# Watches Of Switzerland Group (WOSG.LSE)

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

Analysis as of: 2026-10-16T07:40:32.314Z. Financial observations: FY2018–FY2026.

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 708.00 per share; close as of 2026-10-15.

Estimated value: low GBX 229.51 per share, central GBX 259.45 per share, high GBX 299.32 per share. Buy at or below the central value GBX 259.45 per share. Valuation as of 2026-10-16T07:40:32.314Z; scenarios are not confidence intervals.

Expected annual return: 5.4% at the stated quote. About 5.4% 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: 9 years

- Years with declining revenue: 1

- Years with a net loss: 1

- Operating margin variation: 0.24×

Chart: Operating margin; fiscal year observations.

- FY2018: 0.06×

- FY2019: 0.06×

- FY2020: 0.09×

- FY2021: 0.10×

- FY2022: 0.12×

- FY2023: 0.12×

- FY2024: 0.08×

- FY2025: 0.07×

- FY2026: 0.10×

### moat: fail

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

- ROIC, median of available years: 15.3%

- ROIC, second-lowest year: 9.2%

- Typical minus recent gross margin: 0.0 pp

- Typical gross margin (annual median): 12.8%

- Recent gross margin (lower of latest and 3-year median): 12.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.7%

- ROIC including acquisitions, ten-year median: -0.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2018: 12.0%

- FY2019: 15.8%

- FY2020: 9.1%

- FY2021: 16.1%

- FY2022: 20.9%

- FY2023: 20.7%

- FY2024: 10.0%

- FY2025: 9.2%

- FY2026: 15.3%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.30×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: GBP 129M

- Net income, five-year total: GBP 435M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.5 pp

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

- FY2022: 0.62×

- FY2023: 0.41×

- FY2024: -0.30×

- FY2025: -0.22×

- FY2026: 0.46×

### management: pass

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 12.0% vs 10.0%

- Per-share earnings: 0.00 to 0.25 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -0.5%

- Diluted shares, 5-year annual growth: -0.5%

- Per-share value growth: 122.0%

- Per-share value change: GBP 0.25

- Per-share value, starting three-year median: GBP 0.00

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

- Buybacks concentrated in cheaper years (correlation): 0.00

- Average buyback yield: 1.1%

- Buyback history: 4 years

- Debt-funded buybacks: No

- ROIC, first three-year median: 12.0%

- ROIC, last three-year median: 10.0%

Chart: Earnings per share; fiscal year observations.

- FY2018: GBP 0.00

- FY2019: GBP -0.01

- FY2020: GBP 0.00

- FY2021: GBP 0.21

- FY2022: GBP 0.42

- FY2023: GBP 0.51

- FY2024: GBP 0.25

- FY2025: GBP 0.23

- FY2026: GBP 0.42

### accounting: pass

- Sloan accruals: -9.8%

- Receivables to sales index (DSRI): 1.02×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.7%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.45×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.51×

Chart: Sloan accruals; fiscal year observations.

- FY2018: -8.9%

- FY2019: -12.9%

- FY2020: -11.1%

- FY2021: -14.7%

- FY2022: -6.7%

- FY2023: -7.3%

- FY2024: -10.0%

- FY2025: -8.8%

- FY2026: -9.8%

## Holders

## Price story

Down 50% since Dec 2021 · sales +10.7%

Story as of 2026-10-16T10:00:11.514Z; price observation 2026-10-15.

Price needs cash profits to grow 14% a year for ten years

### Sales · FY2025–2026

sales +10.7%; source https://filings.xbrl.org/2138008ZOT5K9PJW7168/2026-05-03/ESEF/GB/0/2138008ZOT5K9PJW7168-2026-05-03/reports/2138008ZOT5K9PJW7168-2026-05-03-T01.xhtml; observed 2026-09-02.

- FY2018: GBP 631M 

- FY2019: GBP 774M 

- FY2020: GBP 811M 

- FY2021: GBP 905M 

- FY2022: GBP 1.2B 

- FY2023: GBP 1.5B 

- FY2024: GBP 1.5B 

- FY2025: GBP 1.7B 

- FY2026: GBP 1.8B 

### Gross margin · FY2026

gross margin 13%; source https://filings.xbrl.org/2138008ZOT5K9PJW7168/2026-05-03/ESEF/GB/0/2138008ZOT5K9PJW7168-2026-05-03/reports/2138008ZOT5K9PJW7168-2026-05-03-T01.xhtml; observed 2026-09-02.

