olivLaw · European equity research
Barclays PLC BARC.L
United Kingdom · London Stock Exchange · ISIN GB0031348658 · Vertical: Listed companies from United Kingdom
Barclays PLC is a British bank with retail, business banking, corporate, private wealth and investment banking divisions, and in 2025 it grew lending and expanded digital services. Barclays UK reported income of £8.7bn, while the Investment Bank reported a 10.6% return on tangible equity, so the business mix matters for assessing the group.
At the close of 05 Nov 2026, Barclays PLC (BARC.L) stock was 4.24 GBP (−2.46% on the day), with market capitalisation 69.4 bn GBP, P/E 10.0 on diluted EPS of 0.42 GBP over the last 12 months, beta 1.40, 52-week range 3.74–5.30 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 45.3
- neutral
- Bollinger (20, 2)
- 4.07 – 4.42
- in the lower half of the band · %B 0.48 · band width 8.1%
- SMA 50 / 200
- 4.52 / 4.62
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.07 / -0.10
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −5.2% | +0.4% | −5.6 pp | — |
| 3 months | −18.5% | −3.3% | −15.2 pp | — |
| 6 months | −3.3% | +4.0% | −7.3 pp | — |
| Year to date | −10.9% | +8.1% | −19.0 pp | — |
| 1 year | +4.5% | +10.7% | −6.2 pp | +6.7% |
| 3 years | +211.1% | +50.1% | +161.0 pp | +24.8% |
| 5 years | +120.4% | +43.6% | +76.8 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 75 percentile of its own 4-quarter history (min 5.3, median 6.7, max 11.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable | unavailable |
| Net income | 5.9 bn | 5.3 bn | 6.3 bn | 7.2 bn |
| Net income YoY | unavailable | −11.3% | +19.9% | +13.7% |
| Diluted EPS | 0.30 | 0.27 | 0.35 | 0.42 |
| Diluted EPS YoY | unavailable | −9.7% | +29.4% | +21.6% |
| net % | unavailable | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 256.5 bn GBP
- Financial debt
- unavailable GBP
- Net debt
- unavailable GBP
- Equity
- 78.2 bn GBP
- Total assets
- 1,544.2 bn GBP
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 9.5%
- ROA
- 0.5%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (GBP)
Income statement · GBP
Balance sheet · GBP
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 278.8 bn | 248.0 bn | 235.6 bn | 256.5 bn | esef· 17 Feb 2026verified |
| Total assets | — | 1,477.5 bn | 1,518.2 bn | 1,544.2 bn | esef· 17 Feb 2026verified |
| Total liabilities | — | 1,405.6 bn | 1,445.7 bn | 1,465.9 bn | esef· 17 Feb 2026verified |
| Equity | 69.3 bn | 71.9 bn | 72.5 bn | 78.2 bn | esef· 17 Feb 2026verified |
| Shares outstanding at year end | 19.2 bn | 19.0 bn | 17.5 bn | 16.4 bn | esef· 17 Feb 2026derived |
Cash flow · GBP
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | 30.2 bn | -927.0 m | 7.1 bn | 18.7 bn | esef· 17 Feb 2026verified |
| Investing cash flow | -21.7 bn | -23.4 bn | -17.9 bn | 1.6 bn | esef· 17 Feb 2026verified |
| Financing cash flow | 696.0 m | -1.4 bn | 784.0 m | 2.3 bn | esef· 17 Feb 2026verified |
| Share repurchases | 3.7 bn | 4.8 bn | 4.5 bn | 5.6 bn | esef· 17 Feb 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 3 of at least 6
- score weight coverage: 25.0% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 69.4 bn GBP
Key indicators
Coverage and freshness
Score by group
25% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 25.0% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | 12.4% | 83 (on a fixed band) | 33% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 10.0x | 84 (vs peers) | 42% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 8.1% | 100 (on a fixed band) | 25% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth· partial83/100 · 1/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partial84/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
BARCLAYS PLC (BARC.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 9.6%.
The estimated value range is 5.01–9.07 GBP per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 6.49 GBP, the price of 4.24 GBP leaves a potential of 53.0% (value / price − 1) and a margin of safety of 34.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 25.0% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- EPS CAGR 3Y: 12.4%
- P/E (TTM): 10.0x
- Shareholder yield (distributions): 8.1%
- The price is below the estimated value range
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| BMS.LBraemar PLC | 78.3 m | 39.2 | 2.7% | 1.7% | −4.4% | +13% / −11% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
1- and 3-year price returns: for BARC.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Barclays PLC is a British bank with retail, business banking, corporate, private wealth and investment banking divisions, and in 2025 it grew lending and expanded digital services. Barclays UK reported income of £8.7bn 1, while the Investment Bank reported a 10.6% return on tangible equity 1, so the business mix matters for assessing the group.
