olivLaw · European equity research
THG PLC THG.L
United Kingdom · London Stock Exchange · ISIN GB00BMTV7393 · Vertical: Listed companies from United Kingdom
THG PLC is a British e-commerce group that operates mainly beauty brands, such as Lookfantastic, and sports nutrition brands, such as Myprotein. In 2025 the group simplified its structure by demerging THG Ingenuity and selling Claremont Ingredients for c.£103m in cash. Focus on higher-growth markets and refinancing of debt are the central points of the current strategy.
At the close of 05 Nov 2026, THG PLC (THG.L) stock was 0.40 GBP (−1.28% on the day), with market capitalisation 541.0 m GBP, P/E 10.0 on diluted EPS of 0.04 GBP over the last 12 months, beta 0.90, 52-week range 0.26–0.48 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)
- 63.4
- strong (55–70)
- Bollinger (20, 2)
- 0.26 – 0.47
- in the upper half of the band · %B 0.67 · band width 56.0%
- SMA 50 / 200
- 0.32 / 0.33
- mixed trend
- MACD (12, 26, 9)
- 0.03 / 0.03
- 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 | +52.0% | −0.6% | +52.7 pp | — |
| 3 months | +19.2% | −4.2% | +23.4 pp | — |
| 6 months | +26.2% | +4.3% | +21.9 pp | — |
| Year to date | −12.6% | +7.5% | −20.1 pp | — |
| 1 year | −12.5% | +9.9% | −22.4 pp | +5.8% |
| 3 years | −42.4% | +49.8% | −92.3 pp | +26.3% |
| 5 years | −80.4% | +42.8% | −123.2 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 0 percentile of its own 1-quarter history (min 11.4, median 11.4, max 11.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 1.9 bn | 1.8 bn | 1.7 bn |
| Revenue YoY | unavailable | −6.8% | −1.9% |
| Net income | -248.4 m | -326.1 m | 54.1 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.19 | -0.24 | 0.04 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -13.2% | -18.6% | 3.2% |
| Free cash flow | 95.5 m | 64.8 m | 29.4 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 183.1 m GBP
- Financial debt
- 430.4 m GBP
- Net debt
- 247.3 m GBP
- Equity
- 425.2 m GBP
- Total assets
- 1.6 bn GBP
- Debt / equity
- 1.01x
- Current ratio
- 0.92x
- ROE
- 14.8%
- ROA
- 2.6%
- FCF margin
- 1.7%
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 1.9 bn | 1.8 bn | 1.7 bn | esef· 09 Apr 2026verified |
| Cost of revenue | 1.1 bn | 1.1 bn | 1.0 bn | esef· 09 Apr 2026verified |
| Gross profit | 797.4 m | 693.6 m | 688.0 m | esef· 09 Apr 2026verified |
| Operating income | -39.2 m | -147.9 m | 8.1 m | esef· 09 Apr 2026verified |
| Interest expense | 65.9 m | 63.6 m | 80.1 m | esef· 09 Apr 2026verified |
| Pre-tax income | -92.3 m | -202.4 m | -69.4 m | esef· 09 Apr 2026verified |
| Income tax | 15.7 m | -21.9 m | -5.7 m | esef· 09 Apr 2026verified |
| Net income | -248.4 m | -326.1 m | 54.1 m | esef· 09 Apr 2026verified |
| Diluted EPS | -0.19 | -0.24 | 0.04 | esef· 09 Apr 2026verified |
Balance sheet · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 416.2 m | 308.6 m | 183.1 m | esef· 09 Apr 2026verified |
| Receivables | 271.8 m | 147.3 m | 106.7 m | esef· 09 Apr 2026verified |
| Inventories | 297.1 m | 265.4 m | 272.8 m | esef· 09 Apr 2026verified |
| Current assets | 987.0 m | 1.5 bn | 589.9 m | esef· 09 Apr 2026verified |
| Property, plant & equipment, net | 273.2 m | 64.9 m | 55.8 m | esef· 09 Apr 2026verified |
| Total assets | 2.8 bn | 2.5 bn | 1.6 bn | esef· 09 Apr 2026verified |
| Accounts payable | 638.4 m | 342.5 m | 464.8 m | esef· 09 Apr 2026verified |
| Short-term debt | 29.0 m | 112.8 m | 69.6 m | esef· 09 Apr 2026verified |
| Long-term debt | 621.0 m | 491.8 m | 360.7 m | esef· 09 Apr 2026verified |
| Current liabilities | 758.6 m | 1.6 bn | 643.0 m | esef· 09 Apr 2026verified |
| Total liabilities | 1.8 bn | 2.2 bn | 1.2 bn | esef· 09 Apr 2026verified |
| Equity | 1.0 bn | 305.8 m | 425.2 m | esef· 09 Apr 2026verified |
| Shares outstanding at year end | 1.3 bn | 1.4 bn | 1.4 bn | esef· 09 Apr 2026derived |
Cash flow · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 141.8 m | 96.5 m | 33.4 m | esef· 09 Apr 2026verified |
| Capex | 46.3 m | 31.7 m | 4.0 m | esef· 09 Apr 2026verified |
| Free cash flow | 95.5 m ≈ | 64.8 m ≈ | 29.4 m ≈ | esef· 09 Apr 2026derived |
| Investing cash flow | -77.1 m | -92.1 m | 36.1 m | esef· 09 Apr 2026verified |
