Frasers Group

FRAS.L

Specialty Retail · Consumer Cyclical

Price

823.50 GBp

+16.50 (+2.04%)

Market Cap

£3.54B

Exchange

London Stock Exchange

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Apr 30, 2026

How the score breaks down

Quality

Mixed

Growth

Good

Cash Flow

Good

Stability

Good

Valuation

Strong

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Share count falling — buybacks

−8.4% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 472.0M (2022) → 432.5M (2026)

Winston Score History

The full picture

Frasers Group is a British retail company that owns and operates a large collection of sports, fashion, and lifestyle stores across Europe. Its brands include Sports Direct, House of Fraser, Flannels, and GAME, selling everything from budget sportswear to luxury clothing. It is the largest sports retailer in the United Kingdom.

The company makes money primarily through in-store and online product sales across its portfolio of retail brands. Frasers operates mainly in the UK but also has a growing presence across Europe, with over 1,000 stores in total. Its scale gives it buying power with suppliers, which helps protect margins, but the business faces real risks from weak consumer spending, the ongoing shift away from physical retail, and its heavy reliance on the Sports Direct brand to drive foot traffic and revenue.

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

+15.1% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-69.3% 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

77.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~4 years

£2.5B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

£2.5B cash & investments at current burn rate

Growth context

Frasers Group is growing revenue at 15% 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.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

50.0%

Healthy — 50.0% gross margin

Profit after running costs

Operating Margin

5.0%

Thin — 5.0% operating margin

Return on the money invested

ROCE

8.9%

Below par — 8.9% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+8.1%

Steady sales growth (+8.1% YoY)

Profit growth

EPS YoY

+26.2%

Earnings growing fast (+26.2% YoY)

Earnings growing 25%+ a year. The compounder zone.

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

127%

Turns 127% of profit into real cash

Spare cash per sale

FCF Margin

-3.4%

Burning cash (-3.4%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

0.75

Moderate — manageable debt (0.75)

Covers its interest

Interest Cover

2.40x

Tight — interest eats into profit (2.4x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

9.6x

Attractive valuation — P/E 9.6

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year

P/E vs Forward

+1.7

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Not applicable for this business.

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