olivLaw · US equity research
WeShop Holdings Limited WSHP
Retail-Miscellaneous Retail · SIC 5900 · Vertical: Retail-Miscellaneous Retail (SIC 5900)
WeShop Holdings Limited runs a mobile social commerce platform linking product discovery, user-generated content and affiliate commissions from third-party retailers. The company listed on Nasdaq in November 2025 and is preparing a US launch, while revenue fell sharply in fiscal 2025 to £422,859 from £1,294,770 in fiscal 2024.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, WeShop Holdings Limited (WSHP) stock was 2.55 USD (−3.04% on the day), with beta 3.60, 52-week range 2.32–200.00 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 31.5
- weak (30–45)
- Bollinger (20, 2)
- 1.44 – 4.85
- in the lower half of the band · %B 0.33 · band width 108.4%
- SMA 50 / 200
- 4.51 / 12.08
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.65 / -0.67
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −47.6% | −1.1% | −46.5 pp | — |
| 3 months | −48.1% | −0.5% | −47.6 pp | — |
| 6 months | −67.2% | +4.4% | −71.6 pp | — |
| Year to date | −97.3% | +12.3% | −109.6 pp | — |
| 1 year | unavailable | +13.5% | unavailable | −24.1% |
| 3 years | unavailable | +76.4% | unavailable | −16.4% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2024 | 2025 |
|---|---|---|
| Revenue | 1.3 m | 422.9 k |
| Revenue YoY | unavailable | −67.3% |
| Net income | -12.3 m | -63.3 m |
| Net income YoY | unavailable | unavailable |
| Diluted EPS | -1.70 | -7.28 |
| Diluted EPS YoY | unavailable | unavailable |
| net % | -951.7% | -14,972.7% |
| Free cash flow | -2.2 m | -4.4 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 3.1 k GBP
- Financial debt
- unavailable GBP
- Net debt
- unavailable GBP
- Equity
- 6.0 m GBP
- Total assets
- 12.3 m GBP
- Debt / equity
- unavailable
- Current ratio
- 0.09x
- ROE
- -946.5%
- ROA
- -481.3%
- FCF margin
- -1,028.8%
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Revenue | 1.3 m | 422.9 k | SEC (XBRL)· 30 Apr 2026verified |
| Cost of revenue | 5.7 m | 1.0 m | SEC (XBRL)· 30 Apr 2026verified |
| Gross profit | -4.4 m ≈ | -614.7 k ≈ | SEC (XBRL)· 30 Apr 2026derived |
| Research & development | 229.4 k | 626.3 k | SEC (XBRL)· 30 Apr 2026verified |
| Operating income | -11.2 m | -63.1 m | SEC (XBRL)· 30 Apr 2026verified |
| Depreciation & amortisation | 2.0 m | 2.0 m | SEC (XBRL)· 30 Apr 2026verified |
| EBITDA | -9.2 m ≈ | -61.1 m ≈ | SEC (XBRL)· 30 Apr 2026derived |
| Interest expense | 690.9 k | 665.7 k | SEC (XBRL)· 30 Apr 2026verified |
| Pre-tax income | -12.3 m | -63.3 m | SEC (XBRL)· 30 Apr 2026verified |
| Income tax | 0 | 0 | SEC (XBRL)· 30 Apr 2026verified |
| Net income | -12.3 m | -63.3 m | SEC (XBRL)· 30 Apr 2026verified |
| Diluted EPS | -1.70 | -7.28 | SEC (XBRL)· 30 Apr 2026verified |
| Weighted average diluted shares | 7.2 m | 8.7 m | SEC (XBRL)· 30 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · GBP
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 28.1 k | 3.1 k | SEC (XBRL)· 30 Apr 2026verified |
| Current assets | 177.7 k | 554.1 k | SEC (XBRL)· 30 Apr 2026verified |
| Property, plant & equipment, net | 35.9 k | 25.8 k | SEC (XBRL)· 30 Apr 2026verified |
| Intangibles (excl. goodwill) | 13.8 m | 11.8 m | SEC (XBRL)· 30 Apr 2026verified |
| Total assets | 14.0 m | 12.3 m | SEC (XBRL)· 30 Apr 2026verified |
| Accounts payable | 1.6 m | 4.1 m | SEC (XBRL)· 30 Apr 2026verified |
| Current liabilities | 6.2 m | 6.4 m | SEC (XBRL)· 30 Apr 2026verified |
| Total liabilities | 6.5 m | 6.4 m | SEC (XBRL)· 30 Apr 2026verified |
| Equity | 7.4 m † | 6.0 m † | SEC (XBRL)· 30 Apr 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · GBP
