OM4Y7O48-2026-06-30-T01.xhtml; observed 2026-10-06.

- FY2017: GBP 4.1B 

- FY2018: GBP 4.2B 

- FY2019: GBP 4.0B 

- FY2020: GBP 3.4B 

- FY2021: GBP 3.3B 

- FY2022: GBP 3.1B 

- FY2023: GBP 3.4B 

- FY2024: GBP 3.9B 

- FY2025: GBP 4.1B 

- FY2026: GBP 4.4B 

### Gross margin · FY2026

gross margin 8%; source https://filings.xbrl.org/2138002RKCU2OM4Y7O48/2026-06-30/ESEF/GB/0/2138002RKCU2OM4Y7O48-2026-06-30/reports/2138002RKCU2OM4Y7O48-2026-06-30-T01.xhtml; observed 2026-10-06.

- FY2017: 9.7% 

- FY2018: 10.1% 

- FY2019: 7.4% 

- FY2020: 4.9% 

- FY2021: 7.8% 

- FY2022: 7.6% 

- FY2023: 8.3% 

- FY2024: 8.6% 

- FY2025: 8.1% 

- FY2026: 8.0% 

## Owner memo

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

### How it makes money

Operates in engineering & construction; annual sales are GBP 4.4 billion.

- Source: https://eodhd.com/api/fundamentals/KIE.LSE.json#2026-06-30 (filed 2026-10-06); FY2026: revenue 4352500000; grossProfit 349200000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); KIE.LSE: Kier Group plc primarily engages in the construction business in the United Kingdom and internationally. The company operates through four segments: Infrastructure, Construction, Property, and Corporate. It constructs power stations, roads, bridges, railways, and tunnels; and buildings for private, education, health, and public sector. It also provides maintenance services for the UK road, rail, and utilities infrastructure, as well as reactive repairs; water and network services; and mechanical and electrical engineering and fabric maintenance services. In addition, the company invests in and develops property schemes and sites. Kier Group plc was incorporated in 1992 and is based in Salford, the United Kingdom.

### Why customers stay

Margins ranged from 8% to 8.6% during 2024–26; it earns 14.9% on its capital.

- Source: https://eodhd.com/api/fundamentals/KIE.LSE.json#2024-06-30 (filed 2026-10-06); FY2024: grossProfit / revenue = 8.6%.

- Source: https://eodhd.com/api/fundamentals/KIE.LSE.json#2025-06-30 (filed 2026-10-06); FY2025: grossProfit / revenue = 8.1%.

- Source: https://eodhd.com/api/fundamentals/KIE.LSE.json#2026-06-30 (filed 2026-10-06); FY2026: grossProfit / revenue = 8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-06); 10-year return on capital observations [[2017,0.6214129643117261],[2018,0.3732329237680011],[2019,-0.9451547552054024],[2020,0.0998554104477612],[2021,1.13314447592068],[2022,0.19825685437672852],[2023,0.6406311410193732],[2024,0.03706305834718197],[2025,0.03812442716410033],[2026,0.03504907863498989]]; median 0.14905613241224486. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 8% gross margin through 2022 cost inflation.

- Source: https://filings.xbrl.org/2138002RKCU2OM4Y7O48/2026-06-30/ESEF/GB/0/2138002RKCU2OM4Y7O48-2026-06-30/reports/2138002RKCU2OM4Y7O48-2026-06-30-T01.xhtml (filed 2026-10-06); Gross margin observations: [[2021,0.07813554124501687],[2022,0.07579757625878686],[2023,0.08267518561244713]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 9 of 10 years; bought back GBP 52 million of shares.

