Dr. Martens

DOCS · Main Market · Consumer Products and Services · mcap £651m · 68.9p

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Financials · balance sheet 29 Mar 26 · last twelve months · today’s market value

Source: results 19 May 26 ↗

Key figures Cash & debt Profit & cash flow Valuation Returns & quality Latest half-year

Market cap: £667.0m
Owner’s net cash: −£69.4m
Net cash / market cap: -10%
EV ex leases: £736.4m
Revenue: £764.9m
Operating profit: £57.0m
Free cash flow after leases: £75.2m
EV / EBIT: 12.9×
FCF yield: 11.3%
Price / tangible book: 5.52×
ROCE: 8%
Net income (owners): £23.8m

Hover or tap a figure for its formula and the values used – the names are the line names of the key figures below. Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

Key figures As reported

Income statement Balance sheet Cash flow

Annual Half-yearly

Standardised line items in £m, comparable across companies; when a later report restated a period, the later figure is shown and marked ^r (hover for the figure first reported). Italic = calculated (LTM, H2 = FY − H1); a year of other than 12 months is marked (15m). Hover a value for its source.

Latest report: FY Mar 26 (twelve months to 29 Mar 26), published 19 May 26 · read the results ↗

Source ↗

	FY26 £m	FY25 £m
Revenue	764.9	787.6
Cost of sales	(258.9)	(275.9)
Gross margin	506.0	511.7
Selling and administrative expenses	(449.0)	(474.7)
Finance income	3.7	3.8
Finance expense	(28.0)	(32.0)
Profit before tax	32.7	8.8
EBIT 1	57.0	37.0
Net finance expense	(24.3)	(28.2)
Profit before tax	32.7	8.8
Tax expense	(8.9)	(4.3)
Profit for the period	23.8	4.5

Source ↗

	FY26 £m	FY25 £m
ASSETS
Non-current assets
Intangible assets	270.4	274.0
Property, plant and equipment	43.5	49.6
Right-of-use assets	131.3	143.2
Investments	1.0	1.0
Derivative financial assets	-	-
Deferred tax assets	11.0	11.1
Net pension asset	3.0	-
Total non-current assets	460.2	478.9
Current assets
Inventories	160.8	187.4
Trade and other receivables	70.7	62.4
Income tax assets	4.8	4.2
Derivative financial assets	0.5	1.0
Cash and cash equivalents	180.3	155.9
Total current assets	417.1	410.9
Total assets	877.3	889.8
LIABILITIES
Current liabilities
Trade and other payables	(112.3)	(108.9)
Borrowings	(2.1)	(2.4)
Lease liabilities	(44.1)	(45.9)
Income tax liabilities	(1.2)	(1.3)
Derivative financial liabilities	(0.2)	(0.1)
Total current liabilities	(159.9)	(158.6)
Non-current liabilities
Borrowings	(247.6)	(246.3)
Lease liabilities	(99.7)	(109.5)
Provisions	(7.3)	(6.5)
Deferred tax liabilities	(1.3)	(2.5)
Total non-current liabilities	(355.9)	(364.8)
Total liabilities	(515.8)	(523.4)
Net assets	361.5	366.4
EQUITY
Equity attributable to the owners of the Parent
Ordinary share capital	9.7	9.6
Treasury shares	(6.7)	-
Hedging reserve	0.2	0.7
Capital redemption reserve	0.4	0.4
Merger reserve	(1,400.0)	(1,400.0)
Foreign currency translation reserve	1.4	6.6
Retained earnings	1,756.5	1,749.1
Total equity	361.5	366.4

