# Segro (SGRO.LSE)

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

Analysis as of: 2026-10-16T07:34:59.878Z. Financial observations: FY1996–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 923.40 per share; close as of 2026-10-15.

Estimated value: low GBX 430.95 per share, central GBX 489.38 per share, high GBX 567.17 per share. Buy at or below the central value GBX 489.38 per share. Valuation as of 2026-10-16T07:34:59.878Z; scenarios are not confidence intervals.

Expected annual return: 6.6% at the stated quote. About 6.6% 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)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 2

- Operating margin variation: 0.57×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.68×

- FY2017: 0.69×

- FY2018: 0.68×

- FY2019: 0.62×

- FY2020: 0.70×

- FY2021: 0.49×

- FY2022: 0.29×

- FY2023: -0.24×

- FY2024: 1.04×

- FY2025: 0.64×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 2.6%

- ROIC, second-lowest year: 1.0%

- Typical minus recent gross margin: 2.7 pp

- Typical gross margin (annual median): 76.8%

- Recent gross margin (lower of latest and 3-year median): 74.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.3%

- ROIC including acquisitions, ten-year median: 8.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 2.8%

- FY2017: 2.7%

- FY2018: 2.8%

- FY2019: 2.6%

- FY2020: 2.4%

- FY2021: 1.5%

- FY2022: 1.0%

- FY2023: -0.9%

- FY2024: 4.0%

- FY2025: 2.6%

### economics: pass

- Owner earnings / net income, 5-yr: 0.96×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: GBP 2.9B

- Net income, five-year total: GBP 3.0B

- Return on incremental invested capital: 295.7%

- Working capital / revenue, annual change: 0.3 pp

- Working capital / revenue, change between three-year averages: 1.8 pp

- Working capital / revenue, final three-year average: 18.1%

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

- FY2021: 1.00×

- FY2022: 1.01×

- FY2023: 1.14×

- FY2024: 0.96×

- FY2025: 0.95×

### 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: 2.8% vs 2.6%

- Per-share earnings: 0.91 to 0.41 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 6.1%

- Ordinary dilution, 5-year annual growth: 2.6%

- Market cap gain: GBP 6.4B

- Cumulative retained earnings: GBP 5.1B

- Diluted shares, 10-year annual growth: 6.1%

- Diluted shares, 5-year annual growth: 2.6%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -9.6%

- Per-share value change: GBP -0.51

- Per-share value, starting three-year median: GBP 0.91

- Per-share value, ending three-year median: GBP 0.41

- Buybacks concentrated in cheaper years (correlation): -0.37

- Average buyback yield: 0.0%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: GBP 46M

- Cumulative net income, 10 years: GBP 7.7B

- ROIC, first three-year median: 2.8%

- ROIC, last three-year median: 2.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: GBP 0.54

- FY2017: GBP 0.95

- FY2018: GBP 1.04

- FY2019: GBP 0.78

- FY2020: GBP 1.20

- FY2021: GBP 3.38

- FY2022: GBP -1.59

- FY2023: GBP -0.21

- FY2024: GBP 0.44

- FY2025: GBP 0.41

### accounting: pass

- Sloan accruals: 0.9%

- Receivables to sales index (DSRI): 1.02×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 1.3%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.72×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 5.2%

- FY2017: 12.3%

- FY2018: 9.4%

- FY2019: 6.4%

- FY2020: 9.7%

- FY2021: 21.1%

- FY2022: -12.3%

- FY2023: -4.0%

- FY2024: 1.5%

- FY2025: 0.9%

## Holders

## Price story

Down 36% since Dec 2021 · sales +7.6%

Story as of 2026-10-16T10:00:03.299Z; price observation 2026-10-15.

Price needs cash profits to grow 9% a year for ten years

### Sales · FY2024–2025

sales +7.6%; source https://filings.xbrl.org/213800XC35KGM9NFC641/2025-12-31/ESEF/GB/0/213800XC35KGM9NFC641-2025-12-31/reports/213800XC35KGM9NFC641-2025-12-31-T01.xhtml; observed 2026-03-18.

