Dr. Martens Plc (GB:DOCS)
LSE:DOCS
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Dr. Martens Plc
(LSE:DOCS)
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Rating:59Neutral
Price Target:
70.00 p
â–²(0.14% Upside)
Action:Reiterated
Date:05/21/26
The score is driven primarily by mixed financial performance (multi-year revenue decline and margin compression, partially offset by improving operating profitability and solid cash generation). Earnings-call commentary adds support via better full-price mix and meaningful debt reduction, while valuation is held back by loss-making earnings and technicals remain neutral with the stock still below its 200-day average.
Positive Factors
Full-price DTC mix
Improving full-price DTC sales signals strengthening pricing power and better revenue quality. Over the medium term this reduces reliance on markdowns, supports higher gross margins per unit, and helps preserve brand equity while enabling more predictable cashflows and margin sustainability.
Negative Factors
Multi-year revenue decline
A persistent top-line decline signals structural demand or market-share issues. Over time shrinking revenue constrains operating leverage, limits reinvestment capacity, and makes margin recovery and profitable scale harder, increasing execution risk for a brand reliant on DTC and wholesale reach.
Read all positive and negative factors
Positive Factors
Negative Factors
Full-price DTC mix
Improving full-price DTC sales signals strengthening pricing power and better revenue quality. Over the medium term this reduces reliance on markdowns, supports higher gross margins per unit, and helps preserve brand equity while enabling more predictable cashflows and margin sustainability.
Read all positive factors
Dr. Martens Plc (DOCS) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£696.76M
Dividend Yield3.36%
Average Volume (3M)1.82M
Price to Earnings (P/E)28.8
Beta (1Y)1.55
Revenue Growth-2.88%
EPS Growth425.53%
CountryUK
Employees2,630
SectorConsumer Cyclical
Sector Strength84
IndustryApparel - Footwear & Accessories
Share Statistics
EPS (TTM)0.02
Shares Outstanding967,943,540
10 Day Avg. Volume1,078,739
30 Day Avg. Volume1,820,978
Financial Highlights & Ratios
PEG Ratio0.06
Price to Book (P/B)1.68
Price to Sales (P/S)0.79
P/FCF Ratio5.22
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£98.33Price Target Upside40.68% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering4
EPS Forecast (FY)0.05
Revenue Forecast (FY)£787.68M
Dr. Martens Plc Business Overview & Revenue Model
Company Description
Dr. Martens plc designs, develops, procures, markets, sells, and distributes footwear in Europe, the Middle East, Africa, the Americas, and the Asia-Pacific. Its product segments include originals, fusion, kids, and casual, as well as accessories....
How the Company Makes Money
Dr. Martens makes money primarily by selling Dr. Martens-branded footwear, with additional revenue from accessories and apparel. Revenue is generated through two main commercial routes: (1) Direct-to-consumer (DTC) sales, where the company sells p...
Dr. Martens Plc Earnings Call Summary
Earnings Call Date:Nov 20, 2025
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 19, 2026
Earnings Call Sentiment Neutral
The earnings call presented a mix of positive and negative aspects. There was notable improvement in revenue quality, operating profit, and debt reduction. Growth was observed in the Americas and APAC regions, along with an increase in full-price sales. However, challenges in the EMEA market, particularly in direct-to-consumer revenue, and ongoing issues with boots and sandals, along with tariff headwinds, were highlighted as areas of concern.Positive Updates
Revenue Growth and Quality Improvement
Revenue increased by GBP 2.7 million to GBP 327.3 million year-on-year, with a focus on full price sales and a reduction in markdown sales, resulting in better revenue quality.
Negative Updates
Direct-to-Consumer Revenue Decline in EMEA
EMEA DTC revenue decreased by GBP 5.9 million year-on-year, attributed to a weak consumer environment and reduced markdown sales.
Read all updates
Q2-2026 Updates
Positive
Negative
Revenue Growth and Quality Improvement
Revenue increased by GBP 2.7 million to GBP 327.3 million year-on-year, with a focus on full price sales and a reduction in markdown sales, resulting in better revenue quality.
