# Pagegroup (PAGE.LSE)

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

Analysis as of: 2026-10-16T07:44:48.771Z. Financial observations: FY1998–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 195.80 per share; close as of 2026-10-15.

Estimated value: low GBX 251.70 per share, central GBX 286.41 per share, high GBX 332.61 per share. Buy at or below the central value GBX 286.41 per share. Valuation as of 2026-10-16T07:44:48.771Z; scenarios are not confidence intervals.

Expected annual return: 13.4% at the stated quote. About 13.4% 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

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 1

- Operating margin variation: 0.50×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.08×

- FY2017: 0.09×

- FY2018: 0.09×

- FY2019: 0.09×

- FY2020: 0.02×

- FY2021: 0.11×

- FY2022: 0.10×

- FY2023: 0.06×

- FY2024: 0.03×

- FY2025: 0.01×

### moat: fail

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

- ROIC, median of available years: 36.8%

- ROIC, second-lowest year: 6.0%

- Typical minus recent gross margin: 2.8 pp

- Typical gross margin (annual median): 51.0%

- Recent gross margin (lower of latest and 3-year median): 48.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.4%

- ROIC including acquisitions, ten-year median: 33.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 47.4%

- FY2017: 47.8%

- FY2018: 47.0%

- FY2019: 30.1%

- FY2020: 6.0%

- FY2021: 43.4%

- FY2022: 44.3%

- FY2023: 23.9%

- FY2024: 11.3%

- FY2025: 4.3%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 1.18×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: GBP 438M

- Net income, five-year total: GBP 372M

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: -0.1 pp

- Working capital / revenue, change between three-year averages: -1.7 pp

- Working capital / revenue, final three-year average: 15.7%

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

- FY2021: 1.04×

- FY2022: 1.05×

- FY2023: 1.17×

- FY2024: 1.70×

- FY2025: 3.31×

### management: fail

- 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: 47.4% vs 11.3%

- Per-share earnings: 0.23 to 0.09 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

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

- Ordinary dilution, 5-year annual growth: 0.8%

- Market cap gain: GBP -443M

- Cumulative retained earnings: GBP -13M

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

- Diluted shares, 5-year annual growth: 0.8%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -11.1%

- Per-share value change: GBP -0.14

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

- Per-share value, ending three-year median: GBP 0.09

- Buybacks concentrated in cheaper years (correlation): -0.38

- Average buyback yield: 1.0%

- Buyback history: 9 years

- Debt-funded buybacks: Yes

- Acquisition spending: GBP 19M

- Cumulative net income, 10 years: GBP 728M

- ROIC, first three-year median: 47.4%

- ROIC, last three-year median: 11.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: GBP 0.23

- FY2017: GBP 0.26

- FY2018: GBP 0.32

- FY2019: GBP 0.32

- FY2020: GBP -0.02

- FY2021: GBP 0.37

- FY2022: GBP 0.44

- FY2023: GBP 0.24

- FY2024: GBP 0.09

- FY2025: GBP 0.03

### accounting: pass

- Sloan accruals: -7.1%

- Receivables to sales index (DSRI): 1.04×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 7.4%

- Earnings backed by cash: Yes

- Operating cash / earnings: 5.55×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.07×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -3.7%

- FY2017: -0.6%

- FY2018: 2.3%

- FY2019: -7.7%

- FY2020: -22.7%

- FY2021: -4.3%

- FY2022: -5.8%

- FY2023: -10.8%

- FY2024: -15.1%

- FY2025: -7.1%

## Holders

## Price story

Down 71% since Oct 2021 · "PageGroup Q2 2025 slides: Revenue decline continues amid mixed regional performance" (investing.com, Jul 2025) · sales -8.2%

Story as of 2026-10-16T10:00:13.197Z; price observation 2026-10-15.

Price needs cash profits to shrink 3.9% a year for ten years

### Sales · FY2024–2025

sales -8.2%; source https://filings.xbrl.org/213800JK5ZEQW4AB8G71/2025-12-31/ESEF/GB/0/213800JK5ZEQW4AB8G71-2025-12-31/reports/213800JK5ZEQW4AB8G71-2025-12-31-T01.xhtml; observed 2026-04-15.

