# Trustpilot Group (TRST.LSE)

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

Analysis as of: 2026-10-16T07:43:04.180Z. Financial observations: FY2018–FY2025.

Listing currency: GBX. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: GBX 264.20 per share; close as of 2026-10-15.

Estimated value: low GBX 12.68 per share, central GBX 13.96 per share, high GBX 15.66 per share. Buy at or below the central value GBX 13.96 per share. Valuation as of 2026-10-16T07:43:04.180Z; scenarios are not confidence intervals.

Expected annual return: 3.3% at the stated quote. About 3.3% 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

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

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 8 years

- Years with declining revenue: 0

- Years with a net loss: 5

- Operating margin variation: 1.20×

Chart: Operating margin; fiscal year observations.

- FY2018: -0.40×

- FY2019: -0.28×

- FY2020: -0.09×

- FY2021: -0.18×

- FY2022: -0.11×

- FY2023: -0.00×

- FY2024: 0.02×

- FY2025: 0.06×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

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

- ROIC, median of available years: -9.2%

- ROIC, second-lowest year: -26.3%

- Typical minus recent gross margin: -0.8 pp

- Typical gross margin (annual median): 81.7%

- Recent gross margin (lower of latest and 3-year median): 82.5%

- Years with nonpositive capital: 8

- Capital spending / revenue: 3.6%

- ROIC including acquisitions, ten-year median: -48181.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2018: 0.0%

- FY2019: -94.9%

- FY2020: -19.6%

- FY2021: -26.3%

- FY2022: -17.9%

- FY2023: -0.6%

- FY2024: 6.2%

- FY2025: 91.0%

### economics: fail

- owner earnings cash conversion below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$17M

- Net income, five-year total: -$19M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.5 pp

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: -$25M

- FY2022: -$20M

- FY2023: $7.9M

- FY2024: $3.5M

- FY2025: $16M

### management: pass

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: -19.6% vs 6.2%

- Per-share earnings: -0.06 to 0.02 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 3.4%

- Diluted shares, 5-year annual growth: 3.4%

- Per-share value change: $0.07

- Per-share value, starting three-year median: -$0.06

- Per-share value, ending three-year median: $0.02

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 5.1%

- Buyback history: 2 years

- Debt-funded buybacks: No

- ROIC, first three-year median: -19.6%

- ROIC, last three-year median: 6.2%

Chart: Earnings per share; fiscal year observations.

- FY2018: -$0.06

- FY2019: -$0.06

- FY2020: -$0.03

- FY2021: -$0.06

- FY2022: -$0.04

- FY2023: $0.02

- FY2024: $0.01

- FY2025: $0.02

### accounting: pass

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: -40.3%

- Receivables to sales index (DSRI): 0.92×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 20.5%

- Earnings backed by cash: Yes

- Operating cash / earnings: 7.63×

- Accounting red flags: 1

Chart: Sloan accruals; fiscal year observations.

- FY2018: -32.8%

- FY2019: -25.1%

- FY2020: -22.8%

- FY2021: -15.8%

- FY2022: -9.6%

- FY2023: -8.8%

- FY2024: -16.0%

- FY2025: -40.3%

## Holders

## Price story

Down 21% since Jan 2025 · sales +23.9%

Story as of 2026-10-16T10:00:12.588Z; price observation 2026-10-15.

Price needs cash profits to grow 44.1% a year for ten years

- 2026-03-17: Trustpilot Jumps as AI Traffic Surges 1,490%, Targets 30% Margin by 2030 ([finance.yahoo.com](https://finance.yahoo.com/news/trustpilot-jumps-ai-traffic-surges-133706091.html))

### Sales · FY2024–2025

sales +23.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2018: $64M 

- FY2019: $82M 

- FY2020: $102M 

- FY2021: $131M 

- FY2022: $149M 

- FY2023: $176M 

- FY2024: $211M 

- FY2025: $261M 

### Gross margin · FY2025

gross margin 82.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2018: 78.0% 

- FY2019: 80.9% 

- FY2020: 82.3% 

- FY2021: 81.2% 

- FY2022: 81.9% 

- FY2023: 82.5% 

- FY2024: 81.4% 

- FY2025: 82.7% 

## Owner memo

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

### How it makes money

Operates in software application; annual sales are USD 261.1 million.

- Source: https://filings.xbrl.org/2138002ILUNMGNPSGG46/2025-12-31/ESEF/GB/0/2138002ILUNMGNPSGG46-2025-12-31-T01.json (filed 2026-10-16T07:43:04.180Z); FY2025: revenue 261050000; grossProfit 215868000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 81.4% to 82.7% during 2023–25; it lost 9.2% on its capital.

- Source: https://filings.xbrl.org/2138002ILUNMGNPSGG46/2024-12-31/ESEF/GB/0/2138002ILUNMGNPSGG46-2024-12-31-T01.json (filed 2026-10-16T07:43:04.180Z); FY2023: grossProfit / revenue = 82.5%.

- Source: https://filings.xbrl.org/2138002ILUNMGNPSGG46/2025-12-31/ESEF/GB/0/2138002ILUNMGNPSGG46-2025-12-31-T01.json (filed 2026-10-16T07:43:04.180Z); FY2024: grossProfit / revenue = 81.4%.

