olivLaw · European equity research
CVS Group plc CVSG.L
United Kingdom · London Stock Exchange · ISIN GB00B2863827 · Vertical: Listed companies from United Kingdom
CVS Group is a UK and Australian veterinary services provider with first-opinion and referral practices, plus laboratory and manufacturing services. With the CMA market investigation concluded, the company has resumed acquisitions and investment while keeping leverage below its internal two times ceiling. Adjusted EBITDA was £141.5m in fiscal 2026.
At the close of 05 Nov 2026, CVS Group plc (CVSG.L) stock was 13.80 GBP (−0.58% on the day), with beta 0.80, 52-week range 11.14–14.16 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)
- 68.9
- strong (55–70)
- Bollinger (20, 2)
- 11.78 – 14.16
- in the upper half of the band · %B 0.85 · band width 18.4%
- SMA 50 / 200
- 12.75 / 12.53
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.34 / 0.24
- 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 | +17.9% | −0.6% | +18.6 pp | — |
| 3 months | +6.4% | −4.2% | +10.6 pp | — |
| 6 months | +21.1% | +4.3% | +16.7 pp | — |
| Year to date | +7.5% | +7.5% | −0.0 pp | — |
| 1 year | +12.2% | +9.9% | +2.3 pp | +5.8% |
| 3 years | −6.3% | +49.8% | −56.2 pp | +26.3% |
| 5 years | −43.7% | +42.8% | −86.5 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
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 | 2025 | 2026 |
|---|---|---|
| Revenue | 6.7 bn | 7.1 bn |
| Revenue YoY | unavailable | +5.9% |
| Net income | 528.0 m | 173.0 m |
| Net income YoY | unavailable | −67.2% |
| Diluted EPS | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable |
| net % | 7.8% | 2.4% |
| Free cash flow | 557.0 m | 428.0 m |
Balance sheet & financial health
Fiscal year 2026 · 30 Jun 2026
- Cash
- 184.0 m GBP
- Financial debt
- unavailable GBP
- Net debt
- unavailable GBP
- Equity
- 3.0 bn GBP
- Total assets
- 7.7 bn GBP
- Debt / equity
- unavailable
- Current ratio
- 1.18x
- ROE
- 5.8%
- ROA
- 2.4%
- FCF margin
- 6.0%
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2025 | 2026 | Source (latest year) |
|---|---|---|---|
| Revenue | 6.7 bn | 7.1 bn | esef· 06 Oct 2026verified |
| Cost of revenue | 3.9 bn | 4.0 bn | esef· 06 Oct 2026verified |
| Gross profit | 2.9 bn | 3.2 bn | esef· 06 Oct 2026verified |
| Operating income | 498.0 m | 476.0 m | esef· 06 Oct 2026verified |
| Interest expense | 172.0 m | 156.0 m | esef· 06 Oct 2026verified |
| Pre-tax income | 326.0 m | 320.0 m | esef· 06 Oct 2026verified |
| Income tax | 135.0 m | 142.0 m | esef· 06 Oct 2026verified |
| Net income | 528.0 m | 173.0 m | esef· 06 Oct 2026verified |
Balance sheet · GBP
| Line | 2025 | 2026 | Source (latest year) |
|---|---|---|---|
| Cash | 161.0 m | 184.0 m | esef· 06 Oct 2026verified |
| Inventories | 285.0 m | 297.0 m | esef· 06 Oct 2026verified |
| Current assets | 1.4 bn | 1.5 bn | esef· 06 Oct 2026verified |
| Property, plant & equipment, net | 1.2 bn | 1.3 bn | esef· 06 Oct 2026verified |
| Total assets | 7.0 bn | 7.7 bn | esef· 06 Oct 2026verified |
| Current liabilities | 1.2 bn | 1.3 bn | esef· 06 Oct 2026verified |
| Total liabilities | 3.9 bn | 4.7 bn | esef· 06 Oct 2026verified |
| Equity | 3.0 bn | 3.0 bn | esef· 06 Oct 2026verified |
Cash flow · GBP
| Line | 2025 | 2026 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | 821.0 m | 713.0 m | esef· 06 Oct 2026verified |
| Capex | 264.0 m | 285.0 m | esef· 06 Oct 2026verified |
| Free cash flow | 557.0 m ≈ | 428.0 m ≈ | esef· 06 Oct 2026derived |
| Investing cash flow | -227.0 m | -794.0 m | esef· 06 Oct 2026verified |
| Financing cash flow | -592.0 m | 106.0 m | esef· 06 Oct 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%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
23% · 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: 4 of at least 6; score weight coverage: 22.9% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 2.4% | 26 (vs peers) | 27% |
| FCF conversion · Quality | 247.4% | 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 | 3.1x | 24 (on a fixed band) | 27% |
| Current ratio · Balance sheet | 1.2x | 31 (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 sheet27/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality63/100 · 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
CVS GROUP PLC (CVSG.L). Latest full fiscal year: 2026; data up to 2026-06-30.
Figures computed from the financial statements: revenue 7.1 bn GBP in 2026; YoY growth 5.9%; net margin 2.4%; ROE 5.9%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 22.9% 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
- FCF conversion: 247.4%
What contradicts it
- Net margin: 2.4%
- Interest coverage: 3.1x
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 CVSG.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
CVS Group is a UK and Australian veterinary services provider with first-opinion and referral practices, plus laboratory and manufacturing services. With the CMA market investigation concluded, the company has resumed acquisitions and investment while keeping leverage below its internal two times ceiling. Adjusted EBITDA was £141.5m in fiscal 2026 1.