Source ↗

	FY26 £m	FY25 £m
Profit after taxation	23.8	4.5
Add back: income tax expense	8.9	4.3
finance income	(3.7)	(3.8)
finance expense	28.0	32.0
depreciation, amortisation and impairment	72.6	76.8
other (gains)/losses	(0.7)	0.1
currency (gains)/losses	(0.9)	3.1
loss/(gain) realised on matured derivatives	1.3	(3.8)
share-based payments charge	5.2	7.2
defined benefit pension past service cost	0.6	-
Decrease in inventories	23.5	62.7
(Increase)/decrease in trade and other receivables	(8.8)	6.3
Increase in trade and other payables	5.1	15.3
Change in net working capital	19.8	84.3
Cash flows from operating activities
Cash generated from operations	154.9	204.7
Taxation paid	(10.9)	(12.2)
Settlement of matured derivatives	(1.3)	3.8
Net cash inflow from operating activities	142.7	196.3
Cash flows from investing activities
Additions to intangible assets	(2.7)	(10.3)
Additions to property, plant and equipment	(9.2)	(8.4)
Finance income received	3.7	3.4
Net cash outflow from investing activities	(8.2)	(15.3)
Cash flows from financing activities
Finance expense paid	(20.9)	(31.5)
Payment of lease interest	(6.3)	(6.9)
Payment of lease liabilities	(49.3)	(49.3)
Purchase of own shares held by employee trust	(6.7)	-
Proceeds from borrowings	-	250.0
Repayment of borrowings	-	(283.0)
Settlement of matured derivatives	-	(4.0)
Dividends paid	(24.6)	(9.5)
Net cash outflow from financing activities	(107.8)	(134.2)
Net increase in cash and cash equivalents	26.7	46.8
Cash and cash equivalents at beginning of period	155.9	111.1
Effect of foreign exchange on cash held	(2.3)	(2.0)
Cash and cash equivalents at end of period	180.3	155.9

Source ↗

	Unaudited 26 weeks ended 28 September 2025 £m	Unaudited 26 weeks ended 29 September 2024 £m	Audited 52 weeks ended 30 March 2025 £m
Revenue	322.0	324.6	787.6
Cost of sales	(111.7)	(116.9)	(275.9)
Gross margin	210.3	207.7	511.7
Selling and administrative expenses	(208.8)	(222.8)	(474.7)
Finance income	1.7	1.7	3.8
Finance expense	(14.2)	(15.3)	(32.0)
(Loss)/profit before tax	(11.0)	(28.7)	8.8
EBIT 1	1.5	(15.1)	37.0
Net finance expense	(12.5)	(13.6)	(28.2)
(Loss)/profit before tax	(11.0)	(28.7)	8.8
Tax credit/(expense)	1.0	7.9	(4.3)
(Loss)/profit after tax	(10.0)	(20.8)	4.5

Source ↗

	Unaudited 28 September 2025 £m	Unaudited 29 September 2024 £m	Audited 30 March 2025 £m
ASSETS
Non-current assets
Intangible assets	273.0	273.8	274.0
Property, plant and equipment	45.8	52.9	49.6
Right-of-use assets	135.8	153.4	143.2
Investments	1.0	1.0	1.0
Derivative financial assets	-	0.2	-
Deferred tax assets	13.0	15.1	11.1
Total non-current assets	468.6	496.4	478.9
Current assets
Inventories	199.8	245.4	187.4
Trade and other receivables	94.7	89.8	62.4
Income tax assets	6.6	3.4	4.2
Derivative financial assets	-	2.5	1.0
Cash and cash equivalents	95.7	94.9	155.9
Total current assets	396.8	436.0	410.9
Total assets	865.4	932.4	889.8
LIABILITIES
Current liabilities
Trade and other payables	(129.3)	(132.5)	(108.9)
Borrowings	(2.2)	(8.0)	(2.4)
Lease liabilities	(47.4)	(43.8)	(45.9)
Income tax liabilities	(1.5)	(4.5)	(1.3)
Derivative financial liabilities	(1.6)	(4.0)	(0.1)
Total current liabilities	(182.0)	(192.8)	(158.6)
Non-current liabilities
Borrowings	(246.9)	(279.8)	(246.3)
Lease liabilities	(100.6)	(118.1)	(109.5)
Provisions	(6.6)	(7.2)	(6.5)
Derivative financial liabilities	(0.2)	-	-
Deferred tax liabilities	-	-	(2.5)
Total non-current liabilities	(354.3)	(405.1)	(364.8)
Total liabilities	(536.3)	(597.9)	(523.4)
Net assets	329.1	334.5	366.4
EQUITY
Equity attributable to the owners of the Parent
Ordinary share capital	9.7	9.6	9.6
Treasury shares	-	-	-
Hedging reserve	(1.3)	1.8	0.7
Capital redemption reserve	0.4	0.4	0.4
Merger reserve	(1,400.0)	(1,400.0)	(1,400.0)
Foreign currency translation reserve	1.5	2.6	6.6
Retained earnings	1,718.8	1,720.1	1,749.1
Total equity	329.1	334.5	366.4

