olivLaw · European equity research
The Gym Group plc GYM.L
United Kingdom · London Stock Exchange · ISIN GB00BZBX0P70 · Vertical: Listed companies from United Kingdom
The Gym Group operates gyms in the United Kingdom and, in its 2025 annual report, did not propose a final dividend, with the board saying it sees attractive opportunities to invest its free cash flow. For the reader, the key questions concern how the company manages costs, IT risk and demand in a competitive market.
At the close of 05 Nov 2026, The Gym Group plc (GYM.L) stock was 1.92 GBP (+0.26% on the day), with market capitalisation 337.4 m GBP, P/E 47.9 on diluted EPS of 0.04 GBP over the last 12 months, beta 0.49, 52-week range 1.35–2.15 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)
- 57.0
- strong (55–70)
- Bollinger (20, 2)
- 1.79 – 1.93
- in the upper half of the band · %B 0.91 · band width 7.4%
- SMA 50 / 200
- 1.88 / 1.88
- mixed trend
- MACD (12, 26, 9)
- 0.01 / -0.00
- 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 | +5.2% | −0.6% | +5.9 pp | — |
| 3 months | −8.4% | −4.2% | −4.2 pp | — |
| 6 months | +4.1% | +4.3% | −0.3 pp | — |
| Year to date | +28.5% | +7.5% | +21.0 pp | — |
| 1 year | +35.8% | +9.9% | +25.9 pp | +5.8% |
| 3 years | +88.5% | +49.8% | +38.6 pp | +26.3% |
| 5 years | −30.4% | +42.8% | −73.2 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 50 percentile of its own 2-quarter history (min 37.3, median 49.7, max 62.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 204.0 m | 226.3 m | 244.9 m |
| Revenue YoY | unavailable | +10.9% | +8.2% |
| Net income | -8.4 m | 4.4 m | 7.4 m |
| Net income YoY | unavailable | unavailable | +68.2% |
| Diluted EPS | -0.05 | 0.02 | 0.04 |
| Diluted EPS YoY | unavailable | unavailable | +66.7% |
| net % | -4.1% | 1.9% | 3.0% |
| Free cash flow | 60.3 m | 62.1 m | 61.2 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 3.0 m GBP
- Financial debt
- 62.2 m GBP
- Net debt
- 59.2 m GBP
- Equity
- 141.7 m GBP
- Total assets
- 615.9 m GBP
- Debt / equity
- 0.44x
- Current ratio
- 0.15x
- ROE
- 5.4%
- ROA
- 1.2%
- FCF margin
- 25.0%
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 204.0 m | 226.3 m | 244.9 m | esef· 18 Mar 2026verified |
| Cost of revenue | 2.8 m | 2.9 m | 2.9 m | esef· 18 Mar 2026verified |
| Gross profit | 201.2 m | 223.4 m | 242.0 m | esef· 18 Mar 2026verified |
| Operating income | 13.3 m | 22.9 m | 28.0 m | esef· 18 Mar 2026verified |
| Interest expense | 21.9 m | 20.9 m | 21.1 m | esef· 18 Mar 2026verified |
| Pre-tax income | -8.3 m | 2.5 m | 7.4 m | esef· 18 Mar 2026verified |
| Income tax | 100.0 k | -1.9 m | 0 | esef· 18 Mar 2026verified |
| Net income | -8.4 m | 4.4 m | 7.4 m | esef· 18 Mar 2026verified |
| Diluted EPS | -0.05 | 0.02 | 0.04 | esef· 18 Mar 2026verified |
Balance sheet · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 1.5 m | 3.0 m | 3.0 m | esef· 18 Mar 2026verified |
| Receivables | 10.8 m | 8.8 m | 9.9 m | esef· 18 Mar 2026verified |
| Inventories | 700.0 k | 700.0 k | 600.0 k | esef· 18 Mar 2026verified |
| Current assets | 13.0 m | 12.5 m | 13.5 m | esef· 18 Mar 2026verified |
| Property, plant & equipment, net | 171.7 m | 181.2 m | 202.8 m | esef· 18 Mar 2026verified |
| Goodwill | — | 81.8 m | 81.8 m | esef· 18 Mar 2026verified |
| Intangibles (excl. goodwill) | — | 10.4 m | 13.9 m | esef· 18 Mar 2026verified |
| Total assets | 571.5 m | 585.6 m | 615.9 m | esef· 18 Mar 2026verified |
| Accounts payable | 43.6 m | 49.5 m | 61.8 m | esef· 18 Mar 2026verified |
| Long-term debt | 58.9 m | 61.3 m | 62.2 m | esef· 18 Mar 2026verified |
| Current liabilities | 72.3 m | 77.6 m | 88.9 m | esef· 18 Mar 2026verified |
| Total liabilities | 443.5 m | 454.0 m | 474.2 m | esef· 18 Mar 2026verified |