- FY2016: GBP 244M 

- FY2017: GBP 297M 

- FY2018: GBP 369M 

- FY2019: GBP 433M 

- FY2020: GBP 432M 

- FY2021: GBP 546M 

- FY2022: GBP 669M 

- FY2023: GBP 749M 

- FY2024: GBP 675M 

- FY2025: GBP 726M 

### Gross margin · FY2025

gross margin 74.1%; source https://filings.xbrl.org/213800XC35KGM9NFC641/2025-12-31/ESEF/GB/0/213800XC35KGM9NFC641-2025-12-31/reports/213800XC35KGM9NFC641-2025-12-31-T01.xhtml; observed 2026-03-18.

- FY2016: 80.8% 

- FY2017: 82.3% 

- FY2018: 79.3% 

- FY2019: 70.6% 

- FY2020: 75.0% 

- FY2021: 73.4% 

- FY2022: 67.4% 

- FY2023: 78.5% 

- FY2024: 78.7% 

- FY2025: 74.1% 

## Owner memo

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

### How it makes money

Operates in property rentals; annual sales are GBP 726 million.

- Source: https://filings.xbrl.org/213800XC35KGM9NFC641/2025-12-31/ESEF/GB/0/213800XC35KGM9NFC641-2025-12-31/reports/213800XC35KGM9NFC641-2025-12-31-T01.xhtml (filed 2026-03-18); FY2025: revenue 726000000; grossProfit 538000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SGRO.LSE: SEGRO Plc is a UK Real Estate Investment Trust (REIT), listed on the London Stock Exchange and Euronext Paris, and is a leading owner, manager and developer of modern warehouses, industrial property and data centres. It owns or manages 10.9 million square meters of space (117 million square feet) valued at 21.7 billion pounds serving customers from a wide range of industry sectors. Its properties are in and around major cities and at key transportation hubs in the UK and in seven other European countries. For over 100 years SEGRO has been creating space that enables extraordinary things to happen. From modern big box warehouses, used primarily for regional, national and international distribution hubs, to urban warehousing located close to major population centres and business districts, it provides high-quality assets that allow its customers to thrive. SEGRO Plc was incorporated in 1920 in United Kingdom.

### Why customers stay

Margins ranged from 74.1% to 78.7% during 2023–25; it earns 2.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2023: grossProfit / revenue = 78.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2024: grossProfit / revenue = 78.7%.

- Source: https://filings.xbrl.org/213800XC35KGM9NFC641/2025-12-31/ESEF/GB/0/213800XC35KGM9NFC641-2025-12-31/reports/213800XC35KGM9NFC641-2025-12-31-T01.xhtml (filed 2026-03-18); FY2025: grossProfit / revenue = 74.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); 10-year return on capital observations [[2016,0.028404331844524826],[2017,0.026724903108278984],[2018,0.02770628059848746],[2019,0.026490005203621894],[2020,0.024412024729632723],[2021,0.0145439824769051],[2022,0.009623423200593619],[2023,-0.008914801579838256],[2024,0.03995226187769948],[2025,0.026434926727145848]]; median 0.02646246596538387. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 0.4% of cash earnings on expansion; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2016: growth capex 200000; upkeep 3300000; owner earnings 417700000. Growth capex / owner earnings = 0.00047881254488867607.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2017: growth capex 0; upkeep 2000000; owner earnings 953200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2018: growth capex 0; upkeep 1600000; owner earnings 1063900000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2019: growth capex 0; upkeep 2700000; owner earnings 843040000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2020: growth capex 0; upkeep 4900000; owner earnings 1409420000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2021: growth capex 2000000; upkeep 5000000; owner earnings 4044800000. Growth capex / owner earnings = 0.0004944620253164557.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2024: growth capex 0; upkeep 24000000; owner earnings 568000000. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/213800XC35KGM9NFC641/2025-12-31/ESEF/GB/0/213800XC35KGM9NFC641-2025-12-31/reports/213800XC35KGM9NFC641-2025-12-31-T01.xhtml (filed 2026-03-18); FY2025: growth capex 2218731.3167960346; upkeep 26781268.683203965; owner earnings 524618731.31679606. Growth capex / owner earnings = 0.004229226263475203.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); Dividend observations: [[2016,89000000],[2017,118100000],[2018,120400000],[2019,141700000],[2020,179500000],[2021,180000000],[2022,222000000],[2023,185000000],[2024,277000000],[2025,405000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://filings.xbrl.org/213800XC35KGM9NFC641/2025-12-31/ESEF/GB/0/213800XC35KGM9NFC641-2025-12-31/reports/213800XC35KGM9NFC641-2025-12-31-T01.xhtml (filed 2026-03-18); FY2025: cash repurchases 4000000 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); SGRO.LSE SharesStats.PercentInsiders = 0.22599999999999998 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 9% yearly over ten years; actual decline was 8.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); Ten-year compound average after fade. Initial solved rate 0.11580185111199948. Price 923.4; FX 100; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.9167783436076119 → FY2025 0.38794179403495793. Closing-price date 2026-10-15.

