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CVS Group plc
(LSE:CVSG)
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Rating:60Neutral
Price Target:
1,314.00 p
▲(9.87% 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
Integrated business model
CVS's integrated model—clinics combined with in‑house diagnostics, crematoria and training—creates durable cross‑referral flows and diversified revenue streams. This structural integration increases client retention, utilization of lab services and revenue resilience across business cycles.
Negative Factors
Gross margin compression
A drop in gross margin from 42.93% to 38.58% points to structural cost or pricing pressure in core clinical and product sales. Persistent margin erosion reduces operating cash flow and narrows the buffer to absorb wage, supply or regulatory cost increases over time.
Read all positive and negative factors
Positive Factors
Negative Factors
Integrated business model
CVS's integrated model—clinics combined with in‑house diagnostics, crematoria and training—creates durable cross‑referral flows and diversified revenue streams. This structural integration increases client retention, utilization of lab services and revenue resilience across business cycles.
Read all positive factors
CVS Group plc (CVSG) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£882.68M
Dividend Yield0.66%
Average Volume (3M)369.58K
Price to Earnings (P/E)58.9
Beta (1Y)1.17
Revenue Growth4.41%
EPS Growth-8.04%
CountryUK
Employees9,000
SectorHealthcare
Sector Strength45
IndustryMedical - Care Facilities
Share Statistics
EPS (TTM)0.22
Shares Outstanding68,107,930
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
£1,682.50Price Target Upside40.68% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)0.96
Revenue Forecast (FY)£746.11M
CVS Group plc Business Overview & Revenue Model
Company Description
CVS Group plc, established in 1999 and based in Diss, United Kingdom, is a comprehensive animal care provider with diverse operations. The company's activities are broadly categorized into four segments: Veterinary Practices, Laboratories, Cremato...
How the Company Makes Money
CVS Group makes money primarily by charging for veterinary clinical services delivered through its network of practices. This includes income from consultations, surgeries and other procedures, diagnostic work, hospitalisation and ongoing treatmen...
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 | 272.50M | 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
1196.00
Price Trends
1247.72
Positive
1219.30
Positive
1245.10
Positive
Market Momentum
15.25
Positive
56.22
Neutral
54.62
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 1196 is below the 20-day moving average (MA) of 1283.15, below the 50-day MA of 1247.72, and below the 200-day MA of 1245.10, indicating a bullish trend. The MACD of 15.25 indicates Positive momentum. The RSI at 56.22 is Neutral, neither overbought nor oversold. The STOCH value of 54.62 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 |
|---|---|---|---|---|---|---|---|
74 Outperform | £204.31M | 25.79 | 23.64% | 3.16% | 13.71% | 27.65% | |
69 Neutral | £1.52B | 31.69 | 9.70% | 1.54% | 0.06% | ― | |
66 Neutral | £68.44M | 31.27 | 2.55% | ― | 9.96% | 29.72% | |
60 Neutral | £882.68M | 58.91 | 5.35% | 0.71% | 4.41% | -8.04% | |
59 Neutral | £109.30M | 54.04 | 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
1,296.00
12.93
1.01%
GB:EAH
Eco Animal Health
101.00
27.50
37.41%
GB:EKF
EKF Diagnostics Holdings
25.40
-1.65
-6.10%
GB:GNS
Genus plc
2,282.00
-368.53
-13.90%
GB:TSTL
Tristel
425.00
66.65
18.60%
CVS Group plc Corporate Events
Business Operations and StrategyStock Buyback
CVS Group Cancels Latest Tranche of Share Buybacks, Reducing Share Capital
Positive
Aug 3, 2026
CVS Group plc, a major veterinary services provider in the UK and Australia, combines a large network of practices with specialist hospitals, laboratories and an online retail arm to deliver high-quality clinical services for pets and their owners...