| Equity | 128.0 m | 131.6 m | 141.7 m | esef· 18 Mar 2026verified |
| Shares outstanding at year end | 178.7 m | 176.0 m | 176.2 m | esef· 18 Mar 2026derived |
Cash flow · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 79.5 m | 95.1 m | 102.3 m | esef· 18 Mar 2026verified |
| Capex | 19.2 m | 33.0 m | 41.1 m | esef· 18 Mar 2026verified |
| Free cash flow | 60.3 m ≈ | 62.1 m ≈ | 61.2 m ≈ | esef· 18 Mar 2026derived |
| Investing cash flow | -23.4 m | -39.5 m | -50.7 m | esef· 18 Mar 2026verified |
| Financing cash flow | -60.0 m | -54.1 m | -51.6 m | esef· 18 Mar 2026verified |
| Share repurchases | 0 | 3.5 m | 2.0 m | esef· 18 Mar 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
- score weight coverage: 58.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 337.4 m GBP
Key indicators
Coverage and freshness
Score by group
58% · 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: 58.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 14.3% | 50 (vs peers) | 18% |
| Net margin · Quality | 3.0% | 31 (vs peers) | 11% |
| FCF conversion · Quality | 827.0% | 100 (on a fixed band) | 11% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 1.3x | 0 (on a fixed band) | 11% |
| Current ratio · Balance sheet | 0.2x | 0 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 47.9x | 0 (vs peers) | 18% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 18.1% | 100 (on a fixed band) | 14% |
| Shareholder yield (distributions) · Returns | 0.6% | 8 (on a fixed band) | 11% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
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
- Quality59/100 · 3/3 factors with a value
- Returns· partial8/100 · 1/2 factors with a value
- Valuation44/100 · 2/3 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
THE GYM GROUP PLC (GYM.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 244.9 m GBP in 2025; YoY growth 8.2%; net margin 3.0%; ROE 5.4%.
The estimated value range is 2.72–3.82 GBP per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 3.19 GBP, the price of 1.92 GBP leaves a potential of 66.5% (value / price − 1) and a margin of safety of 39.9% (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: 58.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 827.0%
- FCF yield: 18.1%
- The price is below the estimated value range
What contradicts it
- Interest coverage: 1.3x
- Current ratio: 0.2x
- P/E (TTM): 47.9x
- Shareholder yield (distributions): 0.6%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, 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% |
| GYM.LThe Gym Group PLC | 337.4 m | 47.9 | 5.4% | 3.0% | +8.2% | +32% / +93% |
| 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 GYM.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 | 1.23 Total return -36% · Per year -36% | 2.18 Total return 14% · Per year 14% | 3.27 Total return 71% · Per year 71% |
| 3 years | 1.29 Total return -33% · Per year -12% | 2.55 Total return 33% · Per year 10% | 4.19 Total return 119% · Per year 30% |
| 5 years | 1.34 Total return -30% · Per year -7% | 2.98 Total return 56% · Per year 9% | 5.38 Total return 181% · Per year 23% |
- Exit P/E± 0.64
- Net margin± 0.45
- Annual revenue growth± 0.35
- Annual dilution± 0.04
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
The Gym Group operates gyms in the United Kingdom and, in its 2025 annual report, did not propose a final dividend, with the board saying it sees attractive opportunities to invest its free cash flow. For the reader, the key questions concern how the company manages costs, IT risk and demand in a competitive market.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- IT system dependencyhigh
Replacing member management and payment systems could disrupt operations if the project is delayed or runs into problems 1.