SWOT
Strengths
- Diversification across divisions, from retail and business banking to investment banking and private wealth, reduces reliance on any single segment.
- A strong position in investment banking, where the company is ranked among the leading banks in the comparisons cited in the report.
- A risk and capital framework described as solid, with stress test results confirming resilience in adverse scenarios.
Weaknesses
- Returns in the investment bank are lower than in private wealth, which raises questions about the efficiency of capital allocated there.
- The integration of acquisitions such as Tesco Bank is still in progress and may absorb management resources.
- Dependence on the UK mortgage and corporate lending market exposes the bank to the UK economic cycle.
Opportunities
- Growth in mortgages and business lending could support revenue if demand remains solid.
- Expansion in the Middle East and Asia through new centres and partnerships could diversify income sources.
- Digitalisation and AI could reduce costs and improve client satisfaction if the investments are well executed.
Threats
- A recession or heightened protectionism could increase credit losses and trading income volatility.
- Competitive pressure in corporate lending and investment banking could limit margins.
- Regulatory changes and compliance requirements could increase operating costs.
Risks
- Credit riskmedium
Rapid growth in lending could lead to higher losses if the economy weakens, although the company says its loan loss rate remains within its risk appetite 1.
- Market riskmedium
Geopolitical and trade volatility could affect asset values and trading income in the investment bank 1.
- Liquidity and capital risklow
If funding or capital requirements change quickly, the bank could need additional measures, although the report states these risks are well managed 1.
- Operational and cyber riskmedium
Technology processes and AI investments could generate errors or security incidents if controls do not keep pace.
- Compliance and reputation riskhigh
Compliance failures or financial crime breaches could lead to penalties and damage client trust 1.
Investment thesis
What would need to be true (bull case)
- Growth in mortgage and corporate lending, combined with a high-return private wealth division, could support revenue if trends hold 1.
- A solid investment banking position and international expansion could lift trading and advisory income 1.
- Digitalisation and AI could reduce costs and improve margins over the longer term if well implemented 1.
What would break the thesis
- A UK recession could raise credit losses and slow growth in mortgages and business lending.
- Lower returns in the investment bank could limit the value that division creates, especially if competition intensifies.
- Acquisition integration and technology spending could consume resources without quickly producing measurable results.
What to watch
- Trend in return on tangible equity in the Investment Bank and Barclays UK2026
- Completion of the Tesco Bank integration and effects on card lending2026
- Launch of the Singapore booking centre2026
- Development of credit losses under the stress test scenarionext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Barclays PLC operates through several divisions: Barclays UK, which offers current accounts, savings, mortgages and unsecured lending to retail and business customers 1; UK Corporate Bank, for corporate clients from businesses with annual revenue above £6.5m up to FTSE350 companies 1; Private Bank and Wealth Management, for clients with investable assets from £250k upward 1; and the Investment Bank, which provides advisory, financing and risk management services to corporations, governments and institutional investors 1. The company's stated focus is improving customer experience and operational efficiency 1.
In 2025 Barclays UK supported 146,000 mortgage completions, the highest since 2021 and up 42% on 2024 1. Lending also expanded in the corporate bank, where total loan growth reached £4.6bn for the year 1. The company also announced a strategic partnership with Brookfield to grow and transform its payment acceptance business 1.
The three-year plan puts emphasis on growing lending, deepening client relationships and operational efficiency, with technology and AI described as central to this direction 1. Completing the Tesco Bank integration is presented as a step that could broaden reach and value for customers 1.
Segments
Barclays UK
Barclays UK reported income of £8.7bn and a return on tangible equity of 20.7% in 2025 1. The division grew lending through mortgages, Barclaycard and personal loans, while the Tesco Bank integration is ongoing 1.
Investment Bank
The Investment Bank reported income of £13.1bn and a return on tangible equity of 10.6% in 2025, with a cost-to-income ratio of 62% 1. The company remained sixth in Global Markets and Investment Banking rankings cited in the report 1.
Private Bank and Wealth Management
PBWM reported a return on tangible equity of 26.3% in 2025, with assets under management growing by £5.2bn, supported by digital investing and multi-asset portfolios 1. The division is expanding internationally in the Middle East and Asia, including a planned Singapore booking centre in 2026 1.
Market context
Barclays operates in the UK, the United States and Europe, and in investment banking competes with US and European banks in the major capital markets 1. The report notes that the UK corporate lending market was competitive in 2025, and the bank responded by growing its lending market share by 1% 1.
The 2025 market environment included trade and geopolitical volatility, as well as AI-driven tailwinds that supported transactions and flows into diversified products 1. The company ran an internal macroeconomic stress test under a severe Global Fragmentation scenario covering heightened protectionism and climate shocks 1.
