# Land Securities Group (LAND.LSE)

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

Analysis as of: 2026-10-16T07:36:39.718Z. 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 651.50 per share; close as of 2026-10-15.

Estimated value: low GBX 241.00 per share, central GBX 272.58 per share, high GBX 314.62 per share. Buy at or below the central value GBX 272.58 per share. Valuation as of 2026-10-16T07:36:39.718Z; scenarios are not confidence intervals.

Expected annual return: 5.8% at the stated quote. About 5.8% 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: 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: 6

- Operating margin variation: 0.53×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.66×

- FY2018: 0.61×

- FY2019: 0.66×

- FY2020: 0.64×

- FY2021: 0.48×

- FY2022: 0.57×

- FY2023: 0.52×

- FY2024: -0.28×

- FY2025: 0.63×

- FY2026: 0.48×

### moat: fail

- ROIC median below threshold

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

- Recent gross margin fell 5.6pp below the typical margin (limit 4pp)

- ROIC, median of available years: 3.0%

- ROIC, second-lowest year: 2.3%

- Typical minus recent gross margin: 5.6 pp

- Typical gross margin (annual median): 63.4%

- Recent gross margin (lower of latest and 3-year median): 57.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 28.3%

- ROIC including acquisitions, ten-year median: -3.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 3.6%

- FY2018: 2.9%

- FY2019: 2.9%

- FY2020: 2.9%

- FY2021: 2.3%

- FY2022: 3.1%

- FY2023: 3.1%

- FY2024: -1.8%

- FY2025: 4.8%

- FY2026: 3.9%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: -0.83×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: GBP -556M

- Net income, five-year total: GBP 670M

- Return on incremental invested capital: -4.9%

- Working capital / revenue, annual change: -1.3 pp

- Working capital / revenue, change between three-year averages: -8.6 pp

- Working capital / revenue, final three-year average: 48.2%

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

- FY2022: 0.58×

- FY2023: 1.59×

- FY2024: 1.43×

- FY2025: 0.52×

- FY2026: 0.51×

### management: pass

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

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 2.9% vs 3.9%

- Per-share earnings: 0.15 to 0.46 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.1%

- Ordinary dilution, 5-year annual growth: 0.2%

- Market cap gain: GBP -3.7B

- Cumulative retained earnings: GBP -4.5B

- Diluted shares, 10-year annual growth: 0.1%

- Diluted shares, 5-year annual growth: 0.2%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 14.8%

- Per-share value change: GBP 0.31

- Per-share value, starting three-year median: GBP 0.15

- Per-share value, ending three-year median: GBP 0.46

- Buybacks concentrated in cheaper years (correlation): -1.00

- Average buyback yield: 3.8%

- Buyback history: 2 years

- Debt-funded buybacks: Yes

- Acquisition spending: GBP 0

- Cumulative net income, 10 years: GBP -1.6B

- ROIC, first three-year median: 2.9%

- ROIC, last three-year median: 3.9%

Chart: Earnings per share; fiscal year observations.

- FY2017: GBP 0.15

- FY2018: GBP -0.06

- FY2019: GBP -0.16

- FY2020: GBP -1.12

- FY2021: GBP -1.88

- FY2022: GBP 1.17

- FY2023: GBP -0.83

- FY2024: GBP -0.43

- FY2025: GBP 0.53

- FY2026: GBP 0.46

### accounting: pass

- Sloan accruals: 1.1%

- Receivables to sales index (DSRI): 0.98×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 4.2%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.62×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -1.8%

- FY2018: -3.4%

- FY2019: -3.9%

- FY2020: -8.6%

- FY2021: -14.8%

- FY2022: 3.8%

- FY2023: -8.8%

- FY2024: -6.2%

- FY2025: 1.2%

- FY2026: 1.1%

## Holders

## Price story

Price needs cash profits to grow 12.2% a year for ten years · sales +7.2%

Story as of 2026-10-16T10:00:07.852Z; price observation 2026-10-15.

