olivLaw · European equity research
ASOS Plc ASC.L
United Kingdom · London Stock Exchange · ISIN GB0030927254 · Vertical: Listed companies from United Kingdom
ASOS Plc is a UK online fashion retailer that is recovering after a restructuring. For fiscal 2026 management guides to a gross margin of 48% to 50% and adjusted EBITDA between £150m and £180m, so margin progress remains the key area for investors to watch.
At the close of 30 Oct 2026, ASOS Plc (ASC.L) stock was 4.30 GBP (−2.16% on the day), with market capitalisation 513.0 m GBP, beta 0.71, 52-week range 2.07–5.08 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)
- 4.24 – 4.83
- in the lower half of the band · %B 0.11 · band width 13.0%
- SMA 50 / 200
- 4.44 / 3.25
- mixed trend
- MACD (12, 26, 9)
- -0.03 / 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 | −15.2% | −2.2% | −13.0 pp | — |
| 3 months | +21.0% | −3.6% | +24.5 pp | — |
| 6 months | +87.8% | +4.2% | +83.5 pp | — |
| Year to date | +51.7% | +5.8% | +45.9 pp | — |
| 1 year | +68.0% | +7.6% | +60.4 pp | +8.5% |
| 3 years | +8.8% | +51.0% | −42.2 pp | +32.4% |
| 5 years | −82.7% | +44.2% | −126.9 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.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 3.5 bn | 2.9 bn | 2.5 bn |
| Revenue YoY | unavailable | −18.1% | −14.7% |
| Net income | -223.1 m | -338.7 m | -298.4 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -2.13 | -2.84 | -2.50 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -6.3% | -11.7% | -12.0% |
| Free cash flow | -25.3 m | 191.6 m | 151.2 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Aug 2025
- Cash
- 318.9 m GBP
- Financial debt
- 503.6 m GBP
- Net debt
- 184.7 m GBP
- Equity
- 212.4 m GBP
- Total assets
- unavailable GBP
- Debt / equity
- 2.37x
- Current ratio
- 1.02x
- ROE
- -81.3%
- ROA
- unavailable
- FCF margin
- 6.1%
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 3.5 bn | 2.9 bn | 2.5 bn | esef· 09 Dec 2025verified |
| Cost of revenue | 2.1 bn | 1.7 bn | 1.3 bn | esef· 09 Dec 2025verified |
| Gross profit | 1.5 bn | 1.2 bn | 1.2 bn | esef· 09 Dec 2025verified |
| Operating income | -248.5 m | -331.9 m | -212.3 m | esef· 09 Dec 2025verified |
| Interest expense | 53.2 m | 59.4 m | 74.1 m | esef· 09 Dec 2025verified |
| Pre-tax income | -296.7 m | -379.3 m | -281.6 m | esef· 09 Dec 2025verified |
| Income tax | -73.6 m | -40.6 m | 16.8 m | esef· 09 Dec 2025verified |
| Net income | -223.1 m | -338.7 m | -298.4 m | esef· 09 Dec 2025verified |
| Diluted EPS | -2.13 | -2.84 | -2.50 | esef· 09 Dec 2025verified |
Balance sheet · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 353.3 m | 391.0 m | 318.9 m | esef· 09 Dec 2025verified |
| Receivables | 81.4 m | 53.4 m | 49.2 m | esef· 09 Dec 2025verified |
| Inventories | 768.0 m | 520.3 m | 402.3 m | esef· 09 Dec 2025verified |
| Current assets | 1.2 bn | 1.1 bn | 775.3 m | esef· 09 Dec 2025verified |
| Property, plant & equipment, net | 362.6 m | 283.2 m | 153.4 m | esef· 09 Dec 2025verified |
| Short-term debt | 1.5 m | 1.6 m | 96.4 m | esef· 09 Dec 2025verified |
| Long-term debt | 671.3 m | 686.5 m | 407.2 m | esef· 09 Dec 2025verified |
| Current liabilities | 715.2 m | 714.0 m | 757.4 m | esef· 09 Dec 2025verified |
| Equity | 866.7 m | 521.3 m | 212.4 m | esef· 09 Dec 2025verified |
| Shares outstanding at year end | 104.7 m | 119.1 m | 119.3 m | esef· 09 Dec 2025derived |
Cash flow · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 16.4 m | 228.0 m | 159.1 m | esef· 09 Dec 2025verified |
| Capex | 41.7 m | 36.4 m | 7.9 m | esef· 09 Dec 2025verified |
| Free cash flow | -25.3 m ≈ | 191.6 m ≈ | 151.2 m ≈ | esef· 09 Dec 2025derived |
| Investing cash flow | -173.4 m | -122.2 m | 54.5 m | esef· 09 Dec 2025verified |
| Financing cash flow | 189.1 m | -68.6 m | -285.7 m | esef· 09 Dec 2025verified |
≈ 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: 5 of at least 6
- score weight coverage: 35.4% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
30 Oct 2026Source: olivLaw, closing series
Market cap: 513.0 m GBP
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
35% · 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: indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -29.3% | 0 (vs peers) | 29% |
| Net margin · Quality | -12.0% | 20 (vs peers) | 18% |
| 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 | 0 (on a fixed band) | 18% |
| Current ratio · Balance sheet | 1.0x | 19 (on a fixed band) | 12% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 29.5% | 100 (on a fixed band) | 24% |
| 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 sheet7/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality8/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial100/100 · 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
ASOS PLC (ASC.L). Latest full fiscal year: 2025; data up to 2025-08-31.
