# Workspace Group (WKP.LSE)

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

Analysis as of: 2026-10-16T07:44:28.880Z. Financial observations: FY1997–FY2026.

Listing currency: GBX. Reporting currency: GBP.

## 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 344.40 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

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

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 4

- Operating margin variation: 1.12×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.61×

- FY2018: 0.62×

- FY2019: 0.63×

- FY2020: 0.65×

- FY2021: 0.44×

- FY2022: 0.51×

- FY2023: 0.55×

- FY2024: -0.86×

- FY2025: 0.20×

- FY2026: 0.51×

### moat: fail

- ROIC median below threshold

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

- Recent gross margin fell 7.2pp below the typical margin (limit 4pp)

- ROIC, median of available years: 3.1%

- ROIC, second-lowest year: 1.6%

- Typical minus recent gross margin: 7.2 pp

- Typical gross margin (annual median): 67.7%

- Recent gross margin (lower of latest and 3-year median): 60.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 10.1%

- ROIC including acquisitions, ten-year median: 0.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 3.6%

- FY2018: 3.5%

- FY2019: 3.6%

- FY2020: 4.0%

- FY2021: 2.1%

- FY2022: 2.8%

- FY2023: 2.8%

- FY2024: -5.1%

- FY2025: 1.6%

- FY2026: 3.4%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: GBP -331M

- Net income, five-year total: GBP -221M

- Return on incremental invested capital: -8.1%

- Working capital / revenue, annual change: 3.9 pp

- Working capital / revenue, change between three-year averages: 14.4 pp

- Working capital / revenue, final three-year average: 12.9%

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

- FY2022: GBP 89M

- FY2023: GBP -45M

- FY2024: GBP -198M

- FY2025: GBP -51M

- FY2026: GBP -126M

### management: fail

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 3.6% vs 1.6%

- Per-share earnings: 0.98 to -0.62 (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: 1.6%

- Ordinary dilution, 5-year annual growth: 1.3%

- Market cap gain: GBP -632M

- Cumulative retained earnings: GBP -500M

- Diluted shares, 10-year annual growth: 1.6%

- Diluted shares, 5-year annual growth: 1.3%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value change: GBP -1.60

- Per-share value, starting three-year median: GBP 0.98

- Per-share value, ending three-year median: GBP -0.62

- Buybacks concentrated in cheaper years (correlation): 0.00

- Average buyback yield: 0.0%

- Buyback history: 7 years

- Debt-funded buybacks: No

- Acquisition spending: GBP 2.0M

- Cumulative net income, 10 years: GBP 13M

- ROIC, first three-year median: 3.6%

- ROIC, last three-year median: 1.6%

Chart: Earnings per share; fiscal year observations.

- FY2017: GBP 0.54

- FY2018: GBP 0.98

- FY2019: GBP 0.76

- FY2020: GBP 0.40

- FY2021: GBP -1.30

- FY2022: GBP 0.65

- FY2023: GBP -0.20

- FY2024: GBP -1.00

- FY2025: GBP 0.03

- FY2026: GBP -0.62

### accounting: pass

- Sloan accruals: -8.2%

- Receivables to sales index (DSRI): 0.83×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 2.8%

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2017: 1.9%

- FY2018: 4.2%

- FY2019: 2.3%

- FY2020: -0.5%

- FY2021: -10.6%

- FY2022: 2.6%

- FY2023: -4.1%

- FY2024: -9.7%

- FY2025: -2.9%

- FY2026: -8.2%

## Holders

## Price story

Down 59% since Jan 2022 · sales -2.1%

Story as of 2026-10-16T10:00:13.062Z; price observation 2026-10-15.

### Sales · FY2025–2026

sales -2.1%; source https://filings.xbrl.org/2138003GUZRFIN3UT430/2026-03-31/ESEF/GB/0/2138003GUZRFIN3UT430-2026-03-31/reports/2138003GUZRFIN3UT430-2026-03-31-T01.xhtml; observed 2026-06-25.