Trends
- Digitalisation and AItailwind
The company is investing in technology and generative AI to shorten processing times and improve services, for example through its mortgage platform for brokers and the BARXBot client chatbot 1. If these investments translate into efficiency, they could support margins over the longer term.
- Demand for creditmixed
Growth in mortgage and business lending was an important driver in 2025 1. A weaker economy could however increase credit losses, and the report explicitly models a UK recession scenario 1.
- Competitive pressure in corporate bankingheadwind
The report describes a competitive market for corporate lending, in which the bank adjusted its approach to hold market share 1. Pricing pressure could limit the division's margins.
- Regulation and stabilitymixed
The company cites regulatory changes and compliance risk as factors shaping strategy, including the FCA Advice Guidance Boundary Review 1. The risk framework and capital are described as strong, but compliance costs could remain high.
Competitive position
Barclays competes with other UK banks, and in capital markets with large US and European investment banks, where the report says it can compete with its US peers in the US, Europe and Asia 1. In retail and mortgages, competition comes from traditional banks and digital providers.
In investment banking, the company explicitly benchmarks itself against banks listed in the Global Markets and Investment Banking comparisons in the report 1. The stated advantage is integrated expertise and client relationships rather than scale alone.
- JPMorgan ChaseJPM
US investment bank cited in the report's Global Markets comparisons as a reference point for the investment division.
- Goldman SachsGS
Competitor in investment banking and capital markets, included in the report's peer group of banks.
- Morgan StanleyMS
Competitor in M&A advisory, capital markets and Global Markets, named in the report's comparison group.
- UBS
Swiss bank with investment banking and wealth management activity, included in the report's reference group.
News & filings
In the press
- How often should you be working at the office? Here's what the research suggestsPhys.org · 05 Nov 2026 · EN
- Democrats Sweep House and Senate in Midterm Rebuke of TrumpBloomberg Markets · 04 Nov 2026 · EN
- Car finance: Barclays becomes first big lender to offer payouts for mis-selling of loansThe Guardian World · 03 Nov 2026 · EN
- При крушении самолета во Флориде погиб мультимиллионер РобинсонKommersant (RU) · 03 Nov 2026 · RU
- Cursul de schimb USD de astăzi (31 octombrie): USD este sub presiune pe măsură ce yenul își revine. - Vietnam.vnSurge — Google News · 31 Oct 2026 · RO
- Acțiunile Coinbase ating minimul din doi ani după reducerile analiștilor și hackul Binance - InvezzSurge — Google News · 30 Oct 2026 · RO
- What Wall Street Really Thanks About the AI Trade (Podcast)Bloomberg Markets · 29 Oct 2026 · EN
- Marea Britanie reduce facturile la energie şi majorează taxele pentru bănci, într-un buget care prevede investiţii în apărare şi inteligenţă artificială - News.roSurge — Google News · 28 Oct 2026 · RO
- Barclays Turns to Insurers to Hedge Billions of Data Center DebtBloomberg Markets · 28 Oct 2026 · EN
- Lloyds formează dublu minim înainte de bugetul Regatului Unit și rezultatele T3 - InvezzSurge — Google News · 28 Oct 2026 · RO
- Barclays Sees FX Volatility Staying Elevated as Dollar RisesBloomberg Markets · 27 Oct 2026 · EN
- Corporate-Bond Trading Is Moving Beyond Top Securities, Barclays SaysBloomberg Markets · 27 Oct 2026 · EN
- Фондовые индексы США выросли вслед за акциями ИИ-компанийInterfax Russia (RU) · 27 Oct 2026 · RU
- Акции Европы начали неделю в плюсеInterfax Russia (RU) · 27 Oct 2026 · RU
- Șefii băncilor câștigă în două zile cât un angajat obișnuit într-un an. Medie de 8,9 milioane de lire sterline - Stirile ProTVSurge — Google News · 26 Oct 2026 · RO
- BREAKING: Buy Tesla ahead of potential SpaceX merger, Barclays saysTelegram — Insider Paper (EN, defense leaks) · 26 Oct 2026 · EN
- Buy Tesla ahead of potential SpaceX merger, says BarclaysCNBC — Top News · 26 Oct 2026 · EN
- An American lawyer helped open a backchannel between Biden’s White House and Putin. A Financial Times report details the exchanges, a later unofficial peace bid, and how it fell apart.Meduza English (independent RU/exile) · 25 Oct 2026 · EN
- Is London really the most - taxed city ? Banks accused of cherrypicking dataSurge — GDELT DOC · 24 Oct 2026 · RO
- Barclays ‘House of Fixed Income’ Pins Future Growth on EquitiesBloomberg Markets · 24 Oct 2026 · EN
Annual reports (ESEF)
- Annual report 202517 Feb 2026
- Annual report 202425 Feb 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Barclays PLC · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.