# Pets at Home Group (PETS.LSE)

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

Analysis as of: 2026-10-16T07:43:09.612Z. Financial observations: FY2011–FY2026.

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

Estimated value: low GBX 164.17 per share, central GBX 186.48 per share, high GBX 216.18 per share. Buy at or below the central value GBX 186.48 per share. Valuation as of 2026-10-16T07:43:09.612Z; scenarios are not confidence intervals.

Expected annual return: 8.8% at the stated quote. About 8.8% 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: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.23×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.12×

- FY2018: 0.09×

- FY2019: 0.06×

- FY2020: 0.10×

- FY2021: 0.12×

- FY2022: 0.12×

- FY2023: 0.10×

- FY2024: 0.08×

- FY2025: 0.09×

- FY2026: 0.06×

### moat: pass

- ROIC, median of available years: 26.4%

- ROIC, second-lowest year: 18.2%

- Typical minus recent gross margin: 2.2 pp

- Typical gross margin (annual median): 47.9%

- Recent gross margin (lower of latest and 3-year median): 45.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.8%

- ROIC including acquisitions, ten-year median: 4.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: >100%

- FY2018: >100%

- FY2019: 85.8%

- FY2020: 16.3%

- FY2021: 25.9%

- FY2022: 33.9%

- FY2023: 26.2%

- FY2024: 23.0%

- FY2025: 26.7%

- FY2026: 18.2%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.72×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: GBP 328M

- Net income, five-year total: GBP 456M

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: 0.2 pp

- Working capital / revenue, change between three-year averages: 1.3 pp

- Working capital / revenue, final three-year average: 1.3%

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

- FY2022: 0.77×

- FY2023: 0.41×

- FY2024: 0.81×

- FY2025: 0.81×

- FY2026: 0.88×

### 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: 110.2% vs 23.0%

- Per-share earnings: 0.15 to 0.16 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -1.3%

- Ordinary dilution, 5-year annual growth: -2.7%

- Market cap gain: GBP -111M

- Cumulative retained earnings: GBP 204M

- Diluted shares, 10-year annual growth: -1.3%

- Diluted shares, 5-year annual growth: -2.7%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 1.6%

- Per-share value change: GBP 0.02

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

- Per-share value, ending three-year median: GBP 0.16

- Buybacks concentrated in cheaper years (correlation): 0.58

- Average buyback yield: 1.9%

- Buyback history: 9 years

- Debt-funded buybacks: No

- Acquisition spending: GBP 41M

- Cumulative net income, 10 years: GBP 782M

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

- ROIC, last three-year median: 23.0%

Chart: Earnings per share; fiscal year observations.

- FY2017: GBP 0.15

- FY2018: GBP 0.13

- FY2019: GBP 0.06

- FY2020: GBP 0.13

- FY2021: GBP 0.18

- FY2022: GBP 0.25

- FY2023: GBP 0.21

- FY2024: GBP 0.16

- FY2025: GBP 0.19

- FY2026: GBP 0.14

### accounting: pass

- Sloan accruals: -7.7%

- Receivables to sales index (DSRI): 0.86×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 2.4%

- Earnings backed by cash: Yes

- Operating cash / earnings: 3.01×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.01×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -2.7%

- FY2018: -3.4%

- FY2019: -5.8%

- FY2020: -8.4%

- FY2021: -6.1%

- FY2022: -7.0%

- FY2023: -8.1%

- FY2024: -7.8%

- FY2025: -7.8%

- FY2026: -7.7%

## Holders

## Price story

Down 54% since Oct 2021 · sales -0.8%

Story as of 2026-10-16T10:00:12.614Z; price observation 2026-10-15.

Price needs cash profits to grow 3.2% a year for ten years

### Sales · FY2025–2026

sales -0.8%; source https://filings.xbrl.org/2138003Y9ULD24PD3J93/2026-03-26/ESEF/GB/0/2138003Y9ULD24PD3J93-2026-03-26/reports/2138003Y9ULD24PD3J93-2026-03-26-T01.xhtml; observed 2026-06-30.