- Source: https://eodhd.com/api/fundamentals/KIE.LSE.json#2017-06-30 (filed 2026-10-06); FY2017: growth capex 0; upkeep 15800000; owner earnings 7600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/KIE.LSE.json#2018-06-30 (filed 2026-10-06); FY2018: growth capex 0; upkeep 22100000; owner earnings 123800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/KIE.LSE.json#2021-06-30 (filed 2026-10-06); FY2021: growth capex 0; upkeep 9900000; owner earnings 26440000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/KIE.LSE.json#2022-06-30 (filed 2026-10-06); FY2022: growth capex 0; upkeep 16900000; owner earnings 26580000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/KIE.LSE.json#2023-06-30 (filed 2026-10-06); FY2023: growth capex 0; upkeep 8400000; owner earnings 72780000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/KIE.LSE.json#2024-06-30 (filed 2026-10-06); FY2024: growth capex 0; upkeep 18500000; owner earnings 67480000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/KIE.LSE.json#2025-06-30 (filed 2026-10-06); FY2025: growth capex 0; upkeep 11100000; owner earnings 72500000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/KIE.LSE.json#2026-06-30 (filed 2026-10-06); FY2026: growth capex 0; upkeep 5900000; owner earnings 141100000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-06); Dividend observations: [[2017,49400000],[2018,66100000],[2019,52600000],[2020,52600000],[2021,113100000],[2022,33800000],[2023,0],[2024,7300000],[2025,24100000],[2026,34100000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/KIE.LSE.json#2026-06-30 (filed 2026-10-06); FY2026: cash repurchases 52000000 GBP.

### Are managers owners

Insiders own 7.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); KIE.LSE SharesStats.PercentInsiders = 7.13 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.3 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-06); Closing price 299 GBX; reporting-to-trading FX 100; FY2026 annual sales per share 9.540206958378176; price multiple 0.31341039172889146. FY2026 cash earnings/share 0.3092758648655165. Closing-price date 2026-10-15.

