olivLaw · European equity research
Centrica plc CNA.L
United Kingdom · London Stock Exchange · ISIN GB00B033F229 · Vertical: Listed companies from United Kingdom
Centrica is an integrated energy group that sells energy and services to homes and businesses in the UK and Ireland, trades gas, power and LNG, and runs infrastructure including nuclear generation and gas storage. In 2025 revenue and adjusted profit fell, reflecting lower commodity prices and heavy investment in Sizewell C, which keeps its trajectory under close watch from investors.
At the close of 05 Nov 2026, Centrica plc (CNA.L) stock was 1.52 GBP (−0.78% on the day), with market capitalisation 5.2 bn GBP, beta 0.28, 52-week range 1.46–2.19 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)
- 52.3
- neutral
- Bollinger (20, 2)
- 1.46 – 1.55
- in the upper half of the band · %B 0.63 · band width 6.2%
- SMA 50 / 200
- 1.50 / 1.78
- mixed trend
- MACD (12, 26, 9)
- 0.01 / 0.00
- 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 | +2.7% | −0.6% | +3.4 pp | — |
| 3 months | −1.3% | −4.2% | +2.8 pp | — |
| 6 months | −23.7% | +4.3% | −28.0 pp | — |
| Year to date | −10.5% | +7.5% | −18.0 pp | — |
| 1 year | −14.1% | +9.9% | −24.0 pp | +6.7% |
| 3 years | −1.7% | +49.8% | −51.6 pp | +24.8% |
| 5 years | +138.9% | +42.8% | +96.1 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.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 4.0 bn | 1.4 bn | -51.0 m |
| Net income YoY | unavailable | −66.2% | −103.7% |
| Diluted EPS | 0.69 | 0.25 | -0.02 |
| Diluted EPS YoY | unavailable | −63.8% | −106.0% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | 2.4 bn | 733.0 m | 141.0 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 4.3 bn GBP
- Financial debt
- 2.6 bn GBP
- Net debt
- -1.7 bn GBP
- Equity
- 3.5 bn GBP
- Total assets
- 15.4 bn GBP
- Debt / equity
- 0.75x
- Current ratio
- 1.45x
- ROE
- -1.2%
- ROA
- -0.3%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (GBP)
Income statement · GBP
Balance sheet · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 6.4 bn | 6.3 bn | 4.3 bn | esef· 07 Apr 2026verified |
| Receivables | 5.4 bn | 5.2 bn | 4.7 bn | esef· 07 Apr 2026verified |
| Inventories | 1.1 bn | 904.0 m | 339.0 m | esef· 07 Apr 2026verified |
| Current assets | 16.1 bn | 14.1 bn | 10.5 bn | esef· 07 Apr 2026verified |
| Property, plant & equipment, net | 1.8 bn | 1.9 bn | 1.5 bn | esef· 07 Apr 2026verified |
| Goodwill | 405.0 m | 478.0 m | 504.0 m | esef· 07 Apr 2026verified |
| Intangibles (excl. goodwill) | 340.0 m | 318.0 m | 318.0 m | esef· 07 Apr 2026verified |
| Total assets | 21.4 bn | 18.7 bn | 15.4 bn | esef· 07 Apr 2026verified |
| Long-term debt | 3.1 bn | 2.7 bn | 2.6 bn | esef· 07 Apr 2026verified |
| Current liabilities | 11.1 bn | 8.9 bn | 7.2 bn | esef· 07 Apr 2026verified |
| Total liabilities | 17.1 bn | 13.9 bn | 11.9 bn | esef· 07 Apr 2026verified |
| Equity | 4.2 bn | 4.8 bn | 3.5 bn | esef· 07 Apr 2026verified |
| Shares outstanding at year end | 5.7 bn | 5.3 bn | 3.4 bn | esef· 07 Apr 2026derived |
Cash flow · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 2.8 bn | 1.1 bn | 695.0 m | esef· 07 Apr 2026verified |
| Capex | 335.0 m | 416.0 m | 554.0 m | esef· 07 Apr 2026verified |
| Free cash flow | 2.4 bn ≈ | 733.0 m ≈ | 141.0 m ≈ | esef· 07 Apr 2026derived |
| Investing cash flow | 115.0 m | 493.0 m | -690.0 m | esef· 07 Apr 2026verified |
| Financing cash flow | -1.4 bn | -1.5 bn | -1.4 bn | esef· 07 Apr 2026verified |
| Share repurchases | 0 | 8.0 m | 9.0 m | esef· 07 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
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: 4 of at least 6
- score weight coverage: 29.2% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 5.2 bn GBP
Key indicators
Coverage and freshness
Score by group
29% · 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: 4 of at least 6; score weight coverage: 29.2% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 6.0% | 24 (vs peers) | 36% |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.5x | 54 (on a fixed band) | 14% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 2.7% | 34 (on a fixed band) | 29% |
| Shareholder yield (distributions) · Returns | 0.2% | 2 (on a fixed band) | 21% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial54/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial24/100 · 1/3 factors with a value
- Returns· partial2/100 · 1/2 factors with a value
- Valuation· partial34/100 · 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
CENTRICA PLC (CNA.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE -1.4%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 29.2% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
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.
