# Mitie Group (MTO.LSE)

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

Analysis as of: 2026-10-16T07:38:39.258Z. 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 210.20 per share; close as of 2026-10-15.

Estimated value: low GBX 129.85 per share, central GBX 147.76 per share, high GBX 171.59 per share. Buy at or below the central value GBX 147.76 per share. Valuation as of 2026-10-16T07:38:39.258Z; scenarios are not confidence intervals.

Expected annual return: 7.9% at the stated quote. About 7.9% 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: fail

- 2 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: 2

- Years with a net loss: 3

- Operating margin variation: 0.40×

Chart: Operating margin; fiscal year observations.

- FY2017: -0.00×

- FY2018: 0.04×

- FY2019: 0.04×

- FY2020: 0.04×

- FY2021: 0.02×

- FY2022: 0.03×

- FY2023: 0.03×

- FY2024: 0.04×

- FY2025: 0.03×

- FY2026: 0.03×

### 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: 37.2%

- ROIC, second-lowest year: 17.2%

- Typical minus recent gross margin: 0.3 pp

- Typical gross margin (annual median): 11.0%

- Recent gross margin (lower of latest and 3-year median): 10.8%

- Years with nonpositive capital: 4

- Capital spending / revenue: 0.7%

- ROIC including acquisitions, ten-year median: 14.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: -1.6%

- FY2018: 27.2%

- FY2019: 24.8%

- FY2020: 17.2%

- FY2021: 33.5%

- FY2022: >100%

- FY2023: 76.8%

- FY2024: 82.6%

- FY2025: 56.9%

- FY2026: 40.9%

### economics: pass

- Owner earnings / net income, 5-yr: 1.38×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: GBP 606M

- Net income, five-year total: GBP 439M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -1.1 pp

- Working capital / revenue, change between three-year averages: -6.7 pp

- Working capital / revenue, final three-year average: 1.4%

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

- FY2022: 1.27×

- FY2023: 1.23×

- FY2024: 1.28×

- FY2025: 1.34×

- FY2026: 1.79×

### management: pass

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

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 24.8% vs 56.9%

- Per-share earnings: -0.02 to 0.08 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 6.6%

- Ordinary dilution, 5-year annual growth: -1.8%

- Market cap gain: GBP 1.5B

- Cumulative retained earnings: GBP 470M

- Diluted shares, 10-year annual growth: 6.6%

- Diluted shares, 5-year annual growth: -1.8%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value change: GBP 0.10

- Per-share value, starting three-year median: GBP -0.02

- Per-share value, ending three-year median: GBP 0.08

- Buybacks concentrated in cheaper years (correlation): 0.18

- Average buyback yield: 7.2%

- Buyback history: 7 years

- Debt-funded buybacks: No

- Acquisition spending: GBP 907M

- Cumulative net income, 10 years: GBP 426M

- ROIC, first three-year median: 24.8%

- ROIC, last three-year median: 56.9%

Chart: Earnings per share; fiscal year observations.

- FY2017: GBP -0.07

- FY2018: GBP -0.02

- FY2019: GBP 0.03

- FY2020: GBP 0.05

- FY2021: GBP -0.01

- FY2022: GBP 0.03

- FY2023: GBP 0.06

- FY2024: GBP 0.09

- FY2025: GBP 0.08

- FY2026: GBP 0.06

### accounting: pass

- Sloan accruals: -6.5%

- Receivables to sales index (DSRI): 0.55×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 9.2%

- Earnings backed by cash: Yes

- Operating cash / earnings: 3.02×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.98×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -16.1%

- FY2018: -0.9%

- FY2019: -1.7%

- FY2020: -0.8%

- FY2021: -1.9%

- FY2022: -10.6%

- FY2023: 0.4%

- FY2024: -3.7%

- FY2025: -5.6%

- FY2026: -6.5%

## Holders

## Price story

Price needs cash profits to grow 5.3% a year for ten years · sales +10.5%

Story as of 2026-10-16T10:00:10.103Z; price observation 2026-10-15.

