olivLaw · European equity research
4imprint Group plc FOUR.L
United Kingdom · London Stock Exchange · ISIN GB0006640972 · Vertical: Listed companies from United Kingdom
4imprint Group plc is a direct marketer of customised promotional products, with its main market in North America and a smaller presence in the UK and Ireland. Fiscal 2025 brought a resilient performance in a volatile economic environment, with slightly lower revenue than the prior year, a double-digit operating margin maintained and solid liquidity, while tariff-related costs are beginning to flow through from suppliers.
At the close of 05 Nov 2026, 4imprint Group plc (FOUR.L) stock was 44.74 GBP (−1.02% on the day), with beta 0.90, 52-week range 32.50–50.00 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)
- 50.6
- neutral
- Bollinger (20, 2)
- 43.70 – 46.00
- in the lower half of the band · %B 0.45 · band width 5.1%
- SMA 50 / 200
- 44.41 / 40.22
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.16 / 0.13
- 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 | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +3.4% | −0.6% | +4.1 pp | — |
| 3 months | −10.5% | −4.2% | −6.4 pp | — |
| 6 months | +17.1% | +4.3% | +12.8 pp | — |
| Year to date | +16.4% | +7.5% | +8.8 pp | — |
| 1 year | +33.4% | +9.9% | +23.4 pp | +5.8% |
| 3 years | −11.2% | +49.8% | −61.1 pp | +26.3% |
| 5 years | +53.0% | +42.8% | +10.1 pp | — |
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 | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 1.3 bn | 1.4 bn | 1.3 bn |
| Revenue YoY | unavailable | +3.1% | −1.5% |
| Net income | 106.2 m | 117.2 m | 113.6 m |
| Net income YoY | unavailable | +10.4% | −3.1% |
| Diluted EPS | 3.77 | 4.15 | 4.03 |
| Diluted EPS YoY | unavailable | +10.2% | −2.9% |
| net % | 8.0% | 8.6% | 8.4% |
| Free cash flow | 127.0 m | 113.0 m | 127.0 m |
Balance sheet & financial health
Fiscal year 2025 · 27 Dec 2025
- Cash
- 105.8 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 163.3 m USD
- Total assets
- unavailable USD
- Debt / equity
- unavailable
- Current ratio
- 2.16x
- ROE
- 65.2%
- ROA
- unavailable
- FCF margin
- 9.4%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 1.3 bn | 1.4 bn | 1.3 bn | esef· 15 Apr 2026verified |
| Cost of revenue | 924.6 m | 932.5 m | 910.8 m | esef· 15 Apr 2026verified |
| Gross profit | 401.9 m | 435.4 m | 436.0 m | esef· 15 Apr 2026verified |
| Operating income | 136.2 m | 148.1 m | 145.2 m | esef· 15 Apr 2026verified |
| Interest expense | 400.0 k | 400.0 k | 200.0 k | esef· 15 Apr 2026verified |
| Pre-tax income | 140.7 m | 154.4 m | 150.8 m | esef· 15 Apr 2026verified |
| Income tax | 34.5 m | 37.2 m | 37.2 m | esef· 15 Apr 2026verified |
| Net income | 106.2 m | 117.2 m | 113.6 m | esef· 15 Apr 2026verified |
| Diluted EPS | 3.77 | 4.15 | 4.03 | esef· 15 Apr 2026verified |
| Dividend per share | — | 2.40 | 2.40 | esef· 15 Apr 2026verified |
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 90.5 m | 53.3 m | 105.8 m | esef· 15 Apr 2026verified |
| Receivables | 68.4 m | 64.4 m | 57.7 m | esef· 15 Apr 2026verified |
| Inventories | 13.6 m | 17.1 m | 14.7 m | esef· 15 Apr 2026verified |
| Current assets | 186.9 m | 229.5 m | 205.8 m | esef· 15 Apr 2026verified |
| Property, plant & equipment, net | 34.7 m | 49.3 m | 49.0 m | esef· 15 Apr 2026verified |
| Goodwill | 1.0 m | 1.0 m | 1.0 m | esef· 15 Apr 2026verified |
| Accounts payable | 89.9 m | 95.0 m | 93.7 m | esef· 15 Apr 2026verified |
| Current liabilities | 91.3 m | 96.9 m | 95.2 m | esef· 15 Apr 2026verified |
| Equity | 134.5 m | 185.1 m | 163.3 m | esef· 15 Apr 2026verified |
| Shares outstanding at year end | 28.1 m | 28.2 m | 28.1 m | esef· 15 Apr 2026derived |
Cash flow · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 137.0 m | 132.6 m | 130.9 m | esef· 15 Apr 2026verified |
| Capex | 10.0 m | 19.6 m | 3.9 m | esef· 15 Apr 2026verified |
| Free cash flow | 127.0 m ≈ | 113.0 m ≈ | 127.0 m ≈ | esef· 15 Apr 2026derived |