- FY2017: GBP 834M 

- FY2018: GBP 899M 

- FY2019: GBP 961M 

- FY2020: GBP 1.1B 

- FY2021: GBP 1.1B 

- FY2022: GBP 1.3B 

- FY2023: GBP 1.4B 

- FY2024: GBP 1.5B 

- FY2025: GBP 1.5B 

- FY2026: GBP 1.5B 

### Gross margin · FY2026

gross margin 45.7%; source https://filings.xbrl.org/2138003Y9ULD24PD3J93/2026-03-26/ESEF/GB/0/2138003Y9ULD24PD3J93-2026-03-26/reports/2138003Y9ULD24PD3J93-2026-03-26-T01.xhtml; observed 2026-06-30.

- FY2017: 54.2% 

- FY2018: 51.7% 

- FY2019: 46.5% 

- FY2020: 48.3% 

- FY2021: 48.9% 

- FY2022: 49.2% 

- FY2023: 47.6% 

- FY2024: 46.8% 

- FY2025: 46.9% 

- FY2026: 45.7% 

## Owner memo

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

### How it makes money

Operates in specialty retail; annual sales are GBP 1.5 billion.

- Source: https://eodhd.com/api/fundamentals/PETS.LSE.json#2026-03-31 (filed 2026-06-30); FY2026: revenue 1469600000; grossProfit 672000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); PETS.LSE: Pets at Home Group Plc engages in the omnichannel retailing of pet food, pet related products, and pet accessories in the United Kingdom. The company operates through four segments: Retail, Vet Group, Insurance, and Central. It offers pet grooming services, including various dog groom, baths, microchipping, and nail clipping; pet insurance products; in-store services; pet food products; and general veterinary care, triage, and veterinary telehealth services. The company operates through pet care centers, veterinary practices, and grooming salons. It also provides products and services online under the Pet at Home brands. Pets at Home Group Plc was founded in 1991 and is based in Handforth, the United Kingdom.

### Why customers stay

Margins ranged from 45.7% to 46.9% during 2024–26; it earns 26.4% on its capital.

- Source: https://eodhd.com/api/fundamentals/PETS.LSE.json#2024-03-31 (filed 2026-06-30); FY2024: grossProfit / revenue = 46.8%.

- Source: https://eodhd.com/api/fundamentals/PETS.LSE.json#2025-03-31 (filed 2026-06-30); FY2025: grossProfit / revenue = 46.9%.

- Source: https://eodhd.com/api/fundamentals/PETS.LSE.json#2026-03-31 (filed 2026-06-30); FY2026: grossProfit / revenue = 45.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-30); 10-year return on capital observations [[2017,1.4651234329790994],[2018,1.1023954496739965],[2019,0.8581027029712809],[2020,0.16335368930457272],[2021,0.25921203829093936],[2022,0.33895840071856903],[2023,0.2616453784864341],[2024,0.22950899886485399],[2025,0.2666538997075568],[2026,0.1819269382883621]]; median 0.26414963909699546. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 49% gross margin through 2022 cost inflation.

- Source: https://filings.xbrl.org/2138003Y9ULD24PD3J93/2026-03-26/ESEF/GB/0/2138003Y9ULD24PD3J93-2026-03-26/reports/2138003Y9ULD24PD3J93-2026-03-26-T01.xhtml (filed 2026-06-30); Gross margin observations: [[2021,0.4894994749737487],[2022,0.4917286386401578],[2023,0.47592935479276455]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back GBP 30.4 million of shares.

- Source: https://eodhd.com/api/fundamentals/PETS.LSE.json#2017-03-31 (filed 2026-06-30); FY2017: growth capex 5929758.909040973; upkeep 34966241.09095903; owner earnings 70018758.90904097. Growth capex / owner earnings = 0.0846881464543541.

- Source: https://eodhd.com/api/fundamentals/PETS.LSE.json#2018-03-31 (filed 2026-06-30); FY2018: growth capex 7130000; upkeep 34483000; owner earnings 62814000. Growth capex / owner earnings = 0.11350972713089438.

- Source: https://eodhd.com/api/fundamentals/PETS.LSE.json#2019-03-31 (filed 2026-06-30); FY2019: growth capex 640000; upkeep 36816000; owner earnings 30421200. Growth capex / owner earnings = 0.021037960369742155.

