# OneSavings Bank (OSB.LSE)

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

Analysis as of: 2026-10-16T07:40:27.187Z. Financial observations: FY2011–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 496.00 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.44×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.78×

- FY2017: 0.70×

- FY2018: 0.65×

- FY2019: 0.61×

- FY2020: 0.37×

- FY2021: 0.60×

- FY2022: 0.47×

- FY2023: 0.21×

- FY2024: 0.20×

- FY2025: 0.20×

### moat: fail

- ROIC median below threshold

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

- Recent gross margin fell 38.6pp below the typical margin (limit 4pp)

- ROIC, median of available years: 8.7%

- ROIC, second-lowest year: 5.7%

- Typical minus recent gross margin: 38.6 pp

- Typical gross margin (annual median): 73.7%

- Recent gross margin (lower of latest and 3-year median): 35.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.9%

- ROIC including acquisitions, ten-year median: 8.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: >100%

- FY2017: 18.4%

- FY2018: 13.6%

- FY2019: 5.7%

- FY2020: 6.0%

- FY2021: 8.4%

- FY2022: 9.0%

- FY2023: 5.9%

- FY2024: 10.5%

- FY2025: 4.7%

### economics: pass

- Owner earnings / net income, 5-yr: 0.97×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: GBP 1.6B

- Net income, five-year total: GBP 1.6B

- Return on incremental invested capital: 164.6%

- Working capital / revenue, annual change: -18.0 pp

- Working capital / revenue, change between three-year averages: -772.8 pp

- Working capital / revenue, final three-year average: -766.8%

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

- FY2021: 1.00×

- FY2022: 1.00×

- FY2023: 1.00×

- FY2024: 0.92×

- FY2025: 0.91×

### management: pass

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

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 18.4% vs 5.9%

- Per-share earnings: 0.49 to 0.76 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 4.4%

- Ordinary dilution, 5-year annual growth: -3.7%

- Market cap gain: GBP 1.6B

- Cumulative retained earnings: GBP 3.2B

- Diluted shares, 10-year annual growth: 4.4%

- Diluted shares, 5-year annual growth: -3.7%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 5.6%

- Per-share value change: GBP 0.27

- Per-share value, starting three-year median: GBP 0.49

- Per-share value, ending three-year median: GBP 0.76

- Buybacks concentrated in cheaper years (correlation): -0.25

- Average buyback yield: 8.8%

- Buyback history: 7 years

- Debt-funded buybacks: Yes

- Acquisition spending: GBP 83M

- Cumulative net income, 10 years: GBP 2.4B

- ROIC, first three-year median: 18.4%

- ROIC, last three-year median: 5.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: GBP 0.49

- FY2017: GBP 0.52

- FY2018: GBP 0.57

- FY2019: GBP 0.47

- FY2020: GBP 0.43

- FY2021: GBP 0.76

- FY2022: GBP 0.92

- FY2023: GBP 0.67

- FY2024: GBP 0.78

- FY2025: GBP 0.76

### accounting: pass

- Sloan accruals: 0.2%

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 3.3%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.73×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.03×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 15.7%

- FY2017: 15.6%

- FY2018: 2.2%

- FY2019: 3.2%

- FY2020: 0.1%

- FY2021: 3.3%

- FY2022: -0.1%

- FY2023: 1.1%

- FY2024: -6.4%

- FY2025: 0.2%

## Holders

## Price story

Down 22% since Dec 2025 · sales -9.2%

Story as of 2026-10-16T10:00:11.481Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales -9.2%; source https://filings.xbrl.org/213800ZBKL9BHSL2K459/2025-12-31/ESEF/GB/0/213800ZBKL9BHSL2K459-2025-12-31/reports/213800ZBKL9BHSL2K459-2025-12-31-T01.html; observed 2026-04-07.

