# Manchester United (MANU.US)

Canonical: https://gigainvestors.com/s/MANU

Analysis as of: 2026-10-16T07:30:03.537Z. Financial observations: FY2009–FY2026.

Listing currency: USD. 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: $20.58 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

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

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 8

- Operating margin variation: 3.44×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.12×

- FY2018: 0.05×

- FY2019: 0.07×

- FY2020: -0.02×

- FY2021: -0.09×

- FY2022: -0.14×

- FY2023: -0.05×

- FY2024: -0.09×

- FY2025: -0.04×

- FY2026: -0.04×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: -5.7%

- ROIC, second-lowest year: -21.7%

- Typical minus recent gross margin: 0.1 pp

- Typical gross margin (annual median): -3.7%

- Recent gross margin (lower of latest and 3-year median): -3.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 28.9%

- ROIC including acquisitions, ten-year median: -5.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 17.0%

- FY2018: 7.4%

- FY2019: 16.0%

- FY2020: -1.9%

- FY2021: -12.1%

- FY2022: -32.4%

- FY2023: -9.7%

- FY2024: -21.7%

- FY2025: -6.0%

- FY2026: -5.4%

### economics: fail

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: GBP 31M

- Net income, five-year total: GBP -340M

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: -1.6 pp

- Working capital / revenue, change between three-year averages: -9.3 pp

- Working capital / revenue, final three-year average: -18.1%

Chart: Owner earnings · five years; fiscal year observations.

- FY2022: GBP -84M

- FY2023: GBP -12M

- FY2024: GBP -113M

- FY2025: GBP 138M

- FY2026: GBP 103M

### management: fail

- 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: 16.0% vs -6.0%

- Per-share earnings: 0.23 to -0.25 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- 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: 0.5%

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

- Market cap gain: GBP 965M

- Cumulative retained earnings: GBP -328M

- Diluted shares, 10-year annual growth: 0.5%

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

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value change: GBP -0.48

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

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

- Average buyback yield: 1.1%

- Buyback history: 1 years

- Debt-funded buybacks: Yes

- Acquisition spending: GBP 363M

- Cumulative net income, 10 years: GBP -434M

- ROIC, first three-year median: 16.0%

- ROIC, last three-year median: -6.0%

Chart: Earnings per share; fiscal year observations.

- FY2017: GBP 0.23

- FY2018: GBP -0.23

- FY2019: GBP 0.12

- FY2020: GBP -0.14

- FY2021: GBP -0.55

- FY2022: GBP -0.78

- FY2023: GBP -0.17

- FY2024: GBP -0.68

- FY2025: GBP -0.18

- FY2026: GBP -0.25

### accounting: pass

- Sloan accruals: -14.3%

- Receivables to sales index (DSRI): 0.65×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 5.86×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -12.3%

- FY2018: -8.7%

- FY2019: -15.1%

- FY2020: -1.4%

- FY2021: -16.1%

- FY2022: -17.2%

- FY2023: -9.3%

- FY2024: -14.7%

- FY2025: -6.3%

- FY2026: -14.3%

## Holders

- [John Rogers](https://gigainvestors.com/AI): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Nick Train](https://gigainvestors.com/LT): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Leon Cooperman](https://gigainvestors.com/oa): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Up 15% since Oct 2023 · "Manchester United (MANU) Could Be 15% Undervalued Following 2027 Revenue Guidance" (finance.yahoo.com, Oct 2026) · sales +7.4%

Story as of 2026-10-16T09:59:07.602Z; price observation 2026-10-15.

- 2025-06-06: Manchester United Aims to Finish Fiscal 2025 at High End of Tightened Revenue Guidance ([finance.yahoo.com](https://finance.yahoo.com/news/manchester-united-aims-finish-fiscal-145916978.html))

- 2025-09-17: Manchester United shares tumble on another annual net loss, weak guidance ([finance.yahoo.com](https://finance.yahoo.com/news/manchester-united-shares-tumble-another-114427058.html))

- 2026-02-28: Is Cost-Driven Profitability Amid Weaker Revenues Altering The Investment Case For Manchester United (MANU)? ([finance.yahoo.com](https://finance.yahoo.com/news/cost-driven-profitability-amid-weaker-171319286.html))

- 2026-05-27: Manchester United Raises Revenue Guidance, Swings to Quarterly Profit; Shares Soar ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/manchester-united-raises-revenue-guidance-163711441.html))

### Sales · FY2025–2026

sales +7.4%; source https://www.sec.gov/Archives/edgar/data/1549107/000110465926110384/manu-20260630x20f.htm; observed 2026-09-24.

