# Rightmove (RMV.LSE)

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

Analysis as of: 2026-10-16T07:37:32.958Z. Financial observations: FY2004–FY2025.

Listing currency: GBX. Reporting currency: GBP.

## Verdict

Good past, but the business is changing

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

Share price: GBX 534.80 per share; close as of 2026-10-15.

Estimated value: low GBX 460.06 per share, central GBX 652.30 per share, high GBX 765.14 per share. Buy at or below the central value GBX 652.30 per share. Valuation as of 2026-10-16T07:37:32.958Z; scenarios are not confidence intervals.

Expected annual return: 11.5% at the stated quote. About 11.5% 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: 0.05×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.73×

- FY2017: 0.73×

- FY2018: 0.74×

- FY2019: 0.74×

- FY2020: 0.66×

- FY2021: 0.73×

- FY2022: 0.73×

- FY2023: 0.71×

- FY2024: 0.66×

- FY2025: 0.68×

### moat: pass

- ROIC, median of available years: >100%

- ROIC, second-lowest year: >100%

- Typical minus recent gross margin: 0.0 pp

- Typical gross margin (annual median): 100.0%

- Recent gross margin (lower of latest and 3-year median): 100.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.6%

- ROIC including acquisitions, ten-year median: >100%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: >100%

- FY2017: >100%

- FY2018: >100%

- FY2019: >100%

- FY2020: >100%

- FY2021: >100%

- FY2022: >100%

- FY2023: >100%

- FY2024: >100%

- FY2025: >100%

### economics: pass

- Owner earnings / net income, 5-yr: 1.01×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: GBP 994M

- Net income, five-year total: GBP 988M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.6 pp

- Working capital / revenue, change between three-year averages: -3.6 pp

- Working capital / revenue, final three-year average: 6.0%

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

- FY2021: 1.01×

- FY2022: 1.01×

- FY2023: 1.00×

- FY2024: 0.98×

- FY2025: 1.03×

### management: pass

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

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 2370.3% vs 901.9%

- Per-share earnings: 0.14 to 0.25 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -2.2%

- Ordinary dilution, 5-year annual growth: -2.5%

- Market cap gain: GBP 333M

- Cumulative retained earnings: GBP 81M

- Diluted shares, 10-year annual growth: -2.2%

- Diluted shares, 5-year annual growth: -2.5%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 7.5%

- Per-share value change: GBP 0.11

- Per-share value, starting three-year median: GBP 0.14

- Per-share value, ending three-year median: GBP 0.25

- Buybacks concentrated in cheaper years (correlation): 0.85

- Average buyback yield: 2.4%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: GBP 58M

- Cumulative net income, 10 years: GBP 1.7B

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

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

Chart: Earnings per share; fiscal year observations.

- FY2016: GBP 0.14

- FY2017: GBP 0.16

- FY2018: GBP 0.18

- FY2019: GBP 0.20

- FY2020: GBP 0.13

- FY2021: GBP 0.21

- FY2022: GBP 0.24

- FY2023: GBP 0.25

- FY2024: GBP 0.24

- FY2025: GBP 0.28

### accounting: pass

- Sloan accruals: -16.9%

- Receivables to sales index (DSRI): 1.04×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 3.6%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.10×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.50×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -19.3%

- FY2017: -8.9%

- FY2018: -11.0%

- FY2019: -11.3%

- FY2020: 8.3%

- FY2021: -11.1%

- FY2022: -2.4%

- FY2023: -8.8%

- FY2024: -15.7%

- FY2025: -16.9%

## Holders

## Price story

Down 35% since Jul 2025 · "Rightmove shares tumble as AI spending spree set to impact profits" (uk.finance.yahoo.com, Nov 2025) · sales +9%

Story as of 2026-10-16T10:00:09.198Z; price observation 2026-10-15.

