CVS Group

CVSG.L

Medical - Care Facilities · Healthcare

Price

1,296.00 GBp

-13.00 (-0.99%)

Market Cap

£891.0M

Exchange

London Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Good

Growth

Mixed

Cash Flow

Strong

Stability

Strong

Valuation

Good

Dividends

Good

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Winston Score History

The full picture

CVS Group is a UK-based company that owns and operates veterinary practices. It provides medical care for pets — things like check-ups, surgeries, vaccinations, and emergency treatment — mainly for cats, dogs, and other household animals. CVS is one of the largest veterinary groups in the United Kingdom, running hundreds of clinics across the country under various local brand names.

The company makes money by charging pet owners directly for veterinary services, and it also earns recurring revenue through pet health plans that spread the cost of routine care into monthly payments. CVS operates almost entirely in the UK, with a smaller presence in the Netherlands and Australia. Its scale gives it some advantage in purchasing supplies and recruiting vets, but the business faces real pressure from a shortage of qualified veterinary staff and growing regulatory scrutiny of consolidation in the UK veterinary sector, which could limit its ability to keep acquiring independent practices as a growth strategy.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+4.4% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-31.3% YoY

YoY Growth Rate

Earnings declining

R&D Spend

£0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

0.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

£13M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

CVS Group is growing revenue at 4% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

+0.8% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 71.2M (2021) → 71.7M (2025)

Score breakdown

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Quality

Profit per sale

Gross Margin

40.6%

Healthy — 40.6% gross margin

Profit after running costs

Operating Margin

9.8%

Modest — 9.8% operating margin

Return on the money invested

ROCE

15.4%

Strong — 15.4% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+4.4%

Slow sales growth (+4.4% YoY)

Profit growth

EPS YoY

-10.2%

Earnings shrinking (-10.2% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

518%

Turns 518% of profit into real cash

Spare cash per sale

FCF Margin

8.3%

Modest free cash flow (8.3%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.58

Conservative — low debt load (0.58)

Covers its interest

Interest Cover

4.75x

Adequate interest coverage (4.8x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

58.9x

Expensive — P/E 58.9

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+46.4

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (58.9 → 12.5)

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Dividends

Dividend

Dividend Yield

0.66%

Small dividend — 0.66% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

+44.2%

Dividend growing fast (44.2% YoY)

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