olivLaw · European equity research
Mitie Group plc MTO.L
United Kingdom · London Stock Exchange · ISIN GB0004657408 · Vertical: Listed companies from United Kingdom
Mitie Group plc is the largest integrated facilities management provider in the UK, serving public and private sector clients. In fiscal 2026 it reported a record total order book of £16.3bn, and the integration of the Marlowe acquisition expands its capacity to deliver large contracts as clients push for efficiency and building digitalisation.
At the close of 05 Nov 2026, Mitie Group plc (MTO.L) stock was 2.09 GBP (−0.38% on the day), with market capitalisation 2.6 bn GBP, P/E 34.3 on diluted EPS of 0.06 GBP over the last 12 months, dividend yield 2.11%, beta 0.52, 52-week range 1.48–2.11 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)
- 42.0
- weak (30–45)
- Bollinger (20, 2)
- 2.09 – 2.11
- below the lower band · %B -0.06 · band width 1.1%
- SMA 50 / 200
- 2.10 / 1.84
- mixed trend
- MACD (12, 26, 9)
- 0.00 / 0.00
- MACD below 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 | −0.5% | −0.6% | +0.2 pp | — |
| 3 months | +1.2% | −4.2% | +5.3 pp | — |
| 6 months | +20.5% | +4.3% | +16.1 pp | — |
| Year to date | +25.6% | +7.5% | +18.1 pp | — |
| 1 year | +28.2% | +9.9% | +18.3 pp | +5.8% |
| 3 years | +106.9% | +49.8% | +57.1 pp | +26.3% |
| 5 years | +210.5% | +42.8% | +167.7 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 11.5, median 15.1, max 27.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2024 | 2025 | 2026 |
|---|---|---|---|
| Revenue | 4.4 bn | 5.1 bn | 5.6 bn |
| Revenue YoY | unavailable | +14.3% | +10.5% |
| Net income | 126.3 m | 101.4 m | 82.6 m |
| Net income YoY | unavailable | −19.7% | −18.5% |
| Diluted EPS | 0.09 | 0.08 | 0.06 |
| Diluted EPS YoY | unavailable | −16.5% | −19.7% |
| net % | 2.8% | 2.0% | 1.5% |
| Free cash flow | 186.2 m | 196.0 m | 213.2 m |
Balance sheet & financial health
Fiscal year 2026 · 31 Mar 2026
- Cash
- 108.9 m GBP
- Financial debt
- unavailable GBP
- Net debt
- unavailable GBP
- Equity
- 532.5 m GBP
- Total assets
- 2.5 bn GBP
- Debt / equity
- unavailable
- Current ratio
- 0.89x
- ROE
- 17.2%
- ROA
- 3.5%
- FCF margin
- 3.8%
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 4.4 bn | 5.1 bn | 5.6 bn | esef· 25 Jun 2026verified |
| Cost of revenue | 3.9 bn | 4.5 bn | 5.0 bn | esef· 25 Jun 2026verified |
| Gross profit | 499.9 m | 569.7 m | 656.3 m | esef· 25 Jun 2026verified |
| Operating income | 165.7 m | 161.6 m | 151.4 m | esef· 25 Jun 2026verified |
| Interest expense | 13.6 m | 19.5 m | 31.0 m | esef· 25 Jun 2026verified |
| Pre-tax income | 156.3 m | 145.4 m | 123.7 m | esef· 25 Jun 2026verified |
| Income tax | 25.4 m | 37.0 m | 33.4 m | esef· 25 Jun 2026verified |
| Net income | 126.3 m | 101.4 m | 82.6 m | esef· 25 Jun 2026verified |
| Diluted EPS | 0.09 | 0.08 | 0.06 | esef· 25 Jun 2026verified |
| Dividend per share | 0.03 | 0.04 | 0.04 | esef· 25 Jun 2026verified |
Balance sheet · GBP
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Cash | 244.9 m | 180.4 m | 108.9 m | esef· 25 Jun 2026verified |
| Receivables | 775.1 m | 967.9 m | 1.1 bn | esef· 25 Jun 2026verified |
| Inventories | 14.7 m | 14.9 m | 26.7 m | esef· 25 Jun 2026verified |
| Current assets | 1.0 bn | 1.2 bn | 1.2 bn | esef· 25 Jun 2026verified |
| Property, plant & equipment, net | 204.7 m | 246.9 m | — | esef· 24 Jun 2025verified |
| Goodwill | 361.7 m | 397.8 m | 642.5 m | esef· 25 Jun 2026verified |
| Intangibles (excl. goodwill) | 283.4 m | 266.7 m | 376.5 m | esef· 25 Jun 2026verified |
| Total assets | 1.9 bn | 2.1 bn | 2.5 bn | esef· 25 Jun 2026verified |
| Accounts payable | 892.4 m | 1.0 bn | 1.1 bn | esef· 25 Jun 2026verified |
| Current liabilities | 1.1 bn | 1.2 bn | 1.4 bn | esef· 25 Jun 2026verified |
| Total liabilities | 1.5 bn | 1.7 bn | 2.0 bn | esef· 25 Jun 2026verified |
| Equity | 473.7 m | 428.0 m | 532.5 m | esef· 25 Jun 2026verified |
| Shares outstanding at year end | 1.3 bn | 1.2 bn | 1.3 bn | esef· 25 Jun 2026derived |
Cash flow · GBP
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 197.7 m | 220.0 m | 246.6 m | esef· 25 Jun 2026verified |
| Capex | 11.5 m | 24.0 m | 33.4 m | esef· 25 Jun 2026verified |
| Free cash flow | 186.2 m ≈ | 196.0 m ≈ | 213.2 m ≈ | esef· 25 Jun 2026derived |
| Investing cash flow | -41.7 m | -77.9 m | -271.2 m | esef· 25 Jun 2026verified |
| Financing cash flow | -158.9 m | -206.3 m | -47.2 m | esef· 25 Jun 2026verified |
| Share repurchases | 19.6 m | 14.6 m | — | esef· 24 Jun 2025verified |