Price needs cash profits to grow 4.4% a year for ten years

- 2025-07-25: Rightmove boosted by buoyant property market but sales growth set to slow ([uk.finance.yahoo.com](https://uk.finance.yahoo.com/news/rightmove-boosted-buoyant-property-market-081820777.html))

- 2025-11-07: Rightmove shares tumble as AI spending spree set to impact profits ([uk.finance.yahoo.com](https://uk.finance.yahoo.com/news/rightmove-shares-tumble-ai-spending-110248444.html))

### Sales · FY2024–2025

sales +9%; source https://filings.xbrl.org/2138001JXGCFKBXYB828/2025-12-31/ESEF/GB/0/2138001JXGCFKBXYB828-2025-12-31/reports/2138001JXGCFKBXYB828-2025-12-31-T01.xhtml; observed 2026-04-07.

- FY2016: GBP 220M 

- FY2017: GBP 243M 

- FY2018: GBP 268M 

- FY2019: GBP 289M 

- FY2020: GBP 206M 

- FY2021: GBP 305M 

- FY2022: GBP 333M 

- FY2023: GBP 364M 

- FY2024: GBP 390M 

- FY2025: GBP 425M 

### Gross margin · FY2023

gross margin 98.6%; source https://filings.xbrl.org/2138001JXGCFKBXYB828/2025-12-31/ESEF/GB/0/2138001JXGCFKBXYB828-2025-12-31/reports/2138001JXGCFKBXYB828-2025-12-31-T01.xhtml; observed 2026-04-07.

- FY2017: 99.3% 

- FY2022: 98.6% 

- FY2023: 98.6% 

## Owner memo

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

### How it makes money

Operates in internet content & information; annual sales are GBP 425.1 million.

- Source: https://filings.xbrl.org/2138001JXGCFKBXYB828/2025-12-31/ESEF/GB/0/2138001JXGCFKBXYB828-2025-12-31/reports/2138001JXGCFKBXYB828-2025-12-31-T01.xhtml (filed 2026-04-07); FY2025: revenue 425129000; grossProfit 425129000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); RMV.LSE: Rightmove plc, together with its subsidiaries, operates property portal in the United Kingdom and internationally. The company operates through Agency, New Homes, and Other segments. The Agency segment provides resale and lettings property advertising services, and rental operators advertising and rental services on its platforms. This segment also offers tenant referencing and rent guarantee insurance services to lettings agents and landlords. The New Homes segment provides property advertising services to new home developers and housing associations on its platforms. The Other segment offers commercial and overseas property advertising services; non-property advertising services that include third party advertising and data services; and mortgage services. The company serves property professionals, such as residential and commercial estate/letting agents, residential developers and operators, surveyors, lenders, mortgage lenders/brokers, home services providers, and other professionals. Rightmove plc was founded in 2000 and is based in Milton Keynes, the United Kingdom.

### Why customers stay

Margins ranged from 98.6% to 100% during 2023–25; it earns over 100% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2023: grossProfit / revenue = 98.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2024: grossProfit / revenue = 100%.

- Source: https://filings.xbrl.org/2138001JXGCFKBXYB828/2025-12-31/ESEF/GB/0/2138001JXGCFKBXYB828-2025-12-31/reports/2138001JXGCFKBXYB828-2025-12-31-T01.xhtml (filed 2026-04-07); FY2025: grossProfit / revenue = 100%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); 10-year return on capital observations [[2016,23.703083650448328],[2017,15.779851848643181],[2018,49.6030765659996],[2019,223.80511839695473],[2020,4.945897088641574],[2021,10.653687901853159],[2022,9.285126723347032],[2023,9.253442868383548],[2024,8.2396969000749],[2025,9.018751609031957]]; median 9.969407312600095. 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 145.1 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2016: growth capex 0; upkeep 1281000; owner earnings 129880000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2017: growth capex 0; upkeep 1755000; owner earnings 144125000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2018: growth capex 0; upkeep 1614000; owner earnings 162693000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2019: growth capex 0; upkeep 779000; owner earnings 173462400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2020: growth capex 0; upkeep 3477000; owner earnings 108106000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2021: growth capex 0; upkeep 719000; owner earnings 184612200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2022: growth capex 0; upkeep 835000; owner earnings 197518200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2023: growth capex 0; upkeep 3346000; owner earnings 199308400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2024: growth capex 947386.0536081251; upkeep 8130613.946391875; owner earnings 189348986.05360812. Growth capex / owner earnings = 0.005003385934899609.

