olivLaw · European equity research
Intertek Group plc ITRK.L
United Kingdom · London Stock Exchange · ISIN GB0031638363 · Vertical: Listed companies from United Kingdom
Intertek Group plc is a global provider of Total Quality Assurance services, covering testing, inspection, certification and due diligence for clients across more than one hundred countries. In fiscal 2025 the company reported revenue growth of 4.3% at constant rates, and adjusted operating profit rose 9.3% at constant rates, supported by growing demand for assurance solutions including data centres.
At the close of 05 Nov 2026, Intertek Group plc (ITRK.L) stock was 59.65 GBP (+0.51% on the day), with market capitalisation 9.4 bn GBP, P/E 27.6 on diluted EPS of 2.16 GBP over the last 12 months, dividend yield 2.68%, beta 0.69, 52-week range 35.82–59.65 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)
- 77.0
- overbought (≥ 70)
- Bollinger (20, 2)
- 58.85 – 59.55
- above the upper band · %B 1.15 · band width 1.2%
- SMA 50 / 200
- 58.82 / 50.82
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.20 / 0.19
- 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 | +1.4% | −0.6% | +2.0 pp | — |
| 3 months | +2.1% | −4.2% | +6.3 pp | — |
| 6 months | +17.8% | +4.3% | +13.5 pp | — |
| Year to date | +28.9% | +7.5% | +21.4 pp | — |
| 1 year | +16.3% | +9.9% | +6.4 pp | +5.8% |
| 3 years | +55.1% | +49.8% | +5.3 pp | +26.3% |
| 5 years | +17.4% | +42.8% | −25.5 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 100 percentile of its own 3-quarter history (min 21.4, median 22.2, max 23.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 3.3 bn | 3.4 bn | 3.4 bn |
| Revenue YoY | unavailable | +1.9% | +1.1% |
| Net income | 297.4 m | 345.4 m | 343.5 m |
| Net income YoY | unavailable | +16.1% | −0.6% |
| Diluted EPS | 1.83 | 2.13 | 2.16 |
| Diluted EPS YoY | unavailable | +16.0% | +1.6% |
| net % | 8.9% | 10.2% | 10.0% |
| Free cash flow | 418.1 m | 462.1 m | 392.0 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 329.2 m GBP
- Financial debt
- 1.3 bn GBP
- Net debt
- 996.8 m GBP
- Equity
- 1.1 bn GBP
- Total assets
- 3.8 bn GBP
- Debt / equity
- 1.18x
- Current ratio
- 1.08x
- ROE
- 26.7%
- ROA
- 9.3%
- FCF margin
- 11.4%
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 3.3 bn | 3.4 bn | 3.4 bn | esef· 24 Mar 2026verified |
| Operating income | 486.2 m | 535.7 m | 542.3 m | esef· 24 Mar 2026verified |
| Interest expense | 67.7 m | 48.2 m | 52.6 m | esef· 24 Mar 2026verified |
| Pre-tax income | 422.3 m | 490.0 m | 493.4 m | esef· 24 Mar 2026verified |
| Income tax | 104.2 m | 122.8 m | 130.2 m | esef· 24 Mar 2026verified |
| Net income | 297.4 m | 345.4 m | 343.5 m | esef· 24 Mar 2026verified |
| Diluted EPS | 1.83 | 2.13 | 2.16 | esef· 24 Mar 2026verified |
| Dividend per share | 1.09 | 1.28 | 1.60 | esef· 24 Mar 2026derived |
Balance sheet · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 299.3 m | 343.0 m | 329.2 m | esef· 24 Mar 2026verified |
| Receivables | 725.1 m | 754.9 m | 769.7 m | esef· 24 Mar 2026verified |
| Inventories | 17.2 m | 19.0 m | 20.1 m | esef· 24 Mar 2026verified |
| Current assets | 1.1 bn | 1.2 bn | 1.2 bn | esef· 24 Mar 2026verified |
| Property, plant & equipment, net | 669.6 m | 692.8 m | 760.9 m | esef· 24 Mar 2026verified |
| Goodwill | 1.4 bn | 1.4 bn | 1.4 bn | esef· 24 Mar 2026verified |
| Intangibles (excl. goodwill) | 330.9 m | 304.2 m | 329.4 m | esef· 24 Mar 2026verified |
| Total assets | 3.5 bn | 3.6 bn | 3.8 bn | esef· 24 Mar 2026verified |
| Accounts payable | 735.6 m | 757.6 m | 759.1 m | esef· 24 Mar 2026verified |
| Short-term debt | 97.5 m | 101.3 m | 163.6 m | esef· 24 Mar 2026verified |
| Long-term debt | 812.4 m | 741.5 m | 1.2 bn | esef· 24 Mar 2026verified |
| Current liabilities | 981.5 m | 1.1 bn | 1.1 bn | esef· 24 Mar 2026verified |
| Total liabilities | 2.2 bn | 2.2 bn | 2.6 bn | esef· 24 Mar 2026verified |
| Equity | 1.4 bn | 1.4 bn | 1.1 bn | esef· 24 Mar 2026verified |
| Shares outstanding at year end | 161.3 m | 161.1 m | 157.5 m | esef· 24 Mar 2026derived |
Cash flow · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 535.0 m | 597.1 m | 536.5 m | esef· 24 Mar 2026verified |
| Capex | 116.9 m | 135.0 m | 144.5 m | esef· 24 Mar 2026verified |
| Free cash flow | 418.1 m ≈ | 462.1 m ≈ | 392.0 m ≈ | esef· 24 Mar 2026derived |
| Investing cash flow | -145.1 m | -142.2 m | -291.7 m | esef· 24 Mar 2026verified |
| Financing cash flow | -376.2 m | -402.4 m | -241.3 m | esef· 24 Mar 2026verified |
| Dividends paid | 176.3 m | 206.1 m | 252.2 m | esef· 24 Mar 2026verified |
| Share repurchases | 11.6 m | 24.7 m | 367.9 m | esef· 24 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
Score: 62 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 9.4 bn GBP
Key indicators
Coverage and freshness