Price needs cash profits to grow 5.3% a year for ten years

- 2026-07-21: Mitie Group AGM: Q1 Revenue Jumps 10% as Board Backs £3.1B OCS Takeover ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/mitie-group-agm-q1-revenue-120240511.html))

### Sales · FY2025–2026

sales +10.5%; source https://filings.xbrl.org/213800MTCLTKEHWZMJ03/2026-03-31/ESEF/GB/0/213800MTCLTKEHWZMJ03-2026-03-31/reports/213800MTCLTKEHWZMJ03-2026-03-31-T01.html; observed 2026-06-25.

- FY2017: GBP 2.1B 

- FY2018: GBP 2.0B 

- FY2019: GBP 2.1B 

- FY2020: GBP 2.2B 

- FY2021: GBP 2.5B 

- FY2022: GBP 3.9B 

- FY2023: GBP 3.9B 

- FY2024: GBP 4.4B 

- FY2025: GBP 5.1B 

- FY2026: GBP 5.6B 

### Gross margin · FY2026

gross margin 10.8%; source https://filings.xbrl.org/213800MTCLTKEHWZMJ03/2026-03-31/ESEF/GB/0/213800MTCLTKEHWZMJ03-2026-03-31/reports/213800MTCLTKEHWZMJ03-2026-03-31-T01.html; observed 2026-06-25.

- FY2017: 10.8% 

- FY2018: 13.2% 

- FY2019: 13.5% 

- FY2020: 12.7% 

- FY2021: 10.3% 

- FY2022: 10.8% 

- FY2023: 10.3% 

- FY2024: 11.2% 

- FY2025: 11.2% 

- FY2026: 10.8% 

## Owner memo

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

### How it makes money

Operates in specialty business services; annual sales are GBP 5.6 billion.

- Source: https://filings.xbrl.org/213800MTCLTKEHWZMJ03/2026-03-31/ESEF/GB/0/213800MTCLTKEHWZMJ03-2026-03-31/reports/213800MTCLTKEHWZMJ03-2026-03-31-T01.html (filed 2026-06-25); FY2026: revenue 5618600000; grossProfit 604200000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MTO.LSE: Mitie Group plc, together with its subsidiaries, provides facilities management and professional services in the United Kingdom and internationally. It operates through the Business Services, Technical Services, and Corporate Centre segments. The company offers cleaning and hygiene, decarbonization, engineering maintenance, integrated facilities management, landscapes and grounds maintenance, projects, security and intelligence, waste and environmental management, managed water, guest services, and workplace solutions. It serves the central government, critical environments, data centers, defense, education, financial and professional services, healthcare, immigration and justice, life sciences, manufacturing, local government, retail and shopping centers, transport and aviation, and utilities sectors, as well as the media, telecoms, and tech sector. The company was incorporated in 1936 and is headquartered in London, the United Kingdom.

### Why customers stay

Margins ranged from 10.8% to 11.2% during 2024–26; it earns 37.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-25); FY2024: grossProfit / revenue = 11.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-25); FY2025: grossProfit / revenue = 11.2%.

- Source: https://filings.xbrl.org/213800MTCLTKEHWZMJ03/2026-03-31/ESEF/GB/0/213800MTCLTKEHWZMJ03-2026-03-31/reports/213800MTCLTKEHWZMJ03-2026-03-31-T01.html (filed 2026-06-25); FY2026: grossProfit / revenue = 10.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-25); 10-year return on capital observations [[2017,-0.01621121121121121],[2018,0.2718351741716228],[2019,0.24842524129367274],[2020,0.17227758872143897],[2021,0.3354645560908465],[2022,1.0738423028785982],[2023,0.7684618677140771],[2024,0.8255349483881993],[2025,0.569364740511151],[2026,0.4089616437274191]]; median 0.3722130999091328. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 11% gross margin through 2022 cost inflation.