- Source: https://filings.xbrl.org/2138001JXGCFKBXYB828/2025-12-31/ESEF/GB/0/2138001JXGCFKBXYB828-2025-12-31/reports/2138001JXGCFKBXYB828-2025-12-31-T01.xhtml (filed 2026-04-07); FY2025: growth capex 0; upkeep 903000; owner earnings 223055199. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); Dividend observations: [[2016,43206000],[2017,49611000],[2018,54977000],[2019,59856000],[2020,2159000],[2021,64447000],[2022,67679000],[2023,71651000],[2024,74308000],[2025,78565000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://filings.xbrl.org/2138001JXGCFKBXYB828/2025-12-31/ESEF/GB/0/2138001JXGCFKBXYB828-2025-12-31/reports/2138001JXGCFKBXYB828-2025-12-31-T01.xhtml (filed 2026-04-07); FY2025: cash repurchases 145131000 GBP.

### Are managers owners

Insiders own 0.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); RMV.LSE SharesStats.PercentInsiders = 0.241 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 4.4% yearly over ten years; actual growth was 9.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); Ten-year compound average after fade. Initial solved rate 0.057674287615363376. Price 534.8; FX 100; discount 0.1; same compounder ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.11285122350128719 → FY2025 0.2893333735446112. Closing-price date 2026-10-15.