Score by group
- Quality74
- Returns88
- Balance sheet69
- Valuation29
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
Neutral profile · Score 62/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 19.6% | 75 (vs peers) | 17% |
| Net margin · Quality | 10.0% | 46 (vs peers) | 10% |
| FCF conversion · Quality | 114.1% | 100 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 10.3x | 100 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 1.1x | 24 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 27.6x | 11 (vs peers) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 4.2% | 52 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 6.6% | 94 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | 64.3% | 80 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet69/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality74/100 · 3/3 factors with a value
- Returns88/100 · 2/2 factors with a value
- Valuation29/100 · 2/3 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
INTERTEK GROUP PLC (ITRK.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 3.4 bn GBP in 2025; YoY growth 1.1%; net margin 10.0%; ROE 27.6%.
The estimated value range is 20.62–30.64 GBP per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 24.77 GBP, the price of 59.65 GBP leaves a potential of -58.5% (value / price − 1) and a margin of safety of -140.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 62/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 19.6%
- FCF conversion: 114.1%
- Interest coverage: 10.3x
- Shareholder yield (distributions): 6.6%
- Payout ratio (FCF): 64.3%
What contradicts it
- Current ratio: 1.1x
- P/E (TTM): 27.6x
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA.
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% |
| ITRK.LIntertek Group PLC | 9.4 bn | 27.6 | 27.6% | 10.0% | +1.1% | +29% / +50% |
| 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% |
1- and 3-year price returns: for ITRK.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
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (GBP)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 34.40 Total return -40% · Per year -40% | 60.91 Total return 5% · Per year 5% | 91.89 Total return 57% · Per year 57% |
| 3 years | 31.16 Total return -42% · Per year -17% | 62.30 Total return 13% · Per year 4% | 103.50 Total return 84% · Per year 23% |
| 5 years | 28.23 Total return -43% · Per year -11% | 63.72 Total return 21% · Per year 4% | 116.59 Total return 114% · Per year 16% |
- Exit P/E± 15.57
- Net margin± 10.90
- Annual revenue growth± 9.25
- Annual dilution± 0.92
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
Intertek Group plc is a global provider of Total Quality Assurance services, covering testing, inspection, certification and due diligence for clients across more than one hundred countries. In fiscal 2025 the company reported revenue growth of 4.3% at constant rates, and adjusted operating profit rose 9.3% at constant rates, supported by growing demand for assurance solutions including data centres. 1
SWOT
Strengths
- A diversified global portfolio with presence in hundreds of countries and a broad client base, which reduces dependence on any single market or sector.
- A disciplined performance model with strong cash generation and high return on invested capital, according to the 2025 reporting.
- Operational data from its own site network that supports fast decisions and continuous improvement.
Weaknesses
- The World of Energy segment recorded a negative like-for-like performance, showing vulnerability in parts of the portfolio.
- Currency exposure can reduce reported revenue and profit in pounds when sterling strengthens.
- Financing costs rose in 2025, and recent investments and acquisitions increased net debt.
Opportunities
- Growing demand for assurance services in data centres and AI infrastructure could open new revenue lines.
- The APAC environmental testing market is growing rapidly, and the Envirolab acquisition could enable expansion in this segment.
- Tighter quality and sustainability regulation could increase demand for certification and independent assurance services.
Threats
- Competitive pressure from global inspection and certification operators could limit the ability to raise prices.
- A slowdown in industrial investment could affect segments dependent on the economic cycle, especially energy.
- Changes in regulatory policy or delays in implementing standards could reduce demand for certain services.
Risks
- Currency exposuremedium
Reporting in sterling can hide or reduce growth from other currencies, which could affect comparability of results from year to year.
- Pressure in the energy segmentmedium
The negative trend in World of Energy could continue if investment in the sector remains low, affecting total growth.