- FY2017: GBP 569M 

- FY2018: GBP 604M 

- FY2019: GBP 640M 

- FY2020: GBP 514M 

- FY2021: GBP 481M 

- FY2022: GBP 639M 

- FY2023: GBP 616M 

- FY2024: GBP 658M 

- FY2025: GBP 628M 

- FY2026: GBP 675M 

### Gross margin · FY2019

gross margin 7.6%; source https://www.sec.gov/Archives/edgar/data/1549107/000110465926110384/manu-20260630x20f.htm; observed 2026-09-24.

- FY2017: 12.3% 

- FY2018: 5.3% 

- FY2019: 7.6% 

## Owner memo

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

### How it makes money

Operates in entertainment; annual sales are GBP 675 million.

- Source: https://www.sec.gov/Archives/edgar/data/1549107/000110465926110384/manu-20260630x20f.htm (filed 2026-09-24); FY2026: revenue 675019688; grossProfit -24151923; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MANU.US: Manchester United plc, together with its subsidiaries, operates a professional sports team in the United Kingdom. The company is involved in marketing and sponsorship relationships with international and regional companies to commercialize its brand. It also markets and sells sports apparel, training and leisure wear, and other clothing; and other licensed products, such as coffee mugs and home accessories featuring the Manchester United brand and trademarks through Manchester United branded retail centers and e-commerce platforms, and through partners' wholesale distribution channels. In addition, the company distributes live football content directly, as well as through commercial partners; television rights relating to the Premier League, Union of European Football Associations club competitions, and other competitions, as well as delivers Manchester United programming through the MUTV television channel to territories worldwide. Further, it operates Old Trafford, a sports venue, as well as owns and leases properties. The company was formerly known as Manchester United Ltd. changed its name to Manchester United plc in August 2012. Manchester United plc was founded in 1878 and is headquartered in Manchester, the United Kingdom.

### Why customers stay

It lost 5.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-24); FY2024: grossProfit / revenue = -8.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-24); FY2025: grossProfit / revenue = -3.8%.

- Source: https://www.sec.gov/Archives/edgar/data/1549107/000110465926110384/manu-20260630x20f.htm (filed 2026-09-24); FY2026: grossProfit / revenue = -3.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-24); 10-year return on capital observations [[2017,0.16965101652810605],[2018,0.07364980589598183],[2019,0.1599558155538802],[2020,-0.019208182158883817],[2021,-0.1207213727693589],[2022,-0.323517863823519],[2023,-0.09660793338406502],[2024,-0.21706174394345604],[2025,-0.05991430562089139],[2026,-0.05424281320618198]]; median -0.057078559413536685. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 6 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-24); FY2025: growth capex 0; upkeep 44721000; owner earnings 137514968. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1549107/000110465926110384/manu-20260630x20f.htm (filed 2026-09-24); FY2026: growth capex 0; upkeep 85585629; owner earnings 103169141. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-24); Dividend observations: [[2017,23295000],[2018,21982000],[2019,23326000],[2020,23229000],[2021,10718000],[2022,33553000],[2023,0],[2024,0],[2025,0],[2026,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 31.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MANU.US SharesStats.PercentInsiders = 31.907000000000004 percentage points; cache date 2026-10-16.

### What the price says

The price is 4 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-24); Closing price 20.58 USD; reporting-to-trading FX 1.32715; FY2026 annual sales per share 3.914655392787965; price multiple 3.9612460752090675. FY2026 cash earnings/share 0.5983108957630165. Closing-price date 2026-10-15.