- FY2018: 9.1% 

- FY2019: 9.4% 

- FY2020: 12.2% 

- FY2021: 13.6% 

- FY2022: 15.2% 

- FY2023: 14.7% 

- FY2024: 12.3% 

- FY2025: 12.8% 

- FY2026: 13.0% 

## Owner memo

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

### How it makes money

Operates in luxury goods; annual sales are GBP 1.8 billion.

- Source: https://eodhd.com/api/fundamentals/WOSG.LSE.json#2026-04-30 (filed 2026-09-02); FY2026: revenue 1827900000; grossProfit 237200000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); WOSG.LSE: Watches of Switzerland Group PLC operates as a retailer of luxury watches and jewelry in the United Kingdom, and the United States. The company engages in the sale of fashion and classic watches, and jewelry; as well as offer servicing, repairs, and product insurance services. It trades under the Watches of Switzerland, Mappin & Webb, Goldsmiths, Mayors, Betteridge, Deutsch & Deutsch, Analog:Shift, and Hodinkee brands, as well as hosts Rolex, Cartier, BREITLING, PATEK PHILIPPE, OMEGA, TUDOR, TAG Heuer and various other brands. The company sells its products through showrooms, and online and wholesale channel. Watches of Switzerland Group PLC was founded in 1775 and is based in Leicester, the United Kingdom.

### Why customers stay

Margins ranged from 12.3% to 13% during 2024–26; it earns 15.3% on its capital.

- Source: https://eodhd.com/api/fundamentals/WOSG.LSE.json#2024-04-30 (filed 2026-09-02); FY2024: grossProfit / revenue = 12.3%.

- Source: https://eodhd.com/api/fundamentals/WOSG.LSE.json#2025-04-30 (filed 2026-09-02); FY2025: grossProfit / revenue = 12.8%.

- Source: https://eodhd.com/api/fundamentals/WOSG.LSE.json#2026-04-30 (filed 2026-09-02); FY2026: grossProfit / revenue = 13%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); 9-year return on capital observations [[2018,0.12038121497732808],[2019,0.1575380197307222],[2020,0.09118662713991504],[2021,0.16058620524685907],[2022,0.20914561429566428],[2023,0.20673581326999646],[2024,0.0997825252654471],[2025,0.09215322608175319],[2026,0.15303931010379385]]; median 0.15303931010379385. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 15% gross margin through 2022 cost inflation.

- Source: https://filings.xbrl.org/2138008ZOT5K9PJW7168/2026-05-03/ESEF/GB/0/2138008ZOT5K9PJW7168-2026-05-03/reports/2138008ZOT5K9PJW7168-2026-05-03-T01.xhtml (filed 2026-09-02); Gross margin observations: [[2021,0.13622804110043088],[2022,0.1524232633279483],[2023,0.1467461757842883]]; range within 2 percentage points.

### Where the cash goes

Paid no dividends in 9 years; bought back GBP 13.8 million of shares.

- Source: https://eodhd.com/api/fundamentals/WOSG.LSE.json#2021-04-30 (filed 2026-09-02); FY2021: growth capex 0; upkeep 24100000; owner earnings 30941800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/WOSG.LSE.json#2022-04-30 (filed 2026-09-02); FY2022: growth capex 0; upkeep 41000000; owner earnings 62580000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/WOSG.LSE.json#2023-04-30 (filed 2026-09-02); FY2023: growth capex 0; upkeep 75000000; owner earnings 50520000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/WOSG.LSE.json#2026-04-30 (filed 2026-09-02); FY2026: growth capex 0; upkeep 68300000; owner earnings 45980000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); Dividend observations: [[2018,0],[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0],[2026,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/WOSG.LSE.json#2026-04-30 (filed 2026-09-02); FY2026: cash repurchases 13800000 GBP.

### Are managers owners

Insiders own 4.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); WOSG.LSE SharesStats.PercentInsiders = 4.744000000000001 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 14% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); Ten-year compound average after fade. Initial solved rate 0.18895247753895128. Price 708; 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)

