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Manchester United plc (MANU) 10-Year Financial Performance & Capital Metrics

MANU • • Industrial / General
Communication ServicesEntertainmentLive Events & Venue OperationsSports Franchises & Leagues
AboutManchester United plc, together with its subsidiaries, owns and operates a professional sports team in the United Kingdom. The company operates Manchester United Football Club, a professional football club. It develops marketing and sponsorship relationships with international and regional companies to leverage its brand. The company also markets and sells sports apparel, training and leisure wear, and other clothing featuring the Manchester United brand; and sells other licensed products, such as coffee mugs and bed spreads featuring the Manchester United brand and trademarks, as well as distributes these products through Manchester United branded retail centers and e-commerce platforms, and through the company's partners' wholesale distribution channels. In addition, it distributes live football content directly, as well as through commercial partners; broadcasts television rights relating to the Premier League, Union of European Football Associations club competitions, and other competitions; and delivers Manchester United programming through MUTV television channel to territories worldwide. Further, the company offers a direct to consumer subscription mobile application; and operates Old Trafford, a sports venue with 74,239 seats, as well as invests in properties. Manchester United plc was founded in 1878 and is based in Manchester, the United Kingdom.Show more
  • Revenue $667M +0.7%
  • EBITDA $194M +41.2%
  • Net Income -$33M +70.8%
  • EPS (Diluted) -0.19 +72.1%
  • Gross Margin 82.34% -4.1%
  • EBITDA Margin 29.09% +40.2%
  • Operating Margin -2.77% +73.6%
  • Net Margin -4.95% +71.0%
  • ROE -19.5% +78.6%
  • ROIC -2% +75.4%
  • Debt/Equity 3.33 -13.1%
  • Interest Coverage -0.34 +74.2%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

No significant strengths identified

✗Weaknesses

  • ✗High debt to equity ratio of 3.3x
  • ✗Expensive at 15.1x book value

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y5.37%
5Y5.54%
3Y4.55%
TTM0.72%

Profit (Net Income) CAGR

10Y-
5Y-
3Y-
TTM70.82%

EPS CAGR

10Y-
5Y-
3Y-
TTM72.39%

ROCE

10Y Avg-0.3%
5Y Avg-5.28%
3Y Avg-3.99%
Latest-2.12%

Peer Comparison

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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
TKOTKO Group Holdings, Inc.16.49B208.883818.6567.43%5.27%2.42%3.08%0.35
HOFVHall of Fame Resort & Entertainment Company2.35M0.35-0.04-12.12%-366.24%-207.29%3.45
BATRKAtlanta Braves Holdings, Inc.2.07B40.13-80.263.45%-0.69%-1.79%1.34
BATRAAtlanta Braves Holdings, Inc.445.64M43.19-86.383.45%-0.06%-0.16%1.34
MANUManchester United plc947.86M16.90-88.950.72%-4.95%-17.05%2.95%3.33
MSGSMadison Square Garden Sports Corp.5.54B283.55-304.891.18%-2.31%1.59%
FWONKFormula One Group20.24B90.50-754.1713.38%5.08%2.53%2.43%0.40

