# Moonpig Group (MOON.LSE)

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

Analysis as of: 2026-10-16T07:43:33.295Z. Financial observations: FY2018–FY2026.

Listing currency: GBX. Reporting currency: GBP.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: GBX 291.20 per share; close as of 2026-10-15.

Estimated value: low GBX 151.63 per share, central GBX 172.46 per share, high GBX 200.19 per share. Buy at or below the central value GBX 172.46 per share. Valuation as of 2026-10-16T07:43:33.295Z; scenarios are not confidence intervals.

Expected annual return: 7.1% at the stated quote. About 7.1% 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

- 1 revenue decline in the last 10 years (informational)

- Financial history: 9 years

- Years with declining revenue: 1

- Years with a net loss: 1

- Operating margin variation: 0.32×

Chart: Operating margin; fiscal year observations.

- FY2018: 0.18×

- FY2019: 0.12×

- FY2020: 0.19×

- FY2021: 0.21×

- FY2022: 0.20×

- FY2023: 0.16×

- FY2024: 0.19×

- FY2025: 0.04×

- FY2026: 0.21×

### moat: pass

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

- ROIC, median of available years: 73.5%

- ROIC, second-lowest year: 25.4%

- Typical minus recent gross margin: -0.8 pp

- Typical gross margin (annual median): 52.6%

- Recent gross margin (lower of latest and 3-year median): 53.4%

- Years with nonpositive capital: 5

- Capital spending / revenue: 4.0%

- ROIC including acquisitions, ten-year median: 58.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2018: >100%

- FY2019: 36.0%

- FY2020: 78.2%

- FY2021: 73.5%

- FY2022: >100%

- FY2023: 25.4%

- FY2024: 35.2%

- FY2025: 11.5%

- FY2026: 93.2%

### economics: pass

- Owner earnings / net income, 5-yr: 1.27×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: GBP 169M

- Net income, five-year total: GBP 133M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -2.1 pp

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

- FY2022: 1.05×

- FY2023: 0.85×

- FY2024: 1.26×

- FY2025: 0.03×

- FY2026: 1.37×

### management: pass

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 78.2% vs 35.2%

- Per-share earnings: 0.05 to 0.10 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -0.9%

- Diluted shares, 5-year annual growth: -0.9%

- Per-share value growth: 13.0%

- Per-share value change: GBP 0.05

- Per-share value, starting three-year median: GBP 0.05

- Per-share value, ending three-year median: GBP 0.10

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 6.2%

- Buyback history: 2 years

- Debt-funded buybacks: No

- ROIC, first three-year median: 78.2%

- ROIC, last three-year median: 35.2%

Chart: Earnings per share; fiscal year observations.

- FY2018: GBP 0.05

- FY2019: GBP 0.04

- FY2020: GBP 0.09

- FY2021: GBP 0.06

- FY2022: GBP 0.09

- FY2023: GBP 0.08

- FY2024: GBP 0.10

- FY2025: GBP -0.03

- FY2026: GBP 0.16

### accounting: pass

- Sloan accruals: -16.8%

- Receivables to sales index (DSRI): 1.04×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 5.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.58×

- Accounting red flags: 0

Chart: Sloan accruals; fiscal year observations.

- FY2018: -8.5%

- FY2019: -16.8%

- FY2020: -28.6%

- FY2021: -23.0%

- FY2022: -9.8%

- FY2023: -3.7%

- FY2024: -15.6%

- FY2025: -47.5%

- FY2026: -16.8%

## Holders

## Price story

Down 22% since Dec 2021 · sales +6.5%

Story as of 2026-10-16T10:00:12.756Z; price observation 2026-10-15.

Price needs cash profits to grow 7.5% a year for ten years

### Sales · FY2025–2026

sales +6.5%; source https://filings.xbrl.org/213800VAYO5KCAXZHK83/2026-04-30/ESEF/GB/0/213800VAYO5KCAXZHK83-2026-04-30/reports/213800VAYO5KCAXZHK83-2026-04-30-T01.xhtml; observed 2026-07-21.

