YouTube · Q4 FY2026 · 2026-08-16
MANU · NYSE
Manchester United plc
Entertainment · United Kingdom
USD 20.49-0.1% daily changeQuote 2026-09-23 · USD
- Market cap (USD)
- US$3.53B
- Trailing P/E
- —
- Forward P/E
- 85.15x
- Quarterly revenue growth
- 18.0%
- Trailing net margin
- -2.6%
- Indicated dividend yield
- —
Snapshot 2026-09-23 · Latest financial period 2026-03-31 · Yahoo Finance. Quotes may be delayed; reporting periods can differ.
Company background
Manchester United plc, together with its subsidiaries, operates a professional sports team in the United Kingdom. The company is involved in marketing and sponsorship relationships with international and regional companies to commercialize its brand. It also markets and sells sports apparel, training and leisure wear, and other clothing; and other licensed products, such as coffee mugs and home accessories featuring the Manchester United brand and trademarks through Manchester United branded retail centers and e-commerce platforms, and through partners' wholesale distribution channels. In addition, the company distributes live football content directly, as well as through commercial partners; television rights relating to the Premier League, Union of European Football Associations club competitions, and other competitions, as well as delivers Manchester United programming through the MUTV television channel to territories worldwide. Further, it operates Old Trafford, a sports venue, as well as owns or leases, and invests in properties. The company was formerly known as Manchester United Ltd. changed its name to Manchester United plc in August 2012. Manchester United plc was founded in 1878 and is headquartered in Manchester, the United Kingdom.
Company websiteQ4 FY2026
Go beyond the headline.
MANU Stock: Champions League Returns. Where Is the Cash? — Q4 FY2026
Published 2026-09-23
Q4 FY2026 REPORT HIGHLIGHTS
What’s changed for MANU
Record revenue meets flat EBITDA guidance, player investment and stadium funding risk. Our cash-based review of Manchester United.
Record annual numbers hide a weak fourth quarter.
Q4 revenue fell 4.07% and adjusted EBITDA fell 23.06%.
Champions League revenue comes with costs.
FY27 revenue midpoint rises 10.68%, but EBITDA midpoint falls 0.65%.
The player bill changes the cash story.
£178.715M OCF becomes −£50.859M after all investing cash.
Removing land is only one adjustment.
Excluding £63.5M stadium land leaves £12.641M, still helped by unquantified transfer-receivable monetization.
The share price already pays for a substantial recovery.
At the prior close, enterprise value is 15.19× guided EBITDA; our base uses 11×.
Comparable businesses
MANU peer comparison
Same business group first, then company size. Preferred market cap: 0.5–2x; extended range: one-third–3x. Outside that range, industry benchmarks are labeled separately and excluded from peer medians.
| Metric | MANUManchesterSnapshot 2026-09-23Financial period: 2026-03-31 | MSGEMadison Square Garden Entertainment Corp.Snapshot 2026-09-23Financial period: 2026-06-30 | MSGSMadison Square Garden Sports Corp.Snapshot 2026-09-23Financial period: 2026-06-30 | Peer medianSimilar-size peers only |
|---|---|---|---|---|
| Market capMarket value, converted to USD | US$3.53B | US$3.71B | US$9.51B | US$6.61Bn=2 |
| Forward P/EProvider forward earnings estimate | 85.15x | 27.02x | — | — |
| EV / EBITDAEnterprise value / trailing EBITDA | — | 20.90x | 311.02x | 165.96xn=2 |
| Revenue growthLatest quarter vs prior-year quarter | 18.0% | 27.4% | 36.7% | 32.1%n=2 |
| Operating marginLatest reported quarter | 14.2% | -4.7% | 11.8% | 3.5%n=2 |
| Free cash flow yieldTrailing cash flow / market cap | — | 9.3% | 0.6% | 4.9%n=2 |
| Net debt / EBITDANet debt / trailing EBITDA | 3.23x | 3.94x | 29.37x | 16.65xn=2 |
| Debt / equityTotal debt / positive book equity | 4.21x | 25.67x | — | — |