- FY2016: GBP 209M 

- FY2017: GBP 240M 

- FY2018: GBP 282M 

- FY2019: GBP 340M 

- FY2020: GBP 708M 

- FY2021: GBP 775M 

- FY2022: GBP 1.1B 

- FY2023: GBP 1.8B 

- FY2024: GBP 2.1B 

- FY2025: GBP 1.9B 

### Gross margin · FY2025

gross margin 35.1%; source https://filings.xbrl.org/213800ZBKL9BHSL2K459/2025-12-31/ESEF/GB/0/213800ZBKL9BHSL2K459-2025-12-31/reports/213800ZBKL9BHSL2K459-2025-12-31-T01.html; observed 2026-04-07.

- FY2017: 98.2% 

- FY2018: 90.3% 

- FY2019: 87.7% 

- FY2020: 56.1% 

- FY2021: 79.5% 

- FY2022: 68.0% 

- FY2023: 37.0% 

- FY2024: 31.7% 

- FY2025: 35.1% 

## Owner memo

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

### How it makes money

Operates in mortgage finance; annual sales are GBP 1.9 billion.

- Source: https://eodhd.com/api/fundamentals/OSB.LSE.json#2025-12-31 (filed 2026-04-07); FY2025: revenue 1901000000; grossProfit 668000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); OSB.LSE: OSB Group Plc, through its subsidiaries, operates as a specialist mortgage lending company in the United Kingdom and India. The company operates in two segments, OneSavings Bank (OSB) and Charter Court Financial Services (CCFS). It offers buy-to-let, residential, bridging, and commercial and semi-commercial mortgages; and residential development and asset finance services. The company also provides mortgage servicing, lending, deposit taking, originating, and administration and analytical services; land lease investment; and back-office processing services. It sells its products and services under the Precise, Kent Reliance for Intermediaries, InterBay, InterBay Asset Finance, Heritable Development Finance, Charter Savings Bank, Kent Reliance, and osbIndia brands. The company was founded in 1840 and is headquartered in Chatham, the United Kingdom.

### Why customers stay

Margins ranged from 31.7% to 37% during 2023–25; it earns 8.7% on its capital.

- Source: https://eodhd.com/api/fundamentals/OSB.LSE.json#2023-12-31 (filed 2026-04-07); FY2023: grossProfit / revenue = 37%.

- Source: https://eodhd.com/api/fundamentals/OSB.LSE.json#2024-12-31 (filed 2026-04-07); FY2024: grossProfit / revenue = 31.7%.

- Source: https://eodhd.com/api/fundamentals/OSB.LSE.json#2025-12-31 (filed 2026-04-07); FY2025: grossProfit / revenue = 35.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); 10-year return on capital observations [[2016,1.2902881536819635],[2017,0.18407310704960836],[2018,0.13598285602961233],[2019,0.056698086261068266],[2020,0.05951731247347038],[2021,0.08414152736488133],[2022,0.09029245947850599],[2023,0.059025021930740634],[2024,0.10454344949272165],[2025,0.046574940497538395]]; median 0.08721699342169366. 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 89.4 million of shares.

- Source: https://eodhd.com/api/fundamentals/OSB.LSE.json#2016-12-31 (filed 2026-04-07); FY2016: growth capex 3404731.866451837; upkeep 4295268.133548163; owner earnings 117904731.86645183. Growth capex / owner earnings = 0.028876973914060584.

- Source: https://eodhd.com/api/fundamentals/OSB.LSE.json#2017-12-31 (filed 2026-04-07); FY2017: growth capex 1856716.1790866796; upkeep 12143283.82091332; owner earnings 116456716.17908669. Growth capex / owner earnings = 0.01594340146283559.

- Source: https://eodhd.com/api/fundamentals/OSB.LSE.json#2018-12-31 (filed 2026-04-07); FY2018: growth capex 2615808.2883134717; upkeep 3384191.7116865283; owner earnings 138415808.28831348. Growth capex / owner earnings = 0.0188981903198865.

- Source: https://eodhd.com/api/fundamentals/OSB.LSE.json#2019-12-31 (filed 2026-04-07); FY2019: growth capex 4771100.171315607; upkeep 6828899.828684393; owner earnings 155871100.1713156. Growth capex / owner earnings = 0.0306092673117195.