Profit & Loss

Jun 2016Jun 2017Jun 2018Jun 2019Jun 2020Jun 2021Jun 2022Jun 2023Jun 2024Jun 2025
Sales/Revenue+515.35M581.25M589.76M627.12M509.04M494.12M583.2M648.4M661.75M666.51M
Revenue Growth %0.3%0.13%0.01%0.06%-0.19%-0.03%0.18%0.11%0.02%0.01%
Cost of Goods Sold+65.8M78.8M74.64M65.87M59.76M39.04M0101.23M93.74M117.68M
COGS % of Revenue0.13%0.14%0.13%0.11%0.12%0.08%-0.16%0.14%0.18%
Gross Profit+449.54M502.45M515.12M561.25M449.29M455.08M583.2M547.17M568.02M548.83M
Gross Margin %0.87%0.86%0.87%0.89%0.88%0.92%1%0.84%0.86%0.82%
Gross Profit Growth %0.29%0.12%0.03%0.09%-0.2%0.01%0.28%-0.06%0.04%-0.03%
Operating Expenses+429.21M513.38M561.18M582.29M519.23M492M667.78M558.35M637.37M567.26M
OpEx % of Revenue0.83%0.88%0.95%0.93%1.02%1%1.15%0.86%0.96%0.85%
Selling, General & Admin256.97M295.62M324.52M358.14M305.84M345.18M413.9M376.79M409.73M334.07M
SG&A % of Revenue0.5%0.51%0.55%0.57%0.6%0.7%0.71%0.58%0.62%0.5%
Research & Development0000000000
R&D % of Revenue----------
Other Operating Expenses0000213.39M146.83M253.87M181.56M227.64M233.19M
Operating Income+68.85M80.86M43.87M49.98M5.22M-36.93M-87.38M-11.18M-69.35M-18.43M
Operating Margin %0.13%0.14%0.07%0.08%0.01%-0.07%-0.15%-0.02%-0.1%-0.03%
Operating Income Growth %1.18%0.17%-0.46%0.14%-0.9%-8.07%-1.37%0.87%-5.2%0.73%
EBITDA+166.94M215.53M193.01M190.87M146.73M100.73M76.64M173.66M137.3M193.9M
EBITDA Margin %0.32%0.37%0.33%0.3%0.29%0.2%0.13%0.27%0.21%0.29%
EBITDA Growth %0.18%0.29%-0.1%-0.01%-0.23%-0.31%-0.24%1.27%-0.21%0.41%
D&A (Non-Cash Add-back)98.09M134.66M149.13M140.88M141.51M137.66M164.03M184.84M206.65M212.33M
EBIT69.9M79.28M48.35M49.27M1.34M-43.43M-84.58M-28.61M-77.91M-26.95M
Net Interest Income+-21.17M-22.56M-21.9M-19.62M-21.39M-19.95M-26.06M-40.86M-52.66M-50.99M
Interest Income442K736K1.24M2.82M1.35M3K145K875.63K161K3.42M
Interest Expense21.07M22.69M22.52M21.79M22.16M20.21M25.49M41.74M52.82M54.41M
Other Income/Expense-37.3M-11.29M-2.75M-17.36M-26.04M12.9M-62.24M-21.39M-61.37M-21.23M
Pretax Income+48.83M56.59M25.83M27.48M-20.82M-24.03M-149.62M-32.57M-130.72M-39.66M
Pretax Margin %0.09%0.1%0.04%0.04%-0.04%-0.05%-0.26%-0.05%-0.2%-0.06%
Income Tax+12.46M17.38M63.46M8.6M2.42M68.19M-34.11M-3.9M-17.57M6.64M
Effective Tax Rate %0.74%0.69%-1.46%0.69%1.12%3.84%0.77%0.88%0.87%0.83%
Net Income+36.37M39.21M-37.63M18.88M-23.23M-92.22M-115.51M-28.68M-113.16M-33.02M
Net Margin %0.07%0.07%-0.06%0.03%-0.05%-0.19%-0.2%-0.04%-0.17%-0.05%
Net Income Growth %41.64%0.08%-1.96%1.5%-2.23%-2.97%-0.25%0.75%-2.95%0.71%
Net Income (Continuing)36.37M39.21M-37.63M18.88M-23.23M-92.22M-115.51M-28.68M-113.16M-33.02M
Discontinued Operations0000000000
Minority Interest0000000000
EPS (Diluted)+0.220.24-0.230.11-0.14-0.57-0.71-0.18-0.68-0.19
EPS Growth %-0.09%-1.96%1.48%-2.27%-3.07%-0.25%0.75%-2.78%0.72%
EPS (Basic)0.220.24-0.230.11-0.14-0.57-0.71-0.18-0.68-0.19
Diluted Shares Outstanding164.32M164.49M164.61M164.67M164.25M162.94M163M163.06M165.34M172.61M
Basic Shares Outstanding163.89M164.03M164.19M164.53M164.25M162.94M163M163.06M165.34M170.93M
Dividend Payout Ratio0.55%0.59%-1.24%------