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | -2.2 m | -4.3 m | SEC (XBRL)· 30 Apr 2026verified |
| Capex | 5.9 k | 1.5 k | SEC (XBRL)· 30 Apr 2026verified |
| Free cash flow | -2.2 m ≈ | -4.4 m ≈ | SEC (XBRL)· 30 Apr 2026derived |
| Investing cash flow | -5.9 k | -1.5 k | SEC (XBRL)· 30 Apr 2026verified |
| Financing cash flow | 2.1 m | 4.3 m | SEC (XBRL)· 30 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 3 of at least 6
- score weight coverage: 16.7% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
17% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 16.7% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -14,972.7% | 0 (vs peers) | 38% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -94.8x | 0 (on a fixed band) | 38% |
| Current ratio · Balance sheet | 0.1x | 0 (on a fixed band) | 25% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet0/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial0/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
WeShop Holdings Ltd (WSHP). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 422.9 k GBP in 2025; YoY growth -67.3%; net margin -14,972.7%; ROE -946.5%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 16.7% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Net margin: -14,972.7%
- Interest coverage: -94.8x
- Current ratio: 0.1x
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Retail-Miscellaneous Retail (SIC 5900) · same industry (4-digit SIC) · compared with 12 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| FCFSFirstcash Holdings, Inc. | 8.3 bn | 20.9 | 18.2% | 9.5% | +8.0% | +22% / +73% |
| REALTheRealReal, Inc. | 1.7 bn | — | — | -1.4% | +15.4% | −6% / +500% |
| SVVSavers Value Village, Inc. | 1.5 bn | 63.3 | 5.7% | 1.4% | unavailable | +10% / −33% |
| SPHSuburban Propane Partners LP | 1.1 bn | 7.3 | — | 9.4% | +7.9% | −12% / +0% |
| WINAWinmark Corporation | 987.7 m | 24.8 | — | 45.1% | +5.9% | −32% / −35% |
| TMSTeamshares Inc | 344.7 m | — | -6.7% | — | unavailable | −54% / unavailable |
| PLBYPlayboy, Inc. | 164.1 m | 609.5 | 12.4% | 0.2% | +4.1% | −29% / +161% |
| LIVELIVE VENTURES Inc | 22.9 m | — | -2.8% | -0.6% | −5.9% | −19% / −70% |
| WBUYWebuy Global Ltd | 1.3 m | — | -160.3% | -45.3% | −63.0% | −66% / −100% |
| NEXRNexera Technologies Ltd | 62.0 k | — | -43.2% | -21.8% | +23.0% | −100% / −100% |
| EZPWEzcorp, Inc. | — | 15.1 | 14.7% | 10.0% | +9.7% | +53% / +260% |
| WSHPWeShop Holdings Ltd | — | — | -946.5% | -14,972.7% | −67.3% | unavailable / unavailable |
| POMPOMDOCTOR Ltd | — | — | — | -32.7% | unavailable | −98% / unavailable |
1- and 3-year price returns: for WSHP from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Apr 2026; since then the company filed 6-K (19 Oct 2026), 6-K (29 Sept 2026), 6-K (28 Sept 2026), 6-K (24 Aug 2026), 6-K (13 Jul 2026).
In brief
WeShop Holdings Limited runs a mobile social commerce platform linking product discovery, user-generated content and affiliate commissions from third-party retailers. The company listed on Nasdaq in November 2025 and is preparing a US launch, while revenue fell sharply in fiscal 2025 to £422,859 from £1,294,770 in fiscal 2024 1.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Dependence on affiliate networkshigh
A few networks generate a major share of revenue and receivables, and the agreements can be terminated or changed 1.
- Large losses and non-cash chargeshigh
The company reported a large net loss in fiscal 2025, mostly from share-based compensation, and expects operating losses to continue near term 1.
- International expansionmedium
A US launch carries risks of adapting the service, local competition and different regulation, and the company's experience outside the UK is limited 1.
