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Manchester United Ltd (MANU) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Manchester United Ltd stock $15.41, price $22.61, that is 31.8% below the price, quality 38 out of 100. Rating: overvalued. Calculated from audited financials with 10 of our 26 valuation models and 37 quality factors, updated daily.
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Nov 6, 2026
Thin data
Nov 6, 2026
Manchester United Ltd
MANU · USExpensive, weak quality
Our calculation puts a fair price 32% below what the stock costs today.
Generates free cash flow
Mixed Growth (revenue 5y +7.0 %/yr in GBP)
Fair value $15.41 · Overvalued (−31.8%)
Quality 38/100
Loss-making · -6.3% net margin (TTM)
High debt
Trails peers (1/11)
Narrow moat 19/100
Negative coverage
Thin data
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What runs behind every stock
26
valuation models
8 families, DCF to NCAV
37
quality factors
margins, balance sheet, cashflow, debt
6
AI factors
moat, what no ratio measures
2,000+
data points
verified, per stock, median
69 individual criteria per stock, every one traceable See the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 6, 2026.
How to read this chart
60‑month range $10.51 – $26.84 · fair‑value band $9.70 – $23.51 · the $22.61 price screens above the $15.41 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 6, 2026.
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Company profile
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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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 $22.61, while our model-based Fair Value estimate is $15.41, 32% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of $15.76 per share, and 0 of the 10 models we run sit above the $22.61 price.
Bear case: the Multiples group reads lowest at $9.48, and 10 of the 10 models stay below the price. Data coverage for this calculation is low.
Scenario range: $9.70 (bear) to $23.51 (bull), the price of $22.61 sits inside 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 38/100 (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 £675M in FY2026 versus £639M in FY2022, a compound +1.4%/yr. Reported net income was −£42.8M in FY2026.
Key figures
Market cap $3.9B Mid · P/S ratio 5.24 · EPS (TTM) $−33.42 · Net margin −6.3% · Return on equity −25.0% · Return on assets (EBIT) −3.3% (5-year average) · Operating margin −15.1% · Revenue (TTM) £678M.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 19 out of 100 (medium confidence).
What moves the price
The share trades about 7% below its 52-week high and 49% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Communication Services peers we cover trades at −13% fair-value upside, at −32%, MANU screens richer than that median.
Fair Value models
Bear $9.70
Fair Value $15.41
Bull $23.51
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.
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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.
Coverage ⓘCoverage = 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.
Best data coverage
FCF DCF
$9.34
$16.19
$26.44
78
Growth DCF
$9.65
$15.84
$24.63
77
Owner Earnings
$10.63
$18.15
$29.41
75
All 10 models by family
DCF Models
FCF DCF
$9.34
$16.19
$26.44
78
Owner Earnings
$10.63
$18.15
$29.41
75
5Y Revenue Exit
$4.72
$8.53
$13.21
71
5Y EBITDA Exit
$9.00
$16.38
$24.79
74
10Y Revenue Exit
$6.08
$9.91
$14.68
66
10Y EBITDA Exit
$9.00
$15.32
$23.39
67
Multiples
EV/EBITDA
$9.65
$14.46
$19.28
66
EV/Revenue
$1.70
$4.50
$7.29
50
Growth DCF
Growth DCF
$9.65
$15.84
$24.63
77
Rev-Margin DCF
$4.72
$8.70
$13.20
71
Quality Score breakdown
Overall quality
38/100
It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.
Profitability
7
How much profit the company makes from its sales and capital
Quality Growth
50
Are margins and returns getting better?
Cashflow
60
Do the profits arrive as real cash?
Financial strength
8
Debt, balance sheet and risk of trouble
Investment
50
Does it invest with discipline instead of growing at any price?
Low Volatility
74
How calm the share price moves, does not count
Price momentum
60
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high
82
Distance to the 52-week high, does not count
New shares
73
Buys back shares or issues new ones?
Revenue & earnings trend
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.
43/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+7.4%
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.
+3.1%
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.
+7.0%
Start year 2021 (pandemic). Over 10 years: +1.7% a year
Revenue growth 26 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.
+5.4%
’15
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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.
−8.7% (2021) → −3.6% (2026)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2026 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.
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).
+19.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (figures in GBP, UK: IMF forecast 2.3% a year to 2030, 3.3% from 2016 to 2025) that is about +16.6% a year for the price.
MANU screens overvalued: fair value 32% below the price. Compare with Netflix, Inc →
Earlier news
News mood ⓘNews mood, the average tone of recent news (88 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.
- Manchester United (MANU) Could Be 15% Undervalued Following 2027 Revenue Guidance
- Manchester United records revenue despite Champions League absence
- Manchester United Quarterly Revenue Falls; Club Sees Stronger Fiscal 2027 Topline Growth
- Manchester United PLC Reports Fourth Quarter and Full Year Fiscal 2026 Results
Note from the team Oct 11, 2026
AI conclusion: The strong global brand underpins a moderate moat through its fan ecosystem, while weak profitability and high debt limit overall durability.
Main risk: Inconsistent on-pitch results under current management threaten the sustainability of revenue momentum from broadcasting and partnerships.