≈ 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 weight coverage: 47.9% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 2.6 bn GBP
Key indicators
Coverage and freshness
Score by group
48% · 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: score weight coverage: 47.9% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 1.5% | 26 (vs peers) | 13% |
| FCF conversion · Quality | 258.1% | 100 (on a fixed band) | 13% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 4.9x | 52 (on a fixed band) | 13% |
| Current ratio · Balance sheet | 0.9x | 7 (on a fixed band) | 9% |
| P/E (TTM) · Valuation | 34.3x | 6 (vs peers) | 22% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 8.2% | 100 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | 0.6% | 8 (on a fixed band) | 13% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet34/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality63/100 · 2/3 factors with a value
- Returns· partial8/100 · 1/2 factors with a value
- Valuation48/100 · 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
MITIE GROUP PLC (MTO.L). Latest full fiscal year: 2026; data up to 2026-03-31.
Figures computed from the financial statements: revenue 5.6 bn GBP in 2026; YoY growth 10.5%; net margin 1.5%; ROE 17.9%.
The estimated value range is 0.56–0.80 GBP per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 0.68 GBP, the price of 2.09 GBP leaves a potential of -67.5% (value / price − 1) and a margin of safety of -208.0% (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 (score weight coverage: 47.9% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 258.1%
- FCF yield: 8.2%
What contradicts it
- Net margin: 1.5%
- Current ratio: 0.9x
- P/E (TTM): 34.3x
- Shareholder yield (distributions): 0.6%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, Payout ratio (FCF).
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% |
| MTO.LMitie Group PLC | 2.6 bn | 34.3 | 17.9% | 1.5% | +10.5% | +32% / +113% |
| 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 MTO.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 | 1.42 Total return -30% · Per year -30% | 2.50 Total return 22% · Per year 22% | 3.76 Total return 83% · Per year 83% |
| 3 years | 1.55 Total return -20% · Per year -7% | 3.05 Total return 55% · Per year 16% | 5.01 Total return 150% · Per year 36% |
| 5 years | 1.69 Total return -9% · Per year -2% | 3.73 Total return 94% · Per year 14% | 6.69 Total return 241% · Per year 28% |
- Exit P/E± 0.76
- Net margin± 0.53
- Annual revenue growth± 0.41
- Annual dilution± 0.04
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
Mitie Group plc is the largest integrated facilities management provider in the UK, serving public and private sector clients. In fiscal 2026 it reported a record total order book of £16.3bn 1, and the integration of the Marlowe acquisition expands its capacity to deliver large contracts as clients push for efficiency and building digitalisation.1
SWOT
Strengths
- UK market leadership, a record order book and long-standing relationships with large clients.
- High NPS and strong colleague engagement, supporting client retention and operational stability.
- A proprietary digital platform and ISOC security centres that differentiate the offer and support efficiency.
Weaknesses
- Higher indebtedness after the Marlowe acquisition, with leverage in the upper part of the company's target range.
- Frontline staff turnover and violence against frontline workers, which raise safety risk.
- The share of women in senior leadership fell, pointing to challenges in building the talent pipeline.
Opportunities
- Extending transformation and compliance services to existing clients as building regulation tightens.
- Integrating Marlowe could open new order lines and cost synergies if the process goes to plan.
- Wider adoption of AI and automation could lower costs and support operating margins.
Threats
- Public sector client pressure on costs may limit price increases and contract margins.
- Inflation and labour shortages can raise delivery costs and affect service continuity.
- Geopolitical instability and energy volatility could disrupt supply chains and contract costs.
Risks
- Post-acquisition indebtednessmedium
Funding the Marlowe acquisition through bridge facilities and private placement notes raised net debt, and higher financing costs could reduce free cash flow available for dividends and buybacks.
- Frontline colleague safetymedium
A rise in violence against frontline workers has increased the injury frequency rate, which could affect reputation and insurance costs.
