olivLaw · European equity research
Raspberry Pi Holdings plc RPI.L
United Kingdom · London Stock Exchange · ISIN GB00BS3DYQ52 · Vertical: Listed companies from United Kingdom
Raspberry Pi Holdings plc designs and sells single-board computers, compute modules and its own RP2 series microcontrollers, used by a hobbyist community and by industrial OEMs. The company matters now because it is expanding its semiconductor portfolio and shifting toward industrial customers, while DRAM prices have risen.
At the close of 05 Nov 2026, Raspberry Pi Holdings plc (RPI.L) stock was 4.87 GBP (−6.20% on the day), with beta 1.33, 52-week range 2.57–10.51 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)
- 33.1
- weak (30–45)
- Bollinger (20, 2)
- 4.82 – 6.58
- in the lower half of the band · %B 0.02 · band width 30.8%
- SMA 50 / 200
- 5.93 / 5.86
- mixed trend
- MACD (12, 26, 9)
- -0.30 / -0.22
- 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 | −29.2% | −0.6% | −28.5 pp | — |
| 3 months | −29.9% | −4.2% | −25.7 pp | — |
| 6 months | −32.2% | +4.3% | −36.6 pp | — |
| Year to date | +62.2% | +7.5% | +54.6 pp | — |
| 1 year | +38.5% | +9.9% | +28.6 pp | +5.8% |
| 3 years | unavailable | +49.8% | unavailable | +26.3% |
| 5 years | unavailable | +42.8% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
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 | 265.8 m | 259.5 m | 323.2 m |
| Revenue YoY | unavailable | −2.4% | +24.5% |
| Net income | 31.6 m | 11.7 m | 21.7 m |
| Net income YoY | unavailable | −63.0% | +85.5% |
| Diluted EPS | 0.18 | 0.06 | 0.11 |
| Diluted EPS YoY | unavailable | −65.1% | +77.4% |
| net % | 11.9% | 4.5% | 6.7% |
| Free cash flow | 17.2 m | -5.4 m | 4.4 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 28.1 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 240.8 m USD
- Total assets
- 331.6 m USD
- Debt / equity
- unavailable
- Current ratio
- 3.80x
- ROE
- 9.6%
- ROA
- 6.5%
- FCF margin
- 1.4%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 265.8 m | 259.5 m | 323.2 m | esef· 21 Apr 2026verified |
| Cost of revenue | 199.8 m | 196.3 m | 245.4 m | esef· 21 Apr 2026verified |
| Gross profit | 66.0 m | 63.2 m | 77.8 m | esef· 21 Apr 2026verified |
| Research & development | 10.6 m | 17.9 m | 22.5 m | esef· 21 Apr 2026verified |
| Operating income | 37.6 m | 17.6 m | 28.0 m | esef· 21 Apr 2026verified |
| Interest expense | 800.0 k | 2.4 m | 2.5 m | esef· 21 Apr 2026verified |
| Pre-tax income | 38.2 m | 16.3 m | 26.5 m | esef· 21 Apr 2026verified |
| Income tax | 6.6 m | 4.6 m | 4.8 m | esef· 21 Apr 2026verified |
| Net income | 31.6 m | 11.7 m | 21.7 m | esef· 21 Apr 2026verified |
| Diluted EPS | 0.18 | 0.06 | 0.11 | esef· 21 Apr 2026verified |
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 42.2 m | 45.8 m | 28.1 m | esef· 21 Apr 2026verified |
| Receivables | 39.7 m | 36.2 m | 59.5 m | esef· 21 Apr 2026verified |
| Inventories | 108.1 m | 156.7 m | 145.3 m | esef· 21 Apr 2026verified |
| Current assets | 192.2 m | 245.3 m | 234.5 m | esef· 21 Apr 2026verified |
| Property, plant & equipment, net | 5.1 m | 4.5 m | 3.9 m | esef· 21 Apr 2026verified |
| Intangibles (excl. goodwill) | 58.6 m | 73.2 m | 83.2 m | esef· 21 Apr 2026verified |
| Total assets | 265.3 m | 331.4 m | 331.6 m | esef· 21 Apr 2026verified |
| Accounts payable | 81.2 m | 96.1 m | 60.6 m | esef· 21 Apr 2026verified |
| Current liabilities | 82.9 m | 98.2 m | 61.7 m | esef· 21 Apr 2026verified |
| Total liabilities | 106.1 m | 121.0 m | 90.8 m | esef· 21 Apr 2026verified |
| Equity | 159.2 m | 210.4 m | 240.8 m | esef· 21 Apr 2026verified |
| Shares outstanding at year end | 162.1 m | 180.6 m | 193.4 m | esef· 21 Apr 2026derived |
Cash flow · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 21.1 m | -3.2 m | 6.2 m | esef· 21 Apr 2026verified |
| Capex | 3.9 m | 2.2 m | 1.8 m | esef· 21 Apr 2026verified |
| Free cash flow | 17.2 m ≈ | -5.4 m ≈ | 4.4 m ≈ | esef· 21 Apr 2026derived |
| Investing cash flow | -25.8 m | -23.1 m | -18.2 m | esef· 21 Apr 2026verified |
| Financing cash flow | 14.0 m | 29.8 m | -5.8 m | esef· 21 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: 22.9% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
23% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 1.24 – 1.92 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E1.24 – 1.92 (Mid 1.59)17 companies used · median multiple 14.4x · quartiles 11.3x – 17.4x0EV1.L, ABDN.L, ABF.L, AIRE.L, AJB.L, ALFA.L, AMIF.L, APTD.L, ASHM.L, AUTO.L, BAB.L, BAG.L, BATS.L, BBY.L, BCG.L, BKG.L, BME.L
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 22.9% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 6.7% | 43 (vs peers) | 27% |
| FCF conversion · Quality | 20.3% | 0 (on a fixed band) | 27% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 11.2x | 100 (on a fixed band) | 27% |
| Current ratio · Balance sheet | 3.8x | 100 (on a fixed band) | 18% |
| 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 | unavailable | unavailable | — |
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
- Quality21/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 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
RASPBERRY PI HOLDINGS PLC (RPI.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 323.2 m USD in 2025; YoY growth 24.5%; net margin 6.7%; ROE 9.6%.
The estimated value range is 1.24–1.92 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 22.9% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Interest coverage: 11.2x
- Current ratio: 3.8x
What contradicts it
- FCF conversion: 20.3%
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), 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% |
| 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 RPI.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
Raspberry Pi Holdings plc designs and sells single-board computers, compute modules and its own RP2 series microcontrollers, used by a hobbyist community and by industrial OEMs. The company matters now because it is expanding its semiconductor portfolio and shifting toward industrial customers, while DRAM prices have risen 1.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- DRAM supplyhigh
DRAM shortages could limit output or raise costs, although the company says it has built inventory 1.
- Reseller dependencemedium
A smaller reseller network could affect market coverage if partners underperform 1.
- Leadership changemedium
The CFO departure and the new operations leadership could cause disruption in processes 1.
- Climate disruptionmedium
Extreme weather could disrupt supply and distribution networks, with cost effects 1.
- Carbon policylow
Carbon pricing could raise production costs, and delays in decarbonisation could affect reputation 1.
Investment thesis
What would need to be true (bull case)
- If US sales growth and the tariff advantage persist, the company could gain share in an important market 1.
- Semiconductor expansion could open volumes far larger than board sales if pipeline projects convert into contracts 1.
- Brand and technical support could favour adoption in long-lived industrial designs 1.
What would break the thesis
What to watch
- US sales development and the effect of the de minimis tariff change2026
- Appointment of the new finance director and continuity of processes2026
- DRAM pricing and availability in the second half2026
- Semiconductor shipment volumes and Board to Board projects converting into contractsnext 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
The company designs boards, compute modules and microcontrollers, manufactured in the UK and sold through a network of approved resellers and distributors. It runs two complementary franchises, boards and modules, and semiconductors, which management says reinforce each other 1. In fiscal 2025 most revenue came from outside the UK, and the reseller count fell to 113 1.
Customers fall into four groups: large OEMs, mid-sized OEMs, smaller OEMs and start-ups, and the maker and education community 1. Management is moving smaller clients toward direct OEM engagement through the Board to Board programme launched after the IPO 1.
Permanent headcount was 140 at the end of 2025, with 51% in engineering roles 1. The CFO announced he will step down before the end of 2026, and a new Chief Operating Officer joined after the year end 1.
Segments
Large and mid-sized OEMs
These customers receive dedicated technical support for design, prototyping and mass production, with typical annual volumes above 50,000 units at the largest accounts 1. The 2026 priority is growing existing OEM volumes and engaging senior decision makers at large companies 1.
