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UK veterinary group operating a network of veterinary practices, diagnostic labs and an online pet pharmacy.
UK veterinary group operating a network of veterinary practices, diagnostic labs and an online pet pharmacy.
Earns fees from consultations, surgery and treatment at its own practices, plus sales of medicines and pet food, with in-house diagnostic labs adding margin. Growth comes from buying independent practices, and the group has been under a regulator review of UK vet pricing since 2024.
In one line: A UK Mars Veterinary Health/IVC Evidensia peer.
Moat: narrow (scale, brand, distribution). Consolidated network of vet practices with in-house diagnostics builds referral scale.
Headquarters: Diss, UK · Founded: 1999
Size CVS (CVSG.L) is a United Kingdom Health Care company (Hospital/Nursing Management) with a market value of $1.23B, the 203rd largest of 363 United Kingdom companies the cockpit tracks. Shares closed at £1,372 on 6 Nov 2026.
Performance Over six months the shares gained 20.2%, against -3.7% for the median peer and +3.6% for the United Kingdom market (cap-weighted) — 3rd highest of 20 in its peer set.
Growth Revenue grew 5.9% over the last twelve months (peer median +14.3%); the operating margin is 10.6% (peer median 9.9%).
Valuation It trades at 14.3× forward earnings against a peer median of 38.1× (cheapest of 16).
Price implies For today's price to make sense, revenue must grow about 14% a year for seven years (Req g). Recent delivered growth is +7%, so the hurdle is +7 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 0.9 points below its cost of capital (10.2% WACC).
Credit CVS has 1 bond outstanding ($399M), rated BBB by the agencies and trading like A+ at a weighted spread of 104 bp.
Next results Next results expected around 4 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | £713M | £713M | £673M | £639M | £589M |
| Revenue growth | — | +6% | +5% | +8% | — |
| Gross profit | £290M | £290M | £260M | £244M | £236M |
| EBITDA | £140M | £140M | £136M | £126M | £125M |
| Net income | £17.3M | £17.3M | £19.3M | £6.20M | £41.9M |
| Free cash flow | £42.8M | £42.8M | £55.7M | £28.3M | £42.2M |
| Capital expenditure | £36.4M | £36.4M | £34.2M | £43.1M | £45.7M |
| Total debt | n/a | £320M | £249M | £288M | £199M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | CVSG.L | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +19.8% | -0.6% | highest of 20 |
| 6-month return | +20.2% | -3.7% | 3rd highest of 20 |
| Distance from 52-week high | -3.9% | -21.8% | 2nd highest of 20 |
| Revenue growth (TTM) | +5.9% | +14.3% | 8th lowest of 21 |
| Operating margin | 10.6% | 9.9% | 9th highest of 20 |
| Forward P/E | 14.3× | 38.1× | cheapest of 16 |
| Growth the price implies (Req g, 7 yrs) | 13.7% | 15.0% | 8th least demanding of 15 |
| Growth delivered (Del g) | +6.9% | +10.3% | 4th lowest of 15 |
| Hurdle (Req g minus delivered) | +6.8 pp | +1.5 pp | 7th most demanding of 15 |
| ROIC minus cost of capital | -0.9 pp | -2.3 pp | 8th highest of 20 |
| EV / EBITDA | 8.7× | 15.4× | 3rd cheapest of 16 |
| Net debt / EBITDA | 2.2× | 2.5× | 8th least indebted of 17 |
| Bond spread | 104 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| CVS CVSG.L | United Kingdom | $1.23B | +20% | +6% | 11% | 14.3× | 13.7% | +6.9% |
| Raffles Medical BSL.SI | Singapore | $1.25B | -15% | -3% | 11% | 27.3× | -2.4% | +6.1% |
| Park Medi World PARKHOSPS.NS | India | $1.15B | +2% | +21% | n/a | 28.3× | 30.5% | +10.2% |
| Rainbow Childrens Medicare RAINBOW.NS | India | $1.34B | -4% | +23% | 22% | 39.4× | 30.2% | +21.2% |
| Spire Healthcare SPI.L | United Kingdom | $1.34B | +68% | +2% | 8% | 19.5× | 9.8% | +11.4% |
| Ramsay Generale de Sante GDS.PA | France | $1.09B | -15% | +3% | 4% | n/a | 6.3% | +6.0% |
| Rhon-klinikum RHK.DE | Germany | $1.08B | +14% | +5% | 3% | 22.5× | n/a | n/a |
| Yatharth Hospital and Trauma Care Services YATHARTH.NS | India | $1.05B | +25% | +50% | 16% | 41.0× | n/a | n/a |
| Sanbo Hospital Management 301293.SZ | China | $1.48B | -21% | +17% | 6% | 148.9× | n/a | n/a |
| Aevis Victoria AEVS.SW | Switzerland | $1.49B | +9% | +15% | -6% | 107.9× | 26.6% | +10.2% |
| Jupiter Life Line Hospitals JLHL.NS | India | $1,000M | +14% | +17% | 16% | 48.5× | n/a | n/a |
| Xi'an International Medical Investment 000516.SZ | China | $1.54B | 0% | -1% | -2% | n/a | 13.6% | +20.6% |
| Thomson Medical A50.SI | Singapore | $953M | -21% | +6% | 10% | n/a | 20.9% | +11.8% |
| HealthCare Global Enterprises HCG.NS | India | $950M | -2% | +14% | 8% | 67.3× | n/a | n/a |
| Clinica Baviera CBAV.MC | Spain | $940M | -7% | +11% | 20% | 18.2× | 0.7% | +19.7% |
| Sienna Senior Living SIA.TO | Canada | $1.63B | -11% | +16% | 10% | 38.1× | 19.6% | +8.6% |
| Paras Healthcare PARASHLTH.NS | India | $844M | n/a | +24% | 11% | n/a | n/a | n/a |
| Extendicare EXE.TO | Canada | $1.87B | -9% | +31% | 9% | 19.4× | 11.2% | +8.5% |
| Huaxia Eye Hospital 301267.SZ | China | $1.92B | -16% | +2% | 15% | 24.7× | 3.8% | +10.4% |
| Brookdale Senior Living BKD | United States | $2.15B | -31% | -4% | 5% | 127.7× | 22.4% | -1.4% |
| Kovai Medical Center & Hospital KOVAI.NS | India | $689M | +4% | +15% | 21% | n/a | 16.3% | +18.1% |
CVS has 1 bond outstanding with $399M face value. The agencies rate it BBB; its bonds trade like A+. Weighted yield 6.32%, a spread of 104 bp over government bonds.