olivLaw · European equity research
Currys plc CURY.L
United Kingdom · London Stock Exchange · ISIN GB00B4Y7R145 · Vertical: Listed companies from United Kingdom
Currys plc is the leading omnichannel retailer of consumer technology in the UK, Ireland and the Nordics, combining product sales with recurring services such as credit, repairs and the iD Mobile virtual network. In a fiscal 2025/26 year of growing sales and profit, the company resumed shareholder returns through dividends and buybacks, which makes it of interest to investors watching cash generation. Group revenue reached £9,254m and adjusted EBIT £255m.
At the close of 05 Nov 2026, Currys plc (CURY.L) stock was 1.42 GBP (−0.35% on the day), with market capitalisation 1.5 bn GBP, P/E 9.8 on diluted EPS of 0.15 GBP over the last 12 months, dividend yield 1.58%, beta 0.64, 52-week range 1.18–1.68 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 41.0
- weak (30–45)
- Bollinger (20, 2)
- 1.40 – 1.53
- in the lower half of the band · %B 0.19 · band width 8.5%
- SMA 50 / 200
- 1.48 / 1.47
- mixed trend
- MACD (12, 26, 9)
- -0.02 / -0.01
- MACD below 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 | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −1.7% | −0.6% | −1.1 pp | — |
| 3 months | −11.5% | −4.2% | −7.3 pp | — |
| 6 months | +11.7% | +4.3% | +7.4 pp | — |
| Year to date | +13.0% | +7.5% | +5.5 pp | — |
| 1 year | +8.1% | +9.9% | −1.8 pp | +5.8% |
| 3 years | +198.4% | +49.8% | +148.6 pp | +26.3% |
| 5 years | +6.7% | +42.8% | −36.2 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
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.
Today's P/E sits at the 67 percentile of its own 3-quarter history (min 4.2, median 8.7, max 12.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2024 | 2025 | 2026 |
|---|---|---|---|
| Revenue | 8.5 bn | 8.7 bn | 9.3 bn |
| Revenue YoY | unavailable | +2.7% | +6.3% |
| Net income | 165.0 m | 108.0 m | 165.0 m |
| Net income YoY | unavailable | −34.5% | +52.8% |
| Diluted EPS | 0.15 | 0.10 | 0.15 |
| Diluted EPS YoY | unavailable | −34.9% | +52.6% |
| net % | 1.9% | 1.2% | 1.8% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2026 · 02 May 2026
- Cash
- 176.0 m GBP
- Financial debt
- 0 GBP
- Net debt
- -176.0 m GBP
- Equity
- 2.4 bn GBP
- Total assets
- 5.6 bn GBP
- Debt / equity
- 0.00x
- Current ratio
- 0.89x
- ROE
- 7.1%
- ROA
- 3.0%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 8.5 bn | 8.7 bn | 9.3 bn | esef· 02 Sept 2026verified |
| Operating income | 117.0 m | 198.0 m | 220.0 m | esef· 02 Sept 2026verified |
| Interest expense | 93.0 m | 85.0 m | 76.0 m | esef· 02 Sept 2026verified |
| Pre-tax income | 28.0 m | 124.0 m | 153.0 m | esef· 02 Sept 2026verified |
| Income tax | 1.0 m | 16.0 m | -12.0 m | esef· 02 Sept 2026verified |
| Net income | 165.0 m | 108.0 m | 165.0 m | esef· 02 Sept 2026verified |
| Diluted EPS | 0.15 | 0.10 | 0.15 | esef· 02 Sept 2026verified |
| Dividend per share | — | 0.00 | 0.02 | esef· 02 Sept 2026derived |
Balance sheet · GBP
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Cash | 125.0 m | 209.0 m | 176.0 m | esef· 02 Sept 2026verified |
| Receivables | 616.0 m | 685.0 m | 696.0 m | esef· 02 Sept 2026verified |
| Inventories | 1.0 bn | 1.0 bn | 1.2 bn | esef· 02 Sept 2026verified |
| Current assets | 1.8 bn | 1.9 bn | 2.1 bn | esef· 02 Sept 2026verified |
| Property, plant & equipment, net | 111.0 m | 125.0 m | 133.0 m | esef· 02 Sept 2026verified |
| Goodwill | 2.2 bn | 2.3 bn | 2.3 bn | esef· 02 Sept 2026verified |
| Intangibles (excl. goodwill) | 246.0 m | 204.0 m | 163.0 m | esef· 02 Sept 2026verified |
| Total assets | 5.3 bn | 5.4 bn | 5.6 bn | esef· 02 Sept 2026verified |
| Short-term debt | 29.0 m | 25.0 m | 0 | esef· 02 Sept 2026verified |
| Current liabilities | 2.1 bn | 2.2 bn | 2.3 bn | esef· 02 Sept 2026verified |
| Total liabilities | 3.2 bn | 3.2 bn | 3.2 bn | esef· 02 Sept 2026verified |
| Equity | 2.1 bn | 2.2 bn | 2.4 bn | esef· 02 Sept 2026verified |
| Shares outstanding at year end | 1.1 bn | 1.1 bn | 1.1 bn | esef· 02 Sept 2026derived |
Cash flow · GBP
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
- score weight coverage: 43.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 1.5 bn GBP
Key indicators
