Ocado Shares Down Over 93% From Peak — Can it Ever Recover?

Once a pandemic darling of the London Stock Exchange, Ocado Group (LON: OCDO) has seen its share price collapse from an all-time high of around 2,914p in 2020 to approximately 180p as of Friday’s close — a staggering fall of more than 93% in just five years.

The Hatfield-based online grocer and retail technology firm rode a wave of lockdown-driven demand in 2020 and 2021, with investors piling in on promises that its robotic warehouse technology would revolutionise grocery fulfilment worldwide.

But the post-pandemic normalisation, combined with rising interest rates and mounting losses, began to deflate the lofty valuation almost immediately.

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The rot deepened in late 2025, when US retail giant Kroger confirmed it was closing three Ocado-powered automated fulfilment centres, sending shares tumbling 16% in a single session.

Canadian supermarket chain Sobeys followed with its own closure soon after. The North American retreat stripped away some of the most significant pillars of Ocado’s global growth story.

Further pressure came in early 2026, when the company announced plans to cut up to 1,000 jobs — around 5% of its global workforce — as part of a sweeping cost-reduction drive. CEO Tim Steiner has also reportedly been the subject of succession planning discussions, adding to investor unease.

Yet the bulls have not entirely given up. Full-year 2025 results showed a 12% jump in group revenue and adjusted EBITDA rising £66m to £178m. Management expects to turn cash flow positive in FY2026, with full cash generation targeted for FY2027.

Exclusivity deals with major retail partners have now largely expired, opening the door for Ocado to pitch its AI-powered warehouse technology to new customers globally, including a newly announced partnership with Asda. JPMorgan maintains an Overweight rating, with a consensus analyst price target of around 255p.

With a market cap of just £1.5bn — a fraction of its former glory — Ocado remains a high-risk, high-reward proposition. Recovery is possible, but it will require flawless execution in an increasingly competitive market.