Balance Sheet

Jun 2016Jun 2017Jun 2018Jun 2019Jun 2020Jun 2021Jun 2022Jun 2023Jun 2024Jun 2025
Total Current Assets+366.67M398.85M413.46M388.32M224.81M212.94M237.16M193.73M177.28M284.02M
Cash & Short-Term Investments229.19M290.27M242.02M307.64M51.54M110.66M121.22M76.02M73.55M86.11M
Cash Only229.19M290.27M242.02M307.64M51.54M110.66M121.22M76.02M73.55M86.11M
Short-Term Investments0000000000
Accounts Receivable116.05M90.23M157.09M65.21M161.95M90.91M85.45M89.74M79.51M153.26M
Days Sales Outstanding82.256.6697.2237.96116.1267.1653.4850.5243.8683.93
Inventory926K1.64M1.42M2.13M2.19M2.08M2.2M3.17M3.54M13.05M
Days Inventory Outstanding5.147.586.9211.813.3519.45-11.4113.840.48
Other Current Assets7.89M3.22M1.16M312K2.63M1.89M12.76M8.32M1.92M14.17M
Total Non-Current Assets+1.09B1.13B1.13B1.11B1.16B1.05B1.06B1.12B1.17B1.35B
Property, Plant & Equipment245.71M244.74M245.4M246.03M259M251.44M246.73M262.04M264.31M299.48M
Fixed Asset Turnover2.10x2.38x2.40x2.55x1.97x1.97x2.36x2.47x2.50x2.23x
Goodwill421.45M421.45M421.45M421.45M421.45M421.45M421.45M421.45M421.45M421.45M
Intangible Assets244.18M296.09M378.19M347.4M353.72M333.01M321.82M390.93M416.11M7.66M
Long-Term Investments004.49M0002.46M0086.13M
Other Non-Current Assets28.43M31.03M19.42M34.9M66.13M41.46M66.49M49.79M48.02M539M
Total Assets+1.45B1.53B1.55B1.5B1.38B1.26B1.29B1.32B1.34B1.64B
Asset Turnover0.35x0.38x0.38x0.42x0.37x0.39x0.45x0.49x0.49x0.41x
Asset Growth %0.12%0.06%0.01%-0.03%-0.08%-0.09%0.03%0.02%0.02%0.22%
Total Current Liabilities+403.74M410.51M461.46M428.84M398.34M384.03M494.84M526.87M494.99M750.37M
Accounts Payable127.43M190.31M164.25M119.21M105.92M76.62M91.56M142.06M165.45M269.16M
Days Payables Outstanding706.85881.51803.25660.54646.97716.41-512.23644.25834.8
Short-Term Debt5.56M5.72M9.07M5.45M5.61M65.19M105.76M105.96M35.57M165.12M
Deferred Revenue (Current)1000K1000K1000K1000K1000K1000K1000K1000K1000K0
Other Current Liabilities2.8M143.54M000907K1.09M13.78M10.4M237.9M
Current Ratio0.91x0.97x0.90x0.91x0.56x0.55x0.48x0.37x0.36x0.38x
Quick Ratio0.91x0.97x0.89x0.90x0.56x0.55x0.47x0.36x0.35x0.36x
Cash Conversion Cycle-619.52-817.27-699.11-610.78-517.49-629.8--450.3-586.59-710.39
Total Non-Current Liabilities+589.88M643.06M657.18M652.48M633.89M603.77M671.32M687.12M704.91M693.63M
Long-Term Debt494.24M498.29M486.69M508.08M520.01M465.05M530.37M507.33M511.05M471.86M
Capital Lease Obligations00003.33M3.08M2.87M7.84M7.71M7.9M
Deferred Tax Liabilities14.36M21.54M29.13M31.86M31.34M35.55M7.4M3.3M00
Other Non-Current Liabilities95.64M144.77M170.49M144.4M60.46M77.15M113.98M161.98M180.81M207.96M
Total Liabilities993.62M1.05B1.12B1.08B1.03B987.8M1.17B1.21B1.2B1.44B
Total Debt+490.09M503.35M495.77M511.23M530.01M534.58M640.55M622.18M555.26M645.45M
Net Debt260.9M213.09M253.75M203.59M478.47M423.92M519.33M546.16M481.71M559.34M
Debt / Equity1.07x1.05x1.16x1.23x1.51x1.96x5.02x5.99x3.83x3.33x
Debt / EBITDA2.94x2.34x2.57x2.68x3.61x5.31x8.36x3.58x4.04x3.33x
Net Debt / EBITDA1.56x0.99x1.31x1.07x3.26x4.21x6.78x3.14x3.51x2.88x
Interest Coverage3.27x3.56x1.95x2.29x0.24x-1.83x-3.43x-0.27x-1.31x-0.34x
Total Equity+458.28M480.09M427.1M415.2M351.23M272.51M127.51M103.95M144.89M193.73M
Equity Growth %-0.04%0.05%-0.11%-0.03%-0.15%-0.22%-0.53%-0.18%0.39%0.34%
Book Value per Share2.792.922.592.522.141.670.780.640.881.12
Total Shareholders' Equity458.28M480.09M427.1M415.2M351.23M272.51M127.51M103.95M144.89M193.73M
Common Stock52K53K53K53K53K53K53K53K55K56K
Retained Earnings173.37M193.45M136.76M132.84M87.2M-13.65M-170.04M-196.65M-309.25M-341.62M
Treasury Stock0000-21.3M-21.3M-21.3M-21.3M-21.3M-21.3M
Accumulated OCI216.04M217.76M221.47M213.49M216.47M238.59M249.98M253.03M248.03M249.25M
Minority Interest0000000000