- Source: https://filings.xbrl.org/2138002ILUNMGNPSGG46/2025-12-31/ESEF/GB/0/2138002ILUNMGNPSGG46-2025-12-31-T01.json (filed 2026-10-16T07:43:04.180Z); FY2025: grossProfit / revenue = 82.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:04.180Z); 8-year return on capital observations [[2018,0],[2019,-0.949116169544741],[2020,-0.19635425788091068],[2021,-0.2631372224520756],[2022,-0.17912536691198366],[2023,-0.005678495411563558],[2024,0.061894230143758534],[2025,0.9104761096612496]]; median -0.09240193116177361. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 82% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:04.180Z); Gross margin observations: [[2021,0.8124358086775256],[2022,0.8191322214164853],[2023,0.8247128066136696]]; range within 2 percentage points.

### Where the cash goes

Paid no dividends in 8 years; bought back USD 73.5 million of shares.

- Source: https://eodhd.com/api/fundamentals/TRST.LSE.json#2023-12-31 (filed 2026-10-16T07:43:04.180Z); FY2023: growth capex 0; upkeep 3561000; owner earnings 7949200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/TRST.LSE.json#2024-12-31 (filed 2026-10-16T07:43:04.180Z); FY2024: growth capex 0; upkeep 9623000; owner earnings 3489000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/TRST.LSE.json#2025-12-31 (filed 2026-10-16T07:43:04.180Z); FY2025: growth capex 0; upkeep 602375; owner earnings 15717425. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:04.180Z); Dividend observations: [[2018,0],[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/TRST.LSE.json#2025-12-31 (filed 2026-10-16T07:43:04.180Z); FY2025: cash repurchases 73508538 USD.

### Are managers owners

Insiders own 9.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); TRST.LSE SharesStats.PercentInsiders = 9.371 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 44.1% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:04.180Z); Ten-year compound average after fade. Initial solved rate 0.643182755150868. Price 264.2; FX 75.34943299551671; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

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

- 2021-03: GBX 265.00 per share

- 2021-04: GBX 313.00 per share

- 2021-05: GBX 300.00 per share

- 2021-06: GBX 341.40 per share

- 2021-07: GBX 358.20 per share

- 2021-08: GBX 432.00 per share

- 2021-09: GBX 385.60 per share

- 2021-10: GBX 316.40 per share

- 2021-11: GBX 286.20 per share

- 2021-12: GBX 327.40 per share

- 2022-01: GBX 182.90 per share

- 2022-02: GBX 148.90 per share

- 2022-03: GBX 145.90 per share

- 2022-04: GBX 104.30 per share

- 2022-05: GBX 95.75 per share

- 2022-06: GBX 101.40 per share

- 2022-07: GBX 76.50 per share

- 2022-08: GBX 64.00 per share

- 2022-09: GBX 75.30 per share

- 2022-10: GBX 108.70 per share

- 2022-11: GBX 98.90 per share

- 2022-12: GBX 96.50 per share

- 2023-01: GBX 102.50 per share

- 2023-02: GBX 103.20 per share

- 2023-03: GBX 88.60 per share

- 2023-04: GBX 88.50 per share

- 2023-05: GBX 81.70 per share

- 2023-06: GBX 67.90 per share

- 2023-07: GBX 87.60 per share

- 2023-08: GBX 82.30 per share

- 2023-09: GBX 102.70 per share

- 2023-10: GBX 100.00 per share

- 2023-11: GBX 130.00 per share

- 2023-12: GBX 148.50 per share

- 2024-01: GBX 179.70 per share

- 2024-02: GBX 191.30 per share

- 2024-03: GBX 198.80 per share

- 2024-04: GBX 190.20 per share

- 2024-05: GBX 206.50 per share

- 2024-06: GBX 215.00 per share

- 2024-07: GBX 208.50 per share

- 2024-08: GBX 213.50 per share

- 2024-09: GBX 226.00 per share

- 2024-10: GBX 248.00 per share

- 2024-11: GBX 294.00 per share

- 2024-12: GBX 307.00 per share

- 2025-01: GBX 333.00 per share

- 2025-02: GBX 304.50 per share

- 2025-03: GBX 221.00 per share

- 2025-04: GBX 223.80 per share

- 2025-05: GBX 230.40 per share

- 2025-06: GBX 242.20 per share

- 2025-07: GBX 250.60 per share

- 2025-08: GBX 206.00 per share

- 2025-09: GBX 226.40 per share

- 2025-10: GBX 205.40 per share

- 2025-11: GBX 192.00 per share

- 2025-12: GBX 164.40 per share

- 2026-01: GBX 184.20 per share

- 2026-02: GBX 147.00 per share

- 2026-03: GBX 193.00 per share

- 2026-04: GBX 260.40 per share

- 2026-05: GBX 239.20 per share

- 2026-06: GBX 259.60 per share

- 2026-07: GBX 270.60 per share

- 2026-08: GBX 292.20 per share

- 2026-09: GBX 231.00 per share

- 2026-10: GBX 264.20 per share

## Annual estimated value (GBX per share)

- FY2025: low GBX 15.57 per share, central GBX 16.70 per share, high GBX 18.21 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

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.