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

- 2016-10: GBX 1,359.00 per share

- 2016-11: GBX 1,394.00 per share

- 2016-12: GBX 1,373.00 per share

- 2017-01: GBX 1,380.00 per share

- 2017-02: GBX 1,456.00 per share

- 2017-03: GBX 1,368.00 per share

- 2017-04: GBX 1,338.00 per share

- 2017-05: GBX 1,256.00 per share

- 2017-06: GBX 1,226.00 per share

- 2017-07: GBX 1,289.00 per share

- 2017-08: GBX 1,176.00 per share

- 2017-09: GBX 1,163.00 per share

- 2017-10: GBX 1,040.00 per share

- 2017-11: GBX 1,040.00 per share

- 2017-12: GBX 1,088.00 per share

- 2018-01: GBX 1,053.00 per share

- 2018-02: GBX 1,037.00 per share

- 2018-03: GBX 934.50 per share

- 2018-04: GBX 1,075.00 per share

- 2018-05: GBX 1,060.00 per share

- 2018-06: GBX 960.00 per share

- 2018-07: GBX 967.00 per share

- 2018-08: GBX 949.00 per share

- 2018-09: GBX 905.50 per share

- 2018-10: GBX 876.50 per share

- 2018-11: GBX 508.00 per share

- 2018-12: GBX 408.00 per share

- 2019-01: GBX 516.00 per share

- 2019-02: GBX 521.50 per share

- 2019-03: GBX 363.20 per share

- 2019-04: GBX 375.40 per share

- 2019-05: GBX 278.20 per share

- 2019-06: GBX 106.30 per share

- 2019-07: GBX 61.65 per share

- 2019-08: GBX 117.50 per share

- 2019-09: GBX 116.80 per share

- 2019-10: GBX 113.50 per share

- 2019-11: GBX 88.50 per share

- 2019-12: GBX 96.05 per share

- 2020-01: GBX 89.50 per share

- 2020-02: GBX 111.90 per share

- 2020-03: GBX 75.05 per share

- 2020-04: GBX 83.20 per share

- 2020-05: GBX 82.45 per share

- 2020-06: GBX 97.55 per share

- 2020-07: GBX 63.90 per share

- 2020-08: GBX 59.30 per share

- 2020-09: GBX 48.70 per share

- 2020-10: GBX 47.20 per share

- 2020-11: GBX 70.00 per share

- 2020-12: GBX 78.00 per share

- 2021-01: GBX 76.90 per share

- 2021-02: GBX 86.50 per share

- 2021-03: GBX 90.15 per share

- 2021-04: GBX 88.00 per share

- 2021-05: GBX 115.00 per share

- 2021-06: GBX 131.20 per share

- 2021-07: GBX 126.00 per share

- 2021-08: GBX 128.60 per share

- 2021-09: GBX 120.40 per share

- 2021-10: GBX 106.80 per share

- 2021-11: GBX 107.80 per share

- 2021-12: GBX 110.00 per share

- 2022-01: GBX 98.00 per share

- 2022-02: GBX 93.00 per share

- 2022-03: GBX 85.30 per share

- 2022-04: GBX 79.30 per share

- 2022-05: GBX 78.50 per share

- 2022-06: GBX 67.90 per share

- 2022-07: GBX 76.40 per share

- 2022-08: GBX 71.60 per share

- 2022-09: GBX 67.90 per share

- 2022-10: GBX 59.80 per share

- 2022-11: GBX 63.40 per share

- 2022-12: GBX 59.30 per share

- 2023-01: GBX 68.50 per share

- 2023-02: GBX 78.50 per share

- 2023-03: GBX 68.20 per share

- 2023-04: GBX 76.70 per share

- 2023-05: GBX 77.50 per share

- 2023-06: GBX 75.10 per share

- 2023-07: GBX 87.80 per share

- 2023-08: GBX 84.90 per share

- 2023-09: GBX 115.00 per share

- 2023-10: GBX 100.80 per share

- 2023-11: GBX 108.80 per share

- 2023-12: GBX 107.20 per share

- 2024-01: GBX 127.80 per share

- 2024-02: GBX 136.00 per share

- 2024-03: GBX 131.60 per share

- 2024-04: GBX 134.20 per share

- 2024-05: GBX 146.60 per share

- 2024-06: GBX 132.40 per share

- 2024-07: GBX 161.80 per share

- 2024-08: GBX 152.00 per share

- 2024-09: GBX 137.80 per share

- 2024-10: GBX 142.80 per share

- 2024-11: GBX 146.20 per share

- 2024-12: GBX 148.40 per share

- 2025-01: GBX 149.80 per share

- 2025-02: GBX 149.00 per share

- 2025-03: GBX 125.00 per share

- 2025-04: GBX 145.20 per share

- 2025-05: GBX 168.60 per share

- 2025-06: GBX 209.00 per share

- 2025-07: GBX 198.20 per share

- 2025-08: GBX 190.00 per share

- 2025-09: GBX 220.50 per share

- 2025-10: GBX 216.50 per share

- 2025-11: GBX 224.50 per share

- 2025-12: GBX 222.00 per share

- 2026-01: GBX 223.50 per share

- 2026-02: GBX 238.00 per share

- 2026-03: GBX 190.60 per share

- 2026-04: GBX 203.40 per share

- 2026-05: GBX 207.20 per share

- 2026-06: GBX 218.20 per share

- 2026-07: GBX 239.60 per share

- 2026-08: GBX 261.80 per share

- 2026-09: GBX 310.60 per share

- 2026-10: GBX 299.00 per share

## Annual estimated value (GBX per share)

- FY2017: low GBX 511.55 per share, central GBX 523.26 per share, high GBX 538.85 per share

- FY2018: low GBX 393.33 per share, central GBX 414.65 per share, high GBX 443.03 per share

- FY2019: low GBX 165.02 per share, central GBX 170.81 per share, high GBX 178.53 per share

- FY2020: low GBX 200.94 per share, central GBX 203.47 per share, high GBX 206.83 per share

- FY2021: low GBX 85.77 per share, central GBX 87.74 per share, high GBX 90.36 per share

- FY2022: low GBX 118.28 per share, central GBX 127.07 per share, high GBX 138.77 per share

- FY2023: low GBX 367.66 per share, central GBX 377.02 per share, high GBX 389.48 per share

- FY2024: low GBX 399.17 per share, central GBX 409.89 per share, high GBX 424.16 per share

- FY2025: low GBX 517.28 per share, central GBX 540.37 per share, high GBX 571.12 per share

- FY2026: low GBX 582.72 per share, central GBX 608.29 per share, high GBX 642.32 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 2026-10-15T06:47:26.597Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/2138002RKCU2OM4Y7O48/2026-06-30/ESEF/GB/0/2138002RKCU2OM4Y7O48-2026-06-30/reports/2138002RKCU2OM4Y7O48-2026-06-30-T01.xhtml); period 2026-06-30, filed 2026-10-06.

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.