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olivLaw · US equity research

WeShop Holdings Limited WSHP

Retail-Miscellaneous Retail · SIC 5900 · Vertical: Retail-Miscellaneous Retail (SIC 5900)

2.55USD−3.04% · 1 dayClose 04 Nov 2026

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The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).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.

Market cap
unavailable
P/E (TTM)
unavailable
Diluted EPS TTM -7.28 · TTM to 31 Dec 2025
E/P (TTM)
unavailable
TTM to 31 Dec 2025
Dividend yield
unavailable
Beta (2y)
3.60
Volatility (1y) 266%
52-week range
2.32200.00

Price history

Loading chart…

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

CompanyS&P 500vs S&P 500Vertical 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 yearunavailable+13.5%unavailable−24.1%
3 yearsunavailable+76.4%unavailable−16.4%
5 yearsunavailable+63.7%unavailable—
Max drawdown (1y)
−98.8%
19 Nov 2025 → 02 Nov 2026
Max drawdown (5y)
−98.8%
19 Nov 2025 → 02 Nov 2026
Compound annual growth (5y)
unavailable
S&P 500 +10.4%

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 year20242025
Revenue1.3 m422.9 k
Revenue YoYunavailable−67.3%
Net income-12.3 m-63.3 m
Net income YoYunavailableunavailable
Diluted EPS-1.70-7.28
Diluted EPS YoYunavailableunavailable
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

Revenue
2024
1.3 m
2025
422.9 k

SEC (XBRL)· 30 Apr 2026verified

Cost of revenue
2024
5.7 m
2025
1.0 m

SEC (XBRL)· 30 Apr 2026verified

Gross profit
2024
-4.4 m ≈
2025
-614.7 k ≈

SEC (XBRL)· 30 Apr 2026derived

Research & development
2024
229.4 k
2025
626.3 k

SEC (XBRL)· 30 Apr 2026verified

Operating income
2024
-11.2 m
2025
-63.1 m

SEC (XBRL)· 30 Apr 2026verified

Depreciation & amortisation
2024
2.0 m
2025
2.0 m

SEC (XBRL)· 30 Apr 2026verified

EBITDA
2024
-9.2 m ≈
2025
-61.1 m ≈

SEC (XBRL)· 30 Apr 2026derived

Interest expense
2024
690.9 k
2025
665.7 k

SEC (XBRL)· 30 Apr 2026verified

Pre-tax income
2024
-12.3 m
2025
-63.3 m

SEC (XBRL)· 30 Apr 2026verified

Income tax
2024
0
2025
0

SEC (XBRL)· 30 Apr 2026verified

Net income
2024
-12.3 m
2025
-63.3 m

SEC (XBRL)· 30 Apr 2026verified

Diluted EPS
2024
-1.70
2025
-7.28

SEC (XBRL)· 30 Apr 2026verified

Weighted average diluted shares
2024
7.2 m
2025
8.7 m

SEC (XBRL)· 30 Apr 2026verified

Balance sheet · GBP

Cash
2024
28.1 k
2025
3.1 k

SEC (XBRL)· 30 Apr 2026verified

Current assets
2024
177.7 k
2025
554.1 k

SEC (XBRL)· 30 Apr 2026verified

Property, plant & equipment, net
2024
35.9 k
2025
25.8 k

SEC (XBRL)· 30 Apr 2026verified

Intangibles (excl. goodwill)
2024
13.8 m
2025
11.8 m

SEC (XBRL)· 30 Apr 2026verified

Total assets
2024
14.0 m
2025
12.3 m

SEC (XBRL)· 30 Apr 2026verified

Accounts payable
2024
1.6 m
2025
4.1 m

SEC (XBRL)· 30 Apr 2026verified

Current liabilities
2024
6.2 m
2025
6.4 m

SEC (XBRL)· 30 Apr 2026verified

Total liabilities
2024
6.5 m
2025
6.4 m

SEC (XBRL)· 30 Apr 2026verified

Equity
2024
7.4 m †
2025
6.0 m †

SEC (XBRL)· 30 Apr 2026verified

Cash flow · GBP

Operating cash flow
2024
-2.2 m
2025
-4.3 m

SEC (XBRL)· 30 Apr 2026verified

Capex
2024
5.9 k
2025
1.5 k

SEC (XBRL)· 30 Apr 2026verified

Free cash flow
2024
-2.2 m ≈
2025
-4.4 m ≈

SEC (XBRL)· 30 Apr 2026derived

Investing cash flow
2024
-5.9 k
2025
-1.5 k

SEC (XBRL)· 30 Apr 2026verified

Financing cash flow
2024
2.1 m
2025
4.3 m

SEC (XBRL)· 30 Apr 2026verified

Computed indicators

Growth

Revenue growth (YoY)
-67.3%
computed by olivLawFY 2025
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
input data missing
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
the base of the ratio is not positive

Profitability

Gross margin
-145.4%
computed by olivLawFY 2025
EBITDA margin
-14,450.1%
computed by olivLawFY 2025
EBIT margin
-14,925.8%
computed by olivLawFY 2025
Net margin
-14,972.7%
computed by olivLawFY 2025
FCF margin
-1,028.8%
computed by olivLawFY 2025

Returns

ROE
-946.5%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROA
-481.3%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROIC
unavailable
input data missing
ROCE
-1,060.4%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
-94.8x
computed by olivLawFY 2025

