DOCS Balance Sheet - Dr Martens PLC

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Price: 54.046 GBX -14.75% Market Closed

Market Cap: £523.2m

Financial profile · FY2026

Branded footwear model with recovering margins and working-capital-driven cash volatility

The multi-year record shows revenue growth followed by retrenchment, with operating profitability moving more sharply than sales as margins and costs shift. The business has continued to produce positive free cash flow with relatively modest capital spending, but cash generation varies with working-capital movements.

What is developing

The latest annual results show revenue still contracting while operating income improved, reflecting better margins and cost control rather than a return to sales growth. That is a meaningful earnings recovery, but not yet evidence that the underlying revenue pattern has changed.

What matters next

Whether direct-to-consumer revenue stabilizes while operating profitability is sustained without depending on working-capital inflows.

Metric	FY2018 Mar 2018	FY2019 Mar 2019	FY2020 Mar 2020	FY2021 Mar 2021	FY2022 Mar 2022	FY2023 Mar 2023	FY2024 Mar 2024	FY2025 Mar 2025	FY2026 Mar 2026
Cash & Cash Equivalents	86.4m	58.4m	117.2m	113.6m	228m	157.5m	111.1m	155.9m	180.3m
Cash Equivalents	86.4m	58.4m	117.2m	113.6m	228m	157.5m	111.1m	155.9m	180.3m
Total Receivables	36.7m	48.9m	65m	56m	87.6m	86.3m	63.2m	61m	69m
Accounts Receivables	29.7m	40.8m	55.5m	50.7m	75.9m	78.8m	54.3m	49.7m	56m
Other Receivables	7m	8.1m	9.5m	5.3m	11.7m	7.5m	8.9m	11.3m	13m
Inventory	39.8m	53.9m	90m	101.5m	123m	257.8m	254.6m	187.4m	160.8m
Other Current Assets	6.4m	4.3m	5m	3.7m	5m	7.2m	8.3m	6.6m	7m
Total Current Assets	169.3m	165.5m	277.2m	274.8m	443.6m	508.8m	437.2m	410.9m	417.1m
PP&E Net	23.6m	26.9m	114.7m	110m	143.8m	205.4m	232.9m	192.8m	174.8m
PP&E Gross	23.6m	26.9m	114.7m	110m	143.8m	205.4m	232.9m	192.8m	174.8m
Accumulated Depreciation	(12.7m)	(20.7m)	(44.5m)	(71.6m)	(95.2m)	(139.2m)	(184.3m)	(229.6m)	(274m)
Intangible Assets	7.8m	11.1m	16.5m	20.1m	21.4m	24.9m	29.3m	33.3m	29.7m
Goodwill	240.7m	240.7m	240.7m	240.7m	240.7m	240.7m	240.7m	240.7m	240.7m
Long-Term Investments	—	—	—	—	—	—	1m	1m	1m
Other Long-Term Assets	4.4m	6m	7.4m	7.2m	9.6m	12.8m	11.3m	11.1m	14m
Other Assets	240.7m	240.7m	240.7m	240.7m	240.7m	240.7m	240.7m	240.7m	240.7m
Total Assets	445.8m	450.2m	656.5m	652.8m	859.1m	992.6m	952.4m	889.8m	877.3m
Accounts Payable	19.6m	20m	33.4m	52.6m	52.4m	64.2m	125.2m	136.4m	146.1m
Accrued Liabilities	22.3m	27.6m	50.1m	75.1m	76.8m	57.9m	60m	76.7m	73m
Short-Term Debt	0	0	20m	0	0	0	0	0	0
Current Portion of Long-Term Debt	4.1m	3.2m	21.8m	18.2m	19.8m	34.1m	47m	45.9m	44.1m
Other Current Liabilities	9.6m	13.7m	5.4m	6.4m	6m	8.3m	13.5m	8.5m	9m
Total Current Liabilities	55.6m	64.5m	130.7m	152.3m	155m	164.5m	153.5m	158.6m	159.9m
Long-Term Debt	416m	387.5m	453.8m	348.2m	374m	417.7m	421.6m	355.8m	347.3m
Deferred Income Tax	—	—	—	—	—	1.8m	2.8m	2.5m	1.3m
Other Liabilities	3.6m	6.6m	1.5m	1.6m	1.9m	4.4m	6.3m	6.5m	7.3m
Total Liabilities	475.2m	458.6m	586m	502.1m	530.9m	588.4m	584.2m	523.4m	515.8m
Common Stock	0	0	0	10m	10m	10m	9.6m	9.6m	9.7m
Retained Earnings	(43.6m)	(15.9m)	58.9m	138.1m	311.3m	382.2m	348m	349.5m	356.9m
Additional Paid In Capital	10m	0	0	—	—	—	—	—	—
Treasury Stock	0	0	0	—	—	0	0	0	(6.7m)
Other Equity	4.2m	7.5m	11.6m	2.6m	6.9m	12m	10.6m	7.3m	1.6m
Total Equity	(29.4m)	(8.4m)	70.5m	150.7m	328.2m	404.2m	368.2m	366.4m	361.5m
Total Liabilities & Equity	445.8m	450.2m	656.5m	652.8m	859.1m	992.6m	952.4m	889.8m	877.3m
Common Shares Outstanding	1B	1B	1B	1B	1B	1B	961.5m	963.8m	956.6m