# Vistry Group (VTY.LSE)

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

Analysis as of: 2026-10-16T07:44:10.796Z. Financial observations: FY2018–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 240.00 per share; close as of 2026-10-15.

Estimated value: low GBX 279.30 per share, central GBX 305.60 per share, high GBX 340.62 per share. Buy at or below the central value GBX 305.60 per share. Valuation as of 2026-10-16T07:44:10.796Z; scenarios are not confidence intervals.

Expected annual return: 13.2% at the stated quote. About 13.2% 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

- 1 revenue decline in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 8 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.45×

Chart: Operating margin; fiscal year observations.

- FY2018: 0.16×

- FY2019: 0.16×

- FY2020: 0.06×

- FY2021: 0.12×

- FY2022: 0.08×

- FY2023: 0.08×

- FY2024: 0.04×

- FY2025: 0.06×

### moat: fail

- ROIC median below threshold

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

- Recent gross margin fell 4.2pp below the typical margin (limit 4pp)

- ROIC, median of available years: 7.7%

- ROIC, second-lowest year: 5.3%

- Typical minus recent gross margin: 4.2 pp

- Typical gross margin (annual median): 14.9%

- Recent gross margin (lower of latest and 3-year median): 10.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.2%

- ROIC including acquisitions, ten-year median: 4.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2018: 14.7%

- FY2019: 15.2%

- FY2020: 5.3%

- FY2021: 14.1%

- FY2022: 7.3%

- FY2023: 8.1%

- FY2024: 4.4%

- FY2025: 5.7%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.46×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: GBP 409M

- Net income, five-year total: GBP 886M

- Return on incremental invested capital: 1.1%

- Working capital / revenue, annual change: -1.6 pp

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

- FY2021: 1.09×

- FY2022: 0.14×

- FY2023: -0.48×

- FY2024: 0.78×

- FY2025: 1.08×

### management: fail

- Historical market-dollar context (not the management verdict): 2018 to 2025 (7 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 14.7% vs 5.7%

- Per-share earnings: 0.93 to 0.42 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 8.1%

- Market cap gain: GBP 954M

- Cumulative retained earnings: GBP 1.9B

- Diluted shares, 5-year annual growth: 8.1%

- $1 test, starting fiscal year: FY2018

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -14.7%

- Per-share value change: GBP -0.51

- Per-share value, starting three-year median: GBP 0.93

- Per-share value, ending three-year median: GBP 0.42

- Buybacks concentrated in cheaper years (correlation): -0.20

- Average buyback yield: 3.0%

- Buyback history: 5 years

- Debt-funded buybacks: Yes

- ROIC, first three-year median: 14.7%

- ROIC, last three-year median: 5.7%

Chart: Earnings per share; fiscal year observations.

- FY2018: GBP 0.98

- FY2019: GBP 0.93

- FY2020: GBP 0.35

- FY2021: GBP 1.14

- FY2022: GBP 0.86

- FY2023: GBP 0.61

- FY2024: GBP 0.22

- FY2025: GBP 0.42

### accounting: pass

- Sloan accruals: -0.7%

- Receivables to sales index (DSRI): 1.18×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 3.4%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.34×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.35×

Chart: Sloan accruals; fiscal year observations.

- FY2018: 0.4%

- FY2019: -4.3%

- FY2020: -2.9%

- FY2021: -0.3%

- FY2022: 2.5%

- FY2023: 4.7%

- FY2024: -0.3%

- FY2025: -0.7%

## Holders

## Price story

Down 83% since Jul 2024 · "Vistry Shares Sink 11.5% After Buyback Halt And Profit Warning" (finance.yahoo.com, May 2026) · sales -4.4%

Story as of 2026-10-16T10:00:12.953Z; price observation 2026-10-15.

Price needs cash profits to shrink 3.6% a year for ten years

- 2026-03-04: Vistry boss exits as pivot to social housing sparks £500m crash ([uk.finance.yahoo.com](https://uk.finance.yahoo.com/news/vistry-boss-exits-pivot-social-121136498.html))

- 2026-05-14: Vistry Shares Sink 11.5% After Buyback Halt And Profit Warning ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/vistry-shares-sink-11-5-040222983.html))

### Sales · FY2024–2025

sales -4.4%; source https://filings.xbrl.org/2138001KOWN7CG9SLK53/2025-12-31/ESEF/GB/0/2138001KOWN7CG9SLK53-2025-12-31/reports/2138001KOWN7CG9SLK53-2025-12-31-T01.xhtml; observed 2026-04-07.

- FY2018: GBP 1.1B 

- FY2019: GBP 1.1B 

- FY2020: GBP 1.8B 

- FY2021: GBP 2.4B 

- FY2022: GBP 2.8B 

- FY2023: GBP 3.6B 

- FY2024: GBP 3.8B 

- FY2025: GBP 3.6B 

### Gross margin · FY2025

gross margin 10.8%; source https://filings.xbrl.org/2138001KOWN7CG9SLK53/2025-12-31/ESEF/GB/0/2138001KOWN7CG9SLK53-2025-12-31/reports/2138001KOWN7CG9SLK53-2025-12-31-T01.xhtml; observed 2026-04-07.