Cash Flow

Jun 2016Jun 2017Jun 2018Jun 2019Jun 2020Jun 2021Jun 2022Jun 2023Jun 2024Jun 2025
Cash from Operations+186.09M227.66M95.25M244.78M-3.82M113.08M96.37M95.77M85.67M72.7M
Operating CF Margin %0.36%0.39%0.16%0.39%-0.01%0.23%0.17%0.15%0.13%0.11%
Operating CF Growth %0.29%0.22%-0.58%1.57%-1.02%30.6%-0.15%-0.01%-0.11%-0.15%
Net Income48.83M56.59M25.83M27.48M-20.82M-42.1M-115.51M-28.68M-130.72M-33.02M
Depreciation & Amortization98.09M134.66M149.13M140.88M141.51M139.36M165.78M186.53M206.65M215.31M
Stock-Based Compensation1.79M2.19M2.92M699K1.44M2.08M198K3.39M875K1.58M
Deferred Taxes-5.6M-30.08M-31.51M-34.44M-19.97M-62.7M-11.71M-71.45M00
Other Non-Cash Items15.57M-7.52M21.9M19.62M20.77M38.91M-8.05M37.06M-5.8M-33.11M
Working Capital Changes21.8M41.74M-73.03M90.55M-126.75M37.53M65.67M-31.08M14.67M-78.06M
Change in Receivables-31.74M5.09M-64.49M82.09M-83.2M71.69M-520K24.43M2.36M-65.99M
Change in Inventory-926K-711K221K-714K-56K106K-120K-965K-378K-9.51M
Change in Payables018.79M16.74M3.27M-10.33M10.33M16.85M-48.3M00
Cash from Investing+-104.82M-150.97M-121.27M-161.34M-212.85M-99.37M-93.43M-140.16M-171.2M-274.68M
Capital Expenditures-143.2M-202.2M-168.22M-191.91M-241.87M-144.43M-123.74M-171.78M-17.51M-44.72M
CapEx % of Revenue0.28%0.35%0.29%0.31%0.48%0.29%0.21%0.26%0.03%0.07%
Acquisitions----------
Investments----------
Other Investing-99.72M-142.59M46.95M30.57M29.02M46M30.31M31.62M-153.69M-229.95M
Cash from Financing+-20.45M-23.69M-22.4M-27.08M-46.4M47.64M5.04M-1.95M86.23M209.58M
Debt Issued (Net)----------
Equity Issued (Net)----------
Dividends Paid-20.08M-23.3M-21.98M-23.33M-23.23M-10.72M-33.55M000
Share Repurchases----------
Other Financing00000000-1.33M-23.49M
Net Change in Cash----------
Free Cash Flow+42.9M25.46M-72.97M52.87M-245.69M-31.35M-27.37M-76.01M-122.56M27.98M
FCF Margin %0.08%0.04%-0.12%0.08%-0.48%-0.06%-0.05%-0.12%-0.19%0.04%
FCF Growth %1.04%-0.41%-3.87%1.72%-5.65%0.87%0.13%-1.78%-0.61%1.23%
FCF per Share0.260.15-0.440.32-1.50-0.19-0.17-0.47-0.740.16
FCF Conversion (FCF/Net Income)5.12x5.81x-2.53x12.96x0.16x-1.23x-0.83x-3.34x-0.76x-2.20x
Interest Paid00000000037.2M
Taxes Paid0000000000