Read all positive updates
Company Guidance
During the call, the company provided guidance indicating strong performance in key metrics and adherence to their strategic plan. They reported a year-on-year revenue increase of GBP 2.7 million, reaching GBP 327.3 million, with a focus on improving revenue quality through full-price sales. Operating profit improved by GBP 6.5 million, shifting from a loss last year to a GBP 3.4 million profit. However, the profit before tax remains a loss, albeit significantly improved from the previous year. The company's dividend was declared at 0.85p, and net bank debt decreased by GBP 33 million to GBP 154 million. The strategy included focusing on reducing markdowns, expanding product offerings, and leveraging partnerships in new markets. The company also emphasized cost control, with a net debt-to-EBITDA ratio finishing at 2.1x, and aimed for sustainable growth in FY '27 and beyond.Dr. Martens Plc Financial Statement Overview
Summary
Income Statement
54
Neutral
Balance Sheet
58
Neutral
Cash Flow
66
Positive
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 764.90M | 787.60M | 877.10M | 1.00B | 908.30M |
| Gross Profit | 437.30M | 511.70M | 575.20M | 618.10M | 578.80M |
| EBITDA | 145.00M | 110.50M | 196.30M | 235.00M | 265.10M |
| Net Income | 23.80M | 4.50M | 69.20M | 128.90M | 181.20M |
Balance Sheet | |||||
| Total Assets | 877.30M | 889.80M | 952.40M | 992.60M | 859.10M |
| Cash, Cash Equivalents and Short-Term Investments | 180.30M | 155.90M | 111.10M | 157.50M | 228.00M |
| Total Debt | 391.40M | 404.10M | 477.00M | 451.80M | 393.80M |
| Total Liabilities | 515.80M | 523.40M | 584.20M | 588.40M | 530.90M |
| Stockholders Equity | 361.50M | 366.40M | 368.20M | 404.20M | 328.20M |
Cash Flow | |||||
| Free Cash Flow | 116.30M | 177.60M | 139.50M | 25.90M | 159.40M |
| Operating Cash Flow | 125.50M | 196.30M | 167.90M | 77.30M | 184.40M |
| Investing Cash Flow | -11.90M | -15.30M | -25.50M | -50.60M | -25.00M |
| Financing Cash Flow | -86.90M | -134.20M | -185.90M | -99.50M | -47.00M |
Dr. Martens Plc Technical Analysis
Positive
69.90
Price Trends
65.60
Positive
66.81
Positive
75.69
Negative
Market Momentum
2.29
Negative
60.54
Neutral
65.78
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:DOCS, the sentiment is Positive. The current price of 69.9 is above the 20-day moving average (MA) of 67.41, above the 50-day MA of 65.60, and below the 200-day MA of 75.69, indicating a neutral trend. The MACD of 2.29 indicates Negative momentum. The RSI at 60.54 is Neutral, neither overbought nor oversold. The STOCH value of 65.78 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:DOCS.
Dr. Martens Plc Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | £15.02B | 18.37 | 52.86% | 1.80% | 12.80% | 23.60% | |
68 Neutral | £4.04B | 9.47 | 15.14% | 1.21% | 10.51% | -9.26% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
59 Neutral | £696.76M | 28.77 | 6.89% | 3.36% | -2.88% | 425.53% | |
54 Neutral | £26.58M | -23.00 | -3.48% | ― | -10.10% | -145.45% | |
53 Neutral | £4.19B | 191.06 | 2.29% | ― | -1.67% | ― | |
49 Neutral | £321.86M | -1.29 | -155.17% | ― | -15.00% | 21.71% |
* Consumer Cyclical Sector Average
GB:DOCS
Dr. Martens Plc
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-1.57
-2.15%
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Dr. Martens Plc Corporate Events
Business Operations and StrategyDividendsFinancial Disclosures
Dr. Martens pivots to consumer-first model as profits surge 61%
Positive
May 19, 2026
Dr. Martens reported a return to profit growth in the 52 weeks to 29 March 2026, with adjusted profit before tax rising 61% to £55m despite a 2.9% decline in revenue to £764.9m as the company deliberately reduced clearance and off-price ...
