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Dr. Martens Plc
(LSE:DOCS)
Select Model
Select Model
Rating:54Neutral
Price Target:
68.00 p
▼(-13.71% Downside)
Action:Reiterated
Date:09/18/26
The score is primarily constrained by weakening financial performance (revenue decline and reduced profitability versus prior peaks) and bearish technicals (price below key moving averages with negative momentum). Cash flow strength and improving leverage partially offset these risks, while valuation is only moderately supportive due to a relatively high P/E despite a reasonable dividend yield.
Positive Factors
Cash Generation
Solid free cash flow and close alignment with operating cash flow indicate effective conversion of earnings into cash. This supports ongoing investment, debt servicing and shareholder returns, giving the business financial capacity even while revenue and profitability remain under pressure.
Negative Factors
Revenue Contraction
Repeated annual revenue declines indicate that the company has not yet returned to durable top-line growth. Persistent contraction can weaken operating leverage, reduce brand investment capacity and make future earnings more dependent on cost control than on expanding demand.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash Generation
Solid free cash flow and close alignment with operating cash flow indicate effective conversion of earnings into cash. This supports ongoing investment, debt servicing and shareholder returns, giving the business financial capacity even while revenue and profitability remain under pressure.
Read all positive factors
Dr. Martens Plc (DOCS) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£627.90M
Dividend Yield3.89%
Average Volume (3M)1.00M
Price to Earnings (P/E)26.3
Beta (1Y)1.47
Revenue Growth-2.88%
EPS Growth425.53%
CountryUK
Employees2,377
SectorConsumer Cyclical
Sector Strength84
IndustryApparel - Footwear & Accessories
Share Statistics
EPS (TTM)0.02
Shares Outstanding968,027,000
10 Day Avg. Volume885,695
30 Day Avg. Volume1,002,289
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
£92.50Price Target Upside17.39% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)0.05
Revenue Forecast (FY)£779.33M
Dr. Martens Plc Business Overview & Revenue Model
Company Description
Dr. Martens plc is a global footwear enterprise that handles the entire process of conceiving, crafting, sourcing materials for, marketing, selling, and distributing its products. The company boasts a significant international presence, serving cu...
How the Company Makes Money
Dr. Martens makes money primarily by selling Dr. Martens-branded footwear and related products through two main routes: (1) direct-to-consumer (DTC) sales and (2) wholesale sales to third-party retailers and distributors. DTC revenue is generated ...
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 | 506.00M | 511.70M | 575.20M | 618.10M | 578.80M |
| EBITDA | 142.10M | 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 | 393.50M | 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
Negative
78.80
Price Trends
70.80
Negative
72.03
Negative
68.69
Negative
Market Momentum
-0.93
Positive
36.60
Neutral
15.83
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:DOCS, the sentiment is Negative. The current price of 78.8 is above the 20-day moving average (MA) of 67.66, above the 50-day MA of 70.80, and above the 200-day MA of 68.69, indicating a bearish trend. The MACD of -0.93 indicates Positive momentum. The RSI at 36.60 is Neutral, neither overbought nor oversold. The STOCH value of 15.83 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
80 Outperform | £16.99B | 18.60 | 58.63% | 4.22% | 12.52% | 19.24% | |
66 Neutral | £4.23B | 7.83 | 18.67% | 1.34% | 2.06% | 14.07% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
57 Neutral | £33.41M | -36.45 | -3.48% | 5.76% | -10.10% | -145.45% | |
54 Neutral | £627.90M | 26.35 | 6.89% | 3.89% | -2.88% | 425.53% | |
54 Neutral | £524.06M | -2.26 | -155.17% | ― | -15.00% | 21.71% | |
50 Neutral | £3.75B | 181.18 | 2.29% | 5.03% | -1.67% | ― |
* Consumer Cyclical Sector Average
GB:DOCS
Dr. Martens Plc
65.60
-26.20
-28.54%
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Dr. Martens Plc Corporate Events
Executive/Board ChangesRegulatory Filings and Compliance
Dr. Martens CEO Receives LTIP Shares, Sells Portion to Cover Tax
Neutral
Oct 16, 2026
Dr. Martens plc has reported a share transaction involving Chief Executive Officer Ije Nwokorie, relating to restricted stock units granted under the company’s Long Term Incentive Plan. The RSUs were originally awarded in June 2024 as a buyo...