- Source: https://eodhd.com/api/fundamentals/PETS.LSE.json#2020-03-31 (filed 2026-06-30); FY2020: growth capex 0; upkeep 39600000; owner earnings 44380000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/PETS.LSE.json#2021-03-31 (filed 2026-06-30); FY2021: growth capex 0; upkeep 35300000; owner earnings 78560000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/PETS.LSE.json#2022-03-31 (filed 2026-06-30); FY2022: growth capex 0; upkeep 55800000; owner earnings 96000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/PETS.LSE.json#2023-03-31 (filed 2026-06-30); FY2023: growth capex 0; upkeep 77600000; owner earnings 41120000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/PETS.LSE.json#2024-03-31 (filed 2026-06-30); FY2024: growth capex 0; upkeep 48500000; owner earnings 64140000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/PETS.LSE.json#2025-03-31 (filed 2026-06-30); FY2025: growth capex 0; upkeep 49400000; owner earnings 71340000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/PETS.LSE.json#2026-03-31 (filed 2026-06-30); FY2026: growth capex 0; upkeep 42800000; owner earnings 55240000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-30); Dividend observations: [[2017,39850000],[2018,37341000],[2019,37192000],[2020,37100000],[2021,37100000],[2022,48500000],[2023,58700000],[2024,60700000],[2025,59700000],[2026,58700000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/PETS.LSE.json#2026-03-31 (filed 2026-06-30); FY2026: cash repurchases 30400000 GBP.

### Are managers owners

Insiders own 7.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); PETS.LSE SharesStats.PercentInsiders = 7.588 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 3.2% yearly over ten years; actual decline was 1.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-30); Ten-year compound average after fade. Initial solved rate 0.03294751100614424. Price 223.8; FX 100; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 0.14002566073031425 → FY2026 0.12485139429444497. Closing-price date 2026-10-15.