- FY2017: GBP 109M 

- FY2018: GBP 129M 

- FY2019: GBP 149M 

- FY2020: GBP 161M 

- FY2021: GBP 142M 

- FY2022: GBP 133M 

- FY2023: GBP 174M 

- FY2024: GBP 184M 

- FY2025: GBP 185M 

- FY2026: GBP 181M 

### Gross margin · FY2026

gross margin 60.5%; source https://filings.xbrl.org/2138003GUZRFIN3UT430/2026-03-31/ESEF/GB/0/2138003GUZRFIN3UT430-2026-03-31/reports/2138003GUZRFIN3UT430-2026-03-31-T01.xhtml; observed 2026-06-25.

- FY2017: 72.8% 

- FY2018: 74.2% 

- FY2019: 74.3% 

- FY2020: 75.6% 

- FY2021: 57.3% 

- FY2022: 65.2% 

- FY2023: 66.9% 

- FY2024: 68.5% 

- FY2025: 65.9% 

- FY2026: 60.5% 

## Owner memo

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

### How it makes money

Operates in property rentals; annual sales are GBP 181.4 million.

- Source: https://eodhd.com/api/fundamentals/WKP.LSE.json#2026-03-31 (filed 2026-06-25); FY2026: revenue 181400000; grossProfit 109800000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); WKP.LSE: Workspace Group Plc is London's leading owner and operator of flexible workspace, currently managing 3.8 million sq. ft. of sustainable space at 50+ locations in London and the Southeast. They are home to nearly 4,000 of London's fastest growing and established brands from a diverse range of sectors. Their purpose, to give businesses the freedom to grow, is based on the belief that in the right space, teams can achieve more. That in environments they tailor themselves, free from constraint and compromise, teams are best able to collaborate, build their culture and realize their potential. The firm has a unique combination of a highly effective and scalable operating platform, a portfolio of distinctive properties, and an ownership model that allows us to offer true flexibility. They provide customers with space to create a home for their business, alongside leases that give them the freedom to easily scale up and down within our well-connected, extensive portfolio. We are inherently sustainable " the firm invest across the capital, breathing new life into old buildings and creating hubs of economic activity that help flatten London's working map. The firm work closely with their local communities to ensure to make a positive and lasting environmental and social impact, creating value over the long term. Workspace was established in July 10, 1987 and incorporated in United Kingdom.

### Why customers stay

Margins ranged from 60.5% to 68.5% during 2024–26; it earns 3.1% on its capital.

- Source: https://eodhd.com/api/fundamentals/WKP.LSE.json#2024-03-31 (filed 2026-06-25); FY2024: grossProfit / revenue = 68.5%.

- Source: https://eodhd.com/api/fundamentals/WKP.LSE.json#2025-03-31 (filed 2026-06-25); FY2025: grossProfit / revenue = 65.9%.

- Source: https://eodhd.com/api/fundamentals/WKP.LSE.json#2026-03-31 (filed 2026-06-25); FY2026: grossProfit / revenue = 60.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-25); 10-year return on capital observations [[2017,0.03631280259851689],[2018,0.03540098855590684],[2019,0.036087934670430775],[2020,0.04030955686465799],[2021,0.02139668920090137],[2022,0.028331010542800183],[2023,0.02769426422884105],[2024,-0.051401433987143565],[2025,0.015895278167367927],[2026,0.03432016297138526]]; median 0.031325586757092724. 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 300000 of shares.

- Source: https://eodhd.com/api/fundamentals/WKP.LSE.json#2017-03-31 (filed 2026-06-25); FY2017: growth capex 1100000; upkeep 1100000; owner earnings 88700000. Growth capex / owner earnings = 0.012401352874859075.

- Source: https://eodhd.com/api/fundamentals/WKP.LSE.json#2018-03-31 (filed 2026-06-25); FY2018: growth capex 700000; upkeep 1400000; owner earnings 171400000. Growth capex / owner earnings = 0.004084014002333722.

- Source: https://eodhd.com/api/fundamentals/WKP.LSE.json#2019-03-31 (filed 2026-06-25); FY2019: growth capex 700000; upkeep 1400000; owner earnings 134140000. Growth capex / owner earnings = 0.005218428507529447.