- Physical climate risksmedium
Flooding and water shortages could lead to temporary gym closures and lower revenue 1.
- Energy efficiency costsmedium
Upgrading buildings to meet new standards could require significant capital spending 1.
- Transition away from fossil fuelslow
Replacing equipment with lower-emission alternatives could require high upfront investment 1.
- Seasonal demandlow
Warm or unsettled weather could reduce demand for outdoor exercise while raising demand for indoor gyms, with uncertain effects on memberships 1.
Investment thesis
What would need to be true (bull case)
- If demand for climate-controlled exercise stays high, the company could benefit from higher memberships, supported by its national network 1.
- Free cash flow invested in opportunities with attractive returns could support long-term growth 1.
- The active buyback programme shows the board considers there are ways to return value to shareholders beyond dividends 1.
What would break the thesis
- If the IT replacement project is delayed, dependency risk could affect operations and member experience 1.
- Compliance costs with energy efficiency standards could rise if leased sites cannot be upgraded easily 1.
- The absence of a final dividend for 2025 could disappoint investors who expected a return of capital 1.
What to watch
- Completion of the member and payment systems replacement project2026
- Progress of the share buyback programme and renewal of the authority2026 AGM
- Development of EPC ratings for leased sitesnext 10-K
- Dividend policy and how the board allocates free cash flow2026
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
According to the 2025 annual report, The Gym Group plc had 179,622,261 ordinary shares in issue at 31 December 2025 1. The report describes a business model centred on gym access, with a national network of sites that members can use as an alternative if their main gym is unavailable 1. The company says it is investing its free cash flow in opportunities with attractive returns, which is why it is not proposing a final dividend for 2025 1.
The company started a share buyback programme on 15 January 2026 and had repurchased 1,103,789 shares as at 10 March 2026 1. The board intends to renew the authority at the 2026 AGM 1. The directors also have a reasonable expectation that the group has adequate resources to continue operating through to 30 June 2027 1.
Operationally, the report shows that the group works with leased premises, which gives it flexibility to exit higher-risk sites if necessary 1. The company also focuses on accessibility, with initiatives for people with disabilities, including a targeted traineeship programme 1.
Segments
Market context
The market in which the group operates is UK gym access, where demand for climate-controlled indoor exercise could rise during periods of extreme heat or unsettled weather 1. The report considers that hotter summers and wetter winters may make outdoor exercise less appealing 1.
From a regulatory standpoint, expectations on building energy performance may tighten, which could generate compliance or retrofitting costs 1. The company says it is working with landlords to improve EPC performance across leased sites 1.
Trends
- Higher demand for indoor exercisetailwind
Extreme heat and unsettled weather could push customers towards climate-controlled gyms, which could support memberships 1.
- Energy performance regulation pressureheadwind
Rising expectations on building energy performance could lead to higher compliance and retrofitting costs 1.
- Transition away from fossil fuelmixed
Phasing out gas for water heating could require additional investment but reduce long-term dependence on fossil fuels 1.
- Physical climate risksheadwind
Flooding, water stress and high temperatures could affect revenue and operating costs, particularly in South East England 1.
Competitive position
The annual report does not describe competitors in detail, so the positioning and market share of other operators cannot be set out from the source provided. The company mentions competition only in the context of risks and demand for alternative venues 1.
The company indicates it can keep its member base by offering alternative locations within its network, which could be an advantage over single-site gyms 1. A full comparison with other operators cannot be made from the document alone.
- Other UK gym operators
The report does not name direct competitors, so a detailed comparison cannot be made from the source.
- Low-cost gym operators
The segment of affordable gyms is mentioned in general terms, without names in the source.
- Outdoor exercise providers
The report mentions outdoor exercise as an alternative without identifying providers.
- Digital fitness platforms
The report does not identify digital fitness providers as competitors, so no concrete comparison can be made.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202518 Mar 2026
- Annual report 202418 Mar 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / The Gym Group plc · 31 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.