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

- 2016-10: GBX 417.98 per share

- 2016-11: GBX 399.62 per share

- 2016-12: GBX 437.96 per share

- 2017-01: GBX 441.21 per share

- 2017-02: GBX 472.09 per share

- 2017-03: GBX 456.20 per share

- 2017-04: GBX 485.70 per share

- 2017-05: GBX 503.00 per share

- 2017-06: GBX 489.20 per share

- 2017-07: GBX 527.00 per share

- 2017-08: GBX 538.00 per share

- 2017-09: GBX 536.00 per share

- 2017-10: GBX 543.00 per share

- 2017-11: GBX 548.50 per share

- 2017-12: GBX 587.00 per share

- 2018-01: GBX 581.40 per share

- 2018-02: GBX 571.60 per share

- 2018-03: GBX 601.20 per share

- 2018-04: GBX 646.20 per share

- 2018-05: GBX 654.60 per share

- 2018-06: GBX 669.40 per share

- 2018-07: GBX 665.00 per share

- 2018-08: GBX 658.20 per share

- 2018-09: GBX 637.80 per share

- 2018-10: GBX 614.60 per share

- 2018-11: GBX 603.20 per share

- 2018-12: GBX 588.60 per share

- 2019-01: GBX 647.00 per share

- 2019-02: GBX 661.00 per share

- 2019-03: GBX 673.40 per share

- 2019-04: GBX 678.40 per share

- 2019-05: GBX 697.60 per share

- 2019-06: GBX 730.20 per share

- 2019-07: GBX 764.20 per share

- 2019-08: GBX 785.00 per share

- 2019-09: GBX 810.80 per share

- 2019-10: GBX 844.20 per share

- 2019-11: GBX 894.00 per share

- 2019-12: GBX 897.20 per share

- 2020-01: GBX 910.60 per share

- 2020-02: GBX 821.20 per share

- 2020-03: GBX 764.00 per share

- 2020-04: GBX 829.60 per share

- 2020-05: GBX 839.60 per share

- 2020-06: GBX 895.00 per share

- 2020-07: GBX 969.20 per share

- 2020-08: GBX 952.80 per share

- 2020-09: GBX 932.40 per share

- 2020-10: GBX 902.00 per share

- 2020-11: GBX 912.00 per share

- 2020-12: GBX 947.60 per share

- 2021-01: GBX 954.20 per share

- 2021-02: GBX 909.80 per share

- 2021-03: GBX 937.60 per share

- 2021-04: GBX 1,005.50 per share

- 2021-05: GBX 1,043.50 per share

- 2021-06: GBX 1,094.50 per share

- 2021-07: GBX 1,217.50 per share

- 2021-08: GBX 1,284.00 per share

- 2021-09: GBX 1,195.00 per share

- 2021-10: GBX 1,292.50 per share

- 2021-11: GBX 1,409.00 per share

- 2021-12: GBX 1,436.50 per share

- 2022-01: GBX 1,302.00 per share

- 2022-02: GBX 1,301.50 per share

- 2022-03: GBX 1,345.50 per share

- 2022-04: GBX 1,342.50 per share

- 2022-05: GBX 1,108.00 per share

- 2022-06: GBX 976.80 per share

- 2022-07: GBX 1,095.00 per share

- 2022-08: GBX 943.00 per share

- 2022-09: GBX 753.00 per share

- 2022-10: GBX 785.00 per share

- 2022-11: GBX 790.80 per share

- 2022-12: GBX 763.60 per share

- 2023-01: GBX 830.20 per share

- 2023-02: GBX 823.40 per share

- 2023-03: GBX 767.60 per share

- 2023-04: GBX 834.80 per share

- 2023-05: GBX 797.60 per share

