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Future

FUTR.L
45
Publishing · Communication Services
Price
301.40 GBp
-6.60 (-2.14%)
Market Cap
£266.7M
Exchange
London Stock Exchange
Winston Score
45
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Aug 23, 2026 · filings through Mar 31, 2026
How the score breaks down
Quality
Mixed
Growth
Weak
Cash Flow
Exceptional
Stability
Good
Valuation
Exceptional
Dividends
Exceptional

Share count falling — buybacks

6.1% over 4y

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

Diluted shares outstanding: 113.7M (2021) → 106.7M (2025)

Winston Score History

The full picture

Future plc is a British media company that publishes magazines, websites, and newsletters covering topics like technology, gaming, music, and personal finance. Its well-known brands include TechRadar, Tom's Guide, PC Gamer, and MusicRadar, and its main customers are everyday readers looking for product reviews, buying guides, and hobby content. Future is one of the largest specialist media companies in the UK and has expanded significantly into the United States through acquisitions.

Future makes money in two main ways: selling digital advertising on its websites and earning commissions when readers click through to buy products it recommends. The company operates primarily in the UK and US, reaching hundreds of millions of online visitors each month. Its large portfolio of trusted niche brands gives it some pricing power with advertisers, but Future faces real pressure from declining digital ad spending and growing competition from AI-generated content, which could reduce reader traffic to its sites over time.

Score breakdown

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Quality

Profit per sale
Gross Margin
29.0%
Modest — 29.0% gross margin
Profit after running costs
Operating Margin
13.1%
Healthy — 13.1% operating margin
Return on the money invested
ROCE
8.2%
Below par — 8.2% 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
-8.4%
Shrinking sales (-8.4% YoY)
Profit growth
EPS YoY
-52.6%
Earnings shrinking (-52.6% YoY)

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

How steady the profit is
EPS Consistency
2/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
307%
Turns 307% of profit into real cash
Spare cash per sale
FCF Margin
15.2%
Converts sales into free cash efficiently (15.2%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns
Debt / Equity
0.36
Conservative — low debt load (0.36)
Covers its interest
Interest Cover
3.52x
Tight — interest eats into profit (3.5x)

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

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Valuation

Price vs profit
P/E Ratio (TTM)
8.4x
Attractive valuation — P/E 8.4

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

Cheaper or dearer next year
P/E vs Forward
+5.4
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (8.4 → 3.0)

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Dividends

Dividend
Dividend Yield
5.35%
Healthy income — 5.35% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record
Dividend Growth
+361.0%
Dividend growing fast (361.0% YoY)

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