Manchester United

MANU

Entertainment · Communication Services

Price

$22.23

+0.04 (+0.18%)

Market Cap

$3.84B

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Share count rising — dilution

+5.9% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 162.9M (2021) → 172.6M (2025)

Manchester United is one of the most famous soccer clubs in the world, based in Manchester, England. The club competes in the English Premier League and international tournaments like the UEFA Champions League. It owns Old Trafford stadium and operates one of the most recognized sports brands globally, with an estimated 1 billion fans worldwide.

The company earns money through three main streams: matchday revenue from ticket sales at Old Trafford, broadcasting rights payments from the Premier League and UEFA, and commercial deals including sponsorships, merchandise, and licensing. Most revenue comes from the UK and Europe, though the brand has strong reach in Asia and North America. Manchester United's moat is its global brand and loyal fanbase, but the club faces real pressure from years of underperformance on the pitch, which directly threatens its ability to qualify for top European competitions — the key driver of both broadcast revenue and commercial appeal.

Winston Score History

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

+12.7% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+89.7% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (12%)

Research and development spending

Insider Activity

30.7%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$86M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth + cash flow

Manchester United is a rare growth stock that's already generating positive cash flow while growing at 13%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

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

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Quality

Gross Margin

-6.0%

Thin — -6.0% gross margin

Operating Margin

-6.6%

Losing money on operations — -6.6%

ROCE

-1.3%

Weak — -1.3% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

+3.6%

Slow sales growth (3.6% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

-21.0%

Burning cash (-21.0%)

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

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Stability

Debt / Equity

3.29

Heavy debt load (3.29)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

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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