Figures computed from the financial statements: revenue 2.5 bn GBP in 2025; YoY growth -14.7%; net margin -12.0%; ROE -81.3%.
The estimated value range is 17.57–27.60 GBP per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 21.46 GBP, the price of 4.30 GBP leaves a potential of 399.0% (value / price − 1) and a margin of safety of 80.0% (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 (indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF yield: 29.5%
- The price is below the estimated value range
What contradicts it
- ROIC: -29.3%
- Net margin: -12.0%
- Interest coverage: -2.9x
- Current ratio: 1.0x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, 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. | 101.6 bn | 13.2 | 16.5% | 30.3% | −1.0% | +18% / +87% |
| ABF.LAssociated British Foods PLC | 13.9 bn | 13.6 | 9.2% | 5.3% | −3.1% | −16% / −5% |
| 0EV1.LCarnival PLC | 5.4 bn | 4.0 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.8 | 34.7% | 4.1% | +7.2% | −16% / +162% |
| AUTO.LAutotrader Group PLC | 4.6 bn | 15.8 | 60.2% | 47.1% | +3.9% | −31% / −13% |
| BBY.LBalfour Beatty PLC | 4.3 bn | 16.5 | 23.2% | 2.8% | +15.2% | +28% / +177% |
| ABDN.LAberdeen Group PLC | 4.0 bn | 10.4 | 8.0% | 28.9% | −2.1% | +9% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.3 bn | 10.5 | 8.8% | 13.4% | −4.2% | −14% / −17% |
| BME.LB&M European Value Retail PLC | 2.8 bn | 16.9 | 21.2% | 2.8% | +3.7% | +53% / −48% |
| AJB.LAj Bell PLC | 2.4 bn | 22.7 | 49.9% | 33.1% | +18.0% | +8% / +129% |
| ASHM.LAshmore Group PLC | 1.5 bn | 14.9 | 13.1% | 71.6% | −0.1% | +19% / +32% |
| BCG.LBaltic Classifieds Group PLC | 1.1 bn | 21.6 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 736.0 m | 34.9 | 41.2% | 19.7% | +24.2% | +70% / unavailable |
| BAG.LA.G. Barr P.L.C. | 647.4 m | 13.9 | 14.4% | 10.8% | +4.0% | −13% / +18% |
| ASC.LAsos PLC | 513.0 m | — | -81.3% | -12.0% | −14.7% | +69% / +9% |
| ALFA.LAlfa Financial Software Holdings PLC | 493.3 m | 16.5 | 61.5% | 23.8% | +15.3% | −27% / +11% |
| AML.LAston Martin Lagonda Global Holdings PLC | 375.9 m | — | -93.4% | -39.2% | −20.6% | −39% / −83% |
| APTD.LAptitude Software Group PLC | 112.5 m | 28.7 | 7.2% | 6.2% | −7.3% | −32% / −12% |
| BMS.LBraemar PLC | 72.3 m | 36.2 | 2.7% | 1.7% | −4.4% | −2% / −1% |
| AMGO.LAmigo Holdings PLC | 11.6 m | — | — | — | −81.9% | +560% / +519% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 269.5 k | 0.2 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −6% / +129% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +29% / +80% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +50% / +48% |
1- and 3-year price returns: for ASC.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 | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
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
ASOS Plc is a UK online fashion retailer that is recovering after a restructuring. For fiscal 2026 management guides to a gross margin of 48% to 50% 1 and adjusted EBITDA between £150m and £180m 1, so margin progress remains the key area for investors to watch.