SWOT
Strengths
- Position as an employer of choice in the sector, with reported improvements in clinical standards and client Net Promoter Score.
- Controlled balance sheet, with an internal leverage ceiling and committed facilities refinanced through to May 2030.
- Operating cash conversion sustained above the target threshold, giving flexibility for investment and shareholder distributions.
Weaknesses
- Dependence on clinical staff who are hard to recruit and retain could limit volume growth and margins.
- Exposure to the UK economy, described by management as weak, could reduce demand for non-essential services.
- Costs of implementing CMA remedies and rebranding practices could weigh on margins in the short term.
Opportunities
- Resuming UK acquisitions after the CMA investigation could accelerate organic and acquisitive growth.
- Adopting AI tools for clinical notes could reduce administrative load and give clinicians more time with patients.
- Developing central marketing and client relationship management could increase footfall in practices.
Threats
- A return of pressure in the clinical labour market could raise staff costs and limit expansion.
- Competition for independent practices could push up transaction prices and reduce returns on investment.
- Changes in pet population or consumer behaviour could affect consultation volumes.
Risks
- Clinical staff availabilityhigh
A shortage of vets and nurses could limit practices' ability to operate at full capacity and could raise costs.
- CMA remediesmedium
Implementing the remedies and funding order carries costs and process changes; missing deadlines could bring regulatory consequences.
- Leverage and financingmedium
If large acquisitions materialise, leverage could exceed the internal two times ceiling, which could limit financial flexibility.
- UK economymedium
A decline in consumer spending could reduce demand for non-essential veterinary care.
- Australia integration and currencylow
Australian operations carry integration and currency risks that could affect consolidated results.
Investment thesis
What would need to be true (bull case)
- If demand for quality veterinary care keeps growing and investment in staff and clinics pays off, the company could reach its medium-term growth and margin targets.
- Resuming UK acquisitions and expanding in Australia could add volume and profit, with capital discipline aimed at returns above the cost of capital.
- A balance sheet below the internal leverage ceiling and solid cash conversion could support shareholder distributions and buyback programmes.
What would break the thesis
- If pressure in the clinical labour market persists, staff costs could prevent margins from reaching the target level.
- A weaker UK economy could reduce demand for non-essential services and slow organic growth.
- Competition for acquisitions could push up prices and reduce returns on new practice investments.
What to watch
- Progress of organic revenue growth against the medium-term target rangenext 10-K
- Volume of UK acquisitions after the CMA investigation concluded2027
- Leverage level against the internal 2.0 times ceilingQ1 2027
- Trend in staff costs and availability of veterinary clinicians2027
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
Medium-term targets set at the November 2022 Capital Market Day remain like-for-like revenue growth of 4.0% to 8.0%, margin expansion from 19.0% to 23.0% and operating cash conversion above 70% 1. Capital allocation priorities are stated in order: ordinary dividends, acquisitions and investment capex, with surplus capital possibly returned to shareholders 1.
Following the CMA remedies, UK practices are jointly branded as CVS Vets and prices are published on practice websites, a change the company says it will fully comply with on the set timetable 1.
Segments
Companion animal
The companion animal division covers first-opinion and referral practices in the UK and Australia and forms the core of the group. The company has invested in leadership programmes and clinical equipment to support this division 1.
Laboratory and manufacturing services
Other divisions include laboratory and manufacturing services that support clinical practices. The source excerpt does not detail their revenue contribution, so their financial weight remains to be checked in the full report 1.
Australia operations
The company describes expansion in Australia, where it recently completed acquisitions of practice sites in South Australia and Western Australia. If these acquisitions consolidate, they could support group growth beyond the UK 1.
Market context
The company states the veterinary services market remains strong over the long term, supported by the humanisation of pets and longer pet life expectancy. Pet populations in the UK and Australia have fallen since the COVID-19 peak but remain above pre-pandemic levels and are now stable 1.
The sector is described as resilient through economic cycles, though UK economic pressures, the CMA process and uneven availability of vets and nurses were factors of strain in recent years 1.
Trends
- Humanisation of petstailwind
Owners increasingly treat animals as family members and are willing to spend on veterinary care, which supports demand for quality services 1.
- Longer pet life expectancytailwind
Pets live longer, so they need clinical services over longer periods, which could raise treatment volumes per animal 1.
- CMA investigation and remediesmixed
The UK competition investigation has concluded and the remedies and funding order are published. The company says it can now focus on growth, though implementing the remedies carries costs and operational change 1.
- Economic pressure and workforceheadwind
A weak UK economy and variable availability of clinical staff could limit volume growth and raise staff costs. The company has invested in leadership and retention programmes to reduce this risk 1.
Competitive position
The supplied source does not describe the competitive landscape or market share in detail. The company positions itself as an employer of choice in the sector and says its clinical standards and client Net Promoter Score have improved 1.
Competition includes independent veterinary practices and group networks in the UK and Australia. If these networks expand quickly, they could make it harder for the group to acquire practices at acceptable prices, a pressure the company manages through its capital allocation discipline 1.
- Independent veterinary practices
Family-run practices and small groups in the UK and Australia competing for the same patients and local clients.
- Group veterinary networks
Regional and national groups that acquire practices and compete for clinical staff and bolt-on deals.
- International veterinary chains
Overseas operators entering or expanding in the UK and Australian markets with comparable capital resources.
- Laboratory service providers
Specialist laboratory firms competing with the group's laboratory division for contracts from veterinary practices.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202606 Oct 2026
Sources
- [1] Annual report, fiscal year ended 2026-06-30 (ESEF) · SEC / CVS Group plc · 30 Jun 2026
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.