Manchester United Ltd (MANU) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Manchester United Ltd $4.59, price $20.49, upside -77.6%, quality 32 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.
How to read this chart
60‑month range $10.51 – $26.84 · fair‑value band $4.59 – $8.48 · the $20.49 price screens above the $4.59 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 23, 2026.
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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.
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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.
Stock analysis
Manchester United Ltd (MANU) currently trades at $20.49, while our model-based Fair Value estimate is $4.59, implying the stock looks roughly 346.4% overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of $10.99 per share, and 0 of the 10 models we run sit above the $20.49 price.
Bear case: the Asset-Based group reads lowest at $0.7500, and 10 of the 10 models stay below the price. Evidence for this calculation is medium.
Scenario range: $4.59 (bear) to $8.48 (bull), the price of $20.49 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 32/100 (below-average quality), in the Communication Services sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Manchester United Ltd reported revenue of £628M in FY2025 versus £481M in FY2021, a compound +6.9%/yr. Reported net income was −£31.1M in FY2025.
Key figures
Market cap $3.9B · P/S ratio 5.64 · EPS (TTM) $−0.1400 · Net margin −5.0% · Return on equity −9.6% · Return on assets (EBIT) −3.7% · Operating margin 14.3% · Revenue (TTM) £684M.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 41 out of 100 (medium confidence).
What moves the price
The share trades about 15% below its 52-week high and 36% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Communication Services peers we cover trades at −3% fair-value upside, at −78%, MANU screens richer than that median.
Fair Value models
The price assumes far more growth than our models allow for, so the models scatter widely ($0.7500 to $12.85). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear $4.59Fair Value $4.59Bull $8.48
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.25/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−4.5%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−0.5%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+4.1%
Start year 2020 (pandemic). Over 10 years: +4.7% a year
Revenue growth 25 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+5.3%
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Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
−1.9% (2020) → −4.0% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+40.7%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+8.6%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in GBP, UK: IMF forecast 2.3% a year to 2030, 3.3% from 2016 to 2025) that is about +37.5% a year for the price and +6.1% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (89 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Negative
Recent news coverage is more negative than average.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Entertainment · 263 stocks
Beats the industry median on 3/11 measures
Overall it trails its industry peers.
Valuation
Quality Score32 · Bottom 25%
Fair Value upside−78% · Bottom 25%
Profitability
Return on assets0% · Below median
Net margin (TTM)−3% · Below median
Operating margin (TTM)14% · Top 25%
Growth and dividend
Revenue growth18% · Above median
Balance sheet
Debt / equity2.44× · Highest 25%
Valuation Multiplesvs Entertainment median · lower = cheaper
P/B19.91× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
P/S (TTM)5.64× · Priciest 25%
P/FCF137.9× · Priciest 25%
EV/EBITDA19.7× · Priciest 25%
PEG0.35× · Cheapest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 31
FUTURE (revenue growth)90· sector 11
PAST (return on equity)0· sector 5
HEALTH (low debt)0· sector 97
DIVIDEND (yield)0· sector 44
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Manchester United Ltd Fair Value". https://www.fairvalue-calculator.com/stock/MANU
Frequently asked questions
Is Manchester United Ltd (MANU) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of $4.59 versus a price of $20.49, about −78% upside (overvalued).
What is the fair value of MANU?
Our model-based fair value for Manchester United Ltd is $4.59 (as of Sep 23, 2026), built from audited fundamentals. The current price: $20.49.
What is the quality score of MANU?
Manchester United Ltd has a Quality Score of 32/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Manchester United Ltd (MANU)?
Our model-based price target is the fair value of $4.59 (as of Sep 23, 2026) from 11 valuation models. Cautious scenario $4.59, optimistic scenario $8.48. It is a calculation from audited fundamentals, not an analyst target.
What is the Manchester United Ltd stock forecast for 2026?
Our models put fair value at $4.59, about −78% upside versus a price of $20.49 (overvalued). Cautious scenario $4.59, optimistic scenario $8.48. The calculation is refreshed regularly with new filings.
What is the revenue of Manchester United Ltd (MANU)?
Manchester United Ltd reported trailing-twelve-month revenue of about £684M (latest available figure, as of Sep 23, 2026).
What growth is priced into Manchester United Ltd (MANU)?
For today's price to be fair in a discounted-cash-flow model, Manchester United Ltd would have to grow free cash flow by +40.7 % per year for five years (discount rate 8.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +4.1 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of MANU use?
