# MONY Group (MONY.LSE)

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

Analysis as of: 2026-10-16T07:42:52.269Z. Financial observations: FY2007–FY2025.

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

Estimated value: low GBX 193.31 per share, central GBX 219.65 per share, high GBX 254.73 per share. Buy at or below the central value GBX 219.65 per share. Valuation as of 2026-10-16T07:42:52.269Z; scenarios are not confidence intervals.

Expected annual return: 10.9% at the stated quote. About 10.9% 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

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

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.14×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.30×

- FY2017: 0.32×

- FY2018: 0.32×

- FY2019: 0.31×

- FY2020: 0.25×

- FY2021: 0.23×

- FY2022: 0.23×

- FY2023: 0.23×

- FY2024: 0.26×

- FY2025: 0.26×

### moat: fail

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

- ROIC, median of available years: >100%

- ROIC, second-lowest year: 86.5%

- Typical minus recent gross margin: 5.6 pp

- Typical gross margin (annual median): 64.7%

- Recent gross margin (lower of latest and 3-year median): 59.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.7%

- ROIC including acquisitions, ten-year median: 36.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: >100%

- FY2017: >100%

- FY2018: >100%

- FY2019: >100%

- FY2020: 86.5%

- FY2021: 83.6%

- FY2022: >100%

- FY2023: >100%

- FY2024: >100%

- FY2025: >100%

### economics: pass

- Owner earnings / net income, 5-yr: 1.17×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: GBP 416M

- Net income, five-year total: GBP 356M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.5 pp

- Working capital / revenue, change between three-year averages: 3.6 pp

- Working capital / revenue, final three-year average: 3.7%

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

- FY2021: 1.14×

- FY2022: 1.14×

- FY2023: 1.25×

- FY2024: 1.08×

- FY2025: 1.23×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 286.8% vs 220.0%

- Per-share earnings: 0.13 to 0.15 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.4%

- Ordinary dilution, 5-year annual growth: -0.3%

- Market cap gain: GBP -643M

- Cumulative retained earnings: GBP 50M

- Diluted shares, 10-year annual growth: -0.4%

- Diluted shares, 5-year annual growth: -0.3%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 1.4%

- Per-share value change: GBP 0.02

- Per-share value, starting three-year median: GBP 0.13

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

- Buybacks concentrated in cheaper years (correlation): 0.08

- Average buyback yield: 0.6%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: GBP 366M

- Cumulative net income, 10 years: GBP 758M

- ROIC, first three-year median: >100%

- ROIC, last three-year median: >100%

Chart: Earnings per share; fiscal year observations.

- FY2016: GBP 0.13

- FY2017: GBP 0.15

- FY2018: GBP 0.16

- FY2019: GBP 0.18

- FY2020: GBP 0.13

- FY2021: GBP 0.10

- FY2022: GBP 0.13

- FY2023: GBP 0.13

- FY2024: GBP 0.15

- FY2025: GBP 0.15

### accounting: pass

- Sloan accruals: -6.3%

- Receivables to sales index (DSRI): 1.04×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 2.7%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.29×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.01×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -13.0%

- FY2017: -12.1%

- FY2018: -6.8%

- FY2019: -6.1%

- FY2020: -4.8%

- FY2021: -3.1%

- FY2022: -8.8%

- FY2023: -7.3%

- FY2024: -8.7%

- FY2025: -6.3%

## Holders

## Price story

Down 30% since Dec 2023 · sales +1.6%

Story as of 2026-10-16T10:00:12.534Z; price observation 2026-10-15.

Price needs cash profits to shrink 0.5% a year for ten years

### Sales · FY2024–2025

sales +1.6%; source https://filings.xbrl.org/54930016B7VO33FBE722/2025-12-31/ESEF/GB/0/54930016B7VO33FBE722-2025-12-31/reports/54930016B7VO33FBE722-2025-12-31-T01.xhtml; observed 2026-03-10.