Manchester United posted record revenue last year even without Champions League football and now guides to higher figures with its return this season. Cost cuts and new sponsorships support the commercial side while plans advance for a larger stadium. On the pitch however results stay inconsistent under current management. Will the revenue momentum from broadcasting and partnerships hold if sporting performance does not improve?
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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 · 221 stocks
Beats the industry median on 1/10 measures
Overall it trails its industry peers.
Valuation Multiplesvs Entertainment median · lower = cheaper
Context: sector, industry, market
- Is the Communication Services sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- Net margin by industry
- P/B ratio by industry
- PEG screener for stocks with fair value
- Undervalued stocks: Communication Services
- Undervalued stocks: US Stocks
- Valuation of the USA market
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
None of the checked exposures detected
Similar stocks
10 more Entertainment stocks, each showing price versus our Fair Value estimate.
| Stock | Price | Fair Value | vs Fair Value | Compare |
|---|---|---|---|---|
| Universal Music Group UMG | €17.10 | €19.56 | +14% | vs MANU |
| Fox Corporation FOX | $59.50 | $65.92 | +11% | vs MANU |
| Netflix, Inc NFLX | $63.41 | $69.75 | +10% | vs MANU |
| Formula One Group FWONK | $106.33 | $114.96 | +8% | vs MANU |
| The Walt Disney Company DIS | $116.75 | $101.07 | −13% | vs MANU |
| News Corporation NWS | $28.96 | $17.05 | −41% | vs MANU |
| Roku, Inc ROKU | $160.52 | $71.66 | −55% | vs MANU |
| TKO Group TKO | $191.00 | $69.66 | −64% | vs MANU |
| Warner Music Group WMG | $31.30 | $10.61 | −66% | vs MANU |
| Live Nation Entertainment, Inc LYV | $175.25 | $48.31 | −72% | vs MANU |
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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 Nov 6, 2026, our model estimates a fair value of $15.41 versus a price of $22.61, about 32% lower (overvalued).
What is the fair value of MANU?
Our model-based fair value for Manchester United Ltd is $15.41 (as of Nov 6, 2026), built from audited fundamentals. The current price: $22.61.
What is the quality score of MANU?
Manchester United Ltd has a Quality Score of 38/100. 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 $15.41 (as of Nov 6, 2026) from 10 valuation models. Cautious scenario $9.70, optimistic scenario $23.51. 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 $15.41, about 32% lower versus a price of $22.61 (overvalued). Cautious scenario $9.70, optimistic scenario $23.51. 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 £678M (latest available figure, as of Nov 6, 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 +19.3 % per year for five years (discount rate 8.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +7.0 % per year. As of Nov 6, 2026.
What discount rate (WACC) does the fair value of MANU use?
Our models discount Manchester United Ltd at 8.9 %: a base by market capitalisation (mid), damped by beta 0.65, 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 +19.3 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (8.9 %) 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 +7.0 % a year. The price currently implies free-cash-flow growth of +19.3 % per 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 +3.8 % a year. That is the yardstick for the growth priced into Manchester United Ltd (+19.3 % per 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 3.17 %: that much free cash flow Manchester United Ltd produces per unit of market value. When it exceeds the discount rate of our models (8.9 %), 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 $15.41 per share (as of Nov 6, 2026), against a price of $22.61. It is the blended result of 10 valuation models in 3 families (DCF Models, Multiples, Growth DCF).
Is Manchester United Ltd stock overvalued or undervalued in 2026?
As of Nov 6, 2026, MANU trades above its calculated fair value: price $22.61, fair value $15.41, a gap of about −32% (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 ($22.61); the fair value is what the company's own numbers justify ($15.41). For Manchester United Ltd the two are $7.20 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 Nov 6, 2026). Per share that is $22.61; our models calculate a fair value of $15.41 per share.
What do the bullish and bearish scenarios say about MANU?
Our models span a range for Manchester United Ltd: cautious scenario $9.70, base $15.41, optimistic $23.51 per share (as of Nov 6, 2026, price $22.61). 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 Nov 6, 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 Nov 6, 2026): return on equity −25.0%, debt of 3.86 per unit of equity. They feed the Quality Score of 38/100, which measures business quality independently of the share price.
How far is MANU from its 52-week high?
Manchester United Ltd trades at $22.61, about 7% below its 52-week high of $24.19 and 49% above the low of $15.20 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $15.41 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, Live Nation Entertainment, Inc, TKO Group, 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 Nov 6, 2026: price $22.61, calculated fair value $15.41 (−32%), Quality Score 38/100, from 10 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 10 models from 3 families: DCF Models, Multiples, Growth DCF. Every model gets the same audited fundamentals; the fair value of $15.41 builds on their evidence-weighted average, 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 13.0% 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 Nov 6, 2026 was $22.61. Our model-based fair value is $15.41, about 32% lower (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?
Weak quality (38/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range ($9.70 to $23.51) 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 5.24 (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 $−33.42. 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 −6.3% (fiscal year 2026). 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 −25.0% (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 −3.3% (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 −15.1% (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 −4.1% versus a year earlier (3y avg +3.1%). 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 £621M (fiscal year 2026, ≈ 6.7 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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