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

- 2016-10: GBX 373.50 per share

- 2016-11: GBX 366.90 per share

- 2016-12: GBX 390.30 per share

- 2017-01: GBX 402.00 per share

- 2017-02: GBX 393.10 per share

- 2017-03: GBX 398.80 per share

- 2017-04: GBX 418.60 per share

- 2017-05: GBX 433.60 per share

- 2017-06: GBX 425.00 per share

- 2017-07: GBX 420.80 per share

- 2017-08: GBX 412.20 per share

- 2017-09: GBX 404.50 per share

- 2017-10: GBX 415.40 per share

- 2017-11: GBX 403.10 per share

- 2017-12: GBX 450.00 per share

- 2018-01: GBX 441.30 per share

- 2018-02: GBX 427.70 per share

- 2018-03: GBX 434.70 per share

- 2018-04: GBX 456.50 per share

- 2018-05: GBX 491.20 per share

- 2018-06: GBX 531.00 per share

- 2018-07: GBX 487.10 per share

- 2018-08: GBX 492.05 per share

- 2018-09: GBX 471.00 per share

- 2018-10: GBX 452.15 per share

- 2018-11: GBX 437.60 per share

- 2018-12: GBX 432.25 per share

- 2019-01: GBX 472.00 per share

- 2019-02: GBX 482.10 per share

- 2019-03: GBX 510.00 per share

- 2019-04: GBX 540.60 per share

- 2019-05: GBX 578.60 per share

- 2019-06: GBX 534.70 per share

- 2019-07: GBX 528.40 per share

- 2019-08: GBX 535.50 per share

- 2019-09: GBX 550.60 per share

- 2019-10: GBX 598.60 per share

- 2019-11: GBX 623.60 per share

- 2019-12: GBX 633.60 per share

- 2020-01: GBX 657.80 per share

- 2020-02: GBX 619.00 per share

- 2020-03: GBX 487.40 per share

- 2020-04: GBX 497.60 per share

- 2020-05: GBX 586.40 per share

- 2020-06: GBX 546.00 per share

- 2020-07: GBX 553.20 per share

- 2020-08: GBX 633.80 per share

- 2020-09: GBX 626.80 per share

- 2020-10: GBX 618.00 per share

- 2020-11: GBX 625.00 per share

- 2020-12: GBX 650.80 per share

- 2021-01: GBX 599.20 per share

- 2021-02: GBX 565.00 per share

- 2021-03: GBX 582.20 per share

- 2021-04: GBX 614.00 per share

- 2021-05: GBX 603.00 per share

- 2021-06: GBX 649.40 per share

- 2021-07: GBX 702.20 per share

- 2021-08: GBX 701.40 per share

- 2021-09: GBX 683.40 per share

- 2021-10: GBX 691.40 per share

- 2021-11: GBX 746.80 per share

- 2021-12: GBX 795.00 per share

- 2022-01: GBX 649.80 per share

- 2022-02: GBX 672.60 per share

- 2022-03: GBX 632.80 per share

- 2022-04: GBX 618.40 per share

- 2022-05: GBX 600.80 per share

- 2022-06: GBX 568.40 per share

- 2022-07: GBX 639.60 per share

- 2022-08: GBX 607.60 per share

- 2022-09: GBX 482.20 per share

- 2022-10: GBX 491.80 per share

- 2022-11: GBX 553.40 per share

- 2022-12: GBX 511.40 per share

- 2023-01: GBX 586.80 per share

- 2023-02: GBX 560.80 per share

- 2023-03: GBX 563.00 per share

- 2023-04: GBX 574.20 per share

- 2023-05: GBX 523.60 per share

- 2023-06: GBX 523.20 per share

- 2023-07: GBX 570.40 per share

- 2023-08: GBX 560.00 per share

- 2023-09: GBX 562.20 per share

- 2023-10: GBX 473.00 per share

- 2023-11: GBX 544.60 per share

- 2023-12: GBX 575.60 per share

- 2024-01: GBX 560.20 per share

- 2024-02: GBX 566.60 per share

- 2024-03: GBX 549.60 per share

- 2024-04: GBX 515.00 per share

- 2024-05: GBX 533.20 per share

- 2024-06: GBX 537.00 per share

- 2024-07: GBX 576.20 per share

- 2024-08: GBX 555.60 per share

- 2024-09: GBX 617.40 per share

- 2024-10: GBX 588.80 per share

- 2024-11: GBX 645.00 per share

- 2024-12: GBX 641.80 per share

- 2025-01: GBX 669.40 per share

- 2025-02: GBX 671.00 per share

- 2025-03: GBX 685.60 per share

- 2025-04: GBX 737.80 per share

- 2025-05: GBX 745.20 per share

- 2025-06: GBX 788.60 per share

- 2025-07: GBX 818.60 per share

- 2025-08: GBX 743.20 per share

- 2025-09: GBX 708.60 per share

- 2025-10: GBX 668.00 per share

- 2025-11: GBX 548.60 per share

- 2025-12: GBX 519.60 per share

- 2026-01: GBX 494.40 per share

- 2026-02: GBX 447.40 per share

- 2026-03: GBX 428.90 per share

- 2026-04: GBX 433.40 per share

- 2026-05: GBX 419.70 per share

- 2026-06: GBX 438.20 per share

- 2026-07: GBX 464.60 per share

- 2026-08: GBX 510.20 per share

- 2026-09: GBX 447.00 per share

- 2026-10: GBX 534.80 per share

## Annual estimated value (GBX per share)

- FY2016: low GBX 194.19 per share, central GBX 282.63 per share, high GBX 331.95 per share

- FY2017: low GBX 221.49 per share, central GBX 322.11 per share, high GBX 378.23 per share

- FY2018: low GBX 256.09 per share, central GBX 372.84 per share, high GBX 437.96 per share

- FY2019: low GBX 284.92 per share, central GBX 414.05 per share, high GBX 486.07 per share

- FY2020: low GBX 169.70 per share, central GBX 191.94 per share, high GBX 221.58 per share

- FY2021: low GBX 316.23 per share, central GBX 459.06 per share, high GBX 538.72 per share

- FY2022: low GBX 352.12 per share, central GBX 511.82 per share, high GBX 600.89 per share

- FY2023: low GBX 392.21 per share, central GBX 570.35 per share, high GBX 669.71 per share

- FY2024: low GBX 384.16 per share, central GBX 540.04 per share, high GBX 633.21 per share

- FY2025: low GBX 431.53 per share, central GBX 611.85 per share, high GBX 717.69 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/2138001JXGCFKBXYB828/2025-12-31/ESEF/GB/0/2138001JXGCFKBXYB828-2025-12-31/reports/2138001JXGCFKBXYB828-2025-12-31-T01.xhtml); 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.

## Reported holder observations