| Investing cash flow | 11.3 m | -101.2 m | 68.9 m | esef· 15 Apr 2026verified |
| Financing cash flow | -110.8 m | -69.0 m | -150.1 m | esef· 15 Apr 2026verified |
| Share repurchases | 1.1 m | 2.0 m | 5.4 m | esef· 15 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: 4 of at least 6
- score weight coverage: 22.9% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 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
23% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 31.54 – 70.22 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E45.53 – 70.22 (Mid 58.18)17 companies used · median multiple 14.4x · quartiles 11.3x – 17.4x0EV1.L, ABDN.L, ABF.L, AIRE.L, AJB.L, ALFA.L, AMIF.L, APTD.L, ASHM.L, AUTO.L, BAB.L, BAG.L, BATS.L, BBY.L, BCG.L, BKG.L, BME.L
- Dividend discount (DDM)31.54 – 42.41 (Mid 36.18)
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 22.9% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 8.4% | 43 (vs peers) | 27% |
| FCF conversion · Quality | 111.8% | 100 (on a fixed band) | 27% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 726.0x | 100 (on a fixed band) | 27% |
| Current ratio · Balance sheet | 2.2x | 100 (on a fixed band) | 18% |
| 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 sheet100/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality71/100 · 2/3 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
4IMPRINT GROUP PLC (FOUR.L). Latest full fiscal year: 2025; data up to 2025-12-27.
Figures computed from the financial statements: revenue 1.3 bn USD in 2025; YoY growth -1.5%; net margin 8.4%; ROE 65.2%.
The estimated value range is 38.53–56.32 USD per share (median of 2 methods, agreement: high); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 22.9% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 111.8%
- Interest coverage: 726.0x
- Current ratio: 2.2x
What contradicts it
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.
Not assessed (insufficient data or a ratio without meaning): ROIC, 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
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% |
| 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% |
| AEP.LAnglo-Eastern Plantations PLC | — | — | 16.1% | 19.5% | +25.0% | +5% / +113% |
1- and 3-year price returns: for FOUR.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
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.
In brief
4imprint Group plc is a direct marketer of customised promotional products, with its main market in North America and a smaller presence in the UK and Ireland. Fiscal 2025 brought a resilient performance in a volatile economic environment, with slightly lower revenue than the prior year, a double-digit operating margin maintained and solid liquidity, while tariff-related costs are beginning to flow through from suppliers 1.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Stakeholder pressure on carbon emissionsmedium
Without an ambitious emissions reduction plan, including for Scope 3, the company could lose revenue and face a higher cost of capital 1.
- Environmental compliancemedium
Regulatory complexity, particularly extended producer responsibility rules in the US, could increase operating costs 1.
- Supply chain disruptionlow
Extreme weather and other disruptions could affect operations and the supplier network, although the risk to the company's own sites was assessed as low 1.
- Tariffs and product costshigh
Higher product costs from tariffs may limit the ability to pass prices on to customers, affecting margins 1.
- Weak corporate demandhigh
Market uncertainty may cause customers to delay orders, reducing new order volume and revenue 1.
Investment thesis
What would need to be true (bull case)
- The company sustained a double-digit operating margin and a stable gross margin, showing the flexibility of its marketing model 1.
- Solid liquidity and cash generation allow continued investment and dividend payments even in weaker periods 1.