| Trailing P/ETrailing twelve-month earnings | — | 56.88x | 1,233.75x | 645.31xn=2 |
| Price / bookPrice / positive book equity per share | 14.59x | 81.08x | — | — |
| EV / salesEnterprise value / trailing revenue | — | 4.41x | 9.14x | 6.77xn=2 |
| Earnings growthLatest quarter vs prior-year quarter | — | — | — | — |
| Gross marginTrailing twelve months | 83.3% | 47.3% | 33.6% | 40.5%n=2 |
| Net marginTrailing twelve months | -2.6% | 6.2% | 0.7% | 3.5%n=2 |
| Return on equityProvider trailing return; positive equity only | -9.6% | 407.5% | — | — |
| Free cash flow marginTrailing free cash flow / revenue | 0.4% | 32.4% | 5.0% | 18.7%n=2 |
| Dividend yieldIndicated annual dividend / price | — | — | — | — |
| Earnings payoutProvider trailing dividend payout | 0.0% | 0.0% | 0.0% | 0.0%n=2 |
| Current ratioCurrent assets / current liabilities | 0.37x | 0.70x | 0.50x | 0.60xn=2 |
| BetaProvider historical market sensitivity | 0.58 | 0.56 | 0.57 | 0.57n=2 |
YouTube · Q4 FY2026 · 2026-08-16
YouTube · Q4 FY2026 · 2026-08-15
Comparison methodology & limitations
Reviewed operating groups override broad sector classifications. Other companies are matched only within a sufficiently specific provider industry. Business mix, geography and accounting standards can still differ. Market caps are converted to USD using exchange rates captured during the snapshot refresh. Financial ratios that would mix currencies are omitted. Snapshots must be at most 14 days old and no more than seven days apart for automatic selection.
Peer medians require at least two valid similar-size peers for each metric. Negative earnings, nonpositive equity, missing data and irrelevant bank ratios are not presented as attractive valuations. A higher or lower number is not automatically a better investment. Financial statement periods are not calendar-aligned across companies.
Reported performance
Financial trends
Periods are grouped by their ending calendar year or quarter, not identical fiscal calendars. Exact period-end dates appear in tooltips and reported figures. When reporting currencies differ and a recent captured FX rate is available, money and EPS are normalized to USD for comparison. This is not a historical FX restatement. Gaps are not estimated.
Financial statements load separately from the research page.
Source: . Window ends at the latest available reporting period.
Revenue
Reported figures
Financial data & calculation notes
Standalone charts use the stated reporting currency. When a chart comparison spans currencies, money and EPS can be normalized to USD using a recent captured FX snapshot; this is for comparison only, not a historical FX restatement. Stock-based compensation is noncash. Free cash flow is operating cash flow less capital spending, which may include capitalized software. Missing metrics are not estimated or assumed to be zero. Banking and insurance ratios require industry-specific interpretation. Latest restatements may differ from figures in older episodes.
Market context
Valuation & price history
Adjusted closing price
Price history loads separately.
Price figures
Earnings-multiple scenario
Illustrative price = your earnings-per-share assumption × your P/E assumption. This is not a price target or a complete valuation model.
Starting assumptions, when available, use provider forward estimates as of 2026-09-23. Negative earnings require a different valuation method. This calculation omits balance-sheet, dilution and execution risks.
THE RESEARCH RECORD
Research history for MANU
Q4 FY20262026-09-23
FREE RESEARCH PACKET · Q4 FY2026
MANU: Champions League Returns. Where Is the Cash?
Record revenue meets flat EBITDA guidance, player investment and stadium funding risk. Our cash-based review of Manchester United.
Research published September 23, 2026 · Download original report
Read Research PacketMANU Stock: Champions League Returns. Where Is the Cash? — Q4 FY2026
Presentation · 2026-09-23 · YouTube