CVS Group PLC (GB:CVSG)
LSE:CVSG
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CVS Group plc
(LSE:CVSG)
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Rating:60Neutral
Price Target:
1,314.00 p
▲(2.98% Upside)
Action:Reiterated
Date:03/28/26
The score is primarily supported by solid financial performance, led by strong free cash flow growth and improved leverage. This is meaningfully offset by weak technicals (broad downtrend despite oversold readings) and a relatively high P/E with a low dividend yield.
Positive Factors
Strong free cash flow growth
A 90% increase in free cash flow indicates materially stronger cash generation and conversion, providing durable funding for reinvestment, debt reduction or acquisitions. Sustained FCF growth improves financial flexibility and lowers refinancing risk over the medium term.
Negative Factors
Gross margin compression
A multi-point decline in gross margin signals rising cost pressures or pricing constraints that can erode operating leverage. If persistent, margin compression will reduce incremental profitability from revenue growth and constrain reinvestment or free cash flow sustainability.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong free cash flow growth
A 90% increase in free cash flow indicates materially stronger cash generation and conversion, providing durable funding for reinvestment, debt reduction or acquisitions. Sustained FCF growth improves financial flexibility and lowers refinancing risk over the medium term.
Read all positive factors
CVS Group plc (CVSG) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£875.98M
Dividend Yield0.67%
Average Volume (3M)369.58K
Price to Earnings (P/E)56.4
Beta (1Y)1.19
Revenue Growth4.41%
EPS Growth-8.04%
CountryUK
Employees9,000
SectorHealthcare
Sector Strength45
IndustryPersonal Products & Services
Share Statistics
EPS (TTM)0.22
Shares Outstanding70,022,710
10 Day Avg. Volume402,791
30 Day Avg. Volume369,577
Financial Highlights & Ratios
PEG Ratio0.22
Price to Book (P/B)2.99
Price to Sales (P/S)1.33
P/FCF Ratio16.10
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£1,746.67Price Target Upside36.89% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)0.86
Revenue Forecast (FY)£714.00M
CVS Group plc Business Overview & Revenue Model
Company Description
CVS Group plc engages in veterinary, pet crematoria, online pharmacy, and retail businesses. The company operates through four segments: Veterinary Practices, Laboratories, Crematoria, and Online Retail. It operates animal veterinary practices and...
How the Company Makes Money
CVS Group makes money primarily by delivering paid animal healthcare and related services across its operating businesses. The largest revenue stream comes from fees charged by its veterinary practices for consultations, procedures and surgeries, ...
CVS Group plc Earnings Call Summary
Earnings Call Date:Oct 07, 2025
(Q4-2025)
| % Change Since: |
Next Earnings Date:Sep 24, 2026
Earnings Call Sentiment Positive
The earnings call highlighted strong financial performance and successful expansions, particularly in Australia, bolstering confidence in future growth. However, challenges such as softer UK market conditions, a past cyber incident, and ongoing CMA investigation delays posed concerns.Positive Updates
Revenue and EBITDA Growth
Revenue increased by 5.4% to GBP 673.2 million, with adjusted EBITDA rising by 9.4% to GBP 134.6 million, demonstrating strong financial performance.
Negative Updates
Soft Market Conditions in the UK
Faced challenges with softer market conditions in the UK during the first half of the year, affecting overall performance.
Read all updates
Q4-2025 Updates
Positive
Negative
Revenue and EBITDA Growth
Revenue increased by 5.4% to GBP 673.2 million, with adjusted EBITDA rising by 9.4% to GBP 134.6 million, demonstrating strong financial performance.
