olivLaw · European equity research
Howden Joinery Group Plc HWDN.L
United Kingdom · London Stock Exchange · ISIN GB0005576813 · Vertical: Listed companies from United Kingdom
Howden Joinery Group Plc makes and distributes kitchens and interior fit-out components, selling mainly to independent builders through its depot network. Its 2025 annual report shows a company continuing growth investments while cost pressures and demand for repair and renovation work remain uncertain in a volatile economic period.
At the close of 05 Nov 2026, Howden Joinery Group Plc (HWDN.L) stock was 8.59 GBP (+2.14% on the day), with beta 0.75, 52-week range 7.24–9.70 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)
- 72.7
- overbought (≥ 70)
- Bollinger (20, 2)
- 7.48 – 8.48
- above the upper band · %B 1.11 · band width 12.5%
- SMA 50 / 200
- 7.77 / 8.06
- mixed trend
- MACD (12, 26, 9)
- 0.18 / 0.12
- 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 | +13.0% | −0.6% | +13.7 pp | — |
| 3 months | +2.9% | −4.2% | +7.1 pp | — |
| 6 months | +8.3% | +4.3% | +3.9 pp | — |
| Year to date | +3.1% | +7.5% | −4.4 pp | — |
| 1 year | −1.4% | +9.9% | −11.4 pp | +5.8% |
| 3 years | +35.7% | +49.8% | −14.2 pp | +26.3% |
| 5 years | −9.1% | +42.8% | −51.9 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
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 | 2.3 bn | 2.3 bn | 2.4 bn |
| Revenue YoY | unavailable | +0.5% | +4.1% |
| Net income | 254.6 m | 249.3 m | 267.7 m |
| Net income YoY | unavailable | −2.1% | +7.4% |
| Diluted EPS | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | 11.0% | 10.7% | 11.1% |
| Free cash flow | unavailable | 298.9 m | 341.7 m |
Balance sheet & financial health
Fiscal year 2025 · 27 Dec 2025
- Cash
- 344.5 m GBP
- Financial debt
- unavailable GBP
- Net debt
- unavailable GBP
- Equity
- 1.2 bn GBP
- Total assets
- 2.4 bn GBP
- Debt / equity
- unavailable
- Current ratio
- 2.10x
- ROE
- 23.1%
- ROA
- 11.7%
- FCF margin
- 14.1%
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 2.3 bn | 2.3 bn | 2.4 bn | esef· 18 Mar 2026verified |
| Cost of revenue | 907.0 m | 891.0 m | 902.6 m | esef· 18 Mar 2026verified |
| Gross profit | 1.4 bn | 1.4 bn | 1.5 bn | esef· 18 Mar 2026verified |
| Operating income | 340.2 m | 339.2 m | 355.3 m | esef· 18 Mar 2026verified |
| Interest expense | 18.1 m | 21.0 m | 23.5 m | esef· 18 Mar 2026verified |
| Pre-tax income | 327.6 m | 328.1 m | 344.9 m | esef· 18 Mar 2026verified |
| Income tax | 73.0 m | 78.8 m | 77.2 m | esef· 18 Mar 2026verified |
| Net income | 254.6 m | 249.3 m | 267.7 m | esef· 18 Mar 2026verified |
Balance sheet · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 282.8 m | 343.6 m | 344.5 m | esef· 18 Mar 2026verified |
| Receivables | 194.5 m | 264.6 m | 278.8 m | esef· 18 Mar 2026verified |
| Inventories | 382.8 m | 390.7 m | 409.2 m | esef· 18 Mar 2026verified |
| Current assets | 899.8 m | 1.0 bn | 1.0 bn | esef· 18 Mar 2026verified |
| Property, plant & equipment, net | 456.9 m | 500.6 m | 576.1 m | esef· 18 Mar 2026verified |
| Total assets | 2.1 bn | 2.2 bn | 2.4 bn | esef· 18 Mar 2026verified |
| Accounts payable | 373.2 m | 386.8 m | 384.0 m | esef· 18 Mar 2026verified |
| Current liabilities | 468.0 m | 484.4 m | 492.1 m | esef· 18 Mar 2026verified |
| Total liabilities | 1.1 bn | 1.1 bn | 1.2 bn | esef· 18 Mar 2026verified |
| Equity | 978.4 m | 1.1 bn | 1.2 bn | esef· 18 Mar 2026verified |
Cash flow · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 372.3 m | 400.1 m | 485.6 m | esef· 18 Mar 2026verified |
| Capex | — | 101.2 m | 143.9 m | esef· 18 Mar 2026verified |
| Free cash flow | — | 298.9 m ≈ | 341.7 m ≈ | esef· 18 Mar 2026derived |
| Investing cash flow | -114.2 m | -112.1 m | -143.2 m | esef· 18 Mar 2026verified |
| Financing cash flow | -285.4 m | -228.9 m | -340.7 m | esef· 18 Mar 2026verified |
| Dividends paid | 114.1 m | 115.9 m | 116.6 m | esef· 18 Mar 2026verified |
| Share repurchases | 50.0 m | 0 | 100.2 m | esef· 18 Mar 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: 5 of at least 6
- score weight coverage: 27.1% 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: unavailable
Key indicators
Coverage and freshness
Score by group
27% · 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: 5 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 11.1% | 51 (vs peers) | 23% |
| FCF conversion · Quality | 127.6% | 100 (on a fixed band) | 23% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 15.1x | 100 (on a fixed band) | 23% |
| Current ratio · Balance sheet | 2.1x | 100 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | 34.1% | 100 (on a fixed band) | 15% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality76/100 · 2/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partialunavailable · 0/3 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
HOWDEN JOINERY GROUP PLC (HWDN.L). Latest full fiscal year: 2025; data up to 2025-12-27.