- FY2018: 21.8% 

- FY2019: 21.5% 

- FY2020: 13.6% 

- FY2021: 18.2% 

- FY2022: 14.9% 

- FY2023: 15.0% 

- FY2024: 7.7% 

- FY2025: 10.8% 

## Owner memo

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

### How it makes money

Operates in residential construction; annual sales are GBP 3.6 billion.

- Source: https://eodhd.com/api/fundamentals/44B.STU.json#2025-12-31 (filed 2026-04-07); FY2025: revenue 3613700000; grossProfit 389600000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); VTY.LSE: Vistry Group PLC, together with its subsidiaries, provides housing solutions in the United Kingdom. It offers single family housing models. The company was formerly known as Bovis Homes Group PLC and changed its name to Vistry Group PLC in January 2020. Vistry Group PLC was founded in 1885 and is headquartered in West Malling, the United Kingdom.

### Why customers stay

Margins ranged from 7.7% to 15% during 2023–25; it earns 7.7% on its capital.

- Source: https://eodhd.com/api/fundamentals/44B.STU.json#2023-12-31 (filed 2026-04-07); FY2023: grossProfit / revenue = 15%.

- Source: https://eodhd.com/api/fundamentals/44B.STU.json#2024-12-31 (filed 2026-04-07); FY2024: grossProfit / revenue = 7.7%.

- Source: https://eodhd.com/api/fundamentals/44B.STU.json#2025-12-31 (filed 2026-04-07); FY2025: grossProfit / revenue = 10.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); 8-year return on capital observations [[2018,0.1472759675932913],[2019,0.15217550072400934],[2020,0.053382294895389384],[2021,0.14140626645580934],[2022,0.07268131719113737],[2023,0.08134538188120037],[2024,0.0441660206449123],[2025,0.057156502515040175]]; median 0.07701334953616887. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 5 of 7 years; bought back GBP 71.2 million of shares.

- Source: https://eodhd.com/api/fundamentals/44B.STU.json#2018-12-31 (filed 2026-04-07); FY2018: growth capex 0; upkeep 3089000; owner earnings 134386000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/44B.STU.json#2019-12-31 (filed 2026-04-07); FY2019: growth capex 0; upkeep 4271000; owner earnings 135762000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/44B.STU.json#2020-12-31 (filed 2026-04-07); FY2020: growth capex 0; upkeep 2741000; owner earnings 97351600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/44B.STU.json#2021-12-31 (filed 2026-04-07); FY2021: growth capex 0; upkeep 3062000; owner earnings 276976800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/44B.STU.json#2022-12-31 (filed 2026-04-07); FY2022: growth capex 0; upkeep 1629000; cash acquisitions 77700000; owner earnings 27587000. Growth capex plus acquisitions / owner earnings = 2.8165440243593.

- Source: https://eodhd.com/api/fundamentals/44B.STU.json#2024-12-31 (filed 2026-04-07); FY2024: growth capex 0; upkeep 6900000; cash acquisitions 0; owner earnings 58020000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/44B.STU.json#2025-12-31 (filed 2026-04-07); FY2025: growth capex 0; upkeep 11000000; cash acquisitions 0; owner earnings 148680000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); Dividend observations: [[2018,129665000],[2019,78645000],[2021,88709000],[2022,138858000],[2023,110400000],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/44B.STU.json#2025-12-31 (filed 2026-04-07); FY2025: cash repurchases 71200000 GBP.

### Are managers owners

Insiders own 0.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); VTY.LSE SharesStats.PercentInsiders = 0.771 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 3.6% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); Ten-year compound average after fade. Initial solved rate -0.06376531082683237. Price 240; FX 100; 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)