Read all positive updates
Company Guidance
During the call, CVS Group provided a comprehensive overview of its financial performance for the fiscal year ending 2025, highlighting several key metrics. The company reported a revenue increase of 5.4% to GBP 673.2 million, with like-for-like growth of 0.2% across the group and 1% in the core practice division. Adjusted EBITDA rose by 9.4% to GBP 134.6 million, while the adjusted EBITDA margin improved by 70 basis points to 20%. The group also achieved an adjusted operating cash conversion rate of 76.9%, surpassing their target of approximately 70%. The company's leverage at year-end was 1.18x, aided by proceeds from the sale of their Crematoria business. CVS Group expanded its footprint in Australia by completing seven practice acquisitions, increasing its total sites to 51, and continued its acquisition strategy into the new fiscal year with two additional acquisitions. The management expressed confidence in the company's future growth prospects, buoyed by strong market fundamentals and a strategic focus on high-quality acquisitions.CVS Group plc Financial Statement Overview
Summary
Income Statement
65
Positive
Balance Sheet
70
Positive
Cash Flow
75
Positive
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 688.30M | 673.20M | 647.30M | 588.90M | 554.20M | 510.10M |
| Gross Profit | 268.60M | 259.70M | 277.90M | 262.30M | 239.10M | 221.90M |
| EBITDA | 123.30M | 114.30M | 108.40M | 118.80M | 90.40M | 88.20M |
| Net Income | 15.90M | 19.30M | 6.20M | 41.90M | 25.70M | 19.30M |
Balance Sheet | ||||||
| Total Assets | 716.90M | 696.20M | 690.00M | 572.30M | 518.20M | 484.50M |
| Cash, Cash Equivalents and Short-Term Investments | 12.30M | 16.10M | 16.50M | 21.50M | 49.00M | 33.70M |
| Total Debt | 358.60M | 248.80M | 287.80M | 199.10M | 188.80M | 182.70M |
| Total Liabilities | 417.00M | 394.50M | 429.50M | 315.30M | 300.80M | 293.40M |
| Stockholders Equity | 295.10M | 299.80M | 260.40M | 257.00M | 217.40M | 191.10M |
Cash Flow | ||||||
| Free Cash Flow | 57.20M | 55.70M | 24.70M | 38.80M | 51.00M | 43.60M |
| Operating Cash Flow | 82.30M | 82.10M | 67.80M | 84.50M | 75.50M | 60.20M |
| Investing Cash Flow | -22.90M | -22.70M | -140.50M | -99.90M | -45.10M | -35.40M |
| Financing Cash Flow | -57.80M | -59.20M | 68.30M | -12.10M | -15.10M | -12.60M |
CVS Group plc Technical Analysis
Positive
1276.00
Price Trends
1176.74
Positive
1257.05
Negative
1251.86
Negative
Market Momentum
16.06
Negative
61.90
Neutral
72.02
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:CVSG, the sentiment is Positive. The current price of 1276 is above the 20-day moving average (MA) of 1177.20, above the 50-day MA of 1176.74, and above the 200-day MA of 1251.86, indicating a neutral trend. The MACD of 16.06 indicates Negative momentum. The RSI at 61.90 is Neutral, neither overbought nor oversold. The STOCH value of 72.02 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:CVSG.
CVS Group plc Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | £64.71M | 21.43 | 3.55% | ― | 1.44% | 359.79% | |
74 Outperform | £183.55M | 23.22 | 23.64% | 3.48% | 13.71% | 27.65% | |
70 Outperform | £229.92M | 45.21 | 4.46% | 2.18% | 20.04% | -46.44% | |
69 Neutral | £1.55B | 32.39 | 9.70% | 1.25% | 0.06% | ― | |
60 Neutral | £875.98M | 56.36 | 5.35% | 0.67% | 4.41% | -8.04% | |
59 Neutral | £115.16M | 56.52 | 3.01% | ― | 2.73% | -65.94% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
GB:CVSG
CVS Group plc
1,251.00
3.68
0.30%
GB:ANCR
Animalcare
333.00
39.06
13.29%
GB:EAH
Eco Animal Health
95.50
34.50
56.56%
GB:EKF
EKF Diagnostics Holdings
26.75
1.15
4.49%
GB:GNS
Genus plc
2,328.00
353.67
17.91%
GB:TSTL
Tristel
382.50
38.10
11.06%
CVS Group plc Corporate Events
Business Operations and StrategyStock Buyback
CVS Group cancels 190,027 shares after buyback launch
Positive
Jun 1, 2026
CVS Group plc, a major veterinary services provider in the UK and Australia, delivers high-quality clinical care through a large network of practices, specialist hospitals, laboratories and its Animed Direct online retail arm. The group’s op...