- 2023-06: GBX 716.80 per share

- 2023-07: GBX 763.00 per share

- 2023-08: GBX 737.40 per share

- 2023-09: GBX 719.40 per share

- 2023-10: GBX 712.80 per share

- 2023-11: GBX 812.20 per share

- 2023-12: GBX 886.40 per share

- 2024-01: GBX 881.80 per share

- 2024-02: GBX 845.40 per share

- 2024-03: GBX 903.80 per share

- 2024-04: GBX 848.00 per share

- 2024-05: GBX 911.20 per share

- 2024-06: GBX 898.20 per share

- 2024-07: GBX 915.80 per share

- 2024-08: GBX 871.20 per share

- 2024-09: GBX 874.00 per share

- 2024-10: GBX 785.20 per share

- 2024-11: GBX 780.00 per share

- 2024-12: GBX 701.20 per share

- 2025-01: GBX 717.40 per share

- 2025-02: GBX 704.20 per share

- 2025-03: GBX 690.80 per share

- 2025-04: GBX 680.60 per share

- 2025-05: GBX 697.00 per share

- 2025-06: GBX 679.60 per share

- 2025-07: GBX 647.40 per share

- 2025-08: GBX 627.00 per share

- 2025-09: GBX 655.40 per share

- 2025-10: GBX 697.40 per share

- 2025-11: GBX 714.60 per share

- 2025-12: GBX 720.40 per share

- 2026-01: GBX 758.60 per share

- 2026-02: GBX 841.20 per share

- 2026-03: GBX 643.80 per share

- 2026-04: GBX 695.00 per share

- 2026-05: GBX 722.60 per share

- 2026-06: GBX 875.20 per share

- 2026-07: GBX 965.00 per share

- 2026-08: GBX 961.20 per share

- 2026-09: GBX 929.40 per share

- 2026-10: GBX 943.40 per share

## Annual estimated value (GBX per share)

- FY2016: low GBX 596.05 per share, central GBX 677.55 per share, high GBX 786.04 per share

- FY2017: low GBX 977.95 per share, central GBX 1,111.37 per share, high GBX 1,288.98 per share

- FY2018: low GBX 1,193.90 per share, central GBX 1,357.59 per share, high GBX 1,575.49 per share

- FY2019: low GBX 1,248.41 per share, central GBX 1,418.98 per share, high GBX 1,646.06 per share

- FY2020: low GBX 1,148.97 per share, central GBX 1,306.46 per share, high GBX 1,516.11 per share

- FY2021: low GBX 1,594.01 per share, central GBX 1,813.39 per share, high GBX 2,105.45 per share

- FY2022: low GBX 1,756.90 per share, central GBX 1,997.44 per share, high GBX 2,317.65 per share

- FY2023: low GBX 1,329.64 per share, central GBX 1,508.91 per share, high GBX 1,747.56 per share

- FY2024: low GBX 478.87 per share, central GBX 542.06 per share, high GBX 626.19 per share

- FY2025: low GBX 431.16 per share, central GBX 489.63 per share, high GBX 567.46 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 2026-10-15T06:40:44.033Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/213800XC35KGM9NFC641/2025-12-31/ESEF/GB/0/213800XC35KGM9NFC641-2025-12-31/reports/213800XC35KGM9NFC641-2025-12-31-T01.xhtml); period 2025-12-31, filed 2026-03-18.

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.