Business Operations and StrategyStock Buyback
Dr. Martens Plans Share Purchases for Employee Benefit Trust
Positive
May 19, 2026
Dr. Martens plc has instructed the trustee of its Employee Benefit Trust to purchase up to 10 million of the company’s ordinary shares on the market. The shares will be held on an unallocated basis and used to satisfy both current and future...
Business Operations and StrategyExecutive/Board Changes
Dr. Martens Executives Increase Stakes via Share Incentive Plan
Positive
May 14, 2026
Dr. Martens plc disclosed that Chief Executive Officer Ije Nwokorie and Chief Financial Officer Giles Wilson have both acquired ordinary shares under the company’s HMRC-approved Share Incentive Plan. Each executive purchased 233 partnership ...
Regulatory Filings and Compliance
Dr. Martens Confirms Total Voting Rights at Just Under 968 Million Shares
Neutral
Apr 30, 2026
Dr. Martens plc has confirmed that its issued ordinary share capital stands at 967,928,331 shares, each carrying one voting right and with none held in treasury. This figure sets the official denominator for investors when calculating whether they...
Executive/Board ChangesRegulatory Filings and Compliance
Dr. Martens CEO Ije Nwokorie Receives LTIP Shares and Sells Portion to Cover Tax
Neutral
Apr 16, 2026
Dr. Martens plc disclosed that a tranche of restricted stock units awarded to Chief Executive Officer Ije Nwokorie under the company’s Long Term Incentive Plan vested on 15 April 2026, resulting in the acquisition of 432,625 ordinary shares....
Business Operations and StrategyRegulatory Filings and Compliance
Dr. Martens Executives Buy Shares Under Employee Incentive Plan
Neutral
Apr 15, 2026
Dr. Martens plc disclosed that Chief Executive Officer Ije Nwokorie and Chief Financial Officer Giles Wilson have both acquired ordinary shares under the company’s HMRC-approved Share Incentive Plan. Each executive purchased 232 partnership ...
Regulatory Filings and Compliance
Dr. Martens Executives Acquire Shares Through Employee Incentive Plan
Neutral
Apr 10, 2026
Dr. Martens plc has disclosed small share acquisitions by chief executive officer Ije Nwokorie and chief financial officer Giles Wilson under the company’s all-employee Share Incentive Plan. The transactions, executed on 9 April on the Londo...
Business Operations and StrategyExecutive/Board Changes
Dr. Martens Reshapes Leadership to Drive Consumer‑First Growth
Positive
Apr 8, 2026
Dr. Martens has overhauled its operating model to a market‑level general manager structure and created a new executive team in a bid to sharpen its consumer‑first strategy. The footwear brand has appointed general managers for the UK, ...
Regulatory Filings and Compliance
Dr. Martens Confirms Total Voting Rights at Just Under 967.5 Million Shares
Neutral
Mar 31, 2026
Dr. Martens plc has confirmed that its issued ordinary share capital stands at 967,472,963 shares, each carrying one voting right, with no shares held in treasury. This figure establishes the definitive total of voting rights for investors to use ...
Business Operations and StrategyRegulatory Filings and Compliance
Dr. Martens Executives Increase Stakes via Share Incentive Plan
Positive
Mar 13, 2026
Dr. Martens plc has disclosed share transactions by its chief executive officer, Ije Nwokorie, and chief financial officer, Giles Wilson, under the company’s HMRC-approved all-employee Share Incentive Plan. The plan allows staff to buy partn...
Regulatory Filings and Compliance
Dr. Martens Confirms Total Voting Share Capital for FCA Disclosure
Neutral
Feb 27, 2026
Dr. Martens plc has confirmed that its issued ordinary share capital stands at 967,343,738 shares, each carrying one voting right, with no shares held in treasury. This figure represents the total number of voting shares in the company and serves ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.