- FY2016: GBP 1.2B 

- FY2017: GBP 1.4B 

- FY2018: GBP 1.5B 

- FY2019: GBP 1.7B 

- FY2020: GBP 1.3B 

- FY2021: GBP 1.6B 

- FY2022: GBP 2.0B 

- FY2023: GBP 2.0B 

- FY2024: GBP 1.7B 

- FY2025: GBP 1.6B 

### Gross margin · FY2025

gross margin 48.2%; source https://filings.xbrl.org/213800JK5ZEQW4AB8G71/2025-12-31/ESEF/GB/0/213800JK5ZEQW4AB8G71-2025-12-31/reports/213800JK5ZEQW4AB8G71-2025-12-31-T01.xhtml; observed 2026-04-15.

- FY2016: 51.9% 

- FY2017: 51.9% 

- FY2018: 52.6% 

- FY2019: 49.5% 

- FY2020: 46.8% 

- FY2021: 53.4% 

- FY2022: 54.1% 

- FY2023: 50.1% 

- FY2024: 48.5% 

- FY2025: 48.2% 

## Owner memo

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

### How it makes money

Operates in staffing & employment services; annual sales are GBP 1.6 billion.

- Source: https://eodhd.com/api/fundamentals/PAGE.LSE.json#2025-12-31 (filed 2026-04-15); FY2025: revenue 1596577000; grossProfit 769516000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); PAGE.LSE: Michael Page Plc, together with its subsidiaries, provides recruitment consultancy and other ancillary services in the United Kingdom, Europe, the Middle East, Africa, the Asia Pacific, and the Americas. It offers executive search services, such as search, selection, and talent management solutions for organizations on a permanent and interim basis under the Page Executive brand; and recruitment services for qualified professional and management level on permanent, temporary, and contract or interim basis under the Michael Page brand. The company also provides recruitment services to organizations requiring permanent employees, temporary, or contract staff at technical and administrative support, professional clerical, and junior management levels under the Page Personnel brand; and flexible offering outsourcing services under the Page Outsourcing brand. In addition, it is involved in the provision of IT consultancy and support services. The company was formerly known as PageGroup plc and changed its name to Michael Page Plc in July 2026. Michael Page Plc was founded in 1976 and is headquartered in Addlestone, the United Kingdom.

### Why customers stay

Margins ranged from 48.2% to 50.1% during 2023–25; it earns 36.8% on its capital.

- Source: https://eodhd.com/api/fundamentals/PAGE.LSE.json#2023-12-31 (filed 2026-04-15); FY2023: grossProfit / revenue = 50.1%.

- Source: https://eodhd.com/api/fundamentals/PAGE.LSE.json#2024-12-31 (filed 2026-04-15); FY2024: grossProfit / revenue = 48.5%.

- Source: https://eodhd.com/api/fundamentals/PAGE.LSE.json#2025-12-31 (filed 2026-04-15); FY2025: grossProfit / revenue = 48.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-15); 10-year return on capital observations [[2016,0.47427616104292303],[2017,0.4780930664692229],[2018,0.4697963713470116],[2019,0.3010606500194542],[2020,0.06019611846271791],[2021,0.43402883624962735],[2022,0.4427135844787642],[2023,0.23936887890215583],[2024,0.11277041599407235],[2025,0.043196556315015004]]; median 0.3675447431345408. 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 8.3 million of shares.