Price needs cash profits to grow 12.2% a year for ten years

### Sales · FY2025–2026

sales +7.2%; source https://filings.xbrl.org/213800V8IAVKS37D6B88/2026-03-31/ESEF/GB/0/213800V8IAVKS37D6B88-2026-03-31/reports/213800V8IAVKS37D6B88-2026-03-31-T01.xhtml; observed 2026-06-02.

- FY2017: GBP 787M 

- FY2018: GBP 830M 

- FY2019: GBP 757M 

- FY2020: GBP 741M 

- FY2021: GBP 635M 

- FY2022: GBP 679M 

- FY2023: GBP 791M 

- FY2024: GBP 824M 

- FY2025: GBP 832M 

- FY2026: GBP 892M 

### Gross margin · FY2026

gross margin 57.8%; source https://filings.xbrl.org/213800V8IAVKS37D6B88/2026-03-31/ESEF/GB/0/213800V8IAVKS37D6B88-2026-03-31/reports/213800V8IAVKS37D6B88-2026-03-31-T01.xhtml; observed 2026-06-02.

- FY2017: 76.5% 

- FY2018: 71.3% 

- FY2019: 76.6% 

- FY2020: 67.5% 

- FY2021: 65.5% 

- FY2022: 54.8% 

- FY2023: 52.1% 

- FY2024: 60.7% 

- FY2025: 61.3% 

- FY2026: 57.8% 

## Owner memo

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

### How it makes money

Operates in property rentals; annual sales are GBP 892 million.

- Source: https://filings.xbrl.org/213800V8IAVKS37D6B88/2026-03-31/ESEF/GB/0/213800V8IAVKS37D6B88-2026-03-31/reports/213800V8IAVKS37D6B88-2026-03-31-T01.xhtml (filed 2026-06-02); FY2026: revenue 892000000; grossProfit 516000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); LAND.LSE: Land Securities Group Plc identify and shape places that create opportunities, enhance quality of life, and bring joy to the people connected to them. This is how they created the leading portfolio of urban places in UK and one of the largest real estate companies in Europe. Their 10 billion pounds portfolio is built around premium workplaces, is the country pre-eminent retail platform, and a residential pipeline that will redefine urban life. They honed this ability over 80 years. Spotting the opportunities, building the partnerships, and continually adapting to shape the places that meet the needs of a changing world. Places where life happens. Where businesses grow. And where cities are defined. Land Securities Group Plc was incorporated in 1995 in United Kingdom.

### Why customers stay

Margins ranged from 57.8% to 61.3% during 2024–26; it earns 3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-02); FY2024: grossProfit / revenue = 60.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-02); FY2025: grossProfit / revenue = 61.3%.

- Source: https://filings.xbrl.org/213800V8IAVKS37D6B88/2026-03-31/ESEF/GB/0/213800V8IAVKS37D6B88-2026-03-31/reports/213800V8IAVKS37D6B88-2026-03-31-T01.xhtml (filed 2026-06-02); FY2026: grossProfit / revenue = 57.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-02); 10-year return on capital observations [[2017,0.03610283417642575],[2018,0.028837492828456684],[2019,0.0288637194008038],[2020,0.029277638190954774],[2021,0.02254616675993285],[2022,0.03102815872758257],[2023,0.031145605180459005],[2024,-0.017748416468725256],[2025,0.0476924471846949],[2026,0.03871217156217646]]; median 0.030152898459268673. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 0.9% of cash earnings on expansion; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-02); FY2017: growth capex 0; upkeep 70000000; owner earnings 46000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-02); FY2022: growth capex 888049.8567282557; upkeep 343111950.14327174; owner earnings 506288049.85672826. Growth capex / owner earnings = 0.0017540407224297715.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-02); FY2025: growth capex 171242.64461755753; upkeep 162828757.35538244; owner earnings 205571242.64461756. Growth capex / owner earnings = 0.0008330087536299725.

