Want to see GB:MUL full AI Analyst Report?
Top Page
Mulberry
(LSE:MUL)
Select Model
Select Model
Rating:50Neutral
Price Target:
245.00 p
▲(2.08% Upside)
Action:Reiterated
Date:08/25/26
The score is held down primarily by weak financial fundamentals—negative equity with ongoing debt, continued losses, and a return to cash burn in 2026. This is partially offset by strong technical momentum (price well above key moving averages and positive MACD), though overbought readings increase pullback risk. Valuation support is limited because the company is loss-making and dividend yield is not available.
Positive Factors
Revenue Recovery
Revenue returned to growth in 2026 after two years of decline, indicating some recovery in demand and product traction. Sustained improvement would support better fixed-cost absorption across stores, e-commerce, and wholesale channels.
Negative Factors
Weak Balance Sheet
Persistent debt alongside increasingly negative equity materially limits financial flexibility. The weaker capital structure reduces the company’s cushion against operating setbacks and may constrain investment in stores, products, and brand development.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Recovery
Revenue returned to growth in 2026 after two years of decline, indicating some recovery in demand and product traction. Sustained improvement would support better fixed-cost absorption across stores, e-commerce, and wholesale channels.
Read all positive factors
Mulberry (MUL) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£178.91M
Dividend Yield0.56%
Average Volume (3M)23.52K
Price to Earnings (P/E)―
Beta (1Y)0.10
Revenue Growth4.22%
EPS Growth74.45%
CountryUK
Employees944
SectorConsumer Cyclical
Sector Strength84
IndustryApparel - Footwear & Accessories
Share Statistics
EPS (TTM)-0.12
Shares Outstanding70,577,194
10 Day Avg. Volume30,302
30 Day Avg. Volume23,523
Financial Highlights & Ratios
PEG Ratio0.11
Price to Book (P/B)-5.60
Price to Sales (P/S)0.54
P/FCF Ratio-48.30
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£160.00Price Target Upside-33.33% Downside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)-0.06
Revenue Forecast (FY)N/A
Mulberry Business Overview & Revenue Model
Company Description
Mulberry Group plc, operating internationally through its various subsidiaries, specializes in the design and production of high-end fashion accessories and apparel. The company maintains a significant presence across the United Kingdom, the Asia ...
How the Company Makes Money
Mulberry makes money primarily by selling luxury products—especially leather handbags and related accessories—under the Mulberry brand. Its revenue model is typically split across: (1) Direct-to-consumer (DTC) retail sales through company-operated...
Mulberry Financial Statement Overview
Summary
Income Statement
38
Negative
Balance Sheet
22
Negative
Cash Flow
30
Negative
| Breakdown | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 125.47M | 120.39M | 152.84M | 159.13M | 152.41M |
| Gross Profit | 75.83M | 80.44M | 107.14M | 113.25M | 109.31M |
| EBITDA | 11.73M | -13.29M | -13.07M | 30.93M | 36.83M |
| Net Income | -8.44M | -30.38M | -33.51M | 13.24M | 19.98M |
Balance Sheet | |||||
| Total Assets | 82.52M | 86.69M | 117.72M | 159.25M | 133.76M |
| Cash, Cash Equivalents and Short-Term Investments | 6.68M | 8.20M | 7.14M | 6.87M | 25.67M |
| Total Debt | 65.85M | 64.71M | 81.21M | 84.16M | 68.65M |
| Total Liabilities | 103.59M | 97.47M | 106.84M | 112.48M | 96.01M |
| Stockholders Equity | -12.21M | -2.60M | 17.41M | 53.21M | 42.21M |
Cash Flow | |||||
| Free Cash Flow | -1.42M | 5.13M | -9.65M | -10.21M | 13.90M |
| Operating Cash Flow | -990.00K | 8.10M | 133.00K | 834.00K | 19.21M |
| Investing Cash Flow | -696.00K | -2.86M | -10.02M | -14.17M | 8.08M |
| Financing Cash Flow | 204.00K | -4.10M | 10.35M | -5.70M | -13.43M |
Mulberry Technical Analysis
Positive
240.00
Price Trends
176.51
Positive
147.96
Positive
124.79
Positive
Market Momentum
24.08
Negative
79.99
Negative
89.44
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:MUL, the sentiment is Positive. The current price of 240 is above the 20-day moving average (MA) of 226.85, above the 50-day MA of 176.51, and above the 200-day MA of 124.79, indicating a bullish trend. The MACD of 24.08 indicates Negative momentum. The RSI at 79.99 is Negative, neither overbought nor oversold. The STOCH value of 89.44 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:MUL.
Mulberry Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | £1.56B | 9.94 | 7.10% | 1.95% | 6.29% | 55.06% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
57 Neutral | £681.49M | 28.92 | 6.89% | 3.54% | -2.88% | 425.53% | |
57 Neutral | £499.53M | -2.17 | -155.17% | ― | -15.00% | 21.71% | |
50 Neutral | £178.91M | -21.15 | 78.71% | 0.56% | 4.22% | 74.45% | |
50 Neutral | £3.93B | 192.25 | 2.29% | 5.03% | -1.67% | ― | |
49 Neutral | £334.29M | -2.80 | 415.28% | ― | 16.03% | 70.19% |
* Consumer Cyclical Sector Average
GB:MUL
Mulberry
254.00
161.50
174.59%
GB:ASC
ASOS plc
421.50
133.00
46.10%
GB:BRBY
Burberry
1,103.50
-168.50
-13.25%
GB:DEBS
boohoo group Plc
21.25
7.33
52.66%
GB:CURY
Currys plc
154.00
25.16
19.52%
GB:DOCS
Dr. Martens Plc
72.00
-16.66
-18.79%
Mulberry Corporate Events
Business Operations and StrategyExecutive/Board Changes
Mulberry bolsters board with new independent non-executive directors
Positive
Aug 13, 2026
Mulberry has strengthened its board with the appointment of two independent non-executive directors, effective after its 9 September 2026 AGM. Finance veteran Sara Dickinson will join as an independent non-executive and chair the audit committee, ...
Business Operations and StrategyExecutive/Board Changes
Mulberry bolsters board with high-profile independent directors
Positive
Aug 13, 2026
Mulberry Group has strengthened its board by appointing two independent non-executive directors, with the changes taking effect after its 9 September 2026 AGM. The move underscores the company’s focus on bolstering governance and strategic o...
Executive/Board ChangesFinancial DisclosuresShareholder Meetings
Mulberry Publishes Annual Report as Long-Serving Directors Prepare to Step Down
Neutral
Aug 7, 2026
Mulberry has published its Annual Report and Accounts for the 52 weeks ended 28 March 2026 on its website and has circulated the documents to shareholders, alongside a notice convening its annual general meeting on 9 September 2026 in London. The ...
Business Operations and StrategyExecutive/Board ChangesFinancial DisclosuresPrivate Placements and FinancingProduct-Related Announcements
Mulberry narrows losses and reignites growth as brand strategy gains traction
Positive
Jul 22, 2026
Mulberry reported a 4% rise in FY26 revenue to £125.5 million, with growth accelerating to 11% in the second half as its “Back to the Mulberry Spirit” strategy gained traction and like-for-like Retail Digital sales rose 9%. Gross...
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.