| Financing cash flow | -122.3 m | -22.9 m | -195.0 m | esef· 09 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
- score weight coverage: 52.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 541.0 m GBP
Key indicators
Coverage and freshness
Score by group
52% · 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: 52.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 1.1% | 17 (vs peers) | 20% |
| Net margin · Quality | 3.2% | 31 (vs peers) | 12% |
| FCF conversion · Quality | 54.3% | 35 (on a fixed band) | 12% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 0.1x | 0 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 0.9x | 10 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 10.0x | 83 (vs peers) | 20% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 5.4% | 68 (on a fixed band) | 16% |
| 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 sheet4/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality26/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation76/100 · 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
THG PLC (THG.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 1.7 bn GBP in 2025; YoY growth -1.9%; net margin 3.2%; ROE 14.8%.
The estimated value range is 0.53–0.85 GBP per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 0.67 GBP, the price of 0.40 GBP leaves a potential of 67.6% (value / price − 1) and a margin of safety of 40.3% (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: 52.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- P/E (TTM): 10.0x
- The price is below the estimated value range
What contradicts it
- ROIC: 1.1%
- Interest coverage: 0.1x
- Current ratio: 0.9x
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, 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. | 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% |
| THG.LThg PLC | 541.0 m | 10.0 | 14.8% | 3.2% | −1.9% | −11% / −48% |
| 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 THG.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 | 0.22 Total return -45% · Per year -45% | 0.39 Total return -2% · Per year -2% | 0.59 Total return 48% · Per year 48% |
| 3 years | 0.19 Total return -53% · Per year -22% | 0.38 Total return -6% · Per year -2% | 0.63 Total return 57% · Per year 16% |
| 5 years | 0.16 Total return -60% · Per year -17% | 0.36 Total return -9% · Per year -2% | 0.67 Total return 67% · Per year 11% |
- Exit P/E± 0.09
- Net margin± 0.07
- Annual revenue growth± 0.06
- Annual dilution± 0.01
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
THG PLC is a British e-commerce group that operates mainly beauty brands, such as Lookfantastic, and sports nutrition brands, such as Myprotein. In 2025 the group simplified its structure by demerging THG Ingenuity and selling Claremont Ingredients for c.£103m in cash 1. Focus on higher-growth markets and refinancing of debt are the central points of the current strategy 1.
SWOT
Strengths
- A portfolio of brands with recognition in the UK, notably Lookfantastic and Myprotein, with established market positions.
- A simplified structure after the demerger and disposal, which focuses the group on its core activities.
- A network of licensing partnerships with retail and food companies that extends access to new customers.
Weaknesses
- Dependence on the UK market, where a significant share of beauty sales is concentrated.
- Margins under pressure from raw material costs, partly absorbed in the second half of the year.
- Debt still significant, although reduced through refinancing and asset sales.
Opportunities
- Offline expansion of Myprotein in retail, particularly in food and in Korea, could add volume.
- Growing market share in beauty in the United States, if the focus strategy delivers results.
- Developing new categories through partnerships, for example grab-and-go food.
Threats
- Volatile raw material prices, such as whey, could reduce margins if pressure persists.
- Intense competition from online platforms and premium beauty retailers.
- A slowdown in discretionary spending could weigh on demand for premium products.
Risks
- Dependence on a single territoryhigh
A significant portion of activity is tied to the United Kingdom, so a local downturn could affect group results.