SWOT
Strengths
- Established digital platform with a large base of loyal customers and a loyalty programme that is attracting members quickly.
- Management has delivered margin improvement and a clear plan to reduce debt and capital expenditure.
- A portfolio of own-label brands and the ability to develop them using the company's shared infrastructure.
Weaknesses
- Financial results still depend on the recovery from restructuring, and margins remain below the levels targeted for the medium term.
- Recent leadership changes, including in the finance director role and the audit committee chair, could slow execution.
- Dependence on the UK market and a fast-fashion range may limit flexibility in the face of competition.
Opportunities
- Growth in full-price sales and flexible stock models could improve gross margins.
- Expanding the loyalty programme and personalisation features could increase order frequency.
- Relaunching the TSTM brands through retail partners could open new sales channels.
Threats
- Pressure from low-price competitors could affect margins and market share.
- Sustainability and reporting regulation could raise compliance costs.
- Climate risks, including raw material availability and logistics disruption, could affect operations.
Risks
- Climate transition riskhigh
New regulation and reporting requirements could raise costs and lead to fines if not met. The company treats this as a principal risk and is aligning targets with UK and EU legislation.
- Reputation and customer sentiment riskmedium
If sustainability or other commitments are not met, customers could move to other retailers or organise boycotts, affecting sales.
- Physical climate riskmedium
Droughts and extreme weather could reduce the availability of raw materials such as cotton and affect warehouses or suppliers.
- Technology investment risklow
Poor or delayed investment in lower-emission technology could lower returns and leave the company behind competitors.
- Recovery execution riskhigh
Margin and cash flow targets depend on plan execution and economic conditions. If the recovery slows, results could fall short of expectations.
Investment thesis
What would need to be true (bull case)
- If gross margins rise as planned and full-price sales expand, profitability could return to the medium-term target range.
- The loyalty programme and own-label brands could deepen customer relationships and support long-term revenue growth.
- Lower capex and debt could improve cash flow if the financial discipline plan is kept.
What would break the thesis
- If pressure from low-price competitors persists, margins could stay below targets and limit profit growth.
- Leadership changes and delays in strategic programmes could slow the company's recovery.
- Compliance costs under sustainability regulation could rise and reduce operating margin.
What to watch
- Delivery of the FY26 guidance on gross margin and adjusted EBITDAFY26
- GMV trend compared with revenue in each half-yearH1 FY26 and H2 FY26
- ASOS.WORLD member numbers and effect on order frequencynext annual report
- Appointment of the new audit committee chair and the new external auditor2027
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
ASOS is an online retailer of clothing, footwear and accessories aimed at younger customers, selling its own-label products and those of partner brands through its digital platform. The company aims for profitable growth, focusing on the mix of full-price sales and flexible stock models, which could reduce inventory levels. For the coming period management expects adjusted EBITDA of £150m to £180m 1 and broadly neutral free cash flow 1.
The loyalty strategy includes the ASOS.WORLD programme, launched across the UK, with four tiers from free membership up to the A-Lister tier for customers spending £750 or more a year 1. The company reached more than 1m UK members within six months of launch 1, and management says members order more often than other customers 1.
Operationally, ASOS relaunched Topshop Topman (TSTM) as standalone brands with dedicated leadership and launched ASOS Live, a video shopping format. The medium-term aim is an adjusted EBITDA margin of around 8% of revenue 1 and capex reduced to 3% to 4% of sales 1.
Segments
Online fashion sales (ASOS platform)
The core platform sells own-label and third-party clothing and accessories to younger customers. Management expects GMV to grow faster than revenue in FY26, supported by first-party models and growth in full-price sales 1.
Own-label brands (TSTM)
Topshop and Topman were relaunched in August with separate leadership and a return to physical retail through selected partners such as Liberty and John Lewis 1. Results from this segment are still uncertain and could depend on the success of the relaunch.