- FY2016: GBP 316M 

- FY2017: GBP 330M 

- FY2018: GBP 356M 

- FY2019: GBP 388M 

- FY2020: GBP 345M 

- FY2021: GBP 317M 

- FY2022: GBP 388M 

- FY2023: GBP 432M 

- FY2024: GBP 439M 

- FY2025: GBP 446M 

### Gross margin · FY2025

gross margin 59.1%; source https://filings.xbrl.org/54930016B7VO33FBE722/2025-12-31/ESEF/GB/0/54930016B7VO33FBE722-2025-12-31/reports/54930016B7VO33FBE722-2025-12-31-T01.xhtml; observed 2026-03-10.

- FY2016: 74.8% 

- FY2017: 74.2% 

- FY2018: 71.2% 

- FY2019: 63.2% 

- FY2020: 60.5% 

- FY2021: 63.0% 

- FY2022: 60.9% 

- FY2023: 67.7% 

- FY2024: 66.2% 

- FY2025: 59.1% 

## Owner memo

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

### How it makes money

Operates in internet content & information; annual sales are GBP 446.3 million.

- Source: https://eodhd.com/api/fundamentals/MONY.LSE.json#2025-12-31 (filed 2026-03-10); FY2025: revenue 446300000; grossProfit 263899999; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MONY.LSE: MONY Group plc, together with its subsidiaries, provides price comparison and lead generation services through its websites and applications in the United Kingdom. The company operates through Insurance, Money, Home Services, Travel, and Cashback segments. It offers MoneySuperMarket, a price comparison site, which provides online and app-based tools to help people save money on their household bills; MoneySavingExpert, a consumer finance website; Quidco, a cashback site; TravelSupermarket for comparing prices on a range of holiday options, including package holidays and hotels, low-cost and charter airlines, and car hire providers; icelolly.com, a holiday price comparison website and deals platform; and Decision Tech, a B2B solution offers industry-leading comparison technology for third party brands. The company was formerly known as Moneysupermarket.com Group PLC and changed its name to MONY Group plc in May 2024. MONY Group plc was founded in 1993 and is based in Chester, the United Kingdom.

### Why customers stay

Margins ranged from 59.1% to 67.7% during 2023–25; it earns over 100% on its capital.

- Source: https://eodhd.com/api/fundamentals/MONY.LSE.json#2023-12-31 (filed 2026-03-10); FY2023: grossProfit / revenue = 67.7%.

- Source: https://eodhd.com/api/fundamentals/MONY.LSE.json#2024-12-31 (filed 2026-03-10); FY2024: grossProfit / revenue = 66.2%.

- Source: https://eodhd.com/api/fundamentals/MONY.LSE.json#2025-12-31 (filed 2026-03-10); FY2025: grossProfit / revenue = 59.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-10); 10-year return on capital observations [[2016,2.1890180355711526],[2017,3.1275559078426878],[2018,2.8678642783725414],[2019,1.3865149216961172],[2020,0.8648433869052059],[2021,0.8355050425602573],[2022,1.437482595377332],[2023,1.5185305107465956],[2024,2.1998402169176385],[2025,2.2924915914535293]]; median 1.8537742731588742. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back GBP 30.2 million of shares.

- Source: https://eodhd.com/api/fundamentals/MONY.LSE.json#2016-12-31 (filed 2026-03-10); FY2016: growth capex 0; upkeep 800000; owner earnings 100221000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/MONY.LSE.json#2017-12-31 (filed 2026-03-10); FY2017: growth capex 0; upkeep 1500000; owner earnings 97300000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/MONY.LSE.json#2018-12-31 (filed 2026-03-10); FY2018: growth capex 0; upkeep 6500000; owner earnings 94800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/MONY.LSE.json#2019-12-31 (filed 2026-03-10); FY2019: growth capex 0; upkeep 15200000; owner earnings 93720000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/MONY.LSE.json#2020-12-31 (filed 2026-03-10); FY2020: growth capex 0; upkeep 10600000; owner earnings 72940000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/MONY.LSE.json#2021-12-31 (filed 2026-03-10); FY2021: growth capex 0; upkeep 9800000; owner earnings 60060000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/MONY.LSE.json#2022-12-31 (filed 2026-03-10); FY2022: growth capex 0; upkeep 11400000; owner earnings 77680000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/MONY.LSE.json#2023-12-31 (filed 2026-03-10); FY2023: growth capex 0; upkeep 11000000; owner earnings 91060000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/MONY.LSE.json#2024-12-31 (filed 2026-03-10); FY2024: growth capex 0; upkeep 14100000; owner earnings 87400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/MONY.LSE.json#2025-12-31 (filed 2026-03-10); FY2025: growth capex 0; upkeep 1000000; owner earnings 99500000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-10); Dividend observations: [[2016,51137000],[2017,54100000],[2018,56500000],[2019,100000000],[2020,62800000],[2021,62800000],[2022,62800000],[2023,63400000],[2024,65500000],[2025,66900000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/MONY.LSE.json#2025-12-31 (filed 2026-03-10); FY2025: cash repurchases 30200000 GBP.