Stock BuybackRegulatory Filings and Compliance
CVS Group updates total voting rights after latest share buyback
Positive
May 29, 2026
CVS Group plc, the UK‑listed veterinary services provider, has updated the market on its total voting rights following the latest tranche of its share buyback programme. After the cancellation of ordinary shares repurchased under the buyback...
Regulatory Filings and Compliance
CVS Group Discloses Small Share Purchase by General Counsel
Neutral
May 28, 2026
CVS Group plc reported that Scott Morrison, its Group General Counsel and Company Secretary, purchased 987 ordinary shares in the company on 27 May 2026 via an on‑market transaction. Following this purchase, Morrison’s total holding st...
Business Operations and StrategyStock Buyback
CVS Group Launches £50m Share Buyback to Streamline Capital Base
Positive
May 26, 2026
CVS Group plc, a leading veterinary services provider with extensive practice, laboratory and online operations in the UK and Australia, continues to focus on high-quality clinical care supported by a large workforce of veterinary surgeons and nur...
Business Operations and StrategyExecutive/Board Changes
CVS Group refreshes non-executive board roles ahead of director retirement
Neutral
May 26, 2026
CVS Group has announced changes to its non-executive director responsibilities as part of a planned board succession. Independent non-executive director Laura Hagan will become Senior Independent Director and Employee Engagement Director from 1 Ju...
Business Operations and StrategyStock BuybackDividendsPrivate Placements and Financing
CVS Group refinances debt, launches £50m buyback and steps up Australian expansion
Positive
May 26, 2026
CVS Group has refinanced its £350m bank debt on improved terms, extending maturities to May 2030, adding an Australian bank to its lending syndicate, and lowering its interest margin while maintaining leverage targets and covenant headroom. T...
Regulatory Filings and Compliance
CVS Group Confirms Total Voting Rights at Just Over 70 Million Shares
Neutral
Apr 30, 2026
CVS Group plc, the UK-listed veterinary services provider with extensive operations in the UK and Australia, has confirmed that its issued share capital comprises 70,156,883 ordinary shares of 0.2p each, with no shares held in treasury and each sh...
Business Operations and StrategyExecutive/Board Changes
CVS Group strengthens board with appointment of Laura Hagan as independent director
Positive
Apr 21, 2026
CVS Group plc, the UK- and Australia-focused veterinary services provider, has appointed Laura Hagan as an Independent Non-Executive Director effective 1 May 2026. Hagan, who currently serves on the board of FeverTree Drinks plc and was until rece...
Regulatory Filings and Compliance
CVS Group Confirms Total Voting Rights at Just Over 70 Million Shares
Neutral
Mar 31, 2026
CVS Group plc, the UK-listed veterinary services provider with operations in the UK and Australia, has confirmed that its issued share capital consists of 70,156,883 ordinary shares of 0.2p each, all carrying one voting right and with no shares he...
Business Operations and StrategyRegulatory Filings and Compliance
CVS Group updates total voting rights following share capital confirmation
Neutral
Mar 31, 2026
CVS Group plc, a major veterinary services provider operating in the UK and Australia, runs around 475 practices, specialist referral hospitals, out-of-hours sites, diagnostic laboratories and the Animed Direct online retail business, supported by...
Business Operations and StrategyExecutive/Board Changes
CVS Group CEO Richard Fairman to Retire After Steering Growth and Expansion
Positive
Mar 30, 2026
CVS Group plc, the UK-listed veterinary services provider with a significant presence in both the UK and Australia, has grown rapidly in recent years, expanding its network to around 475 practices and nearly 9,000 employees while moving up to the ...
Business Operations and StrategyExecutive/Board Changes
CVS Group refreshes board with new non-executive appointments and committee changes
Positive
Mar 25, 2026
CVS Group plc, the UK-listed veterinary services provider with extensive operations across the UK and Australia, has expanded its governance bench with two new independent non-executive appointments. The company, which runs over 475 practices alon...
Business Operations and StrategyRegulatory Filings and Compliance
CVS Group says CMA veterinary ruling manageable and trading on track
Neutral
Mar 24, 2026
CVS Group plc, the UK- and Australia-based veterinary services provider, has responded to the Competition and Markets Authority’s final decision in its investigation into the veterinary services market. The company highlighted its scale, wit...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.