Future
FUTR · Main Market · Media · mcap £258m · 309.2p
Future owns specialist websites, magazines and the Go.Compare price-comparison service. It earns money from advertising, affiliate commissions on products sold through its sites, and business-to-business data and services.
The case for
- Cash generation stays strong: FY25 adjusted free cash flow was £177m, and cash conversion of about 90% is guided for FY26. 4 Dec 2025 14 May 2026
- Management reports improving Q2 FY26 trends, with Go.Compare returning to growth in March and US advertising growing. 14 May 2026 31 Mar 2026 17 Jul 2025
- The SheerLuxe acquisition at 7.8x EBITDA is reported as ahead of expectations. The company also holds investment-grade-adjacent BB+/Ba2 ratings and a refinanced bank facility. 22 Jan 2026 31 Mar 2026 4 Jul 2025
- FIL and JPMorgan have raised their holdings in 2026. 19 Jan 2026 13 May 2026
The case against
- Revenue has fallen for years: £789m in FY23, £739m in FY25 and about £707m consensus for FY26. 7 Dec 2023 4 Dec 2025 30 Sep 2026
- H1 FY26 EBITDA margin fell 5 points to 24%, and H2 organic revenue is expected to decline. 14 May 2026 31 Mar 2026
- Net debt was £314m at H1 FY26, and market consensus leverage for year-end is 1.7x. Management had earlier guided to 1.1x. 14 May 2026 30 Sep 2026 22 Jan 2026
- Buybacks were paused after the share price fell by about two-thirds, so repurchases made at higher prices have not supported the shares. 30 Sep 2026
- Management guidance has repeatedly been cut, including the FY25 organic decline and the FY26 margin. 16 May 2025 31 Mar 2026
Both sides use only facts from the company's announcements · not investment advice
Company filings. Not investment advice.