### Are managers owners

Insiders own 12.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MONY.LSE SharesStats.PercentInsiders = 12.595999999999998 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 0.5% yearly over ten years; actual growth was 2.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-10); Ten-year compound average after fade. Initial solved rate -0.020274667126620904. Price 196.2; FX 100; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.14430451471394626 → FY2025 0.18857089791965553. Closing-price date 2026-10-15.

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

- 2016-10: GBX 261.90 per share

- 2016-11: GBX 265.00 per share

- 2016-12: GBX 294.10 per share

- 2017-01: GBX 329.50 per share

- 2017-02: GBX 329.70 per share

- 2017-03: GBX 330.20 per share

- 2017-04: GBX 345.90 per share

- 2017-05: GBX 348.70 per share

- 2017-06: GBX 353.70 per share

- 2017-07: GBX 332.10 per share

- 2017-08: GBX 319.50 per share

- 2017-09: GBX 318.00 per share

- 2017-10: GBX 324.90 per share

- 2017-11: GBX 335.00 per share

- 2017-12: GBX 356.20 per share

- 2018-01: GBX 338.60 per share

- 2018-02: GBX 260.50 per share

- 2018-03: GBX 286.80 per share

- 2018-04: GBX 299.70 per share

- 2018-05: GBX 316.90 per share

- 2018-06: GBX 314.90 per share

- 2018-07: GBX 314.10 per share

- 2018-08: GBX 284.00 per share

- 2018-09: GBX 278.90 per share

- 2018-10: GBX 293.30 per share

- 2018-11: GBX 305.90 per share

- 2018-12: GBX 275.50 per share

- 2019-01: GBX 303.00 per share

- 2019-02: GBX 344.70 per share

- 2019-03: GBX 372.10 per share

- 2019-04: GBX 363.70 per share

- 2019-05: GBX 366.00 per share

- 2019-06: GBX 412.30 per share

- 2019-07: GBX 368.90 per share

- 2019-08: GBX 373.50 per share

- 2019-09: GBX 378.40 per share

- 2019-10: GBX 343.10 per share

- 2019-11: GBX 340.50 per share

- 2019-12: GBX 330.60 per share

- 2020-01: GBX 325.50 per share

- 2020-02: GBX 310.50 per share

- 2020-03: GBX 303.90 per share

- 2020-04: GBX 317.60 per share

- 2020-05: GBX 342.60 per share

- 2020-06: GBX 323.60 per share

- 2020-07: GBX 294.00 per share

- 2020-08: GBX 304.60 per share

- 2020-09: GBX 267.20 per share

- 2020-10: GBX 243.20 per share

- 2020-11: GBX 244.80 per share

- 2020-12: GBX 260.60 per share

- 2021-01: GBX 268.00 per share

- 2021-02: GBX 290.00 per share

- 2021-03: GBX 266.60 per share

- 2021-04: GBX 273.20 per share

- 2021-05: GBX 270.20 per share

- 2021-06: GBX 256.60 per share

- 2021-07: GBX 254.00 per share

- 2021-08: GBX 253.80 per share

- 2021-09: GBX 213.00 per share

- 2021-10: GBX 212.00 per share

- 2021-11: GBX 201.20 per share

- 2021-12: GBX 216.00 per share

- 2022-01: GBX 189.10 per share

- 2022-02: GBX 209.00 per share

- 2022-03: GBX 190.00 per share

- 2022-04: GBX 175.00 per share

- 2022-05: GBX 186.10 per share

- 2022-06: GBX 174.10 per share

- 2022-07: GBX 203.60 per share

- 2022-08: GBX 197.30 per share