- Pressure on contract marginshigh
Clients demand demonstrable value and lower costs, and these demands could erode margins if not offset by efficiency gains.
- Labour availabilitymedium
A shortage of skilled staff could limit the ability to deliver large contracts and meet performance indicators, especially during periods of growth.
- Energy costs and geopolitical exposurelow
Energy volatility and geopolitical instability could raise operating costs and affect the supply chains of the company and its clients.
Investment thesis
What would need to be true (bull case)
- If the record order book converts into stable revenue and the Marlowe integration delivers the synergies announced, the company could consolidate its UK market leadership.
- A high NPS and strong colleague engagement could support client retention and reduce costs linked to workforce turnover.
- If the digital platform and ISOC sites continue to deliver efficiency, operating margins could rise over time.
What would break the thesis
- If client cost pressure intensifies, margins on new contracts could fall below historical levels.
- Higher indebtedness after the acquisition could limit financial flexibility if free cash flow declines or interest costs rise.
- If safety incidents and labour shortages persist, operating costs and risks could increase.
What to watch
- Trend in leverage and net debt after the Marlowe integrationnext 10-K
- Conversion of the order book and contract renewal rates2027
- Safety indicators and frontline colleague turnover2027
- Performance of the Facilities Transformation pillar and expansion of compliance servicesnext 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
Mitie provides facilities management, transformation and compliance services to clients in central government, defence, retail, manufacturing, transport and logistics. The company identifies its growth pillars as technology-led integrated FM, transformation of client estates and compliance services, all supported by the Mitie Digital Platform. Its model rests on long-term contracts with national blue-chip customers that it serves through self-delivery. 1
Mitie describes itself as the UK market leader in its industry and in each of its core service lines. Its emphasis on technology and operational intelligence, including its ISOC security centres, lets it offer bundled services and collect workforce and workflow data across client estates. 1
The company targets sustainable free cash flow and leverage between 0.75x and 1.5x over the FY25-FY27 Strategic Plan. The Marlowe acquisition was partly funded through bridge facilities and private placement notes, which raised average daily net debt. 1
Segments
Facilities Management
The Facilities Management pillar covers integrated and single-line services such as engineering, maintenance, security and hygiene, delivered through technology and the Mitie Digital Platform. It is the core pillar and the main source of recurring revenue. 1
Facilities Transformation
The Transformation pillar covers fit-out and modernisation of client buildings, including project work. It lets the company extend existing contract relationships into capital works. 1
Facilities Compliance
The Compliance pillar includes fire and security services and water and environmental services, helping client infrastructure meet increasingly stringent regulatory requirements. 1
Market context
Mitie operates in the UK facilities management market, where public and private sector clients increasingly outsource maintenance and security. The company reports that it holds a leading position in each of its core service lines. The size of the market is described only qualitatively in the annual report. 1
Demand is shaped by client cost pressure and the need for demonstrable value, along with workforce availability and inflation, which the company lists as key issues in its client engagement. 1
Trends
- Digitalisation and artificial intelligencetailwind
Investment in technology and AI could strengthen Mitie's position through efficiency and automation, and the digital platform could raise client loyalty if adoption continues to expand.
- Regulation and compliance requirementsmixed
Tighter rules on building safety and sustainability could create demand for compliance services, but could also raise operating costs for providers.
- Client cost pressureheadwind
Clients increasingly ask for demonstrable value, which could limit margins on new contracts, although it may favour providers that can show efficiency.
- Geopolitical tension and energy securitymixed
Geopolitical instability increases demand for critical infrastructure resilience, but adds uncertainty over energy costs and supply chains.
Competitive position
Mitie competes with other large integrated facilities management and services providers in the UK and Europe, as well as with firms specialising in individual service lines. The analysed source does not name competitors explicitly, and the advantage the company cites is its national scale and capacity for self-delivery.
Mitie's differentiation rests on technology, a high NPS score and long-standing public sector relationships, which are harder for smaller competitors to replicate. 1
- UK integrated facilities management providers
Competitors in the UK market offering similar integrated services to public and private sector clients; the source does not name them.
- Single-line service specialists
Firms competing with Mitie on security, hygiene or engineering without offering the full integrated portfolio.
- European public sector service providers
Groups active in Europe that can compete for defence and infrastructure contracts, such as those in Germany and Italy.
- Security services and monitoring operators
Operators providing security operations centres and monitoring, an area where Mitie supports its offer with its own ISOC sites.
News & filings
In the press
- The Great British Takeover Tops $60 Billion After Mitie DealBloomberg Markets · 21 Jul 2026 · EN
- Mitie agrees £3.1bn takeover by OCS in blow to London stock marketThe Guardian World · 21 Jul 2026 · RO
Annual reports (ESEF)
- Annual report 202625 Jun 2026
- Annual report 202524 Jun 2025
Sources
- [1] Annual report, fiscal year ended 2026-03-31 (ESEF) · SEC / Mitie Group plc · 31 Mar 2026
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.