- Source: https://eodhd.com/api/fundamentals/PAGE.LSE.json#2016-12-31 (filed 2026-04-15); FY2016: growth capex 0; upkeep 14111000; owner earnings 75050000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/PAGE.LSE.json#2017-12-31 (filed 2026-04-15); FY2017: growth capex 0; upkeep 13415000; owner earnings 88759000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/PAGE.LSE.json#2018-12-31 (filed 2026-04-15); FY2018: growth capex 0; upkeep 15668000; owner earnings 107696000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/PAGE.LSE.json#2019-12-31 (filed 2026-04-15); FY2019: growth capex 0; upkeep 26350000; owner earnings 108882600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/PAGE.LSE.json#2020-12-31 (filed 2026-04-15); FY2020: growth capex 0; upkeep 22662000; owner earnings 12684200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/PAGE.LSE.json#2021-12-31 (filed 2026-04-15); FY2021: growth capex 0; upkeep 28363000; owner earnings 123253000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/PAGE.LSE.json#2022-12-31 (filed 2026-04-15); FY2022: growth capex 0; upkeep 31675000; owner earnings 145962600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/PAGE.LSE.json#2023-12-31 (filed 2026-04-15); FY2023: growth capex 0; upkeep 31381000; owner earnings 90281400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/PAGE.LSE.json#2024-12-31 (filed 2026-04-15); FY2024: growth capex 0; upkeep 15662000; owner earnings 48347000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/PAGE.LSE.json#2025-12-31 (filed 2026-04-15); FY2025: growth capex 0; upkeep 9961000; owner earnings 29880200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-15); Dividend observations: [[2016,56311000],[2017,78251000],[2018,81312000],[2019,83469000],[2020,53629000],[2021,100230000],[2022,133247000],[2023,100064000],[2024,52004000],[2025,53568000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/PAGE.LSE.json#2025-12-31 (filed 2026-04-15); FY2025: cash repurchases 8346999 GBP.

### Are managers owners

Insiders own 5.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); PAGE.LSE SharesStats.PercentInsiders = 5.555000000000001 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 3.9% yearly over ten years; actual decline was 7.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-15); Ten-year compound average after fade. Initial solved rate -0.0673807058664751. Price 195.8; FX 100; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.20646800139621038 → FY2025 0.09094400954479602. Closing-price date 2026-10-15.