Our models discount Manchester United Ltd at 8.8 %: a base by market capitalisation (mid), damped by beta 0.62, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Manchester United Ltd that is +40.7 % per year a year over ten years, using the same discount rate (8.8 %) and the same formula as our fair value.
How much growth has Manchester United Ltd (MANU) delivered so far?
Over the past 5 years revenue at Manchester United Ltd grew +4.1 % a year. The price currently implies +40.7 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Manchester United Ltd (MANU) growing?
The median revenue growth in the sector is +1.6 % a year. That is the yardstick for the growth priced into Manchester United Ltd (+40.7 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Manchester United Ltd (MANU)?
The free-cash-flow yield on the price is 1.05 %: that much free cash flow Manchester United Ltd produces per unit of market value. When it exceeds the discount rate of our models (8.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Manchester United Ltd (MANU)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Manchester United Ltd it is $4.59 per share (as of Sep 23, 2026), against a price of $20.49. It is the blended result of 11 valuation models (cash flow, earnings, asset, dividend).
Is Manchester United Ltd stock overvalued or undervalued in 2026?
As of Sep 23, 2026, MANU trades above its calculated fair value: price $20.49, fair value $4.59, a gap of about −78% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of MANU?
No. The price is what the market pays today ($20.49); the fair value is what the company's own numbers justify ($4.59). For Manchester United Ltd the two are $15.90 per share apart. That gap is exactly why we show both numbers side by side.
How much is Manchester United Ltd worth?
The market values Manchester United Ltd at about $3.9B (market capitalisation, as of Sep 23, 2026). Per share that is $20.49; our models calculate a fair value of $4.59 per share.
What do the bullish and bearish scenarios say about MANU?
Our models span a range for Manchester United Ltd: cautious scenario $4.59, base $4.59, optimistic $8.48 per share (as of Sep 23, 2026, price $20.49). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the PEG ratio of MANU?
The PEG ratio of Manchester United Ltd is 0.35 (P/E divided by earnings growth, as of Sep 23, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Manchester United Ltd (MANU)?
Balance-sheet figures for Manchester United Ltd (as of Sep 23, 2026): return on equity −9.6%, debt of 2.44 per unit of equity. They feed the Quality Score of 32/100, which measures business quality independently of the share price.
How far is MANU from its 52-week high?
Manchester United Ltd trades at $20.49, about 15% below its 52-week high of $24.19 and 36% above the low of $15.10 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of $4.59 is for.
Which stocks are comparable to Manchester United Ltd?
From the same area (Communication Services) we also value Netflix, Inc, The Walt Disney Company, Warner Bros. Discovery, Inc, Live Nation Entertainment, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Manchester United Ltd stock attractive at the current price?
The data as of Sep 23, 2026: price $20.49, calculated fair value $4.59 (−78%), Quality Score 32/100, from 11 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of MANU calculated?
We run Manchester United Ltd through 11 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $4.59, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.1 % above its aggregate fair value. Manchester United Ltd itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Manchester United Ltd (MANU)?
The closing price on Sep 23, 2026 was $20.49. Our model-based fair value is $4.59, about −78% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Manchester United Ltd right now?
The price sits above even our optimistic bull case ($8.48). The favourable scenario is already priced in. Weak quality (32/100) and above fair value at the same time, the margin of safety is missing on both counts. A fairly wide model range ($4.59 to $8.48) leaves room in how you read the outcome.
Key figures of Manchester United Ltd
How large is the market capitalisation of Manchester United Ltd (MANU)?
The market capitalisation of Manchester United Ltd is $3.9B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Manchester United Ltd (MANU)?
The price-to-sales ratio of Manchester United Ltd is 5.64 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Manchester United Ltd (MANU)?
Earnings per share at Manchester United Ltd are $−0.1400. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Manchester United Ltd (MANU)?
The net margin of Manchester United Ltd is −5.0% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Manchester United Ltd (MANU)?
The return on equity (ROE) of Manchester United Ltd is −9.6% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Manchester United Ltd (MANU)?
On an EBIT basis the return on assets of Manchester United Ltd is −3.7% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Manchester United Ltd (MANU)?
The operating margin of Manchester United Ltd is 14.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Manchester United Ltd (MANU)?
Revenue at Manchester United Ltd is growing +18.0% versus a year earlier (3y avg −0.5%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Manchester United Ltd (MANU)?
Earnings per share at Manchester United Ltd are growing +223% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Manchester United Ltd (MANU) carry?
The net debt of Manchester United Ltd is £559M (fiscal year 2025, ≈ 20.0 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Sep 23, 2026