- Internal controlmedium
Material weaknesses in internal control over financial reporting have been identified and their remediation remains open 1.
- Dilution and share volatilitymedium
Future share issuances, including under the Shareback plan, and a short trading history could create dilution and volatility 1.
Investment thesis
What would need to be true (bull case)
- If the US launch succeeds and affiliate revenue recovers, the no-inventory model could scale quickly with low fixed costs.
- Product discovery through user content and equity-linked rewards could build a loyal community.
- The Nasdaq listing and public reporting structure could ease access to funding through exercised incentives.
What would break the thesis
- Revenue fell sharply in fiscal 2025, and dependence on a few affiliate networks leaves the company exposed to changed terms.
- Large losses and share-based compensation may dilute shareholders, and the US launch could need extra resources without assured results.
- Competition from established platforms and lower search traffic could limit user growth.
What to watch
- Quarterly trend of affiliate and advertising revenueQ1 2027
- Actual US platform launch and active user numbers2027
- Exercises of the performance incentive programme and resulting cash flow2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Apr 2026; since then the company filed 6-K (19 Oct 2026), 6-K (29 Sept 2026), 6-K (28 Sept 2026), 6-K (24 Aug 2026), 6-K (13 Jul 2026).
The business
WeShop does not hold inventory and is not the merchant of record for products sold through its platform; users complete transactions directly with third-party retailers 1. Revenue comes mainly from affiliate commissions received through networks such as Awin and Impact, plus tenancy-style advertising placements, and the company describes its model as capital-light 1. The WePoints reward system, linked to shares through the WeShop Community Trust, is central to user acquisition and engagement 1.
Beyond its UK activity, the company has started preparing a US launch, including plans to recruit a US-based leadership team during 2026 1. Its principal executive offices are in Jersey, with offices in Manchester and London 1.
Revenue is concentrated: three affiliate network counterparties accounted for most revenue, which makes the company dependent on the continuity of these relationships 1. The lack of direct contracts with most retailers adds dependence on the networks 1.
Market context
The company operates at the intersection of online retail, affiliate marketing, digital advertising and loyalty programmes, markets management views as supported by growth in online purchasing and peer-led product discovery 1. The travel functionality adds exposure to online travel 1.
Growth depends on attracting users and retailers in new markets, especially the United States, where the company has not yet operated at scale 1.
Trends
- Growth of mobile social commercetailwind
Management sees online purchasing and peer-led product discovery as growing, which could support the platform model if user acquisition improves 1.
- US market entrymixed
Expansion into the United States is a key strategic element, while the company acknowledges limited experience adapting its service to other markets 1.
- Declining transaction activityheadwind
Platform transaction volumes and transacting user counts declined in fiscal 2025, and revenue was hit by reduced commercial focus in the United Kingdom 1.
- Equity-linked incentive fundingmixed
Exercises under the performance incentive grant programme could become a primary funding component if holders exercise their rights 1.
Competitive position
The company competes with e-commerce platforms, affiliate networks, cashback and rewards platforms, digital advertising providers and other companies influencing online purchase decisions 1. Many competitors have greater financial, technical and marketing resources and may secure better commercial terms with retailers 1.
The internet makes entry easy and enables price comparison, which can reduce WeShop's advantage against larger or better-known businesses 1.
- Affiliate networks (Awin, Impact)
Networks through which WeShop reaches retailers and commissions; they are key partners but also compete for retailer attention 1.
- E-commerce platforms
Marketplaces with established brands that compete for the same shopping audience 1.
- Cashback and rewards platforms
Services offering purchase rewards that compete directly with the WePoints system 1.
- Search engines
Traffic channels on which the company relies for part of its users, and which can also compete in product discovery 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)19 Oct 2026
- Current report (foreign issuer)29 Sept 2026
- Current report (foreign issuer)29 Sept 2026
- Current report (foreign issuer)28 Sept 2026
- Current report (foreign issuer)24 Aug 2026
- Current report (foreign issuer)13 Jul 2026
- Current report (foreign issuer)17 Jun 2026
- Annual report (foreign issuer)30 Apr 2026
- Current report (foreign issuer)28 Apr 2026
- Current report (foreign issuer)06 Feb 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / WeShop Holdings Limited · 30 Apr 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.