- Scale and a strong brand could consolidate market share in a fragmented industry if demand recovers 1.
What would break the thesis
- Revenue fell in fiscal 2025 and new customer orders dropped sharply, suggesting demand is still fragile 1.
- Additional tariff costs are being passed on gradually and could compress margins in 2026 if trade policy tightens 1.
- The first months of 2026 showed orders and revenue slightly below the prior year, limiting near-term visibility 1.
What to watch
- Trend in revenue and new customer orders compared with fiscal 2025Q1 2027
- Actual impact of tariffs on product costs and gross margin2026
- Progress on Scope 1 and Scope 2 reduction and targets for Scope 3next 10-K
- 24-month customer retention rate and marketing efficiency2027
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
The company sells and distributes promotional products, meaning customised items printed with the logo or name of an organisation to promote a brand, service, product or event 1. Its model is direct marketing with drop-ship delivery from suppliers, which allows minimal inventory investment and strong cash generation. Group revenue was 1.35 billion dollars in fiscal 2025, with an operating profit margin of 10.8% 1. The company relies on a strong brand, a proprietary IT system and long-standing supplier relationships, which management presents as competitive advantages 1.
The cost structure is flexible, because marketing investment can be adjusted to prevailing demand and products are bought from suppliers only after orders are placed. Management stresses that the model generates consistent cash, enabling growth to be self-financed and dividends to be paid 1.
In fiscal 2025 the company received 2.06 million orders, most of them from existing customers, with a 24-month retention rate described as stable 1. The number of new customer orders fell significantly, reflecting uncertain macroeconomic trading conditions 1.
Segments
North America
This is the company's largest market and, according to sources cited by the company, the largest distributor of promotional products in the region. The combined US and Canadian market is estimated at 27.7 billion dollars of annual revenue for 2025 1.
UK and Ireland
The smaller segment generated revenue of 25.3 million dollars in 2025 and is run from Manchester. Industry sources place the company among the top five distributors in this market 1.
Product categories
Apparel remains the best-selling category, followed by bags, drinkware and writing, while drinkware has declined because of market saturation 1.
Market context
The US and Canadian market is estimated at 27.7 billion dollars in 2025, compared with about 26.6 billion in 2024, and the UK and Irish market at around 1.7 billion dollars in 2025 1. Growth in these markets depends on demand from corporate and government customers, which has been affected by uncertain economic conditions 1.
Trends
- Tariffsheadwind
Product costs are rising because of tariffs, but suppliers are passing them on gradually and later than anticipated. If tariff policy continues to evolve, margins and revenue could be affected further in 2026 1.
- Macroeconomic uncertaintyheadwind
Customers have reduced new orders and become more cautious, and in the first two months of 2026 orders and revenue were slightly below the same period of the prior year 1.
- Focus on brand and online searchtailwind
The marketing mix has shifted towards brand awareness and search rather than direct mail, which has improved marketing efficiency 1.
- Demand for sustainable productsmixed
Consumer preferences are moving towards more sustainable products, and the Better Choices programme has grown in number of products and share of revenue. This could open opportunities but also carries certification and decarbonisation costs 1.
Competitive position
The market is led by many small and mid-sized distributors with no majority leader. The company differentiates itself through its scale, its direct delivery model and customer guarantees on delivery timing and price 1. Competition comes mainly from other promotional products distributors, both national and regional.
Industry bodies cited by the company rank 4imprint at the top of North American distributors, but the source text does not name individual competitors 1. Scale and brand strength are the main points the company highlights against rivals.
- Other North American promotional products distributors
Small and mid-sized distributors that make up most of the fragmented US and Canadian market, not named in the analysed source 1.
- UK and Irish promotional products distributors
Local companies in the British and Irish market, which the company ranks ahead of within the top five according to industry sources 1.
- Manufacturers and suppliers of customised products
Suppliers are essential partners for delivery, and their pricing pressure can affect competitiveness 1.
- Online platforms selling promotional products
Digital players competing for the same corporate customers through online search, a channel in which the company has increased its investment 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202515 Apr 2026
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-27 (ESEF) · SEC / 4imprint Group plc · 27 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.