What contradicts it
- ROIC: 6.0%
- Shareholder yield (distributions): 0.2%
Not assessed (insufficient data or a ratio without meaning): Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, 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 CNA.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
Centrica is an integrated energy group that sells energy and services to homes and businesses in the UK and Ireland, trades gas, power and LNG, and runs infrastructure including nuclear generation and gas storage. In 2025 revenue and adjusted profit fell, reflecting lower commodity prices and heavy investment in Sizewell C, which keeps its trajectory under close watch from investors.
SWOT
Strengths
- An integrated portfolio from customer supply to generation and storage, plus a large customer base and a network of field engineers 1.
- A solid liquidity position, supported by committed facilities from relationship banks, gives financial flexibility 1.
- Strategic assets such as the nuclear stake, the Grain LNG terminal and Rough storage, which are hard for new entrants to replicate 1.
Weaknesses
- Profitability fell sharply in 2025, and free cash flow was negative because of heavy investment 1.
- Significant impairments on late-life gas assets and the nuclear investment show the value risk in existing assets 1.
- Results are sensitive to weather and to the shape of the commodity price curve, which makes profit volatile 1.
Opportunities
- Growing demand for heat pumps, chargers and efficiency solutions could support Home services 1.
- Expansion of Centrica Energy in North America and development of carbon storage and hydrogen could open new revenue sources 1.
- Full migration of customers onto the ENSEK platform could bring operational efficiencies and new offers 1.
Threats
Risks
- Asset impairmenthigh
Further impairments could arise if energy prices or operating costs move differently from expectations, as happened for gas and nuclear assets in 2025 1.
- Energy and environmental policyhigh
Changes to net zero policy or to government support for investment could affect infrastructure projects and trading 1.
- Customers and affordabilitymedium
If inflation and energy costs stay high, customer debt and regulatory pressure could rise 1.
- Cyber securitymedium
Sophisticated cyber threats and dependence on external suppliers could disrupt operations and customer services 1.
- Commodity price volatilitymedium
Sudden changes in gas and power prices could affect profit from trading and retail 1.
Investment thesis
What would need to be true (bull case)
- The integrated portfolio and strategic assets in nuclear, LNG and storage could support long-term growth if the energy transition progresses as the company expects 1.
- If the ENSEK migration and digital investment deliver real efficiencies, Retail margins could recover 1.
- The solid liquidity position and the shareholder return programme provide financial support if results improve 1.
What would break the thesis
- Adjusted profit and free cash flow fell in 2025, and if heavy investment does not deliver returns quickly, financial pressure could increase 1.
- Further asset impairments could follow if prices or energy policy move unfavourably for gas and nuclear assets 1.
- Dependence on political conditions and government support makes the returns on some projects uncertain 1.
What to watch
- Development of adjusted profit and free cash flow relative to capital investment2026
- Commissioning timetable for the Irish peaking plants and progress on Sizewell C2026
- Share of customers on fixed price tariffs and retention rates in Retailnext 10-K
- Any further impairments on gas and nuclear assets and conclusions on energy policynext 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
Centrica describes its model as integrated, with three reportable segments: Retail, Optimisation and Infrastructure. Retail serves customers through the British Gas and Bord Gáis brands and had more than 10 million customers in 2025, according to the annual report 1. Optimisation trades gas, power and LNG across Europe and the United States, while Infrastructure includes nuclear generation and gas storage such as Rough, with 54 bcf of capacity 1. The company says its strategy is to produce, optimise and deliver the energy needed for a secure, efficient and decarbonised system 1.