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

- 2016-10: GBX 363.10 per share

- 2016-11: GBX 370.60 per share

- 2016-12: GBX 390.50 per share

- 2017-01: GBX 431.40 per share

- 2017-02: GBX 424.90 per share

- 2017-03: GBX 427.90 per share

- 2017-04: GBX 500.00 per share

- 2017-05: GBX 470.90 per share

- 2017-06: GBX 475.80 per share

- 2017-07: GBX 489.70 per share

- 2017-08: GBX 510.50 per share

- 2017-09: GBX 497.90 per share

- 2017-10: GBX 467.70 per share

- 2017-11: GBX 471.00 per share

- 2017-12: GBX 467.50 per share

- 2018-01: GBX 544.00 per share

- 2018-02: GBX 537.00 per share

- 2018-03: GBX 536.50 per share

- 2018-04: GBX 537.50 per share

- 2018-05: GBX 530.00 per share

- 2018-06: GBX 563.50 per share

- 2018-07: GBX 598.50 per share

- 2018-08: GBX 609.50 per share

- 2018-09: GBX 572.00 per share

- 2018-10: GBX 502.00 per share

- 2018-11: GBX 497.60 per share

- 2018-12: GBX 450.80 per share

- 2019-01: GBX 441.60 per share

- 2019-02: GBX 450.40 per share

- 2019-03: GBX 470.00 per share

- 2019-04: GBX 538.00 per share

- 2019-05: GBX 509.00 per share

- 2019-06: GBX 513.00 per share

- 2019-07: GBX 448.80 per share

- 2019-08: GBX 418.60 per share

- 2019-09: GBX 439.20 per share

- 2019-10: GBX 445.20 per share

- 2019-11: GBX 481.40 per share

- 2019-12: GBX 523.00 per share

- 2020-01: GBX 456.60 per share

- 2020-02: GBX 406.40 per share

- 2020-03: GBX 364.20 per share

- 2020-04: GBX 376.00 per share

- 2020-05: GBX 373.20 per share

- 2020-06: GBX 378.20 per share

- 2020-07: GBX 350.00 per share

- 2020-08: GBX 385.20 per share

- 2020-09: GBX 374.40 per share

- 2020-10: GBX 357.60 per share

- 2020-11: GBX 414.60 per share

- 2020-12: GBX 447.40 per share

- 2021-01: GBX 449.80 per share

- 2021-02: GBX 478.20 per share

- 2021-03: GBX 470.00 per share

- 2021-04: GBX 560.50 per share

- 2021-05: GBX 599.00 per share

- 2021-06: GBX 559.00 per share

- 2021-07: GBX 615.00 per share

- 2021-08: GBX 630.00 per share

- 2021-09: GBX 621.00 per share

- 2021-10: GBX 664.00 per share

- 2021-11: GBX 630.50 per share

- 2021-12: GBX 633.50 per share

- 2022-01: GBX 580.50 per share

- 2022-02: GBX 574.00 per share

- 2022-03: GBX 492.40 per share

- 2022-04: GBX 491.40 per share

- 2022-05: GBX 458.80 per share

- 2022-06: GBX 399.60 per share

- 2022-07: GBX 457.80 per share

- 2022-08: GBX 434.20 per share

- 2022-09: GBX 370.60 per share

- 2022-10: GBX 422.20 per share

- 2022-11: GBX 473.80 per share

- 2022-12: GBX 461.20 per share

- 2023-01: GBX 456.20 per share

- 2023-02: GBX 446.80 per share

- 2023-03: GBX 456.40 per share

- 2023-04: GBX 453.80 per share

- 2023-05: GBX 435.00 per share

- 2023-06: GBX 401.60 per share

- 2023-07: GBX 446.00 per share

- 2023-08: GBX 418.80 per share

- 2023-09: GBX 419.20 per share

- 2023-10: GBX 375.60 per share

- 2023-11: GBX 446.80 per share

- 2023-12: GBX 487.00 per share

- 2024-01: GBX 458.60 per share

- 2024-02: GBX 452.40 per share

- 2024-03: GBX 448.60 per share

- 2024-04: GBX 446.20 per share

- 2024-05: GBX 457.60 per share

- 2024-06: GBX 425.40 per share

- 2024-07: GBX 426.60 per share

- 2024-08: GBX 388.00 per share

- 2024-09: GBX 386.80 per share

- 2024-10: GBX 357.40 per share

- 2024-11: GBX 360.20 per share

- 2024-12: GBX 343.60 per share

- 2025-01: GBX 327.60 per share

- 2025-02: GBX 319.00 per share

- 2025-03: GBX 303.80 per share

- 2025-04: GBX 269.00 per share

- 2025-05: GBX 270.60 per share

- 2025-06: GBX 266.60 per share

- 2025-07: GBX 266.00 per share

- 2025-08: GBX 236.60 per share

- 2025-09: GBX 228.20 per share

- 2025-10: GBX 236.00 per share

- 2025-11: GBX 241.20 per share

- 2025-12: GBX 235.40 per share

- 2026-01: GBX 205.40 per share

- 2026-02: GBX 187.40 per share

- 2026-03: GBX 138.00 per share

- 2026-04: GBX 133.70 per share

- 2026-05: GBX 122.00 per share

- 2026-06: GBX 106.30 per share

- 2026-07: GBX 181.70 per share

- 2026-08: GBX 222.00 per share

- 2026-09: GBX 210.20 per share

- 2026-10: GBX 195.80 per share

## Annual estimated value (GBX per share)

- FY2016: low GBX 275.17 per share, central GBX 319.84 per share, high GBX 368.49 per share

- FY2017: low GBX 310.85 per share, central GBX 350.74 per share, high GBX 403.84 per share

- FY2018: low GBX 361.48 per share, central GBX 420.24 per share, high GBX 485.44 per share

- FY2019: low GBX 479.55 per share, central GBX 655.10 per share, high GBX 764.91 per share

- FY2020: low GBX 336.53 per share, central GBX 376.82 per share, high GBX 430.46 per share

- FY2021: low GBX 503.02 per share, central GBX 680.81 per share, high GBX 792.01 per share

- FY2022: low GBX 657.32 per share, central GBX 945.71 per share, high GBX 1,106.56 per share

- FY2023: low GBX 535.85 per share, central GBX 663.44 per share, high GBX 772.21 per share

- FY2024: low GBX 290.52 per share, central GBX 327.92 per share, high GBX 377.71 per share

- FY2025: low GBX 238.53 per share, central GBX 271.42 per share, high GBX 315.20 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 2026-10-15T06:50:42.642Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/213800JK5ZEQW4AB8G71/2025-12-31/ESEF/GB/0/213800JK5ZEQW4AB8G71-2025-12-31/reports/213800JK5ZEQW4AB8G71-2025-12-31-T01.xhtml); period 2025-12-31, filed 2026-04-15.

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