- 2016-10: GBX 729.64 per share

- 2016-11: GBX 783.09 per share

- 2016-12: GBX 789.84 per share

- 2017-01: GBX 795.13 per share

- 2017-02: GBX 751.31 per share

- 2017-03: GBX 814.88 per share

- 2017-04: GBX 886.64 per share

- 2017-05: GBX 878.45 per share

- 2017-06: GBX 920.35 per share

- 2017-07: GBX 973.81 per share

- 2017-08: GBX 1,015.23 per share

- 2017-09: GBX 1,053.76 per share

- 2017-10: GBX 1,132.74 per share

- 2017-11: GBX 1,078.80 per share

- 2017-12: GBX 1,128.89 per share

- 2018-01: GBX 1,055.20 per share

- 2018-02: GBX 1,011.86 per share

- 2018-03: GBX 1,097.10 per share

- 2018-04: GBX 1,190.05 per share

- 2018-05: GBX 1,213.17 per share

- 2018-06: GBX 1,103.36 per share

- 2018-07: GBX 1,111.07 per share

- 2018-08: GBX 1,083.62 per share

- 2018-09: GBX 1,033.05 per share

- 2018-10: GBX 933.36 per share

- 2018-11: GBX 827.79 per share

- 2018-12: GBX 830.10 per share

- 2019-01: GBX 976.70 per share

- 2019-02: GBX 1,041.72 per share

- 2019-03: GBX 1,024.38 per share

- 2019-04: GBX 1,069.17 per share

- 2019-05: GBX 942.51 per share

- 2019-06: GBX 995.00 per share

- 2019-07: GBX 1,014.27 per share

- 2019-08: GBX 990.18 per share

- 2019-09: GBX 1,073.02 per share

- 2019-10: GBX 1,126.96 per share

- 2019-11: GBX 1,179.94 per share

- 2019-12: GBX 1,308.05 per share

- 2020-01: GBX 1,380.00 per share

- 2020-02: GBX 1,279.00 per share

- 2020-03: GBX 576.00 per share

- 2020-04: GBX 808.00 per share

- 2020-05: GBX 764.50 per share

- 2020-06: GBX 710.50 per share

- 2020-07: GBX 614.50 per share

- 2020-08: GBX 636.00 per share

- 2020-09: GBX 568.50 per share

- 2020-10: GBX 545.00 per share

- 2020-11: GBX 828.00 per share

- 2020-12: GBX 939.50 per share

- 2021-01: GBX 843.00 per share

- 2021-02: GBX 842.00 per share

- 2021-03: GBX 1,092.00 per share

- 2021-04: GBX 1,237.50 per share

- 2021-05: GBX 1,325.00 per share

- 2021-06: GBX 1,176.50 per share

- 2021-07: GBX 1,192.50 per share

- 2021-08: GBX 1,210.00 per share

- 2021-09: GBX 1,222.00 per share

- 2021-10: GBX 1,220.00 per share

- 2021-11: GBX 1,079.50 per share

- 2021-12: GBX 1,184.00 per share

- 2022-01: GBX 1,022.50 per share

- 2022-02: GBX 1,002.00 per share

- 2022-03: GBX 941.60 per share

- 2022-04: GBX 836.50 per share

- 2022-05: GBX 905.00 per share

- 2022-06: GBX 836.00 per share

- 2022-07: GBX 921.50 per share

- 2022-08: GBX 772.00 per share

- 2022-09: GBX 589.00 per share

- 2022-10: GBX 603.00 per share

- 2022-11: GBX 619.00 per share

- 2022-12: GBX 625.50 per share

- 2023-01: GBX 744.50 per share

- 2023-02: GBX 819.50 per share

- 2023-03: GBX 781.00 per share

- 2023-04: GBX 782.50 per share

- 2023-05: GBX 723.00 per share

- 2023-06: GBX 660.50 per share

- 2023-07: GBX 789.50 per share

- 2023-08: GBX 782.50 per share

- 2023-09: GBX 912.00 per share

- 2023-10: GBX 707.00 per share

- 2023-11: GBX 744.00 per share

- 2023-12: GBX 917.50 per share

- 2024-01: GBX 1,005.00 per share

- 2024-02: GBX 1,051.00 per share

- 2024-03: GBX 1,230.00 per share

- 2024-04: GBX 1,198.00 per share

- 2024-05: GBX 1,288.00 per share

- 2024-06: GBX 1,183.00 per share

- 2024-07: GBX 1,384.00 per share

- 2024-08: GBX 1,359.00 per share

- 2024-09: GBX 1,306.00 per share

- 2024-10: GBX 909.50 per share

- 2024-11: GBX 656.00 per share

- 2024-12: GBX 572.00 per share

- 2025-01: GBX 598.50 per share

- 2025-02: GBX 612.50 per share

- 2025-03: GBX 567.00 per share

- 2025-04: GBX 629.20 per share

- 2025-05: GBX 628.80 per share

- 2025-06: GBX 638.00 per share

- 2025-07: GBX 583.40 per share

- 2025-08: GBX 610.80 per share

- 2025-09: GBX 646.40 per share

- 2025-10: GBX 644.20 per share

- 2025-11: GBX 665.60 per share

- 2025-12: GBX 641.40 per share

- 2026-01: GBX 665.20 per share

- 2026-02: GBX 697.00 per share

- 2026-03: GBX 332.00 per share

- 2026-04: GBX 326.80 per share

- 2026-05: GBX 279.00 per share

- 2026-06: GBX 256.60 per share

- 2026-07: GBX 291.80 per share

- 2026-08: GBX 302.60 per share

- 2026-09: GBX 257.80 per share

- 2026-10: GBX 240.00 per share

## Annual estimated value (GBX per share)

- FY2022: low GBX 1,734.66 per share, central GBX 1,937.64 per share, high GBX 2,207.85 per share

- FY2023: low GBX 983.69 per share, central GBX 1,105.67 per share, high GBX 1,268.06 per share

- FY2024: low GBX 257.13 per share, central GBX 282.72 per share, high GBX 316.77 per share

- FY2025: low GBX 270.43 per share, central GBX 295.89 per share, high GBX 329.80 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 2026-10-15T06:50:06.131Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/2138001KOWN7CG9SLK53/2025-12-31/ESEF/GB/0/2138001KOWN7CG9SLK53-2025-12-31/reports/2138001KOWN7CG9SLK53-2025-12-31-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.