Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
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Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
Marston's PLC is a leading British pub and hotel operator with nearly two centuries of history in the hospitality sector. Founded in 1834 as a brewery by John Marston in Burton upon Trent, the company evolved through mergers and acquisitions, including with Wolverhampton & Dudley Breweries, before rebranding as Marston's PLC in 2007. In a strategic pivot, it divested its brewing operations in 2020 via a joint venture with Carlsberg and fully sold its 40% stake in 2024 for £206 million, enabling a sharp focus on its core pub business and significant debt reduction to £883.7 million. Today, Marston's PLC manages over 1,300 community-focused pubs, bars, and inns across England and Wales, structured as managed (32%), partnership (55%), and tenanted sites (10%). These venues offer food, beverages, and accommodation under brands like Marston's Two For One and Pitcher & Piano, emphasizing guest satisfaction, digital innovations such as Order & Pay, and sustainability efforts like food waste reduction. Employing around 10,000 people from its Wolverhampton headquarters, Marston's PLC generates revenue primarily from retail sales, reporting £898.6 million in FY2024 with 4.8% like-for-like growth, outpacing the market. Its role in the UK hospitality industry underscores community hubs fostering social connections amid a sector projected to expand.
£0.53
+£0.01 (+1.53%)
EOD Jul 3, 2026
17.44% operating margin is respectable but not wide. ROIC at 6.37%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue declined 0.1% YoY. The question is whether this is cyclical or a structural shift.
Free cash flow declined 14% versus the prior year, cash generation momentum has weakened. Net debt of £1.21B represents 8.7x FCF, leverage limits flexibility.
4.8x earnings, 2.4x FCF. The multiple is below average. Either the market is pricing in deterioration you should investigate, or there's genuine value here.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
£898M
Net Income (TTM)
£72M
▲ +487.0% YoY
Op. Margin
17.44%
▲ +1.2pp YoY
ROIC
6.37%
▼ -0.6pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
£138M
▼ -14.4% YoY
Op. Cash Flow (TTM)
£138M
▼ -14.6% YoY
Net Debt
£1.21B
Cash & Equiv.
£36M
3Y CAGR: +3.9%
3Y CAGR: +29.3%
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At a P/E of 4.8 and a price-to-free-cash-flow of 2.4, Marston's (MARS.XLON) trades below a two-stage DCF intrinsic value of about £9.10 per share, so at £0.53 the stock looks undervalued (1,616.5% below estimated intrinsic value). A high multiple is not the same as overvalued: fast-growing, high-quality businesses can deserve a premium. See the general approach in how to tell if a stock is overvalued.
On quality, Marston's scores 67/100 on Intrinsiqq's quality scorecard (a solid business on these measures), weighing growth, margins, returns on capital, share count, and balance-sheet strength. All figures are computed from SEC filings; read the full methodology. This is analysis, not investment advice.
Intrinsiqq's two-stage DCF estimates an intrinsic value of about £9.10 per share for MARS.XLON, projecting its recent free cash flow forward with a growth rate that fades toward a long-run rate and discounting it back to today. Applying a 25% margin of safety gives a more conservative fair-value entry around £6.82. At today's £0.53, that puts the stock about 1,616.5% below estimated intrinsic value. The result is sensitive to the growth and discount-rate inputs, so it is best to run conservative, base and optimistic cases. You can adjust all of them yourself with the sliders on the DCF tab.
Marston's scores 67 out of 100 on Intrinsiqq's quality score, a weighted blend of 8 metrics each scored 0 to 100, which makes it a solid business on these measures. Recent fundamentals include a 17.4% operating margin and a 6.4% return on invested capital. The score weighs revenue and free-cash-flow growth, operating margins, return on invested capital, share-count change, and balance-sheet strength, all computed from SEC filings, not opinion. Because valuation only means something relative to quality, the full metric-by-metric breakdown is on the quality scorecard.
That depends on valuation and quality together, not either alone. MARS.XLON currently trades below its estimated intrinsic value and scores 67/100 on quality (solid). A cheap price is only a bargain if the business is durable, and a premium can be justified by genuine quality, so the two questions, "is it cheap?" and "is it good?", only make sense side by side. Read the valuation against the quality scorecard, run the DCF on your own assumptions, and decide for yourself. This is analysis from SEC filings, not investment advice.