Figures computed from the financial statements: revenue 2.4 bn GBP in 2025; YoY growth 4.1%; net margin 11.1%; ROE 23.1%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 27.1% 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
- FCF conversion: 127.6%
- Interest coverage: 15.1x
- Current ratio: 2.1x
- Payout ratio (FCF): 34.1%
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, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
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% |
| 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% |
| AEP.LAnglo-Eastern Plantations PLC | — | — | 16.1% | 19.5% | +25.0% | +5% / +113% |
1- and 3-year price returns: for HWDN.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
Howden Joinery Group Plc makes and distributes kitchens and interior fit-out components, selling mainly to independent builders through its depot network. Its 2025 annual report shows a company continuing growth investments while cost pressures and demand for repair and renovation work remain uncertain in a volatile economic period.
SWOT
Strengths
- The extensive depot network and close relationships with independent builders provide a distribution advantage.
- The group largely controls its own manufacturing and distribution, which supports product availability.
- The financial position described in the report includes capacity to fund investment, dividends and share buybacks.
Weaknesses
- The business depends on demand for renovation and repair work, which may fall when consumer spending is under pressure.
- Labour and property costs are rising, and offsetting them depends on internal cost discipline.
- Exposure to the euro and US dollar introduces sensitivity in cost of goods sold.
Opportunities
- Growing the share of the kitchens market could widen the customer base if product strategy keeps meeting builders' needs.
- Investment in capacity and systems could improve operational efficiency and long-term growth.
- Product innovation and further growth initiatives could open new sources of revenue, in line with the group's strategy.
Threats
- Geopolitical instability and conflicts could disrupt suppliers and raise freight costs.
- End-consumer confidence could decline if financial pressures persist.
- A major cyber security breach could make systems unavailable or compromise sensitive data.
Risks
- Demand for repair and renovationhigh
If activity in repair, maintenance and improvement falls, sales to builders could be directly affected.
- Cost pressuresmedium
Rising labour and property costs could reduce margins if they cannot be offset.
- Supply chain riskmedium
Problems with key suppliers or distribution could affect the ability to serve customers.
- Cyber securitymedium
A serious incident could disrupt operations and data confidentiality, and threats are evolving quickly.
- Currency risklow
Movements in the euro and US dollar exchange rates can influence the group's purchasing costs.
Investment thesis
What would need to be true (bull case)
- If the group's share of the kitchens market keeps growing, it could benefit from a wider customer base.
- The own depot network and relationships with independent builders could support a long-term competitive advantage.
- The financial capacity described in the report could allow continued investment and shareholder distributions.
What would break the thesis
- If demand for renovation work falls, sales to builders could be materially affected.
- Cost pressures in 2026 could erode margins if efficiency gains do not offset them.
- Geopolitical instability could disrupt supply and reduce end-consumer confidence.
What to watch
- Development of inflationary costs and mitigation measures2026
- Pace of capital investment and the share buyback programme2026
- Trend in demand for repair and renovation among buildersnext 10-K
- Impact of cyber security measures and geopolitical risks2027
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
The group sells products to independent builders, who install them in different types of housing. The business model rests on an extensive network of local depots, its own manufacturing and distribution capacity, and close relationships with customers and suppliers. Management aims to grow its share of the kitchens market, mainly through investment in depots, people and systems.
Segments
Sales to independent builders
The core activity is selling products to local builders through depots, supported by services, systems and logistics. Demand depends on repair, maintenance and improvement activity in housing.
Manufacturing and distribution
The company invests in its own manufacturing and distribution capabilities to secure product availability and supply chain flexibility. The report mentions optimising stock levels as part of this strategy.
Market context
The market the group serves depends on demand for repair, maintenance and renovation rather than new construction. Cost-of-living pressures, geopolitical instability and persistent inflation may further erode end-consumer confidence, according to the report.
Trends
- Inflationary cost and wage pressuresheadwind
Rising property and labour costs, including national insurance and minimum wage increases, are a headwind for 2026. Management says it will look to offset these through disciplined cost control.
- Economic and geopolitical volatilityheadwind
Conflicts and geopolitical tensions could affect demand and the supply chain, and uncertainty persisted into early 2026.
- Growing share of the kitchens markettailwind
Management states that its strategy has continued to grow the group's share of the kitchens market, even under pressured consumer spending.
- Investment in growth and capacitymixed
Investment in depots, systems and production capacity could support long-term growth, but also raises costs and capital spending.
Competitive position
The annual report does not explicitly name competitors, so the discussion of competition is limited to what the source describes. The group positions itself through its relationships with independent builders and its own depot network.
- Furniture and kitchen suppliers to the trade
The source does not name competitors; this is a general category and not a verified name.
- Other building materials and fit-out distributors
Competition may come from distributors serving the same independent builders, per the market context the company describes.
- Kitchen manufacturers selling through their own channels
The report gives no details on these players; they are mentioned only as a general category.
- Suppliers selling directly to end consumers
The source contains no verified data on these actors; their entry into the market is a general assumption.
News & filings
In the press
- Howden Plots Giant Capital Raise on Path to Blockbuster IPOBloomberg Markets · 17 Jul 2026 · EN
Annual reports (ESEF)
- Annual report 202518 Mar 2026
- Annual report 202417 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-27 (ESEF) · SEC / Howden Joinery Group Plc · 27 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.