CVS Group PLC (GB:CVSG)
LSE:CVSG
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CVS Group plc
(LSE:CVSG)
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Rating:60Neutral
Price Target:
1,320.00 p
▲(3.45% Upside)
Action:ReiteratedDate: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
Free cash flow growth
A 90% increase in free cash flow signals materially stronger cash generation capacity, supporting durable funding for clinic reinvestment, bolt-on M&A, and debt reduction. Improved cash convertibility reduces reliance on equity or external financing over the medium term.
Negative Factors
Gross margin compression
A near 4.4 percentage point drop in gross margin reflects cost inflation or pricing pressure in core services and product sales. Sustained margin compression would erode operating leverage and free cash flow upside unless offset by price increases or efficiency gains.
Read all positive and negative factors
Positive Factors
Negative Factors
Free cash flow growth
A 90% increase in free cash flow signals materially stronger cash generation capacity, supporting durable funding for clinic reinvestment, bolt-on M&A, and debt reduction. Improved cash convertibility reduces reliance on equity or external financing over the medium term.
Read all positive factors
CVS Group plc (CVSG) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£789.96M
Dividend Yield0.67%
Average Volume (3M)369.58K
Price to Earnings (P/E)29.5
Beta (1Y)1.16
Revenue Growth4.41%
EPS Growth-8.04%
CountryUK
Employees9,000
SectorHealthcare
Sector Strength45
IndustryPersonal Products & Services
Share Statistics
EPS (TTM)0.22
Shares Outstanding70,156,880
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
£1,900.00Price Target Upside48.90% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.86
Revenue Forecast (FY)£713.94M
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
1263.76
Negative
1271.80
Negative
1255.80
Positive
Market Momentum
-8.18
Negative
62.07
Neutral
95.21
Negative
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 1163.70, above the 50-day MA of 1263.76, and above the 200-day MA of 1255.80, indicating a neutral trend. The MACD of -8.18 indicates Negative momentum. The RSI at 62.07 is Neutral, neither overbought nor oversold. The STOCH value of 95.21 is Negative, 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 | £65.73M | -44.80 | 3.55% | ― | 1.44% | 359.79% | |
74 Outperform | £195.32M | 12.60 | 23.64% | 3.48% | 13.71% | 27.65% | |
70 Outperform | £228.89M | 32.32 | 2.63% | 2.18% | 20.04% | -46.44% | |
69 Neutral | £1.54B | 14.39 | 9.70% | 1.25% | 0.06% | ― | |
60 Neutral | £789.96M | 29.48 | 5.35% | 0.67% | 4.41% | -8.04% | |
59 Neutral | £107.63M | 166.23 | 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
1,126.00
-153.10
-11.97%
GB:ANCR
Animalcare
331.50
84.59
34.26%
GB:EAH
Eco Animal Health
97.00
34.50
55.20%
GB:EKF
EKF Diagnostics Holdings
25.00
4.60
22.55%
GB:GNS
Genus plc
2,320.00
227.22
10.86%
GB:TSTL
Tristel
407.50
9.22
2.32%
CVS Group plc Corporate Events
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...
Business Operations and StrategyRegulatory Filings and Compliance
CVS Group Updates Share Capital After Employee Option Exercises
Neutral
Feb 27, 2026
CVS Group plc, a leading UK- and Australia-based veterinary services provider listed on the Main Market of the London Stock Exchange, offers clinical care through hundreds of practices, specialist hospitals and out-of-hours centres, supported by l...
Business Operations and StrategyDelistings and Listing ChangesFinancial DisclosuresRegulatory Filings and Compliance
CVS Group lifts revenue and expands in Australia as it joins LSE Main Market
Positive
Feb 26, 2026
CVS Group reported a 5.8% rise in revenue from continuing operations to £356.9m and a 3.9% increase in adjusted EBITDA to £67.7m for the six months to 31 December 2025, despite softer UK market conditions. Profit before tax fell 4.4% to ...
Regulatory Filings and Compliance
CVS Group Confirms Total Voting Rights at Just Over 70 Million Shares
Neutral
Jan 30, 2026
CVS Group plc has confirmed that its total issued share capital stands at 70,156,093 ordinary shares, each carrying one voting right, with no shares held in treasury. This establishes the company’s total voting rights at 70,156,093, a figure...
Business Operations and StrategyDelistings and Listing Changes
CVS Group Shifts from AIM to London Stock Exchange Main Market
Positive
Jan 29, 2026
CVS Group plc has completed its move from AIM to the Main Market of the London Stock Exchange, with its ordinary shares admitted today to the FCA’s Official List and trading on the Main Market under the existing ticker CVSG. No new shares or...
Business Operations and StrategyFinancial DisclosuresRegulatory Filings and Compliance
CVS Group Backs DEFRA Consultation on Overhaul of Veterinary Surgeons Act
Positive
Jan 28, 2026
CVS Group has welcomed the UK Government’s decision to launch an eight-week consultation on reforms to the Veterinary Surgeons Act 1966, a move that stems from recommendations made by the Competition and Markets Authority following its marke...
Business Operations and StrategyStock BuybackDelistings and Listing ChangesFinancial DisclosuresLegal ProceedingsRegulatory Filings and Compliance
CVS Group to Join LSE Main Market as Revenue and Overseas Expansion Grow
Positive
Jan 23, 2026
CVS Group plc has published a prospectus ahead of moving its existing ordinary shares from AIM to the Main Market of the London Stock Exchange on 29 January 2026, without raising new capital, a step that is expected to enhance its market profile w...
Stock Buyback
CVS Group Completes £20m Share Buyback and Cancels Repurchased Stock
Positive
Jan 23, 2026
CVS Group plc has completed its previously announced share buyback programme of up to £20 million, purchasing a final tranche of 51,698 ordinary shares on 22 January 2026 at prices between 1,330p and 1,348p per share. All shares repurchased u...
Business Operations and StrategyStock Buyback
CVS Group Continues Share Buyback, Cuts Share Count to Just Over 70 Million
Positive
Jan 22, 2026
CVS Group plc has continued to execute its previously announced share buyback programme, repurchasing 52,278 ordinary shares on 21 January 2026 at prices between 1,304p and 1,340p, with a volume-weighted average price of 1,319.53p per share. The c...
Stock BuybackRegulatory Filings and Compliance
CVS Group Cancels Further Shares After Latest Buyback Tranche
Positive
Jan 21, 2026
CVS Group plc has repurchased 50,918 of its ordinary shares on 20 January 2026 under its ongoing share buyback programme, paying between 1,340p and 1,364p per share at a volume-weighted average price of 1,354.88p. The company intends to cancel all...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
CVS Group Cancels Further Shares as Buyback Programme Progresses
Positive
Jan 20, 2026
CVS Group plc has continued its previously announced share buyback programme with the purchase of 50,329 ordinary shares on 19 January 2026 from Berenberg at prices between 1,366p and 1,376p, at a volume-weighted average price of 1,370.91p per sha...
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.