- FY2018: GBP 88M 

- FY2019: GBP 120M 

- FY2020: GBP 173M 

- FY2021: GBP 368M 

- FY2022: GBP 304M 

- FY2023: GBP 320M 

- FY2024: GBP 341M 

- FY2025: GBP 350M 

- FY2026: GBP 373M 

### Gross margin · FY2026

gross margin 53.4%; source https://filings.xbrl.org/213800VAYO5KCAXZHK83/2026-04-30/ESEF/GB/0/213800VAYO5KCAXZHK83-2026-04-30/reports/213800VAYO5KCAXZHK83-2026-04-30-T01.xhtml; observed 2026-07-21.

- FY2018: 55.0% 

- FY2019: 52.6% 

- FY2020: 50.9% 

- FY2021: 49.4% 

- FY2022: 46.1% 

- FY2023: 51.2% 

- FY2024: 59.4% 

- FY2025: 59.6% 

- FY2026: 53.4% 

## Owner memo

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

### How it makes money

Operates in specialty retail; annual sales are GBP 373 million.

- Source: https://eodhd.com/api/fundamentals/MOON.LSE.json#2026-04-30 (filed 2026-07-21); FY2026: revenue 372973000; grossProfit 199246000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MOON.LSE: Moonpig Group PLC, together with its subsidiaries, operates as a data and technology platform for online greeting cards and gifting in the United Kingdom, the Netherlands, Ireland, Australia, and the United States. It operates through the Moonpig, Greetz, and Experiences segments. The company also engages in trading and holding activities, as well as provides management services. The company sells its products under the Moonpig, Buyagift, Red Letter Days, and Greetz brands through its website and app. Moonpig Group PLC was founded in 2000 and is headquartered in London, the United Kingdom.

### Why customers stay

Margins ranged from 53.4% to 59.6% during 2024–26; it earns 73.5% on its capital.

- Source: https://eodhd.com/api/fundamentals/MOON.LSE.json#2024-04-30 (filed 2026-07-21); FY2024: grossProfit / revenue = 59.4%.

- Source: https://eodhd.com/api/fundamentals/MOON.LSE.json#2025-04-30 (filed 2026-07-21); FY2025: grossProfit / revenue = 59.6%.

- Source: https://eodhd.com/api/fundamentals/MOON.LSE.json#2026-04-30 (filed 2026-07-21); FY2026: grossProfit / revenue = 53.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-21); 9-year return on capital observations [[2018,3.3217134002649535],[2019,0.35993587979744596],[2020,0.7824742314860851],[2021,0.7350945343520204],[2022,5.659897938782316],[2023,0.25398889820129006],[2024,0.3523539647829301],[2025,0.11459530095387187],[2026,0.9319114647301364]]; median 0.7350945343520204. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 2 of 9 years; bought back GBP 66.3 million of shares.

- Source: https://eodhd.com/api/fundamentals/MOON.LSE.json#2018-04-30 (filed 2026-07-21); FY2018: growth capex 0; upkeep 7208000; owner earnings 10709000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/MOON.LSE.json#2019-04-30 (filed 2026-07-21); FY2019: growth capex 422000; upkeep 5500000; owner earnings 13595000. Growth capex / owner earnings = 0.031040823832291283.

- Source: https://eodhd.com/api/fundamentals/MOON.LSE.json#2020-04-30 (filed 2026-07-21); FY2020: growth capex 0; upkeep 7656000; owner earnings 30168800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/MOON.LSE.json#2021-04-30 (filed 2026-07-21); FY2021: growth capex 0; upkeep 10809000; owner earnings 19287600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/MOON.LSE.json#2022-04-30 (filed 2026-07-21); FY2022: growth capex 0; upkeep 9741000; cash acquisitions 0; owner earnings 32995000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/MOON.LSE.json#2023-04-30 (filed 2026-07-21); FY2023: growth capex 0; upkeep 22629000; cash acquisitions 88598000; owner earnings 22726000. Growth capex plus acquisitions / owner earnings = 3.8985303176977912.

- Source: https://eodhd.com/api/fundamentals/MOON.LSE.json#2024-04-30 (filed 2026-07-21); FY2024: growth capex 0; upkeep 13747000; cash acquisitions 0; owner earnings 42885200. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/MOON.LSE.json#2026-04-30 (filed 2026-07-21); FY2026: growth capex 0; upkeep 4035000; owner earnings 70608800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-21); Dividend observations: [[2018,0],[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,3395000],[2026,10298000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/MOON.LSE.json#2026-04-30 (filed 2026-07-21); FY2026: cash repurchases 66287000 GBP.