- Source: https://eodhd.com/api/fundamentals/OSB.LSE.json#2020-12-31 (filed 2026-04-07); FY2020: growth capex 0; upkeep 7500000; owner earnings 196400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/OSB.LSE.json#2021-12-31 (filed 2026-04-07); FY2021: growth capex 200000; upkeep 6600000; owner earnings 345300000. Growth capex / owner earnings = 0.0005792064871126556.

- Source: https://eodhd.com/api/fundamentals/OSB.LSE.json#2022-12-31 (filed 2026-04-07); FY2022: growth capex 4700000; upkeep 7000000; owner earnings 410000000. Growth capex / owner earnings = 0.011463414634146341.

- Source: https://eodhd.com/api/fundamentals/OSB.LSE.json#2023-12-31 (filed 2026-04-07); FY2023: growth capex 17500000; upkeep 8300000; owner earnings 282600000. Growth capex / owner earnings = 0.061924982307147915.

- Source: https://eodhd.com/api/fundamentals/OSB.LSE.json#2024-12-31 (filed 2026-04-07); FY2024: growth capex 12572835.102655895; upkeep 31327164.897344105; owner earnings 283072835.1026559. Growth capex / owner earnings = 0.044415548027052394.

- Source: https://eodhd.com/api/fundamentals/OSB.LSE.json#2025-12-31 (filed 2026-04-07); FY2025: growth capex 0; upkeep 32900000; owner earnings 259500000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); Dividend observations: [[2016,23300000],[2017,27000000],[2018,33200000],[2019,37300000],[2020,86700000],[2021,86700000],[2022,133100000],[2023,185000000],[2024,126400000],[2025,125500000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/OSB.LSE.json#2025-12-31 (filed 2026-04-07); FY2025: cash repurchases 89400000 GBP.

### Are managers owners

Insiders own 0.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); OSB.LSE SharesStats.PercentInsiders = 0.42100000000000004 percentage points; cache date 2026-10-16.

### What the price says

The price is 1 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); Closing price 496 GBX; reporting-to-trading FX 100; FY2025 annual sales per share 5.078813785733369; price multiple 0.9766059968437664. FY2025 cash earnings/share 0.6932941490782795. Closing-price date 2026-10-15.