Loyalty and digital experience
The ASOS.WORLD programme and features such as ASOS Live and Styled for You aim to raise conversion and order frequency. If these initiatives expand, they could support profitable growth.
Market context
ASOS operates in the global online fashion market, where competition on price, delivery and digital experience is intense. The company is focusing its strategy on loyal customers and higher revenue per product, against continuing margin pressure across the industry.
Management notes that reducing stock and moving to flexible models could improve return on capital. Consumer demand for cheap, fast fashion remains a key factor for revenue trends.
Trends
- Personalisation and AI in retailtailwind
Retailers are investing in personalised recommendations and AI tools. ASOS is piloting Styled for You, built on a database of curated outfits 1, which could lift conversion if customer adoption grows.
- Demand for loyalty and experiencestailwind
Loyalty programmes offering exclusive benefits are gaining ground, and ASOS sees ASOS.WORLD members ordering more frequently 1. This trend supports the long-term relationship strategy.
- Sustainability regulationheadwind
UK, EU and US rules on sustainability and reporting could raise compliance costs and fines for non-compliance. Management identifies this as a principal climate risk 1.
- Demand for more sustainable productsmixed
Consumer interest in lower-impact products is growing, but the company could lose market share if it does not react quickly enough. Management sees its sustainable product range as both an opportunity and a protection 1.
Competitive position
ASOS competes with global online retailers and fashion brands selling directly to consumers, on price, range, delivery and digital experience. Its advantage could come from curation, loyalty and the ability to sell own-label brands.
Competition from fast fashion and marketplace platforms can squeeze margins. If ASOS does not maintain differentiation through product and experience, it could lose customers to lower-cost rivals.
- Zalando SE
European online fashion platform, a direct competitor for younger customers and fast delivery.
- Shein
Online fast fashion retailer with very low prices that shapes price pressure across the industry.
- Amazon FashionAMZN
Fashion division of a global marketplace, competing on range, prices and delivery.
- Next plc
UK fashion retailer with an online platform and physical stores, a competitor in the UK market.
News & filings
In the press
- ASOS Breach Reveals the Risks in Customer-Facing SaaSDark Reading · 09 Oct 2026 · EN
- Shein outsells British rival Asos as UK revenue hits £2.58bnThe Guardian World · 09 Oct 2026 · EN
- ASOS: Hackers tricked way into employee account before sending rogue push notificationThe Record (Recorded Future) · 08 Oct 2026 · EN
- ASOS links data breach to social engineering attack, credential theftBleepingComputer · 08 Oct 2026 · EN
- Asos says customer data accessed by hacker posing as trusted contactThe Guardian World · 08 Oct 2026 · EN
- UK's ASOS says breach exposed some customer personal dataCNA (Channel NewsAsia) · 08 Oct 2026 · EN
- UK's ASOS says cyber hack accessed customers' personal dataCNA (Channel NewsAsia) · 08 Oct 2026 · EN
- Asos warns customers about full extent of data breach after BBC contacted by hackersBBC News — Technology · 08 Oct 2026 · EN
- ASOS Confirms Cyberattack, Data BreachSecurityWeek · 07 Oct 2026 · EN
- Asos confirms hackers sent 'unauthorised' notification to app usersBBC News — Technology · 06 Oct 2026 · EN
- Asos warns customer data may be compromised after ‘unauthorised’ app accessThe Guardian World · 06 Oct 2026 · EN
- ASOS confirms data breach after “HACKED” in-app notificationsBleepingComputer · 06 Oct 2026 · EN
- Asos app delivers a data leak threat instead of fast fashionThe Register · 06 Oct 2026 · EN
- Shares in British clothing company ASOS dive after hackers apparently send push notificationThe Record (Recorded Future) · 06 Oct 2026 · EN
- ASOS lansează aplicația Stylist bazată pe ChatGPT pentru a îmbunătăți experiența de descoperire a produselorG4Media · 22 May 2026 · RO
Annual reports (ESEF)
- Annual report 202509 Dec 2025
- Annual report 202426 Nov 2024
Sources
- [1] Annual report, fiscal year ended 2025-08-31 (ESEF) · SEC / ASOS Plc · 31 Aug 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.