Liquidity

Current ratio
0.1x
computed by olivLawbalance sheet at 31 Dec 2025
Quick ratio
unavailable
input data missing
Cash ratio
0.0x
computed by olivLawbalance sheet at 31 Dec 2025

Cash

Operating cash flow
-4.3 m GBP
computed by olivLawFY 2025
Capital expenditure
1.5 k GBP
computed by olivLawFY 2025
Free cash flow
-4.4 m GBP
computed by olivLawFY 2025
FCF conversion
unavailable
insufficient data
Cash conversion
unavailable
insufficient data

Efficiency

Days sales outstanding
unavailable
input data missing
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
1,002 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
unavailable
input data missing
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
input data missing
P/E (TTM)
unavailable
input data missing
Earnings yield
unavailable
input data missing
P/B
unavailable
input data missing
P/S
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
unavailable
input data missing
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • 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

2.55 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: unavailable

Price and reporting are in different currencies; market indicators are unavailable.

Key indicators

Market capitalisation
unavailable
input data missing
P/E (TTM)
unavailable
input data missing
P/B
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
ROE
-946.5%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Net margin
-14,972.7%
computed by olivLawFY 2025
Revenue growth (YoY)
-67.3%
computed by olivLawFY 2025
Dividend yield
unavailable
input data missing

Coverage and freshness

27/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Dec 2025
Latest balance sheet date: 31 Dec 2025
Source: SEC (XBRL)published 30 Apr 2026
verified 62

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

    Multiple comparisons use the SIC vertical: Retail-Miscellaneous Retail (SIC 5900)

    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

    FactorValueScoreWeight used
    ROIC · Qualityunavailableunavailable—
    Net margin · Quality-14,972.7%0 (vs peers)38%
    FCF conversion · Qualityunavailableunavailable—
    Revenue CAGR 3Y · Growthunavailableunavailable—
    EPS CAGR 3Y · Growthunavailableunavailable—
    Net debt / EBITDA · Balance sheetunavailableunavailable—
    Interest coverage · Balance sheet-94.8x0 (on a fixed band)38%
    Current ratio · Balance sheet0.1x0 (on a fixed band)25%
    P/E (TTM) · Valuationunavailableunavailable—
    EV/EBITDA · Valuationunavailableunavailable—
    FCF yield · Valuationunavailableunavailable—
    Shareholder yield (distributions) · Returnsunavailableunavailable—
    Payout ratio (FCF) · Returnsunavailableunavailable—

    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

    P/E
    —
    vertical median 22.8x
    EV/EBITDA
    —
    vertical median 9.7x
    P/S
    —
    vertical median 0.9x
    P/B
    —
    vertical median 3.2x
    ROE
    -946.5%
    vertical median 1.5%
    below median (−64,188.2%)
    Net margin
    -14,972.7%
    vertical median 0.2%
    below median (−6,632,480.2%)
    EBIT margin
    -14,925.8%
    vertical median 3.4%
    below median (−441,339.7%)
    Revenue YoY
    -67.3%
    vertical median 7.9%
    below median (−948.4%)
    Net debt/EBITDA
    —
    vertical median 3.6x
    Dividend yield
    —
    vertical median 0.9%

    Price rebased to 100 (monthly, 5 years)

    Companies in the vertical

    Market capP/EROENet marginRevenue YoY1A / 3A
    FCFSFirstcash Holdings, Inc.8.3 bn20.918.2%9.5%+8.0%+22% / +73%
    REALTheRealReal, Inc.1.7 bn——-1.4%+15.4%−6% / +500%
    SVVSavers Value Village, Inc.1.5 bn63.35.7%1.4%unavailable+10% / −33%
    SPHSuburban Propane Partners LP1.1 bn7.3—9.4%+7.9%−12% / +0%
    WINAWinmark Corporation987.7 m24.8—45.1%+5.9%−32% / −35%
    TMSTeamshares Inc344.7 m—-6.7%—unavailable−54% / unavailable
    PLBYPlayboy, Inc.164.1 m609.512.4%0.2%+4.1%−29% / +161%
    LIVELIVE VENTURES Inc22.9 m—-2.8%-0.6%−5.9%−19% / −70%
    WBUYWebuy Global Ltd1.3 m—-160.3%-45.3%−63.0%−66% / −100%
    NEXRNexera Technologies Ltd62.0 k—-43.2%-21.8%+23.0%−100% / −100%
    EZPWEzcorp, Inc.—15.114.7%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

    • Capital-light model with no inventory and no payment processing as principal 1.
    • User-generated content and recommendation-led discovery close to purchase intent 1.
    • Nasdaq listing and public-company reporting infrastructure prepared for new markets 1.

    Weaknesses

    • Sharp revenue decline in fiscal 2025 and dependence on a small number of affiliate networks 1.
    • Large net losses, largely from non-cash share-based compensation 1.
    • Limited brand recognition and no established track record in the US market 1.

    Opportunities

    • A US launch could open a larger base of users and retailers if execution succeeds 1.
    • Advertising and sponsored placements could grow as a share of revenue if brands see value in the audience 1.
    • Exercises of performance incentives could bring additional funding for expansion 1.

    Threats

    • Intense competition from companies with far greater resources and stronger brands 1.
    • Changes to search engine algorithms could reduce traffic to the platform 1.
    • Changes in affiliate network terms or retailer withdrawals could directly hit revenue 1.

    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.

    News & filings

    Sources

    1. [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.