- Source: https://filings.xbrl.org/213800V8IAVKS37D6B88/2026-03-31/ESEF/GB/0/213800V8IAVKS37D6B88-2026-03-31/reports/213800V8IAVKS37D6B88-2026-03-31-T01.xhtml (filed 2026-06-02); FY2026: growth capex 1603672.9648177624; upkeep 145396327.03518224; owner earnings 173603672.96481776. Growth capex / owner earnings = 0.009237552048468238.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-02); Dividend observations: [[2017,289000000],[2018,314000000],[2019,338000000],[2020,342000000],[2021,127000000],[2022,190000000],[2023,289000000],[2024,291000000],[2025,305000000],[2026,290000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://filings.xbrl.org/213800V8IAVKS37D6B88/2026-03-31/ESEF/GB/0/213800V8IAVKS37D6B88-2026-03-31/reports/213800V8IAVKS37D6B88-2026-03-31-T01.xhtml (filed 2026-06-02); FY2026: cash repurchases 27000000 GBP.

### Are managers owners

Insiders own 0.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); LAND.LSE SharesStats.PercentInsiders = 0.703 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 12.2% yearly over ten years; actual decline was 18.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-02); Ten-year compound average after fade. Initial solved rate 0.16317442597426746. Price 651.5; FX 100; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 1.8011913711348906 → FY2026 0.23253004069834923. Closing-price date 2026-10-15.