- Source: https://filings.xbrl.org/213800MTCLTKEHWZMJ03/2026-03-31/ESEF/GB/0/213800MTCLTKEHWZMJ03-2026-03-31/reports/213800MTCLTKEHWZMJ03-2026-03-31-T01.html (filed 2026-06-25); Gross margin observations: [[2021,0.10344137655062025],[2022,0.10834422155611918],[2023,0.1032446134347275]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back GBP 92 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-25); FY2019: growth capex 0; upkeep 12100000; owner earnings 29300000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-25); FY2020: growth capex 0; upkeep 19400000; owner earnings 47940000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-25); FY2021: growth capex 0; upkeep 21700000; owner earnings 6380000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-25); FY2022: growth capex 0; upkeep 35600000; owner earnings 47900000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-25); FY2023: growth capex 0; upkeep 25200000; owner earnings 112320000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-25); FY2024: growth capex 0; upkeep 11500000; owner earnings 161200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-25); FY2025: growth capex 0; upkeep 31600000; owner earnings 136300000. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/213800MTCLTKEHWZMJ03/2026-03-31/ESEF/GB/0/213800MTCLTKEHWZMJ03-2026-03-31/reports/213800MTCLTKEHWZMJ03-2026-03-31-T01.html (filed 2026-06-25); FY2026: growth capex 0; upkeep 33400000; owner earnings 148000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-25); Dividend observations: [[2017,37400000],[2018,4800000],[2019,14400000],[2020,14400000],[2021,14400000],[2022,5700000],[2023,28900000],[2024,41500000],[2025,54500000],[2026,54700000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://filings.xbrl.org/213800MTCLTKEHWZMJ03/2026-03-31/ESEF/GB/0/213800MTCLTKEHWZMJ03-2026-03-31/reports/213800MTCLTKEHWZMJ03-2026-03-31-T01.html (filed 2026-06-25); FY2026: cash repurchases 92000000 GBP.

### Are managers owners

Insiders own 9.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MTO.LSE SharesStats.PercentInsiders = 9.385 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 5.3% yearly over ten years; actual decline was 0.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-25); Ten-year compound average after fade. Initial solved rate 0.06313796817052963. Price 210.2; FX 100; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 0.11525312117061365 → FY2026 0.10890015989192395. Closing-price date 2026-10-15.

