Marks and Spencer Group

MKS.L

Department Stores · Consumer Cyclical

Exchange

London Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Good

Growth

Good

Cash Flow

Strong

Stability

Strong

Valuation

Weak

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Winston Score History

The full picture

Marks and Spencer is a British retailer that sells clothing, home goods, and food. Its stores are found on high streets and in shopping centres across the UK, serving everyday shoppers looking for mid-range quality products. M&S is one of the most recognised retail brands in Britain, and its food halls in particular have a strong reputation for quality own-label products.

The company makes money by selling goods directly to customers in its stores and through its website, with no third-party brands — almost everything sold is M&S's own label. It operates mainly in the UK, with some international presence through franchise partners and its Ocado joint venture for online grocery delivery. M&S has been investing heavily in modernising its stores and growing its online food business, but thin retail margins and rising operating costs remain ongoing pressures on profitability.

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

+27.2% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

>+1,000% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

5.5%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

£1.4B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue accelerating

Marks and Spencer Group grew revenue 27% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

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

96.4%

Premium pricing power — 96.4% gross margin

Profit after running costs

Operating Margin

4.8%

Thin — 4.8% operating margin

Return on the money invested

ROCE

14.4%

Good — 14.4% 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

+25.0%

Fast-growing sales (+25.0% YoY)

Profit growth

EPS YoY

-9.9%

Earnings shrinking (-9.9% YoY)

Slight earnings drop. Typical near a cyclical low.

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

396%

Turns 396% of profit into real cash

Spare cash per sale

FCF Margin

2.6%

Thin free cash flow (2.6%)

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

0.22

Conservative — low debt load (0.22)

Covers its interest

Interest Cover

2.72x

Tight — interest eats into profit (2.7x)

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)

31.1x

no trend

Pricey — P/E 31.1

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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