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

- 2016-10: GBX 290.00 per share

- 2016-11: GBX 315.10 per share

- 2016-12: GBX 338.00 per share

- 2017-01: GBX 338.70 per share

- 2017-02: GBX 365.20 per share

- 2017-03: GBX 404.20 per share

- 2017-04: GBX 438.30 per share

- 2017-05: GBX 407.30 per share

- 2017-06: GBX 375.00 per share

- 2017-07: GBX 395.20 per share

- 2017-08: GBX 394.30 per share

- 2017-09: GBX 403.10 per share

- 2017-10: GBX 406.00 per share

- 2017-11: GBX 391.20 per share

- 2017-12: GBX 412.60 per share

- 2018-01: GBX 399.20 per share

- 2018-02: GBX 408.60 per share

- 2018-03: GBX 373.00 per share

- 2018-04: GBX 397.00 per share

- 2018-05: GBX 403.00 per share

- 2018-06: GBX 410.60 per share

- 2018-07: GBX 435.00 per share

- 2018-08: GBX 415.40 per share

- 2018-09: GBX 406.20 per share

- 2018-10: GBX 373.20 per share

- 2018-11: GBX 345.80 per share

- 2018-12: GBX 350.00 per share

- 2019-01: GBX 376.00 per share

- 2019-02: GBX 392.40 per share

- 2019-03: GBX 383.60 per share

- 2019-04: GBX 435.00 per share

- 2019-05: GBX 402.00 per share

- 2019-06: GBX 362.60 per share

- 2019-07: GBX 363.40 per share

- 2019-08: GBX 321.80 per share

- 2019-09: GBX 369.40 per share

- 2019-10: GBX 360.00 per share

- 2019-11: GBX 387.00 per share

- 2019-12: GBX 433.40 per share

- 2020-01: GBX 426.60 per share

- 2020-02: GBX 401.60 per share

- 2020-03: GBX 250.80 per share

- 2020-04: GBX 244.00 per share

- 2020-05: GBX 277.60 per share

- 2020-06: GBX 265.40 per share

- 2020-07: GBX 236.00 per share

- 2020-08: GBX 304.00 per share

- 2020-09: GBX 279.00 per share

- 2020-10: GBX 307.80 per share

- 2020-11: GBX 388.55 per share

- 2020-12: GBX 423.60 per share

- 2021-01: GBX 410.00 per share

- 2021-02: GBX 443.60 per share

- 2021-03: GBX 426.20 per share

- 2021-04: GBX 479.20 per share

- 2021-05: GBX 468.00 per share

- 2021-06: GBX 464.00 per share

- 2021-07: GBX 484.00 per share

- 2021-08: GBX 509.50 per share

- 2021-09: GBX 500.50 per share

- 2021-10: GBX 505.00 per share

- 2021-11: GBX 502.00 per share

- 2021-12: GBX 554.50 per share

- 2022-01: GBX 548.50 per share

- 2022-02: GBX 500.50 per share

- 2022-03: GBX 566.50 per share

- 2022-04: GBX 561.50 per share

- 2022-05: GBX 519.50 per share

- 2022-06: GBX 480.20 per share

- 2022-07: GBX 526.50 per share

- 2022-08: GBX 550.00 per share

- 2022-09: GBX 420.40 per share

- 2022-10: GBX 414.80 per share

- 2022-11: GBX 477.80 per share

- 2022-12: GBX 479.80 per share

- 2023-01: GBX 545.50 per share

- 2023-02: GBX 557.00 per share

- 2023-03: GBX 481.60 per share

- 2023-04: GBX 496.80 per share

- 2023-05: GBX 494.00 per share

- 2023-06: GBX 480.00 per share

- 2023-07: GBX 367.20 per share

- 2023-08: GBX 341.40 per share

- 2023-09: GBX 327.40 per share

- 2023-10: GBX 299.80 per share

- 2023-11: GBX 375.00 per share

- 2023-12: GBX 464.60 per share

- 2024-01: GBX 450.20 per share

- 2024-02: GBX 416.00 per share

- 2024-03: GBX 377.40 per share

- 2024-04: GBX 410.60 per share

- 2024-05: GBX 464.00 per share

- 2024-06: GBX 428.60 per share

- 2024-07: GBX 516.00 per share

- 2024-08: GBX 369.00 per share

- 2024-09: GBX 389.00 per share

- 2024-10: GBX 353.80 per share

- 2024-11: GBX 402.40 per share

- 2024-12: GBX 404.60 per share

- 2025-01: GBX 421.40 per share

- 2025-02: GBX 444.00 per share

- 2025-03: GBX 429.20 per share

- 2025-04: GBX 474.00 per share

- 2025-05: GBX 488.40 per share

- 2025-06: GBX 522.50 per share

- 2025-07: GBX 556.00 per share

- 2025-08: GBX 527.50 per share

- 2025-09: GBX 567.50 per share

- 2025-10: GBX 539.00 per share

- 2025-11: GBX 572.50 per share

- 2025-12: GBX 637.50 per share

- 2026-01: GBX 610.50 per share

- 2026-02: GBX 610.50 per share

- 2026-03: GBX 520.00 per share

- 2026-04: GBX 528.00 per share

- 2026-05: GBX 516.50 per share

- 2026-06: GBX 519.00 per share

- 2026-07: GBX 556.50 per share

- 2026-08: GBX 514.50 per share

- 2026-09: GBX 511.50 per share

- 2026-10: GBX 496.00 per share

## Annual estimated value (GBX 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 2026-10-15T06:46:14.177Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/213800ZBKL9BHSL2K459/2025-12-31/ESEF/GB/0/213800ZBKL9BHSL2K459-2025-12-31/reports/213800ZBKL9BHSL2K459-2025-12-31-T01.html); period 2025-12-31, filed 2026-04-07.

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.