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WSHP, WeShop Holdings Limited
WeShop operates a social commerce platform designed to connect product discovery, user-generated content, affiliate commerce and equity-linked rewards.
The Company's platform enables users to discover products and services through content, recommendations and referrals, and to access third-party retailers through affiliate network integrations.
Does not manufacture, own or hold inventory and is not the merchant of record for products and services purchased through its platform.
The business
What it sells, where the money comes from, the kind of company it is.
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What it is
- Revenue is Affiliate Services (82%) and Advertising (18%).
- Situation
- Unprofitable. No meaningful revenue yet; the record is the cash on hand against the burn.
- What moves the needle
- Unit economics, and whether the moat is real low cost or genuine convenience. What decides it: same-store sales, how fast inventory turns back into cash, and whether thin margins survive the next price war or the shift online. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
Every line is arithmetic on the company's filings, shown in full in the sections below.
Where the money comes from
read the 20-F →Affiliate Services is 82% of revenue, with Advertising the other meaningful line at 18%.
- Affiliate Services82%£345K
- Advertising18%£78K
From the segment footnote of the company's own 20-F. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.
The record
Ten years of arithmetic, read across the cycle.
Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.
In fiscal 2025 the business turned a £63M loss into (£4M) of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.
| FY2025 | FY2024 | |
|---|---|---|
| Reported net income | (£63M) | (£12M) |
| Depreciation & amortizationnon-cash charge added back | +£2M | +£2M |
| Working capital & othertiming of cash in and out, other non-cash items | +£57M | +£8M |
| Cash from operations | (£4M) | (£2M) |
| Capital expenditurecash put back in to keep running and to grow | −£2K | −£6K |
| Owner earnings | (£4M) | (£2M) |
| Owner-earnings marginowner earnings ÷ revenue | -1029% | -167% |
Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position .
Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
“Restatement of the Previously Issued Audited As discussed in Note 2 to the consolidated financial statements, the 2024 consolidated financial statements have been restated to correct certain misstatements.”
The figures below are only as sound as the controls that produced them. read the note →
Will it survive?
- Can it pay its interest? -94.8×Does not cover its interestOperating income (£63M) ÷ interest expense £666K
What this means
A full year of operating profit didn't cover the interest bill. This is the zombie zone: the business depends on refinancing, asset sales, or forbearance to service its debt.
- Not enough data
What this means
The filing data didn't include the inputs for this check.
- Not enough data
What this means
The filing data didn't include the inputs for this check.
Is it a good business?
- Not enough dataIndustry peers: median 6%
What this means
The filing data didn't include the inputs for this check.
- Owner-earnings margin -1029%Consumes cashOwner earnings (£4M) = operating cash (£4M) − maintenance capex £2KIndustry peers: median 1%
What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's -1029% of revenue this year.
- Loss, and burning cashNet income (£63M) · cash from operations (£4M)
In the filing’s words The filing discloses a restatement of previously reported figures — some numbers in the record have moved since they were first filed; read what changed, and why, before trusting the trend.
What this means
The company reported a net loss, so a conversion ratio isn't meaningful. What matters then is whether operations still threw off cash, here, they did not.
How is the cash used?
- Not enough data
What this means
The filing data didn't include the inputs for this check.
- Investing or harvesting? 0.00×HarvestingCapex £2K ÷ depreciation £2M
What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.
Graham’s defensive tests · 0 of 1 met
Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.
- Adequate size —Revenue ≥ $2B (a dollar floor) · £423K
What this means
Big enough to weather a storm. Graham's floor is a dollar figure — about $2B of revenue as a conservative modern stand-in. This company reports in its home currency and we carry no exchange rate, so we show the figure and leave the size bar for you to apply rather than convert it with a number we don't have.
- Strong liquidity MissCurrent ratio ≥ 2× · 0.09×
What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
- Moderate price —P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price
What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are £-4.35/share (latest year £-7.28), the averaged base the calculator's gate runs on, and book value is £0.68/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.
Does AI threaten the moat?
Moderate contestabilityAI is likely to reshape costs and some products here without clearly contesting or sparing the core moat; how the company itself frames it is the tell.
The question is whether a moat the record shows as durable outlasts a technology that lowers the cost of part of what the firm sells. The durability is read in the record above, the filing's own framing of AI beside it; the industry label decides nothing on its own.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Current Position
as of fiscal year-end, Dec 31, 2025Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
- Other current assets£554K
- Other current liabilities£6M
From the company's latest filing.
Peers, Specialty Retail
The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | Gross margin | Op. margin | ROIC | Owner earn. margin |
|---|---|---|---|---|---|
| SPHSuburban Propane Partners L.P. | $1.4B | 60% | 12.8% | — | 12% |
| EZPWEZCORP Inc. Class A Non Voting | $1.3B | 79% | 7.7% | 6% | 7% |
| REALThe RealReal Inc. | $693M | 64% | -31.6% | — | -21% |
| HNSTThe Honest Company Inc. | $371M | 33% | -11.3% | -23% | -4% |
| TDUPThredUp Inc. | $311M | 71% | -22.5% | -54% | -13% |
| ELAEnvela Corporation | $241M | 22% | 5.1% | 24% | 1% |
| WINAWinmark Corporation | $86M | 96% | 62.2% | 255% | 52% |
| WSHPWeShop Holdings Limited | £423K | — | -14925.8% | -838% | -1029% |
| Group median | — | — | -3.1% | -8% | -1% |
The price
What a price has to assume.
What the price implies
reverse-DCFEnter the home-market price, not the US ADR quote. WeShop Holdings Limited reports in GBP, and every figure here (owner earnings, book value, the share count) is on that GBP, ordinary-share basis. Enter the price on the same basis: the local-exchange quote per ordinary share in GBP. London quotes print in pence; 364.30p is £3.643. Enter pounds. A US ADR price in dollars bundles the ADR-to-ordinary ratio and the exchange rate, so it will not reconcile with these figures and would throw the multiple off.
WeShop Holdings Limited is profitable, but owner earnings are negative this year because capital spending currently outruns operating cash, a build-out, so the owner-earnings reverse-DCF has no positive base to grow. We read the price from both ends instead: type a price to see the steady-state profitability it demands, then set the mature margin you would believe and weigh the two against each other. Nothing leaves your browser unless you enter it in your notebook.
Enter a price to run it.
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Two reads of one future. From your price: the owner earnings the company must reach, valued at a mature multiple and discounted back at your rate, expressed as the margin it implies on revenue grown at your rate. From your belief: the mature margin you would credit, set on the dial above. When the margin the price demands runs above the one you would believe, you are paying for a future taken on faith. For a deep cyclical at a trough, normalized through-cycle earnings are the better lens; this mode is for the genuinely unprofitable, and for the profitable business whose capital spending currently outruns its cash.
Manual order: ← WSE its page in the Manual WTF →
Industry order: ← WOOF the Specialty Retail chapter WSM →