Coverage and freshness
Score by group
44% · 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
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: score weight coverage: 43.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 8.6% | 29 (vs peers) | 24% |
| Net margin · Quality | 1.8% | 26 (vs peers) | 14% |
| 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 | 2.9x | 21 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 0.9x | 7 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | 9.8x | 83 (vs peers) | 24% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 1.6% | 23 (on a fixed band) | 14% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet16/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality28/100 · 2/3 factors with a value
- Returns· partial23/100 · 1/2 factors with a value
- Valuation· partial83/100 · 1/3 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
CURRYS PLC (CURY.L). Latest full fiscal year: 2026; data up to 2026-05-02.
Figures computed from the financial statements: revenue 9.3 bn GBP in 2026; YoY growth 6.3%; net margin 1.8%; ROE 7.1%.
The estimated value range is 1.64–2.52 GBP per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 2.09 GBP, the price of 1.42 GBP leaves a potential of 46.9% (value / price − 1) and a margin of safety of 31.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 43.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- P/E (TTM): 9.8x
- The price is below the estimated value range
What contradicts it
- ROIC: 8.6%
- Net margin: 1.8%
- Interest coverage: 2.9x
- Current ratio: 0.9x
- Shareholder yield (distributions): 1.6%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 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 | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| CURY.LCurrys PLC | 1.5 bn | 9.8 | 7.1% | 1.8% | +6.3% | +8% / +226% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
1- and 3-year price returns: for CURY.L 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
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (GBP)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 0.92 Total return -34% · Per year -34% | 1.62 Total return 15% · Per year 15% | 2.44 Total return 73% · Per year 73% |
| 3 years | 0.92 Total return -31% · Per year -12% | 1.83 Total return 34% · Per year 10% | 3.02 Total return 119% · Per year 30% |
| 5 years | 0.93 Total return -28% · Per year -6% | 2.07 Total return 55% · Per year 9% | 3.74 Total return 176% · Per year 23% |
- Exit P/E± 0.46
- Net margin± 0.32
- Annual revenue growth± 0.26
- Annual dilution± 0.03
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.
In brief
Currys plc is the leading omnichannel retailer of consumer technology in the UK, Ireland and the Nordics, combining product sales with recurring services such as credit, repairs and the iD Mobile virtual network. In a fiscal 2025/26 year of growing sales and profit, the company resumed shareholder returns through dividends and buybacks, which makes it of interest to investors watching cash generation. Group revenue reached £9,254m 1 and adjusted EBIT £255m 1.
SWOT
Strengths
- The store network, supplier relationships and the Currys and Elkjøp brands give an advantage that is hard to replicate 1.
- Recurring services and the flexpay credit proposition generate revenue with higher margins and more loyal customers 1.
- A balance sheet with net cash and low leverage gives flexibility for investment and shareholder returns 1.
Weaknesses
- Operating margins remain very thin, so profitability is sensitive to costs and sales volume 1.
- Dependence on discretionary consumer spending makes electronics sales vulnerable in economic slowdowns.
- Obligations under the legacy defined benefit pension scheme limit cash available for investment or dividends 1.
Opportunities
Threats
- Inflation and rising workforce costs could reduce margins if not offset by pricing or efficiency.
- Online competition and global platforms could limit in-store sales growth.
- An unstable geopolitical and macroeconomic environment could weigh on demand for technology products 1.
Risks
- Employment and wage costsmedium
Increases in employer contributions and the minimum wage have already affected UK&I profitability and could continue to do so 1.