- Cost of raw materialsmedium
Volatile prices of whey and other ingredients could squeeze Myprotein margins if the group cannot pass costs on to customers.
- Debt and financing costmedium
Although maturities have been extended, debt remains an obligation that could limit investment if results decline.
- Dependence on licensing partnersmedium
Many product lines rely on relationships with third-party brands, and a break could affect sales and reputation.
- Relationship with THG Ingenuitylow
Post-demerger agreements with the former subsidiary must be honoured, and any contractual tension could generate unforeseen costs.
Investment thesis
What would need to be true (bull case)
- The group returned to growth in 2025 after several difficult years, which could signal a recovery if it is sustained.
- Simplifying the structure and reducing debt could allow more focused investment in growth segments.
- Myprotein's offline expansion could bring new customers and reduce reliance on the digital channel.
What would break the thesis
- Margins have been pressured by raw material costs, and if this pressure persists, profitability could remain limited.
- Concentration on the UK creates a vulnerability, especially if consumption in that market slows.
- Growth depends on executing complex partnerships, and their failure could affect sales.
What to watch
- Trend in continuing CCY revenue2026
- Myprotein margins relative to whey prices2026
- Progress of offline expansion and retailer partnerships2026
- Net debt level and liquidity after refinancingnext 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
THG PLC sells beauty and nutrition products through its own online platforms and, increasingly, through offline channels. The group relaunched Myprotein as an omnichannel brand, now present in over 40,000 doors globally 1. The company ended 2025 with a simpler structure after demerging THG Ingenuity at the start of the year and selling Claremont Ingredients 1.
Management said the strategy aims to concentrate resources where the group has a distinct advantage, particularly in the UK and US for Beauty. The March 2025 refinancing extended debt maturities and brought in an equity contribution of £90m 1. The emphasis is on reducing gross debt and keeping liquidity for growth investment.
In 2025 the group reported its first full-year growth in continuing CCY revenue since 2021, after a second half stronger than the first 1. Management looks ahead to 2026 with confidence, but this is not a guarantee of future results, and delivery depends on execution.
Segments
THG Beauty
The Beauty segment includes platforms such as Lookfantastic and own brands such as ESPA, which expanded into over 100 M&S stores. The return to growth in the second half was supported by prioritising higher-margin categories and territories 1.
THG Nutrition
The Nutrition segment, represented by Myprotein, relies on licensing partnerships with brands such as Müller, Iceland and Jimmy's Coffee. These partnerships drove sales of over 43 million units into retail in 2025, and the company partly absorbed margin pressure from record whey prices 1.
Market context
The UK beauty market, the group's largest territory, was described as one where THG gained market share in 2025 1. The sports nutrition market benefits from offline expansion, while competition remains intense in both areas.
Growth depends on the group's ability to hold its position in key markets, particularly the UK and US, and on the success of its expansion in Korea through the SG Safety partnership 1. If consumer demand cools, revenue could be affected.
Trends
- Offline expansion in nutritionmixed
Myprotein's presence in physical stores has grown quickly and reaches new customers, but it brings distribution and partnership costs.
- Growth in premium beauty e-commercetailwind
Demand for premium beauty products remains strong on digital platforms, and focus on higher-margin categories can support profitability.
- Raw material cost pressureheadwind
Record whey prices have weighed on nutrition margins, and in the second half the group chose to absorb part of these costs.
- Capital structure adjustmentmixed
Refinancing and reduced gross debt have improved the balance sheet, but for now they limit aggressive growth spending.
Competitive position
The group operates in a competitive environment where beauty retail chains and sports nutrition brands compete for consumer attention and budgets. The official source does not detail competitor positions, so comparisons are limited to what the company states.
THG's stated advantage lies in its retail partnerships and omnichannel presence, which allow it to reach customers at several touchpoints. The durability of these advantages depends on maintaining product quality and responding quickly to demand.
- Lookfantastic and other online beauty platforms
Competitors in online beauty retail, where THG gained market share in the UK according to the annual report.
- Premium beauty retailers
Chains and stores competing for the same premium product customers, cited in the context of the UK expansion.
- Sports nutrition brands
Companies selling protein supplements through direct and retail channels, competing with Myprotein on shelves.
- Grocery retail licensing partners
Companies such as Müller and Iceland that could develop competing own lines, although they are also partners of the group.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202509 Apr 2026
- Annual report 202407 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / THG 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.