Business Operations and StrategyStock Buyback
CVS Group Cancels Further Shares Under Ongoing Buyback Programme
Positive
Jul 27, 2026
CVS Group plc has continued to execute its previously announced share buyback programme, repurchasing 189,802 ordinary shares between 20 July and 24 July 2026 at a volume-weighted average price of 1,265.49 pence. The company intends to cancel all ...
Business Operations and StrategyStock BuybackFinancial Disclosures
CVS Group leans on Australian growth as profits meet forecasts
Positive
Jul 23, 2026
CVS Group plc, the London-listed veterinary services group, reported unaudited full-year revenue of £712.8m for FY26, up 5.9% with like-for-like sales rising 2.1% despite a subdued UK economy. Adjusted EBITDA is expected at about £141.5m...
Business Operations and StrategyStock Buyback
CVS Group Continues Share Buyback, Tightens Free Float
Positive
Jul 20, 2026
CVS Group plc, a major veterinary services provider in the UK and Australia, runs an extensive network of more than 475 veterinary practices, including referral hospitals and out-of-hours facilities. The group also operates diagnostic laboratories...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
CVS Group Advances Share Buyback, Cuts Share Count and Voting Rights
Positive
Jul 13, 2026
CVS Group plc has continued executing its previously announced share buyback programme, purchasing 180,485 ordinary shares between 6 July and 10 July 2026 at a volume-weighted average price of 1,240.72 pence. The company intends to cancel all of t...
Business Operations and StrategyStock Buyback
CVS Group Advances Share Buyback, Cuts Share Count to 69.1 Million
Positive
Jul 6, 2026
CVS Group plc has continued its share buyback programme, purchasing 82,629 ordinary shares between 29 June and 3 July 2026 at prices ranging from 1,175.00 pence to 1,250.00 pence, with a volume-weighted average price of 1,220.31 pence. The company...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
CVS Group Updates Share Capital After Buyback, Clarifies Voting Rights
Positive
Jun 30, 2026
CVS Group plc, the UK-listed veterinary group with extensive operations across more than 475 practices in the UK and Australia, has confirmed an updated share capital position following recent buyback activity. The company, which also runs laborat...
Business Operations and StrategyStock Buyback
CVS Group cancels further shares as buyback reduces share capital
Positive
Jun 29, 2026
CVS Group plc has continued its previously announced share buyback programme, repurchasing 148,008 ordinary shares between 20 and 26 June 2026 at a volume-weighted average price of 1,168.95 pence per share. The company intends to cancel all repurc...
Business Operations and StrategyStock Buyback
CVS Group Cancels New Tranche of Shares Under Ongoing Buyback
Positive
Jun 22, 2026
CVS Group plc, a London-listed veterinary services provider with operations in the UK and Australia, has built a network of over 475 practices, specialist referral hospitals, and out-of-hours clinics. Its vertically integrated model includes labor...
Business Operations and StrategyStock Buyback
CVS Group Cancels New Tranche of Shares Under Ongoing Buyback
Positive
Jun 15, 2026
CVS Group plc, a major U.K. and Australian veterinary services provider with over 475 practices plus laboratory and online retail operations, continues to focus on delivering high-quality clinical care through its large workforce of veterinary sur...
Stock BuybackRegulatory Filings and Compliance
CVS Group Cuts Share Count with Completion of Initial Buyback Tranche
Positive
Jun 8, 2026
CVS Group plc, a major veterinary services provider in the UK and Australia, focuses on delivering high-quality clinical care through an extensive network of practices and associated laboratories and retail operations. Its diversified model spans ...
Stock BuybackRegulatory Filings and Compliance
CVS Group cancels 222,000 shares in ongoing buyback
Positive
Jun 8, 2026
CVS Group plc, a major veterinary services provider with over 475 practices across the UK and Australia, also runs diagnostic laboratories and the Animed Direct online retail platform. The company employs about 9,000 people, including 2,500 veteri...
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...
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.