Executive/Board ChangesRegulatory Filings and Compliance
Dr. Martens executives add shares through employee incentive plan
Positive
Oct 14, 2026
Dr. Martens plc has disclosed routine share transactions by senior management under its HMRC-approved Share Incentive Plan, an all-employee scheme that allows staff to buy partnership shares from salary and receive matching shares from the company...
Business Operations and StrategyRegulatory Filings and Compliance
Dr. Martens Executives Acquire Shares Under Employee Incentive Plan
Neutral
Oct 8, 2026
Dr. Martens plc reported transactions in its ordinary shares involving its chief executive officer, Ije Nwokorie, and chief financial officer, Giles Wilson, under the company’s HMRC-approved Share Incentive Plan. The SIP allows employees to ...
Business Operations and StrategyFinancial Disclosures
Dr. Martens Revamps Segment Reporting to Align With New Operating Model
Neutral
Oct 7, 2026
Dr. Martens is restructuring how it reports financial performance, shifting from regional reporting to a market-based model that splits results into U.S. and Global Markets (ex U.S.), with central costs reported separately. The change, effective f...
Business Operations and StrategyRegulatory Filings and Compliance
Dr. Martens Adds Shares for Employee Schemes on London Market
Positive
Sep 30, 2026
Dr. Martens plc has issued and admitted 15,731 additional ordinary shares of GBP 0.01 to trading on the London Stock Exchange’s Main Market, bringing its total shares in issue to 968,026,973. The new shares are fully fungible with existing s...
Regulatory Filings and Compliance
Dr. Martens Confirms Total Voting Share Capital
Neutral
Sep 30, 2026
Dr. Martens plc has confirmed that its issued ordinary share capital currently stands at 968,026,973 shares of GBP 0.01 each, with every share carrying one voting right and none held in treasury. This figure represents the total number of voting s...
Business Operations and Strategy
Dr. Martens launches ‘With Bouncing Soles’ platform and accelerates consumer-first retail push
Positive
Sep 24, 2026
Dr. Martens has launched “With Bouncing Soles,” a new global brand platform built around the historic phrase stitched onto its heel loops, as part of a broader consumer-first strategy to become the world’s most desired premium fo...
Business Operations and StrategyRegulatory Filings and Compliance
Dr. Martens Executives Increase Stakes via Share Incentive Plan
Positive
Sep 16, 2026
Dr. Martens plc is a U.K.-listed footwear company best known for its iconic boots and shoes, serving a global consumer base from fashion-conscious youth to workwear customers. The group operates in the branded footwear and apparel sector and uses ...
Business Operations and StrategyRegulatory Filings and Compliance
Dr. Martens updates total voting rights as global brand footprint grows
Neutral
Sep 1, 2026
Dr. Martens, the British footwear maker famed for its 1460 boot and other iconic styles, continues to balance heritage manufacturing in Northamptonshire with global production across Asia while distributing through retail, ecommerce, and wholesale...
Business Operations and StrategyRegulatory Filings and Compliance
Dr. Martens Adds New Shares Under Employee Schemes on LSE
Neutral
Sep 1, 2026
Dr. Martens has admitted 22,935 additional ordinary shares of GBP 0.01 each to trading on the London Stock Exchange’s Main Market, taking its total shares in issue to 968,011,242. The new shares are fully fungible with existing stock and wer...
Business Operations and StrategyRegulatory Filings and Compliance
Dr. Martens Executives Boost Holdings Through Share Incentive Plan
Positive
Aug 13, 2026
Dr. Martens has 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 179 partnership ...
Business Operations and StrategyExecutive/Board Changes
Dr. Martens Strengthens Board with Appointment of Former Sephora Asia President
Positive
Aug 6, 2026
Dr. Martens has appointed Alia Gogi, a seasoned retail executive with extensive experience across Asian markets and consumer brands, as an Independent Non-Executive Director effective 1 September 2026. Gogi, who previously served as President, Asi...
Business Operations and StrategyRegulatory Filings and Compliance
Dr. Martens Adds New Shares Under Employee Schemes on LSE
Neutral
Aug 3, 2026
Dr. Martens plc, the British footwear company famed for its 1460 boots and broader “Docs” range, continues to leverage its heritage manufacturing in Northamptonshire while serving global demand through production sites in Asia. The bra...
Business Operations and StrategyRegulatory Filings and Compliance
Dr. Martens confirms 967.9 million voting shares in issue
Positive
Jul 31, 2026
Dr. Martens plc has confirmed its total issued ordinary share capital stands at 967,988,307 shares of GBP 0.01 each, all carrying one voting right and with no shares held in treasury. This figure represents the full pool of voting rights in the co...
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.