Source ↗

	28 September 2025 £m	29 September 2024 £m
Loss after tax for the period	(10.0)	(20.8)
Add back
income tax credit	(1.0)	(7.9)
finance income	(1.7)	(1.7)
finance expense	14.2	15.3
depreciation, amortisation and impairment	36.0	38.0
other gains	(0.3)	(0.1)
currency (gains)/losses	(1.3)	1.6
loss/(gain) realised on matured derivatives	0.2	(1.2)
share-based payments charge	4.0	3.5
(Increase)/decrease in inventories	(16.0)	0.4
Increase in trade and other receivables	(32.7)	(22.1)
Increase in trade and other payables	6.0	32.2
Change in net working capital	(42.7)	10.5
Cash flows from operating activities
Cash (used in)/generated from operations	(2.6)	37.2
Tax paid	(4.4)	(3.2)
Settlement of matured derivatives	(0.2)	1.3
Net cash (outflow)/inflow from operating activities	(7.2)	35.3
Cash flows from investing activities
Additions to intangible assets	(2.1)	(6.8)
Additions to property, plant and equipment	(4.2)	(4.2)
Finance income received	2.0	1.6
Net cash outflow from investing activities	(4.3)	(9.4)
Cash flows from financing activities
Finance expense paid	(10.9)	(11.2)
Payment of lease interest	(3.2)	(3.6)
Payment of lease liabilities	(24.8)	(24.8)
Dividends paid	(8.2)	-
Net cash outflow from financing activities	(47.1)	(39.6)
Net decrease in cash and cash equivalents	(58.6)	(13.7)
Cash and cash equivalents at beginning of the period	155.9	111.1
Effect of foreign exchange on cash held	(1.6)	(2.5)
Cash and cash equivalents at end of the period	95.7	94.9

	FY Mar 26	FY Mar 25
Revenue to operating profit
Revenue	764.9	787.6
Gross profit	506.0	511.7
Adjusted operating profit	79.3	60.7
Operating profit	57.0	37.0
Share-based payments	5.2	7.2
Operating profit to net income
Finance costs	(28.0)	(32.0)
Profit before tax	32.7	8.8
Tax	(8.9)	(4.3)
Net income (owners)	23.8	4.5
Per share
EPS basic	2.5p	0.5p
EPS diluted	2.4p	0.5p
Dividend per share	2.5p	2.5p

	H2 Mar 26	H1 Sep 25	H2 Mar 25	H1 Sep 24
Revenue to operating profit
Revenue	442.9	322.0	463.0	324.6
Gross profit	295.7	210.3	304.0	207.7
Adjusted operating profit	76.2	3.1	63.7	(3.0)
Operating profit	55.5	1.5	52.1	(15.1)
Share-based payments	1.2	4.0	3.7	3.5
Operating profit to net income
Finance costs	(13.8)	(14.2)	(16.7)	(15.3)
Profit before tax	43.7	(11.0)	37.5	(28.7)
Tax	(9.9)	1.0	(12.2)	7.9
Net income (owners)	33.8	(10.0)	25.3	(20.8)
Per share
EPS basic	3.5p	(1.0p)	2.7p	(2.2p)
EPS diluted	3.4p	(1.0p)	2.7p	(2.2p)