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

- 2016-10: GBX 213.40 per share

- 2016-11: GBX 212.40 per share

- 2016-12: GBX 239.00 per share

- 2017-01: GBX 200.00 per share

- 2017-02: GBX 184.00 per share

- 2017-03: GBX 182.60 per share

- 2017-04: GBX 187.60 per share

- 2017-05: GBX 166.40 per share

- 2017-06: GBX 161.10 per share

- 2017-07: GBX 162.50 per share

- 2017-08: GBX 182.40 per share

- 2017-09: GBX 213.70 per share

- 2017-10: GBX 176.10 per share

- 2017-11: GBX 174.20 per share

- 2017-12: GBX 176.40 per share

- 2018-01: GBX 178.70 per share

- 2018-02: GBX 171.50 per share

- 2018-03: GBX 169.00 per share

- 2018-04: GBX 153.00 per share

- 2018-05: GBX 125.50 per share

- 2018-06: GBX 129.50 per share

- 2018-07: GBX 116.10 per share

- 2018-08: GBX 116.40 per share

- 2018-09: GBX 119.40 per share

- 2018-10: GBX 110.00 per share

- 2018-11: GBX 128.10 per share

- 2018-12: GBX 115.80 per share

- 2019-01: GBX 131.80 per share

- 2019-02: GBX 151.40 per share

- 2019-03: GBX 158.60 per share

- 2019-04: GBX 151.40 per share

- 2019-05: GBX 183.90 per share

- 2019-06: GBX 187.10 per share

- 2019-07: GBX 208.00 per share

- 2019-08: GBX 231.20 per share

- 2019-09: GBX 208.20 per share

- 2019-10: GBX 206.20 per share

- 2019-11: GBX 252.00 per share

- 2019-12: GBX 279.60 per share

- 2020-01: GBX 282.00 per share

- 2020-02: GBX 257.40 per share

- 2020-03: GBX 257.40 per share

- 2020-04: GBX 256.60 per share

- 2020-05: GBX 228.20 per share

- 2020-06: GBX 239.00 per share

- 2020-07: GBX 311.40 per share

- 2020-08: GBX 294.40 per share

- 2020-09: GBX 422.80 per share

- 2020-10: GBX 385.60 per share

- 2020-11: GBX 419.40 per share

- 2020-12: GBX 416.20 per share

- 2021-01: GBX 402.60 per share

- 2021-02: GBX 394.40 per share

- 2021-03: GBX 413.00 per share

- 2021-04: GBX 444.20 per share

- 2021-05: GBX 449.00 per share

- 2021-06: GBX 456.00 per share

- 2021-07: GBX 468.00 per share

- 2021-08: GBX 500.50 per share

- 2021-09: GBX 480.60 per share

- 2021-10: GBX 482.40 per share

- 2021-11: GBX 467.00 per share

- 2021-12: GBX 465.00 per share

- 2022-01: GBX 427.00 per share

- 2022-02: GBX 364.80 per share

- 2022-03: GBX 361.40 per share

- 2022-04: GBX 310.80 per share

- 2022-05: GBX 347.00 per share

- 2022-06: GBX 307.20 per share

- 2022-07: GBX 328.00 per share

- 2022-08: GBX 317.00 per share

- 2022-09: GBX 264.00 per share

- 2022-10: GBX 287.80 per share

- 2022-11: GBX 263.40 per share

- 2022-12: GBX 283.60 per share

- 2023-01: GBX 352.40 per share

- 2023-02: GBX 387.00 per share

- 2023-03: GBX 369.00 per share

- 2023-04: GBX 385.60 per share

- 2023-05: GBX 375.00 per share

- 2023-06: GBX 376.60 per share

- 2023-07: GBX 392.40 per share

- 2023-08: GBX 377.60 per share

- 2023-09: GBX 334.80 per share

- 2023-10: GBX 280.80 per share

- 2023-11: GBX 320.20 per share

- 2023-12: GBX 318.20 per share

- 2024-01: GBX 280.20 per share

- 2024-02: GBX 276.20 per share

- 2024-03: GBX 268.40 per share

- 2024-04: GBX 292.20 per share

- 2024-05: GBX 296.20 per share

- 2024-06: GBX 295.40 per share

- 2024-07: GBX 306.80 per share

- 2024-08: GBX 308.60 per share

- 2024-09: GBX 305.40 per share

- 2024-10: GBX 296.20 per share

- 2024-11: GBX 232.60 per share

- 2024-12: GBX 205.60 per share

- 2025-01: GBX 226.00 per share

- 2025-02: GBX 235.20 per share

- 2025-03: GBX 216.40 per share

- 2025-04: GBX 236.60 per share

- 2025-05: GBX 266.60 per share

- 2025-06: GBX 262.00 per share

- 2025-07: GBX 228.80 per share

- 2025-08: GBX 223.80 per share

- 2025-09: GBX 204.80 per share

- 2025-10: GBX 214.20 per share

- 2025-11: GBX 221.60 per share

- 2025-12: GBX 198.00 per share

- 2026-01: GBX 204.60 per share

- 2026-02: GBX 208.40 per share

- 2026-03: GBX 181.20 per share

- 2026-04: GBX 180.00 per share

- 2026-05: GBX 192.20 per share

- 2026-06: GBX 177.40 per share

- 2026-07: GBX 210.60 per share

- 2026-08: GBX 218.60 per share

- 2026-09: GBX 217.80 per share

- 2026-10: GBX 223.80 per share

## Annual estimated value (GBX per share)

- FY2017: low GBX 161.43 per share, central GBX 182.54 per share, high GBX 210.65 per share

- FY2018: low GBX 172.69 per share, central GBX 195.32 per share, high GBX 225.44 per share

- FY2019: low GBX 185.35 per share, central GBX 209.76 per share, high GBX 242.26 per share

- FY2020: low GBX 167.82 per share, central GBX 189.41 per share, high GBX 218.15 per share

- FY2021: low GBX 185.08 per share, central GBX 208.46 per share, high GBX 239.58 per share

- FY2022: low GBX 228.71 per share, central GBX 256.34 per share, high GBX 293.13 per share

- FY2023: low GBX 162.88 per share, central GBX 181.10 per share, high GBX 205.34 per share

- FY2024: low GBX 151.74 per share, central GBX 171.87 per share, high GBX 198.66 per share

- FY2025: low GBX 170.03 per share, central GBX 193.18 per share, high GBX 224.00 per share

- FY2026: low GBX 160.01 per share, central GBX 181.75 per share, high GBX 210.70 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 2026-10-15T06:49:07.461Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/2138003Y9ULD24PD3J93/2026-03-26/ESEF/GB/0/2138003Y9ULD24PD3J93-2026-03-26/reports/2138003Y9ULD24PD3J93-2026-03-26-T01.xhtml); period 2026-03-26, filed 2026-06-30.

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