Manchester United plc
MANU · Services-Amusement & Recreation Services · EDGAR filings ↗
Grade
D47Iconic global football brand but a loss-making, highly levered year with no European competition revenue ahead.
Strengths
- Strong brand with rising commercial/broadcast revenue (+9.1%) and positive operating cash flow (73rd pct OCF margin)
- Long-dated adidas and sponsorship deals provide high-margin, scalable commercial income
Risks
- Net loss (net margin -5%, ROE -17%), negative interest coverage and earnings down 68%
- Very high leverage (D/E 3.29, 86th pct), weak liquidity (current ratio 0.38) and loss of UEFA participation in 2025/26
Notable findings
- No interest coverageInterest coverage -0.31 (cannot cover interest)
- High leverageHigh leverage (debt/equity 3.29)
- Net lossNet loss (net margin -5.0%)
- Weak liquidityCurrent ratio 0.38 (<1)
- Customer concentration~47% of revenue from one customer/distributor — 8% and 46
Key metrics
Operating margin
-2.8%
Net margin
-5.0%
Return on equity
-17.0%
Return on assets
-2.0%
ROIC
-1.8%
Revenue growth (QoQ)
9.1%
Debt / equity
3.3×
Interest coverage
-0.3×
Current ratio
0.4×
Free cash flow
$38M
Tangible book value
$265M
Cash & investments
$118M
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2025-09-18 | 2025-06-30 | 0001104659-25-091251 ↗ |
| 20-F | 2024-09-13 | 2024-06-30 | 0001104659-24-099826 ↗ |
| 20-F | 2023-10-27 | 2023-06-30 | 0001104659-23-112170 ↗ |
| 20-F | 2022-09-23 | 2022-06-30 | 0001104659-22-102671 ↗ |
| 20-F | 2021-09-20 | 2021-06-30 | 0001104659-21-117363 ↗ |
| 20-F | 2020-10-23 | 2020-06-30 | 0001104659-20-117718 ↗ |
| 20-F | 2019-09-24 | 2019-06-30 | 0001047469-19-005426 ↗ |
| 20-F | 2018-09-28 | 2018-06-30 | 0001047469-18-006489 ↗ |
| 20-F | 2017-10-13 | 2017-06-30 | 0001047469-17-006366 ↗ |
| 20-F | 2016-09-15 | 2016-06-30 | 0001047469-16-015489 ↗ |
| 20-F | 2015-10-15 | 2015-06-30 | 0001047469-15-007881 ↗ |
| 20-F | 2014-10-27 | 2014-06-30 | 0001047469-14-008570 ↗ |