On the services side, Home Services provides installation, repair and maintenance of heating, plumbing and electrical appliances through more than 7,000 field engineers, and sells products such as Hive thermostats, heat pumps and EV chargers 1. In 2025 Centrica reorganised into Home and Business divisions to simplify decisions and cut costs 1.
In 2025 Centrica invested heavily in infrastructure, including a 15% stake in Sizewell C and the Grain LNG terminal bought from National Grid 1. Capital expenditure rose sharply, which pushed free cash flow negative, while the company continued to return capital to shareholders 1.
Segments
Retail
Retail covers energy supply and services to customers in the UK and Ireland. Adjusted operating profit fell to £424m in 2025 from £458m, mainly because of warmer than normal weather and customers moving to fixed price tariffs 1.
Optimisation
Optimisation groups gas, power and LNG trading, as well as renewable energy trading. Its adjusted operating profit declined from 2024, reflecting lower prices and lower storage activity 1.
Infrastructure
Infrastructure includes Power, Gas and Customer Assets: the stake in the UK nuclear fleet, Sizewell C, Grain LNG, Rough and smart metering. Significant impairments were booked here, including on late-life gas fields and the nuclear investment excluding Sizewell C 1.
Market context
The UK energy market is being transformed by electrification, greater intermittency of renewable output and decentralisation. The company also notes affordability pressures, as inflation remains elevated and some customers struggle to pay bills 1. Revenue depends heavily on commodity prices, which fell in 2025 1.
Net zero policies, such as the 2050 target, support investment in nuclear, wind and solar, but the debate over net zero policy creates uncertainty for trading and investment 1. If government support for the energy transition changes, the outlook for some infrastructure projects could be affected 1.
Trends
- Electrification of the energy systemtailwind
Growth in electric heating and transport supports demand for heat pumps, chargers and related services offered by Centrica through Home Services 1.
- Affordability of billsheadwind
High bills and energy debt among some customers could increase pressure on revenue and on social costs, and the company has already committed significant support for vulnerable customers 1.
- Intermittency of generationmixed
A larger share of renewables makes storage, flexibility and LNG terminals more valuable, which are Centrica assets in this area, but also raises price volatility in trading 1.
- Digitalisation and artificial intelligencemixed
The ENSEK platform and the migration of Retail customers onto new systems could reduce costs and improve service, but they also require investment and bring cyber security risks 1.
Competitive position
Centrica operates in a sector where energy suppliers compete for customers through tariffs and services, and retention is difficult in a weak economy, according to the annual report 1. In 2025 the company gained customers after competing suppliers failed, but it also saw higher customer switching 1.
In trading and infrastructure, Centrica competes with European and North American energy companies, and the expansion of Centrica Energy into North America increases its exposure to this competition 1.
- Energy suppliers for UK households
Direct competition for Home Energy Supply customers, where retention and switching are key factors 1.
- Home services providers
Competition for maintenance contracts and on-demand jobs in Home Services 1.
- Gas and LNG trading houses
Competition in European and North American gas and LNG markets, where Centrica Energy is expanding 1.
- Nuclear and storage generators
Competition for low carbon generation projects and flexibility capacity in the British system 1.
News & filings
In the press
- Șase măsuri pentru a evita problemele cu încălzirea în zilele geroase. Avertismentul British GasAdevărul · 12 Oct 2026 · RO
- British Gas boss warns UK risks winter fuel shortageYahoo Finance — News · 27 Aug 2026 · EN
- ‘Customers prefer AI chatbots to humans’ says British Gas boss as 1,300 call centre staff axedThe Guardian World · 23 Jul 2026 · RO
- Centrica CEO Eyes US for More LNG Deals and Trading ExpansionBloomberg Markets · 22 Jun 2026 · EN
- British Gas customers to receive up to £112m over prepayment meter scandalThe Guardian World · 15 May 2026 · RO
Annual reports (ESEF)
- Annual report 202507 Apr 2026
- Annual report 202417 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Centrica 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.