# Mulberry Group plc (MUL.L) fundamentals

Data as of 2026-09-08. LSE, United Kingdom. Sector: Consumer Cyclical / Textiles, Apparel & Luxury Goods. Price 276p, market value 194 millionp.

## Valuation
- **P/E (trailing): n/a** (negative earnings). Mulberry Group plc reported negative earnings over the last twelve months, so the P/E is not meaningful; use price-to-sales, EV/EBITDA and free-cash-flow yield instead.
- **Price / sales: 1.5×**. Each dollar of revenue is priced at 1.5×.
- **EV / EBITDA: 23.7×**. Enterprise value is 23.7× operating earnings before depreciation, the multiple that ignores how the company is financed; above 20× is demanding.
- **Free-cash-flow yield: 1.1%** (5-yr avg -0.0%). Free cash flow equals 1.1% of the market value, above its five-year average of -0.0%, so the shares are cheaper on cash than they have usually been.

## Profitability
- **Gross margin: 71.9%**. Mulberry Group plc keeps 71.9% of revenue after the direct cost of what it sells, the kind of margin that comes with software, brands or pricing power.
- **Operating margin: -5.6%**. Operating margin is negative: the business loses money before interest and tax.
- **Net margin: -6.7%**. The company reported a net loss over the last twelve months.
- **Return on equity: 69.1%**. A 69.1% return on equity is extremely high; check whether buybacks or debt have shrunk the equity base, which flatters the ratio.
- **Return on invested capital: -15.0%**. Return on all capital, debt included, is -15.0%: close to or below the cost of capital, so growth may not create value.
- **Return on assets: -10.2%**. Each dollar of assets produces -10.2% of profit.

## Growth
- **Revenue growth (1 yr): 4.2%** (3-yr -7.6%/yr, 5-yr 1.8%/yr). Revenue grew 4.2% over the last year, against 1.8% a year compounded over five years: growth is accelerating.

## Financial health
- **Net debt / EBITDA: 5.5×**. It would take 5.5 years of operating earnings to repay net borrowings, above the 3× level most lenders treat as comfortable.
- **Interest coverage: -1.4×**. Operating profit covers interest only -1.4×: fragile.
- **Current ratio: 0.91** (quick 0.37). Current liabilities exceed current assets, so the company depends on ongoing cash generation or refinancing to pay the next year's bills.
- **Altman Z-score: 2.06**. A Z-score of 2.06 is in the grey zone; not distressed, not clearly safe.
- **Piotroski F-score: 6/9**. 6 of 9 checks pass: mixed.

## Dividends
- **Dividend: none**. Mulberry Group plc does not currently pay a dividend, but it returned -0.1% of its market value through buybacks over the last year.

## Price and momentum
- **Total return (1 yr): 173.8%** (YTD 141.2%, 3-mo 106.8%). The shares are up 173.8% over twelve months including dividends.
- **From 52-week high: 0.0%** (224.7% above the low). Trading within 5% of its 52-week high.
- **200-day average: above**. The price sits above its 200-day moving average, the usual definition of an uptrend.
- **RSI (14-day): 79**. An RSI of 79 is in overbought territory; short-term pullbacks are common from here.
- **Beta (1 yr): -0.14** (volatility 31%). Beta of -0.14 against the FTSE All-Share: the shares move much less than the market.

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

Not investment advice.