### Are managers owners

Insiders own 3.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MOON.LSE SharesStats.PercentInsiders = 3.5220000000000002 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 7.5% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-21); Ten-year compound average after fade. Initial solved rate 0.09445768454946213. Price 291.2; FX 100; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

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

- 2021-02: GBX 450.00 per share

- 2021-03: GBX 424.60 per share

- 2021-04: GBX 439.80 per share

- 2021-05: GBX 467.40 per share

- 2021-06: GBX 428.80 per share

- 2021-07: GBX 372.80 per share

- 2021-08: GBX 387.00 per share

- 2021-09: GBX 319.00 per share

- 2021-10: GBX 333.00 per share

- 2021-11: GBX 327.80 per share

- 2021-12: GBX 375.00 per share

- 2022-01: GBX 312.20 per share

- 2022-02: GBX 266.40 per share

- 2022-03: GBX 224.00 per share

- 2022-04: GBX 193.40 per share

- 2022-05: GBX 258.60 per share

- 2022-06: GBX 225.60 per share

- 2022-07: GBX 207.60 per share

- 2022-08: GBX 195.90 per share

- 2022-09: GBX 159.50 per share

- 2022-10: GBX 137.70 per share

- 2022-11: GBX 159.80 per share

- 2022-12: GBX 110.30 per share

- 2023-01: GBX 120.50 per share

- 2023-02: GBX 117.40 per share

- 2023-03: GBX 123.40 per share

- 2023-04: GBX 136.90 per share

- 2023-05: GBX 135.00 per share

- 2023-06: GBX 144.20 per share

- 2023-07: GBX 179.50 per share

- 2023-08: GBX 169.50 per share

- 2023-09: GBX 163.20 per share

- 2023-10: GBX 164.90 per share

- 2023-11: GBX 173.40 per share

- 2023-12: GBX 156.60 per share

- 2024-01: GBX 168.00 per share

- 2024-02: GBX 167.80 per share

- 2024-03: GBX 169.30 per share

- 2024-04: GBX 155.80 per share

- 2024-05: GBX 160.00 per share

- 2024-06: GBX 190.60 per share

- 2024-07: GBX 218.00 per share

- 2024-08: GBX 210.50 per share

- 2024-09: GBX 204.50 per share

- 2024-10: GBX 250.00 per share

- 2024-11: GBX 250.00 per share

- 2024-12: GBX 211.50 per share

- 2025-01: GBX 226.50 per share

- 2025-02: GBX 215.00 per share

- 2025-03: GBX 210.00 per share

- 2025-04: GBX 230.00 per share

- 2025-05: GBX 248.00 per share

- 2025-06: GBX 225.00 per share

- 2025-07: GBX 214.00 per share

- 2025-08: GBX 199.00 per share

- 2025-09: GBX 227.00 per share

- 2025-10: GBX 214.50 per share

- 2025-11: GBX 211.50 per share

- 2025-12: GBX 203.00 per share

- 2026-01: GBX 214.50 per share

- 2026-02: GBX 221.00 per share

- 2026-03: GBX 209.50 per share

- 2026-04: GBX 211.20 per share

- 2026-05: GBX 217.40 per share

- 2026-06: GBX 239.40 per share

- 2026-07: GBX 275.60 per share

- 2026-08: GBX 293.00 per share

- 2026-09: GBX 275.80 per share

- 2026-10: GBX 291.20 per share

## Annual estimated value (GBX per share)

- FY2022: low GBX 135.21 per share, central GBX 150.08 per share, high GBX 169.87 per share

- FY2023: low GBX 113.96 per share, central GBX 129.04 per share, high GBX 149.11 per share

- FY2024: low GBX 114.74 per share, central GBX 130.45 per share, high GBX 151.36 per share

- FY2025: low GBX 77.86 per share, central GBX 88.37 per share, high GBX 102.37 per share

- FY2026: low GBX 134.12 per share, central GBX 152.55 per share, high GBX 177.07 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/213800VAYO5KCAXZHK83/2026-04-30/ESEF/GB/0/213800VAYO5KCAXZHK83-2026-04-30/reports/213800VAYO5KCAXZHK83-2026-04-30-T01.xhtml); period 2026-04-30, filed 2026-07-21.

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.