- Source: https://eodhd.com/api/fundamentals/WKP.LSE.json#2020-03-31 (filed 2026-06-25); FY2020: growth capex 61500000; upkeep 1400000; owner earnings 66460000. Growth capex / owner earnings = 0.9253686427926573.

- Source: https://eodhd.com/api/fundamentals/WKP.LSE.json#2022-03-31 (filed 2026-06-25); FY2022: growth capex 0; upkeep 31000000; cash acquisitions 0; owner earnings 89400000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-25); Dividend observations: [[2017,27400000],[2018,37400000],[2019,52100000],[2020,61000000],[2021,46300000],[2022,43300000],[2023,43500000],[2024,50700000],[2025,56300000],[2026,54600000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/WKP.LSE.json#2026-03-31 (filed 2026-06-25); FY2026: cash repurchases 300000 GBP.

### Are managers owners

Insiders own 33.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); WKP.LSE SharesStats.PercentInsiders = 33.519 percentage points; cache date 2026-10-16.

### What the price says

The price is 3.7 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-25); Closing price 344.4 GBX; reporting-to-trading FX 100; FY2026 annual sales per share 0.938969984297461; price multiple 3.6678488743991178. FY2026 cash earnings/share -0.6538626704324988. Closing-price date 2026-10-15.

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

- 2016-10: GBX 629.50 per share

- 2016-11: GBX 686.50 per share

- 2016-12: GBX 792.00 per share

- 2017-01: GBX 755.00 per share

- 2017-02: GBX 794.00 per share

- 2017-03: GBX 785.00 per share

- 2017-04: GBX 864.50 per share

- 2017-05: GBX 882.00 per share

- 2017-06: GBX 890.50 per share

- 2017-07: GBX 915.00 per share

- 2017-08: GBX 887.00 per share

- 2017-09: GBX 887.50 per share

- 2017-10: GBX 885.00 per share

- 2017-11: GBX 932.00 per share

- 2017-12: GBX 1,002.00 per share

- 2018-01: GBX 1,035.00 per share

- 2018-02: GBX 948.50 per share

- 2018-03: GBX 992.00 per share

- 2018-04: GBX 1,109.00 per share

- 2018-05: GBX 1,137.00 per share

- 2018-06: GBX 1,080.00 per share

- 2018-07: GBX 1,086.00 per share

- 2018-08: GBX 1,064.00 per share

- 2018-09: GBX 982.00 per share

- 2018-10: GBX 961.00 per share

- 2018-11: GBX 832.50 per share

- 2018-12: GBX 793.50 per share

- 2019-01: GBX 950.00 per share

- 2019-02: GBX 981.50 per share

- 2019-03: GBX 976.00 per share

- 2019-04: GBX 986.50 per share

- 2019-05: GBX 882.00 per share

- 2019-06: GBX 874.00 per share

- 2019-07: GBX 844.50 per share

- 2019-08: GBX 850.00 per share

- 2019-09: GBX 962.50 per share

- 2019-10: GBX 1,015.00 per share

- 2019-11: GBX 1,111.00 per share

- 2019-12: GBX 1,188.00 per share

- 2020-01: GBX 1,216.00 per share

- 2020-02: GBX 1,132.00 per share

- 2020-03: GBX 759.50 per share

- 2020-04: GBX 781.00 per share

- 2020-05: GBX 731.50 per share

- 2020-06: GBX 653.50 per share

- 2020-07: GBX 615.00 per share

- 2020-08: GBX 563.50 per share

- 2020-09: GBX 538.50 per share

- 2020-10: GBX 617.00 per share

- 2020-11: GBX 683.50 per share

- 2020-12: GBX 769.00 per share

- 2021-01: GBX 715.50 per share

- 2021-02: GBX 765.00 per share

- 2021-03: GBX 800.00 per share

- 2021-04: GBX 820.00 per share