- Discretionary consumer spendinghigh
Electronics sales depend on consumer confidence, and a fall in demand could quickly reduce volumes and profit.
- Pension obligationsmedium
Scheduled payments into the defined benefit pension scheme limit the cash available for other uses 1.
- Leadership transitionlow
A change of chief executive could affect strategic continuity, although the board has signalled careful succession planning 1.
- Climate riskslow
Extreme weather could disrupt transport, inventory and in-store sales, with financial impacts estimated to grow over the longer term 1.
Investment thesis
What would need to be true (bull case)
- The company combined growth in sales, profit and cash flow in a difficult year, which suggests the strategy is working 1.
- The share of recurring services and the success of iD Mobile could stabilise revenue and improve margins over the longer term 1.
- The resumption of dividends and the new buyback programme signal confidence in the group's financial health 1.
What would break the thesis
- Operating margins remain very small, and a fall in volume could quickly eliminate profitability.
- The core UK market is declining, and growth depends heavily on share gains and new categories.
- The change of leadership and pension obligations add uncertainty over the period ahead.
What to watch
- Development of adjusted EBIT margin in UK&I and the Nordics against the target of at least 3%next 10-K
- Growth of the iD Mobile subscriber base and recurring revenue2027
- Pace of growth in B2B and new category revenue2027
- Execution of the new buyback programme and the level of dividendsnext 10-K
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.
The business
Currys describes its model as selling technology and providing services that help customers afford and enjoy it fully. Its 691 stores across six countries are complemented by a strong digital presence, letting customers research, buy and get support in store, online or both 1. The company covers the whole product lifecycle, from delivery and installation to protection, repair, trade-in and recycling 1.
Recurring service revenue reached £873m in fiscal 2025/26, up 7% 1, while the flexpay credit proposition and iD Mobile subscriptions support repeat revenue. The group ended the year with net cash of £176m 1, giving it financial flexibility.
The company has announced a change of leadership, with the new group chief executive coming from the Nordic division, which the source describes as having been turned around in recent years 1. The stated strategy focuses on growing free cash flow and returning surplus cash to shareholders.
Segments
UK&I
The UK&I segment generated revenue of £5,438m in 2025/26, up 3% 1. The company gained 60 basis points of market share in a declining market and reached a 17.5% share 1.
Market context
The core electricals and mobile handset markets are worth over c.£25bn in the UK and c.£15bn in the Nordics 1. Currys is expanding its total addressable market to around £48bn in UK&I through new categories, B2B and services, and to over £34bn in the Nordics 1.
Growth depends on consumer demand, which remains difficult, and on cost pressures such as wage and inflation increases. The business could benefit if demand for services and new categories grows faster than the core market 1.
Trends
- Growth in recurring servicestailwind
Recurring services revenue grew 7% and is becoming a larger part of revenue with higher margins 1. If this continues, it could stabilise cash flows.
- Expansion into B2B and new categoriestailwind
Revenue from B2B and new categories grew at double-digit rates 1, extending the company's addressable market beyond the traditional consumer.
- Cost pressures in the UKheadwind
National Insurance and minimum wage increases were a headwind to UK&I profitability 1. If these costs continue, margins could stay under pressure.
- Consumer and geopolitical environmentmixed
The chair notes that the geopolitical and macroeconomic environment remains challenging for the sector 1. The effect on demand is mixed and depends on how the UK and Nordic economies develop.
Competitive position
The company presents itself as the clear omnichannel leader in every market it serves, with a services advantage that competitors cannot match at the same scale 1. Long partnerships with leading technology manufacturers give it range and good commercial terms 1.
At the same time the market is competitive, and consumers can buy online from many suppliers. Results depend on the company's ability to hold market share and differentiate its services.
- AmazonAMZN
Online retail platform competing in consumer electronics and fast delivery, especially online.
- Best BuyBBY
US consumer electronics retailer with an omnichannel model, comparable in profile to Currys.
- Mobile operators and MVNOs
Virtual networks and traditional operators competing with iD Mobile for subscription customers.
- European appliance retailers
Regional chains in Europe competing directly in core categories and installation services.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202602 Sept 2026
- Annual report 202521 Aug 2025
Sources
- [1] Annual report, fiscal year ended 2026-05-02 (ESEF) · SEC / Currys plc · 02 May 2026
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.