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

- 2016-10: $15.30 per share

- 2016-11: $14.95 per share

- 2016-12: $14.25 per share

- 2017-01: $15.25 per share

- 2017-02: $16.85 per share

- 2017-03: $16.90 per share

- 2017-04: $16.50 per share

- 2017-05: $16.45 per share

- 2017-06: $16.25 per share

- 2017-07: $17.15 per share

- 2017-08: $16.50 per share

- 2017-09: $18.00 per share

- 2017-10: $17.95 per share

- 2017-11: $20.85 per share

- 2017-12: $19.80 per share

- 2018-01: $20.10 per share

- 2018-02: $19.70 per share

- 2018-03: $19.20 per share

- 2018-04: $18.60 per share

- 2018-05: $20.95 per share

- 2018-06: $20.60 per share

- 2018-07: $20.70 per share

- 2018-08: $26.20 per share

- 2018-09: $22.50 per share

- 2018-10: $20.94 per share

- 2018-11: $18.40 per share

- 2018-12: $18.98 per share

- 2019-01: $19.30 per share

- 2019-02: $20.14 per share

- 2019-03: $19.22 per share

- 2019-04: $19.71 per share

- 2019-05: $18.26 per share

- 2019-06: $18.08 per share

- 2019-07: $17.96 per share

- 2019-08: $17.10 per share

- 2019-09: $16.43 per share

- 2019-10: $16.73 per share

- 2019-11: $18.48 per share

- 2019-12: $19.93 per share

- 2020-01: $18.57 per share

- 2020-02: $17.49 per share

- 2020-03: $15.05 per share

- 2020-04: $16.81 per share

- 2020-05: $16.63 per share

- 2020-06: $15.83 per share

- 2020-07: $13.99 per share

- 2020-08: $15.38 per share

- 2020-09: $14.54 per share

- 2020-10: $13.66 per share

- 2020-11: $15.49 per share

- 2020-12: $16.74 per share

- 2021-01: $14.41 per share

- 2021-02: $18.87 per share

- 2021-03: $15.74 per share

- 2021-04: $17.73 per share

- 2021-05: $15.63 per share

- 2021-06: $15.19 per share

- 2021-07: $16.08 per share

- 2021-08: $17.24 per share

- 2021-09: $19.37 per share

- 2021-10: $16.29 per share

- 2021-11: $15.41 per share

- 2021-12: $14.24 per share

- 2022-01: $13.73 per share

- 2022-02: $13.45 per share

- 2022-03: $14.47 per share

- 2022-04: $13.54 per share

- 2022-05: $12.76 per share

- 2022-06: $11.12 per share

- 2022-07: $11.14 per share

- 2022-08: $13.44 per share

- 2022-09: $13.27 per share

- 2022-10: $13.06 per share

- 2022-11: $22.10 per share

- 2022-12: $23.33 per share

- 2023-01: $22.55 per share

- 2023-02: $20.75 per share

- 2023-03: $22.15 per share

- 2023-04: $20.05 per share

- 2023-05: $19.32 per share

- 2023-06: $24.38 per share

- 2023-07: $22.16 per share

- 2023-08: $22.81 per share

- 2023-09: $19.79 per share

- 2023-10: $17.93 per share

- 2023-11: $19.49 per share

- 2023-12: $20.38 per share

- 2024-01: $19.36 per share

- 2024-02: $15.20 per share

- 2024-03: $13.96 per share

- 2024-04: $16.20 per share

- 2024-05: $16.88 per share

- 2024-06: $16.14 per share

- 2024-07: $17.16 per share

- 2024-08: $17.23 per share

- 2024-09: $16.18 per share

- 2024-10: $16.25 per share

- 2024-11: $16.98 per share

- 2024-12: $17.35 per share

- 2025-01: $15.87 per share

- 2025-02: $14.66 per share

- 2025-03: $13.09 per share

- 2025-04: $13.74 per share

- 2025-05: $14.17 per share

- 2025-06: $17.81 per share

- 2025-07: $17.59 per share

- 2025-08: $17.85 per share

- 2025-09: $15.14 per share

- 2025-10: $16.63 per share

- 2025-11: $15.90 per share

- 2025-12: $15.92 per share

- 2026-01: $17.70 per share

- 2026-02: $18.01 per share

- 2026-03: $16.82 per share

- 2026-04: $18.88 per share

- 2026-05: $21.01 per share

- 2026-06: $22.93 per share

- 2026-07: $23.01 per share

- 2026-08: $21.76 per share

- 2026-09: $20.95 per share

- 2026-10: $20.58 per share

## Annual estimated value (USD per share)

- FY2017: low $3.72 per share, central $3.92 per share, high $4.19 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 20-F filing](https://www.sec.gov/Archives/edgar/data/1549107/000110465926110384/manu-20260630x20f.htm); period 2026-06-30, filed 2026-09-24.

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.