	FY Mar 26	FY Mar 25
Operating activities
Cash from operations	142.7	196.3
Interest paid	(20.9)	(31.5)
Tax paid	(10.9)	(12.2)
Investing activities
Capex (PP&E)	(9.2)	(8.4)
Capex (intangibles)	(2.7)	(10.3)
Financing activities
Lease principal paid	(49.3)	(49.3)
Lease interest paid	(6.3)	(6.9)
Dividends paid	(24.6)	(9.5)
Share buybacks	(6.7)	0.0

	H2 Mar 26	H1 Sep 25	H2 Mar 25	H1 Sep 24
Operating activities
Cash from operations	149.9	(7.2)	161.0	35.3
Interest paid	(10.0)	(10.9)	(20.3)	(11.2)
Tax paid	(6.5)	(4.4)	(9.0)	(3.2)
Investing activities
Capex (PP&E)	(5.0)	(4.2)	(4.2)	(4.2)
Capex (intangibles)	(0.6)	(2.1)	(3.5)	(6.8)
Financing activities
Lease principal paid	(24.5)	(24.8)	(24.5)	(24.8)
Lease interest paid	(3.1)	(3.2)	(3.3)	(3.6)
Dividends paid	(16.4)	(8.2)	(9.5)	0.0

	29 Mar 26	30 Mar 25
Non-current assets
Goodwill	240.7	240.7
Property, plant & equipment	43.5	49.6
of which land & buildings	6.5	6.7
Other investments	1.0	1.0
Non-current assets	460.2	478.9
Current assets
Inventories	160.8	187.4
Trade receivables	70.7	62.4
Cash	180.3	155.9
Current assets	417.1	410.9
Total assets	877.3	889.8
Current liabilities
Trade payables	112.3	108.9
Borrowings, current	2.1	2.4
Lease liabilities, current	44.1	45.9
Current liabilities	159.9	158.6
Non-current liabilities
Borrowings, non-current	247.6	246.3
Lease liabilities, non-current	99.7	109.5
Pension surplus / (deficit)	3.0	0.0
Non-current liabilities	355.9	364.8
Total liabilities	515.8	523.4
Equity
Total equity	361.5	366.4
Net cash and other figures
Net cash / (debt) ex leases	(69.7)	(94.1)
Net cash / (debt) incl. leases	(213.5)	(249.5)

	29 Mar 26	28 Sep 25	30 Mar 25	29 Sep 24
Non-current assets
Goodwill	240.7	240.7	240.7	240.7
Property, plant & equipment	43.5	45.8	49.6	52.9
of which land & buildings	6.5	–	6.7	–
Other investments	1.0	–	1.0	–
Non-current assets	460.2	–	478.9	–
Current assets
Inventories	160.8	199.8	187.4	245.4
Trade receivables	70.7	94.7	62.4	89.8
Cash	180.3	95.7	155.9	94.9
Current assets	417.1	–	410.9	–
Total assets	877.3	865.4	889.8	932.4
Current liabilities
Trade payables	112.3	129.3	108.9	132.5
Borrowings, current	2.1	2.2	2.4	8.0
Lease liabilities, current	44.1	47.4	45.9	43.8
Current liabilities	159.9	–	158.6	–
Non-current liabilities
Borrowings, non-current	247.6	246.9	246.3	279.8
Lease liabilities, non-current	99.7	100.6	109.5	118.1
Pension surplus / (deficit)	3.0	–	0.0	–
Non-current liabilities	355.9	–	364.8	–
Total liabilities	515.8	536.3	523.4	597.9
Equity
Total equity	361.5	329.1	366.4	334.5
Net cash and other figures
Net cash / (debt) ex leases	(69.7)	(154.3)	(94.1)	(186.8)
Net cash / (debt) incl. leases	(213.5)	(302.3)	(249.5)	(348.7)

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