# Dr. Martens plc (DOCS.L) fundamentals

Data as of 2026-09-08. LSE, United Kingdom. Sector: Consumer Cyclical / Textiles, Apparel & Luxury Goods. Price 69p, market value 664 millionp.

## Valuation
- **P/E (trailing): 34.7×** (5-yr avg 3289.0×, 3-yr avg 4675.5×). Dr. Martens plc trades at 34.7× trailing earnings, well below its own five-year average of 3289.0×: cheap by its own standards. The Consumer Cyclical median in the September 2026 study was 19.5×. Forward P/E is 11.2×, lower than trailing, so analysts expect earnings to grow.
- **PEG: 0.03**. A PEG of 0.03 means the P/E is low relative to expected earnings growth: the market is not paying much for that growth.
- **Price / sales: 0.4×**. Each dollar of revenue is priced at 0.4×, a low multiple typical of thin-margin businesses or out-of-favour stocks.
- **Price / book: 1.8×**. The shares trade at 1.8× book value; book value is a meaningful part of the valuation.
- **EV / EBITDA: 3.4×**. Enterprise value is 3.4× operating earnings before depreciation, the multiple that ignores how the company is financed; below 8× is inexpensive for most sectors.
- **Free-cash-flow yield: 43.0%** (5-yr avg 0.2%). Free cash flow equals 43.0% of the market value, above its five-year average of 0.2%, so the shares are cheaper on cash than they have usually been. Above 5% is generally attractive.
- **Earnings yield: 2.9%**. The inverse of the P/E: 2.9% of the price is earned each year.

## Profitability
- **Gross margin: 61.1%**. Dr. Martens plc keeps 61.1% of revenue after the direct cost of what it sells, the kind of margin that comes with software, brands or pricing power.
- **Operating margin: 8.5%**. 8.5% of revenue is left after running the business.
- **Net margin: 3.1%**. 3.1% of each dollar of sales reaches the bottom line.
- **Return on equity: 6.6%**. 6.6% on shareholders' equity is weak; the business earns little on the capital its owners have in it.
- **Return on invested capital: 15.7%**. Return on all capital, debt included, is 15.7%: comfortably above what that capital costs.
- **Return on assets: 3.2%**. Each dollar of assets produces 3.2% of profit.

## Growth
- **Revenue growth (1 yr): -2.9%** (3-yr -8.6%/yr, 5-yr -0.2%/yr). Revenue fell 2.9% over the last year, against -0.2% a year compounded over five years: growth is slowing.
- **EPS growth (1 yr): 386.0%** (3-yr -42.8%/yr, 5-yr -6.9%/yr). Earnings per share rose 386.0%, faster than revenue, so margins expanded or the share count shrank.
- **Free-cash-flow growth (3 yr): 65.0%/yr**. Free cash flow has compounded at 65.0% a year over three years, keeping pace with earnings: the growth is real cash.

## Financial health
- **Debt to equity: 1.09**. Debt is 1.09 times equity, a leveraged balance sheet that needs steady cash flow to service.
- **Net debt / EBITDA: 0.8×**. It would take 0.8 years of operating earnings to repay net borrowings, within the comfortable range.
- **Interest coverage: 2.3×**. Operating profit covers interest 2.3×, thin but manageable.
- **Current ratio: 2.61** (quick 1.60). Current assets cover the next year's liabilities 2.61 times.
- **Altman Z-score: 2.88**. A Z-score of 2.88 is in the grey zone; not distressed, not clearly safe.
- **Piotroski F-score: 5/9**. 5 of 9 checks pass: mixed.

## Dividends
- **Dividend yield: 3.58%** (0p per share, trailing). Dr. Martens plc yields 3.58%, an income-level yield.
- **Payout ratio: 103%** (12% of free cash flow). The dividend exceeds earnings (103% payout), though free cash flow still covers it.
- **Consecutive years of increases: 1**. 1 straight year of increases.
- **Shareholder yield: 4.6%**. Dividends plus net buybacks return 4.6% of the market value a year.

## Price and momentum
- **Total return (1 yr): -21.0%** (YTD -5.1%, 3-mo 1.7%). The shares are down 21.0% over twelve months including dividends.
- **From 52-week high: -31.2%** (17.3% above the low). Trading 31% below its 52-week high, deep in a drawdown.
- **200-day average: above**. The price sits above its 200-day moving average, the usual definition of an uptrend.
- **RSI (14-day): 37**. An RSI of 37 is neutral.
- **Beta (1 yr): 0.89** (volatility 34%). Beta of 0.89 against the FTSE All-Share: the shares move roughly with the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=DOCS.L · Page: https://foliofundamentals.com/stocks/docs.l

Not investment advice.