Key Ratios

Metric2016201720182019202020212022202320242025
Return on Equity (ROE)7.77%8.36%-8.3%4.48%-6.06%-29.57%-57.75%-24.78%-90.95%-19.5%
Return on Invested Capital (ROIC)7.11%8.59%4.79%5.77%0.54%-3.63%-9.76%-1.29%-8.15%-2%
Gross Margin87.23%86.44%87.34%89.5%88.26%92.1%100%84.39%85.83%82.34%
Net Margin7.06%6.75%-6.38%3.01%-4.56%-18.66%-19.81%-4.42%-17.1%-4.95%
Debt / Equity1.07x1.05x1.16x1.23x1.51x1.96x5.02x5.99x3.83x3.33x
Interest Coverage3.27x3.56x1.95x2.29x0.24x-1.83x-3.43x-0.27x-1.31x-0.34x
FCF Conversion5.12x5.81x-2.53x12.96x0.16x-1.23x-0.83x-3.34x-0.76x-2.20x
Revenue Growth30.41%12.79%1.46%6.34%-18.83%-2.93%18.03%11.18%2.06%0.72%

Revenue by Segment

20182019202020212022202320242025
Commercial276.1M275.09M279.04M232.21M257.82M302.89M302.88M333.27M
Commercial Growth--0.36%1.44%-16.79%11.03%17.48%-0.00%10.04%
Sponsorship-173.01M182.71M140.21M147.88M189.5M177.77M188.42M
Sponsorship Growth--5.61%-23.26%5.47%28.14%-6.19%5.99%
Broadcasting204.14M241.21M140.2M254.81M214.85M209.09M221.75M172.98M
Broadcasting Growth-18.16%-41.88%81.75%-15.69%-2.68%6.05%-21.99%
Matchday109.79M110.82M89.79M7.1M110.53M136.42M137.13M160.26M
Matchday Growth-0.94%-18.97%-92.10%1457.47%23.42%0.52%16.87%
Broadcasting Other-10.05M7.95M6.3M6.74M6.12M6.22M5.78M
Broadcasting Other Growth---20.91%-20.71%6.92%-9.21%1.63%-7.11%
Broadcasting Domestic Competitions-148.02M115.42M174.68M----
Broadcasting Domestic Competitions Growth---22.03%51.35%----
Retail Merchandising Apparel And Products Licensing-102.08M96.33M92M----
Retail Merchandising Apparel And Products Licensing Growth---5.63%-4.50%----
Broadcasting European Competitions-83.14M16.84M73.83M----
Broadcasting European Competitions Growth---79.75%338.51%----

Frequently Asked Questions

Growth & Financials

Manchester United plc (MANU) reported $666.5M in revenue for fiscal year 2025. This represents a 108% increase from $320.3M in 2012.

Manchester United plc (MANU) grew revenue by 0.7% over the past year. Growth has been modest.

Manchester United plc (MANU) reported a net loss of $33.0M for fiscal year 2025.

Dividend & Returns

Manchester United plc (MANU) has a return on equity (ROE) of -19.5%. Negative ROE indicates the company is unprofitable.

Manchester United plc (MANU) had negative free cash flow of $161.8M in fiscal year 2025, likely due to heavy capital investments.

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