- Net debt after acquisitionsmedium
Recent investments and acquisitions increased net debt, and servicing it could limit flexibility in the event of a slowdown.
- Intense competitionlow
Competition from consolidated global providers could pressure margins if technological differentiation does not hold.
- Regulatory dependencelow
Changes to the regulatory framework or sustainability standards could shift the volume of services clients require.
Investment thesis
What would need to be true (bull case)
- Like-for-like growth across most segments, combined with an expanding margin and strong cash generation, suggests a growth model that could be sustained if demand trends hold.
- Exposure to data centres, AI infrastructure and APAC environmental testing could open new sources of growth in the coming years.
- A dividend policy based on a payout ratio of about two-thirds of profit, alongside buybacks, could support shareholder returns if results remain solid.
What would break the thesis
- The decline in World of Energy and the negative currency effect show that not all parts of the portfolio grow uniformly, which could limit overall growth.
- Recent acquisitions and investments increased net debt, and an economic slowdown could reduce cash flow available for dividends and new investment.
- Competition from large global providers could limit the ability to maintain rising margins, especially if clients become more price sensitive.
What to watch
- Like-for-like trend in World of Energy and whether the segment returns to growthHalf-year results 2026
- Delivery of the mid-single digit like-for-like revenue growth target, with focus on the first-quarter paceQ1 2026
- Progress of the adjusted operating margin toward the 18.5% target and any changes to guidance2026
- Net debt relative to EBITDA after new acquisitions and investmentsNext annual report
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
Intertek structures its activity around the ATIC model, meaning Assurance, Testing, Inspection and Certification, offering end-to-end solutions across its clients' value chains. The company says it serves more than 400,000 clients and runs a network of over 1,000 sites worldwide, with 45,425 employees. 1
Management describes the model as a high growth cash compounder built on disciplined performance management and a global growth portfolio focused on high margin sectors. Recent acquisitions, such as Envirolab in Australia, extend its exposure to the regional environmental testing market. 1
Intertek ties its growth strategy to published financial targets, including mid-single digit like-for-like revenue growth and an adjusted operating margin aiming for 18.5% or more over time, while aiming to keep strong cash generation. 1
Segments
Corporate Assurance
Corporate Assurance was one of the most dynamic segments in 2025, supported by client demand for quality assurance in complex supply chains. The company links this growth to client investment in Risk-based Quality Assurance. 1
World of Energy
World of Energy was the only segment with a negative like-for-like result in 2025, which points to greater pressure in this area compared with the rest of the portfolio. The cited source does not give a detailed explanation of the causes. 1
Market context
The testing, inspection and certification market is fragmented, and Intertek operates in a space where demand is supported by stricter regulation on quality, safety and sustainability. The company specifically points to rapid growth in the APAC environmental testing market, driven by regulatory requirements and sustainability commitments. 1
Demand for assurance services in data centres has grown with the expansion of digital infrastructure and AI-driven workloads, and Intertek has extended its offer in this area. Expansion of this market could support the company's growth in the coming years. 1
Trends
- Demand for supply chain quality assurancetailwind
Clients seek faster market access without compromising quality, safety or sustainability, which increases the need for independent assurance services. This dynamic could support volumes over the medium term. 1
- Data centre and AI infrastructuretailwind
Rapid growth in AI-related workloads generates demand for construction, expansion and operation of data centres, where Intertek offers dedicated services. 1
- Pressure in the energy segmentheadwind
The like-for-like decline in World of Energy shows that some industrial markets may be more sensitive to the economic cycle or to changes in investment. 1
- Currency effectsmixed
Sterling appreciation against most of the group's trading currencies reduced reported revenue in pounds, although growth at constant rates remained positive. Currency exposure could influence reported results in later periods. 1
Competitive position
The cited source does not explicitly name competitors, and the competitive landscape in testing, inspection and certification consists of several global and regional operators. Intertek presents itself as a leader in Total Quality Assurance, with a global network and a portfolio covering several sectors. 1
The competitive advantages the company claims include global scale, operational data from its own site network and a performance management model tracking financial and non-financial indicators in real time. The company argues these elements differentiate it from rivals. 1
- SGS SA
Global competitor in testing, inspection and certification, named only as a general reference; the cited source does not name it.
- Bureau Veritas
Global inspection and certification operator, cited as a market reference; not named in the cited source.
- TÜV SÜD
European provider of inspection and certification services, present in the same service categories; not named in the cited source.
- Eurofins Scientific
Important laboratory testing player, relevant to the environmental testing segment; not named in the cited source.
News & filings
In the press
- EQT Buys UK’s Intertek for £9.3 Billion in Latest LSE ExitBloomberg Markets · 18 Jun 2026 · EN
- Banks Vie to Underwrite £5 Billion Intertek Buyout DebtBloomberg Markets · 15 Jun 2026 · EN
- Activist Palliser Builds Stake in EQT Takeover Target IntertekBloomberg Markets · 11 May 2026 · EN
Annual reports (ESEF)
- Annual report 202524 Mar 2026
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Intertek Group 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.