Market context
The company operates in embedded computing and edge AI, where customers look for cheaper and more efficient alternatives to cloud hosting or in-house designs 1. DRAM supply tightened through 2025 and into 2026 because of AI-driven demand, affecting component costs 1.
Management says about one-third of boards and modules by volume use no DRAM or older LPDDR2 covered by a separate inventory buffer 1. Sales to the US could benefit if the de minimis tariff exemption abolition holds in practice 1.
Trends
- Edge AItailwind
Management argues that AI at the network edge offers latency, privacy and cost advantages over cloud-hosted alternatives 1.
- DRAM costsheadwind
Higher DRAM prices could compress margins or demand, although the company says it has diversified suppliers and built inventory 1.
- US tariffstailwind
UK-only manufacturing could give an edge over China-made competitors if tariffs on those rivals remain high 1.
- IoT security regulationmixed
Over-the-air update support is becoming a regulatory requirement in many jurisdictions, which could favour the company's device management platform 1.
Competitive position
Competitors include microcontroller and development board makers, many manufacturing in China, which management describes as facing higher tariff costs 1. The company points to rivals facing DRAM sourcing constraints as an opportunity for share gains 1.
The company differentiates on brand recognition, UK manufacturing and long product lifecycles, which industrial customers value 1. Results depend on converting trade show interest into volume contracts 1.
- Microchip TechnologyMCHP
Microcontroller supplier often present in industrial designs as an alternative to the RP2 family 1.
- STMicroelectronics
Microcontroller and development board maker serving the same industrial customer category, listed outside the US 1.
- Espressif Systems
Maker of IoT modules and chips, competing directly in connected applications 1.
- Arduino
Development platforms popular in the maker community, competing for the education segment 1.
News & filings
In the press
- Raspberry Pi hikes prices again, barely a month after the last roundThe Register · 03 Nov 2026 · EN
- Raspberry Pi 5 price goes up another $80OMG! Ubuntu · 02 Nov 2026 · EN
- The 16GB Raspberry Pi 5 got another ‘unavoidable’ RAM price hikeThe Verge · 02 Nov 2026 · EN
- Raspberry Pi 5 16GB Price Rises To $385 USDPhoronix · 02 Nov 2026 · EN
- A tiny world model running games on a Raspberry Pi Pico 2 WHacker News · 29 Oct 2026 · EN
- Raspberry Pi Zero 3W and Pi 4 Model A spotted in device treesHacker News · 27 Oct 2026 · EN
- Raspberry Pi Zero 3 W & Raspberry Pi 4 Model A Surface In Linux Kernel PatchesPhoronix · 27 Oct 2026 · EN
- Robinson: Raspberry Pi 5 on FedoraLWN.net · 27 Oct 2026 · EN
- Raspberry Pi Desktop proves old PCs aren't past itThe Register · 24 Oct 2026 · EN
- ArmSoM Sige7s Puts the RK3588S on a Raspberry Pi-Sized Board, and There's a Compute Module TooIt's FOSS · 23 Oct 2026 · EN
- ArmSoM Sige7s Puts the RK3588S on a Raspberry Pi-Sized Board, and There's a Compute Module TooIt's FOSS · 23 Oct 2026 · EN
- Raspberry Pi Desktop catches up with Debian 13 after 4-year waitThe Register · 12 Oct 2026 · EN
- PSPi 6 – Raspberry Pi in a PSPHacker News · 11 Oct 2026 · EN
- A new Raspberry Pi Desktop release is finally available for x86-64LWN.net · 07 Oct 2026 · EN
- Linux 7.4 To Support The Raspberry Pi 10-Inch Touch Display 2Phoronix · 03 Oct 2026 · EN
- A 2GB Raspberry Pi 4 now costs 50% more than it did at launchOMG! Ubuntu · 02 Oct 2026 · EN
- Once a $35 computer, the 2 GB Raspberry Pi 4 now costs $67.50The Register · 02 Oct 2026 · EN
- Raspberry Pi 5 2GB Price Increases To $77.50 USDPhoronix · 01 Oct 2026 · EN
- Improved GPU Reset Coming For Raspberry Pi Boards With Linux 7.4Phoronix · 27 Sept 2026 · EN
- Raspberry Pi surfs memory crunch to record first halfThe Register · 25 Sept 2026 · EN
Annual reports (ESEF)
- Annual report 202521 Apr 2026
- Annual report 202423 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Raspberry Pi Holdings 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.