- 2022-09: GBX 185.80 per share

- 2022-10: GBX 183.40 per share

- 2022-11: GBX 189.80 per share

- 2022-12: GBX 192.40 per share

- 2023-01: GBX 238.80 per share

- 2023-02: GBX 230.60 per share

- 2023-03: GBX 249.00 per share

- 2023-04: GBX 274.00 per share

- 2023-05: GBX 251.20 per share

- 2023-06: GBX 270.80 per share

- 2023-07: GBX 274.40 per share

- 2023-08: GBX 248.40 per share

- 2023-09: GBX 242.60 per share

- 2023-10: GBX 259.00 per share

- 2023-11: GBX 272.40 per share

- 2023-12: GBX 280.20 per share

- 2024-01: GBX 256.00 per share

- 2024-02: GBX 244.80 per share

- 2024-03: GBX 219.80 per share

- 2024-04: GBX 215.40 per share

- 2024-05: GBX 225.00 per share

- 2024-06: GBX 222.20 per share

- 2024-07: GBX 238.00 per share

- 2024-08: GBX 214.20 per share

- 2024-09: GBX 211.20 per share

- 2024-10: GBX 188.00 per share

- 2024-11: GBX 196.00 per share

- 2024-12: GBX 192.10 per share

- 2025-01: GBX 194.00 per share

- 2025-02: GBX 195.40 per share

- 2025-03: GBX 200.60 per share

- 2025-04: GBX 201.80 per share

- 2025-05: GBX 209.00 per share

- 2025-06: GBX 221.20 per share

- 2025-07: GBX 201.00 per share

- 2025-08: GBX 199.80 per share

- 2025-09: GBX 198.20 per share

- 2025-10: GBX 194.20 per share

- 2025-11: GBX 188.60 per share

- 2025-12: GBX 183.80 per share

- 2026-01: GBX 186.60 per share

- 2026-02: GBX 172.00 per share

- 2026-03: GBX 150.20 per share

- 2026-04: GBX 177.80 per share

- 2026-05: GBX 177.20 per share

- 2026-06: GBX 185.20 per share

- 2026-07: GBX 196.50 per share

- 2026-08: GBX 203.60 per share

- 2026-09: GBX 176.10 per share

- 2026-10: GBX 196.20 per share

## Annual estimated value (GBX per share)

- FY2016: low GBX 183.66 per share, central GBX 208.02 per share, high GBX 240.45 per share

- FY2017: low GBX 202.90 per share, central GBX 230.15 per share, high GBX 266.42 per share

- FY2018: low GBX 220.21 per share, central GBX 249.61 per share, high GBX 288.74 per share

- FY2019: low GBX 224.89 per share, central GBX 255.47 per share, high GBX 296.19 per share

- FY2020: low GBX 190.48 per share, central GBX 216.31 per share, high GBX 250.70 per share

- FY2021: low GBX 156.87 per share, central GBX 178.34 per share, high GBX 206.92 per share

- FY2022: low GBX 167.37 per share, central GBX 190.22 per share, high GBX 220.64 per share

- FY2023: low GBX 185.97 per share, central GBX 211.41 per share, high GBX 245.27 per share

- FY2024: low GBX 197.25 per share, central GBX 235.51 per share, high GBX 274.17 per share

- FY2025: low GBX 187.44 per share, central GBX 212.98 per share, high GBX 246.99 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 2026-10-15T06:48:47.359Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/54930016B7VO33FBE722/2025-12-31/ESEF/GB/0/54930016B7VO33FBE722-2025-12-31/reports/54930016B7VO33FBE722-2025-12-31-T01.xhtml); period 2025-12-31, filed 2026-03-10.

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.