- 2019-05: GBX 308.00 per share

- 2019-06: GBX 275.00 per share

- 2019-07: GBX 284.50 per share

- 2019-08: GBX 288.00 per share

- 2019-09: GBX 280.00 per share

- 2019-10: GBX 288.50 per share

- 2019-11: GBX 325.00 per share

- 2019-12: GBX 376.00 per share

- 2020-01: GBX 373.40 per share

- 2020-02: GBX 329.60 per share

- 2020-03: GBX 185.30 per share

- 2020-04: GBX 250.00 per share

- 2020-05: GBX 278.00 per share

- 2020-06: GBX 280.50 per share

- 2020-07: GBX 259.50 per share

- 2020-08: GBX 342.50 per share

- 2020-09: GBX 336.00 per share

- 2020-10: GBX 395.00 per share

- 2020-11: GBX 493.50 per share

- 2020-12: GBX 579.00 per share

- 2021-01: GBX 640.00 per share

- 2021-02: GBX 638.00 per share

- 2021-03: GBX 661.00 per share

- 2021-04: GBX 733.00 per share

- 2021-05: GBX 786.00 per share

- 2021-06: GBX 836.00 per share

- 2021-07: GBX 1,006.00 per share

- 2021-08: GBX 1,016.00 per share

- 2021-09: GBX 946.00 per share

- 2021-10: GBX 1,132.00 per share

- 2021-11: GBX 1,352.00 per share

- 2021-12: GBX 1,420.00 per share

- 2022-01: GBX 1,272.00 per share

- 2022-02: GBX 1,212.00 per share

- 2022-03: GBX 1,140.00 per share

- 2022-04: GBX 1,021.00 per share

- 2022-05: GBX 945.00 per share

- 2022-06: GBX 769.00 per share

- 2022-07: GBX 887.00 per share

- 2022-08: GBX 784.50 per share

- 2022-09: GBX 674.00 per share

- 2022-10: GBX 774.50 per share

- 2022-11: GBX 1,026.00 per share

- 2022-12: GBX 820.50 per share

- 2023-01: GBX 948.00 per share

- 2023-02: GBX 830.50 per share

- 2023-03: GBX 815.50 per share

- 2023-04: GBX 831.50 per share

- 2023-05: GBX 673.00 per share

- 2023-06: GBX 610.50 per share

- 2023-07: GBX 753.50 per share

- 2023-08: GBX 582.50 per share

- 2023-09: GBX 535.00 per share

- 2023-10: GBX 501.00 per share

- 2023-11: GBX 654.00 per share

- 2023-12: GBX 708.50 per share

- 2024-01: GBX 374.00 per share

- 2024-02: GBX 404.20 per share

- 2024-03: GBX 358.60 per share

- 2024-04: GBX 338.80 per share

- 2024-05: GBX 409.60 per share

- 2024-06: GBX 414.00 per share

- 2024-07: GBX 406.80 per share

- 2024-08: GBX 395.40 per share

- 2024-09: GBX 477.00 per share

- 2024-10: GBX 407.00 per share

- 2024-11: GBX 465.00 per share

- 2024-12: GBX 559.50 per share

- 2025-01: GBX 575.00 per share

- 2025-02: GBX 475.60 per share

- 2025-03: GBX 413.40 per share

- 2025-04: GBX 354.00 per share

- 2025-05: GBX 429.00 per share

- 2025-06: GBX 410.00 per share

- 2025-07: GBX 350.60 per share

- 2025-08: GBX 326.60 per share

- 2025-09: GBX 365.40 per share

- 2025-10: GBX 392.60 per share

- 2025-11: GBX 480.60 per share

- 2025-12: GBX 474.00 per share

- 2026-01: GBX 518.50 per share

- 2026-02: GBX 511.00 per share

- 2026-03: GBX 444.60 per share

- 2026-04: GBX 512.00 per share

- 2026-05: GBX 722.00 per share

- 2026-06: GBX 709.00 per share

- 2026-07: GBX 729.50 per share

- 2026-08: GBX 718.50 per share

- 2026-09: GBX 699.50 per share

- 2026-10: GBX 708.00 per share

## Annual estimated value (GBX per share)

- FY2023: low GBX 275.88 per share, central GBX 307.82 per share, high GBX 350.33 per share

- FY2024: low GBX 272.63 per share, central GBX 305.20 per share, high GBX 348.55 per share

- FY2025: low GBX 274.51 per share, central GBX 309.59 per share, high GBX 356.29 per share

- FY2026: low GBX 227.68 per share, central GBX 257.38 per share, high GBX 296.92 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 2026-10-15T06:46:31.967Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/2138008ZOT5K9PJW7168/2026-05-03/ESEF/GB/0/2138008ZOT5K9PJW7168-2026-05-03/reports/2138008ZOT5K9PJW7168-2026-05-03-T01.xhtml); period 2026-05-03, filed 2026-09-02.

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.