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

- 2016-10: GBX 108.55 per share

- 2016-11: GBX 105.97 per share

- 2016-12: GBX 115.66 per share

- 2017-01: GBX 103.45 per share

- 2017-02: GBX 106.54 per share

- 2017-03: GBX 114.37 per share

- 2017-04: GBX 108.03 per share

- 2017-05: GBX 124.84 per share

- 2017-06: GBX 142.57 per share

- 2017-07: GBX 137.21 per share

- 2017-08: GBX 138.65 per share

- 2017-09: GBX 131.90 per share

- 2017-10: GBX 122.16 per share

- 2017-11: GBX 101.38 per share

- 2017-12: GBX 99.58 per share

- 2018-01: GBX 91.33 per share

- 2018-02: GBX 81.08 per share

- 2018-03: GBX 81.95 per share

- 2018-04: GBX 94.53 per share

- 2018-05: GBX 92.16 per share

- 2018-06: GBX 80.56 per share

- 2018-07: GBX 79.27 per share

- 2018-08: GBX 76.49 per share

- 2018-09: GBX 75.61 per share

- 2018-10: GBX 74.89 per share

- 2018-11: GBX 74.63 per share

- 2018-12: GBX 57.01 per share

- 2019-01: GBX 60.51 per share

- 2019-02: GBX 66.44 per share

- 2019-03: GBX 76.69 per share

- 2019-04: GBX 67.57 per share

- 2019-05: GBX 76.49 per share

- 2019-06: GBX 75.41 per share

- 2019-07: GBX 85.04 per share

- 2019-08: GBX 75.56 per share

- 2019-09: GBX 75.46 per share

- 2019-10: GBX 81.64 per share

- 2019-11: GBX 67.52 per share

- 2019-12: GBX 74.74 per share

- 2020-01: GBX 68.50 per share

- 2020-02: GBX 72.06 per share

- 2020-03: GBX 33.50 per share

- 2020-04: GBX 38.19 per share

- 2020-05: GBX 36.34 per share

- 2020-06: GBX 42.93 per share

- 2020-07: GBX 32.70 per share

- 2020-08: GBX 33.30 per share

- 2020-09: GBX 32.80 per share

- 2020-10: GBX 28.20 per share

- 2020-11: GBX 38.10 per share

- 2020-12: GBX 41.00 per share

- 2021-01: GBX 48.00 per share

- 2021-02: GBX 52.30 per share

- 2021-03: GBX 62.90 per share

- 2021-04: GBX 62.10 per share

- 2021-05: GBX 67.90 per share

- 2021-06: GBX 68.00 per share

- 2021-07: GBX 63.40 per share

- 2021-08: GBX 76.00 per share

- 2021-09: GBX 71.00 per share

- 2021-10: GBX 65.40 per share

- 2021-11: GBX 64.20 per share

- 2021-12: GBX 64.50 per share

- 2022-01: GBX 60.00 per share

- 2022-02: GBX 56.00 per share

- 2022-03: GBX 55.10 per share

- 2022-04: GBX 54.20 per share

- 2022-05: GBX 56.40 per share

- 2022-06: GBX 56.00 per share

- 2022-07: GBX 78.30 per share

- 2022-08: GBX 72.70 per share

- 2022-09: GBX 62.60 per share

- 2022-10: GBX 71.40 per share

- 2022-11: GBX 76.10 per share

- 2022-12: GBX 74.60 per share

- 2023-01: GBX 78.00 per share

- 2023-02: GBX 80.80 per share

- 2023-03: GBX 81.80 per share

- 2023-04: GBX 92.00 per share

- 2023-05: GBX 88.90 per share

- 2023-06: GBX 96.40 per share

- 2023-07: GBX 101.80 per share

- 2023-08: GBX 97.20 per share

- 2023-09: GBX 102.80 per share

- 2023-10: GBX 98.50 per share

- 2023-11: GBX 98.00 per share

- 2023-12: GBX 99.30 per share

- 2024-01: GBX 103.40 per share

- 2024-02: GBX 106.80 per share

- 2024-03: GBX 105.00 per share

- 2024-04: GBX 117.00 per share

- 2024-05: GBX 121.20 per share

- 2024-06: GBX 116.20 per share

- 2024-07: GBX 121.20 per share

- 2024-08: GBX 124.00 per share

- 2024-09: GBX 118.20 per share

- 2024-10: GBX 116.60 per share

- 2024-11: GBX 109.00 per share

- 2024-12: GBX 110.00 per share

- 2025-01: GBX 117.00 per share

- 2025-02: GBX 116.40 per share

- 2025-03: GBX 114.80 per share

- 2025-04: GBX 144.20 per share

- 2025-05: GBX 156.60 per share

- 2025-06: GBX 141.40 per share

- 2025-07: GBX 140.80 per share

- 2025-08: GBX 140.00 per share

- 2025-09: GBX 139.20 per share

- 2025-10: GBX 164.80 per share

- 2025-11: GBX 158.80 per share

- 2025-12: GBX 166.40 per share

- 2026-01: GBX 167.60 per share

- 2026-02: GBX 180.60 per share

- 2026-03: GBX 169.00 per share

- 2026-04: GBX 173.80 per share

- 2026-05: GBX 178.60 per share

- 2026-06: GBX 149.40 per share

- 2026-07: GBX 207.00 per share

- 2026-08: GBX 208.60 per share

- 2026-09: GBX 210.00 per share

- 2026-10: GBX 210.20 per share

## Annual estimated value (GBX per share)

- FY2017: low GBX 84.64 per share, central GBX 93.95 per share, high GBX 106.34 per share

- FY2018: low GBX 59.75 per share, central GBX 67.62 per share, high GBX 78.10 per share

- FY2019: low GBX 54.12 per share, central GBX 60.30 per share, high GBX 68.52 per share

- FY2020: low GBX 47.74 per share, central GBX 52.85 per share, high GBX 59.66 per share

- FY2021: low GBX 14.49 per share, central GBX 15.13 per share, high GBX 15.99 per share

- FY2022: low GBX 54.37 per share, central GBX 59.34 per share, high GBX 65.95 per share

- FY2023: low GBX 54.69 per share, central GBX 60.58 per share, high GBX 68.43 per share

- FY2024: low GBX 90.29 per share, central GBX 101.16 per share, high GBX 115.62 per share

- FY2025: low GBX 117.80 per share, central GBX 133.27 per share, high GBX 153.86 per share

- FY2026: low GBX 121.18 per share, central GBX 137.89 per share, high GBX 160.13 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 2026-10-15T06:44:23.249Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/213800MTCLTKEHWZMJ03/2026-03-31/ESEF/GB/0/213800MTCLTKEHWZMJ03-2026-03-31/reports/213800MTCLTKEHWZMJ03-2026-03-31-T01.html); period 2026-03-31, filed 2026-06-25.

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.

## Reported holder observations