- 2021-05: GBX 906.00 per share

- 2021-06: GBX 834.00 per share

- 2021-07: GBX 863.50 per share

- 2021-08: GBX 930.50 per share

- 2021-09: GBX 825.00 per share

- 2021-10: GBX 822.00 per share

- 2021-11: GBX 795.50 per share

- 2021-12: GBX 808.50 per share

- 2022-01: GBX 844.50 per share

- 2022-02: GBX 773.50 per share

- 2022-03: GBX 685.00 per share

- 2022-04: GBX 667.00 per share

- 2022-05: GBX 713.00 per share

- 2022-06: GBX 556.00 per share

- 2022-07: GBX 587.50 per share

- 2022-08: GBX 521.50 per share

- 2022-09: GBX 398.60 per share

- 2022-10: GBX 409.40 per share

- 2022-11: GBX 423.80 per share

- 2022-12: GBX 444.60 per share

- 2023-01: GBX 505.00 per share

- 2023-02: GBX 511.50 per share

- 2023-03: GBX 436.80 per share

- 2023-04: GBX 477.40 per share

- 2023-05: GBX 503.00 per share

- 2023-06: GBX 472.80 per share

- 2023-07: GBX 496.60 per share

- 2023-08: GBX 502.00 per share

- 2023-09: GBX 490.60 per share

- 2023-10: GBX 482.20 per share

- 2023-11: GBX 528.00 per share

- 2023-12: GBX 568.00 per share

- 2024-01: GBX 522.50 per share

- 2024-02: GBX 487.60 per share

- 2024-03: GBX 512.50 per share

- 2024-04: GBX 497.50 per share

- 2024-05: GBX 535.00 per share

- 2024-06: GBX 594.00 per share

- 2024-07: GBX 612.00 per share

- 2024-08: GBX 617.00 per share

- 2024-09: GBX 650.00 per share

- 2024-10: GBX 553.00 per share

- 2024-11: GBX 563.00 per share

- 2024-12: GBX 491.00 per share

- 2025-01: GBX 469.50 per share

- 2025-02: GBX 432.00 per share

- 2025-03: GBX 415.00 per share

- 2025-04: GBX 444.50 per share

- 2025-05: GBX 417.00 per share

- 2025-06: GBX 420.50 per share

- 2025-07: GBX 397.50 per share

- 2025-08: GBX 400.00 per share

- 2025-09: GBX 396.50 per share

- 2025-10: GBX 418.00 per share

- 2025-11: GBX 381.50 per share

- 2025-12: GBX 399.00 per share

- 2026-01: GBX 419.50 per share

- 2026-02: GBX 430.00 per share

- 2026-03: GBX 341.50 per share

- 2026-04: GBX 337.40 per share

- 2026-05: GBX 350.60 per share

- 2026-06: GBX 346.40 per share

- 2026-07: GBX 350.80 per share

- 2026-08: GBX 378.00 per share

- 2026-09: GBX 374.00 per share

- 2026-10: GBX 344.40 per share

## Annual estimated value (GBX per share)

- FY2017: low GBX 2,186.21 per share, central GBX 2,487.28 per share, high GBX 2,888.06 per share

- FY2018: low GBX 2,436.51 per share, central GBX 2,771.24 per share, high GBX 3,216.83 per share

- FY2019: low GBX 1,306.92 per share, central GBX 1,612.22 per share, high GBX 1,878.41 per share

- FY2020: low GBX 1,046.70 per share, central GBX 1,361.10 per share, high GBX 1,585.35 per share

- FY2021: low GBX 803.85 per share, central GBX 900.35 per share, high GBX 1,028.82 per share

- FY2022: low GBX 534.51 per share, central GBX 604.87 per share, high GBX 698.54 per share

- FY2023: low GBX 440.50 per share, central GBX 529.91 per share, high GBX 616.06 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/2138003GUZRFIN3UT430/2026-03-31/ESEF/GB/0/2138003GUZRFIN3UT430-2026-03-31/reports/2138003GUZRFIN3UT430-2026-03-31-T01.xhtml); period 2026-03-31, filed 2026-06-25.

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