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

- 2016-10: GBX 999.00 per share

- 2016-11: GBX 970.00 per share

- 2016-12: GBX 1,066.00 per share

- 2017-01: GBX 994.00 per share

- 2017-02: GBX 1,066.00 per share

- 2017-03: GBX 1,059.00 per share

- 2017-04: GBX 1,106.00 per share

- 2017-05: GBX 1,070.00 per share

- 2017-06: GBX 1,013.00 per share

- 2017-07: GBX 1,021.00 per share

- 2017-08: GBX 1,010.00 per share

- 2017-09: GBX 972.50 per share

- 2017-10: GBX 966.00 per share

- 2017-11: GBX 934.00 per share

- 2017-12: GBX 1,008.00 per share

- 2018-01: GBX 1,001.80 per share

- 2018-02: GBX 927.00 per share

- 2018-03: GBX 937.10 per share

- 2018-04: GBX 988.40 per share

- 2018-05: GBX 929.60 per share

- 2018-06: GBX 956.90 per share

- 2018-07: GBX 942.80 per share

- 2018-08: GBX 916.50 per share

- 2018-09: GBX 883.40 per share

- 2018-10: GBX 853.20 per share

- 2018-11: GBX 813.20 per share

- 2018-12: GBX 804.40 per share

- 2019-01: GBX 865.20 per share

- 2019-02: GBX 899.60 per share

- 2019-03: GBX 913.40 per share

- 2019-04: GBX 923.00 per share

- 2019-05: GBX 828.60 per share

- 2019-06: GBX 833.20 per share

- 2019-07: GBX 796.20 per share

- 2019-08: GBX 775.40 per share

- 2019-09: GBX 856.40 per share

- 2019-10: GBX 940.00 per share

- 2019-11: GBX 958.40 per share

- 2019-12: GBX 990.00 per share

- 2020-01: GBX 938.00 per share

- 2020-02: GBX 834.60 per share

- 2020-03: GBX 556.80 per share

- 2020-04: GBX 662.00 per share

- 2020-05: GBX 605.80 per share

- 2020-06: GBX 553.00 per share

- 2020-07: GBX 576.60 per share

- 2020-08: GBX 578.10 per share

- 2020-09: GBX 522.50 per share

- 2020-10: GBX 509.30 per share

- 2020-11: GBX 657.60 per share

- 2020-12: GBX 673.80 per share

- 2021-01: GBX 614.70 per share

- 2021-02: GBX 665.00 per share

- 2021-03: GBX 690.10 per share

- 2021-04: GBX 720.80 per share

- 2021-05: GBX 703.20 per share

- 2021-06: GBX 675.40 per share

- 2021-07: GBX 709.60 per share

- 2021-08: GBX 709.00 per share

- 2021-09: GBX 697.00 per share

- 2021-10: GBX 687.00 per share

- 2021-11: GBX 727.00 per share

- 2021-12: GBX 776.40 per share

- 2022-01: GBX 790.20 per share

- 2022-02: GBX 794.20 per share

- 2022-03: GBX 785.60 per share

- 2022-04: GBX 752.60 per share

- 2022-05: GBX 766.80 per share

- 2022-06: GBX 664.00 per share

- 2022-07: GBX 731.20 per share

- 2022-08: GBX 650.60 per share

- 2022-09: GBX 521.80 per share

- 2022-10: GBX 570.40 per share

- 2022-11: GBX 614.20 per share

- 2022-12: GBX 621.40 per share

- 2023-01: GBX 708.40 per share

- 2023-02: GBX 687.80 per share

- 2023-03: GBX 621.20 per share

- 2023-04: GBX 674.20 per share

- 2023-05: GBX 602.00 per share

- 2023-06: GBX 574.20 per share

- 2023-07: GBX 647.40 per share

- 2023-08: GBX 602.60 per share

- 2023-09: GBX 589.80 per share

- 2023-10: GBX 569.00 per share

- 2023-11: GBX 624.20 per share

- 2023-12: GBX 704.80 per share

- 2024-01: GBX 669.60 per share

- 2024-02: GBX 619.60 per share

- 2024-03: GBX 658.20 per share

- 2024-04: GBX 650.50 per share

- 2024-05: GBX 652.50 per share

- 2024-06: GBX 619.50 per share

- 2024-07: GBX 635.50 per share

- 2024-08: GBX 629.50 per share

- 2024-09: GBX 651.00 per share

- 2024-10: GBX 601.50 per share

- 2024-11: GBX 603.00 per share

- 2024-12: GBX 584.00 per share

- 2025-01: GBX 585.00 per share

- 2025-02: GBX 564.50 per share

- 2025-03: GBX 550.00 per share

- 2025-04: GBX 592.50 per share

- 2025-05: GBX 633.00 per share

- 2025-06: GBX 631.00 per share

- 2025-07: GBX 577.50 per share

- 2025-08: GBX 554.00 per share

- 2025-09: GBX 582.00 per share

- 2025-10: GBX 621.50 per share

- 2025-11: GBX 605.00 per share

- 2025-12: GBX 622.00 per share

- 2026-01: GBX 650.50 per share

- 2026-02: GBX 646.50 per share

- 2026-03: GBX 553.00 per share

- 2026-04: GBX 591.00 per share

- 2026-05: GBX 629.00 per share

- 2026-06: GBX 651.00 per share

- 2026-07: GBX 705.50 per share

- 2026-08: GBX 686.50 per share

- 2026-09: GBX 624.50 per share

- 2026-10: GBX 651.50 per share

## Annual estimated value (GBX per share)

- FY2017: low GBX 1,648.81 per share, central GBX 1,875.88 per share, high GBX 2,178.16 per share

- FY2018: low GBX 1,744.47 per share, central GBX 1,984.15 per share, high GBX 2,303.21 per share

- FY2019: low GBX 65.35 per share, central GBX 74.37 per share, high GBX 86.36 per share

- FY2026: low GBX 267.44 per share, central GBX 302.49 per share, high GBX 349.14 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

[Original ESEF filing](https://filings.xbrl.org/213800V8IAVKS37D6B88/2026-03-31/ESEF/GB/0/213800V8IAVKS37D6B88-2026-03-31/reports/213800V8IAVKS37D6B88-2026-03-31-T01.xhtml); period 2026-03-31, filed 2026-06-02.

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.