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Marks and Spencer Group

MAKSY
42
Department Stores · Consumer Cyclical
Price
$10.13
+0.11 (+1.10%)
Market Cap
$10.41B
Exchange
Other OTC
Winston Score
42
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Jul 25, 2026 · filings through Mar 31, 2026

Share count rising — dilution

+4.1% over 4y

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

Diluted shares outstanding: 1.02B (2022) → 1.06B (2026)

Marks and Spencer Group plc is a diverse retail enterprise, organized into five key segments: UK Clothing & Home, UK Food, International, Ocado, and All Other. Its extensive food division features fresh produce, protein deli items, dairy, in-store bakery goods, ambient products, prepared meals, desserts, frozen foods, as well as hospitality and 'Food on the Move' selections. Beyond groceries, M&S offers a broad range of general merchandise, including clothing for women, men, and children, along with lingerie and home goods. The company further diversifies its offerings through financial services, which encompass credit cards, payment solutions, insurance products, savings accounts, and various loans. Additionally, it provides renewable energy services. M&S's operational scope extends to investing in and developing real estate properties, managing international franchise agreements, and maintaining a significant online retail presence. The company also actively exports its goods. Globally, it manages a portfolio of 1,487 stores. Founded in 1884, Marks and Spencer maintains its corporate headquarters in London, UK.

Winston Score History

Growth Profile

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

Revenue Growth

+27.5% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

>+1,000% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Cash Position

Cash flow positive

$1.4B cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

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

Gross Margin
-28.1%
Thin — -28.1% gross margin
Operating Margin
4.8%
Thin — 4.8% operating margin
ROCE
11.1%
Below par — 11.1% 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 YoY
+25.0%
Fast-growing sales (25.0% YoY)
EPS YoY
-9.3%
Earnings shrinking (-9.3% YoY)

Slight earnings drop. Typical near a cyclical low.

EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion
396%
Turns 396% of profit into real cash
FCF Margin
2.7%
Thin free cash flow (2.7%)

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

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Stability

Debt / Equity
0.31
Conservative — low debt load (0.31)
Interest Cover
2.70x
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

P/E Ratio (TTM)
38.1x
Pricey — P/E 38.1

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

P/E vs Forward
+24.9
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (38.1 → 13.2)

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Dividends

Dividend Yield
1.10%
Small dividend — 1.10% yield

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

Dividend Growth
-39.6%
Dividend cut (-39.6% YoY) — warning sign

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