olivLaw · European equity research
Stelrad Group plc SRAD.L
United Kingdom · London Stock Exchange · ISIN GB00BMHRMV23 · Vertical: Listed companies from United Kingdom
Stelrad Group plc is a British radiator manufacturer and the leader of the European steel panel radiator market. In fiscal 2025 revenue declined under weak demand in the UK and Europe, yet adjusted operating profit rose, showing the company's cost discipline ahead of a possible market recovery.
At the close of 05 Nov 2026, Stelrad Group plc (SRAD.L) stock was 1.58 GBP (+0.64% on the day), with market capitalisation 201.2 m GBP, P/E 239.4 on diluted EPS of 0.01 GBP over the last 12 months, dividend yield 4.87%, beta 0.07, 52-week range 1.18–1.71 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)
- 60.9
- strong (55–70)
- Bollinger (20, 2)
- 1.36 – 1.60
- in the upper half of the band · %B 0.92 · band width 16.2%
- SMA 50 / 200
- 1.47 / 1.42
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.03 / 0.02
- 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 | +9.0% | −0.6% | +9.6 pp | — |
| 3 months | +4.6% | −4.2% | +8.8 pp | — |
| 6 months | +21.5% | +4.3% | +17.2 pp | — |
| Year to date | +12.5% | +7.5% | +4.9 pp | — |
| 1 year | −7.1% | +9.9% | −17.0 pp | +5.8% |
| 3 years | unavailable | +49.8% | unavailable | +26.3% |
| 5 years | −27.9% | +42.8% | −70.7 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 10.5, median 10.8, max 212.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 308.2 m | 290.6 m | 279.6 m |
| Revenue YoY | unavailable | −5.7% | −3.8% |
| Net income | 15.4 m | 16.5 m | 844.0 k |
| Net income YoY | unavailable | +7.1% | −94.9% |
| Diluted EPS | 0.12 | 0.13 | 0.01 |
| Diluted EPS YoY | unavailable | +6.3% | −94.9% |
| net % | 5.0% | 5.7% | 0.3% |
| Free cash flow | 27.0 m | 19.6 m | 28.9 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 19.0 m GBP
- Financial debt
- 77.0 m GBP
- Net debt
- 58.0 m GBP
- Equity
- 53.4 m GBP
- Total assets
- 206.9 m GBP
- Debt / equity
- 1.44x
- Current ratio
- 1.78x
- ROE
- 1.5%
- ROA
- 0.4%
- FCF margin
- 10.3%
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 308.2 m | 290.6 m | 279.6 m | esef· 29 Apr 2026verified |
| Cost of revenue | 221.3 m | 201.6 m | 193.3 m | esef· 29 Apr 2026verified |
| Gross profit | 86.9 m | 89.0 m | 86.3 m | esef· 29 Apr 2026verified |
| Operating income | 26.7 m | 31.4 m | 17.5 m | esef· 29 Apr 2026verified |
| Interest expense | 7.7 m | 8.2 m | 7.6 m | esef· 29 Apr 2026verified |
| Pre-tax income | 19.2 m | 23.4 m | 10.1 m | esef· 29 Apr 2026verified |
| Income tax | 3.8 m | 6.9 m | 9.2 m | esef· 29 Apr 2026verified |
| Net income | 15.4 m | 16.5 m | 844.0 k | esef· 29 Apr 2026verified |
| Diluted EPS | 0.12 | 0.13 | 0.01 | esef· 29 Apr 2026verified |
| Dividend per share | 0.08 | 0.08 | — | esef· 15 Apr 2025derived |
Balance sheet · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 21.4 m | 18.6 m | 19.0 m | esef· 29 Apr 2026verified |
| Receivables | 50.7 m | 45.5 m | 47.2 m | esef· 29 Apr 2026verified |
| Inventories | 63.4 m | 67.3 m | 62.4 m | esef· 29 Apr 2026verified |
| Current assets | 135.7 m | 132.0 m | 128.9 m | esef· 29 Apr 2026verified |
| Property, plant & equipment, net | 87.2 m | 79.2 m | — | esef· 15 Apr 2025verified |
| Total assets | 235.2 m | 220.9 m | 206.9 m | esef· 29 Apr 2026verified |
| Accounts payable | 78.1 m | 69.2 m | 67.1 m | esef· 29 Apr 2026verified |
| Short-term debt | 2.5 m | 2.2 m | 2.6 m | esef· 29 Apr 2026verified |
| Long-term debt | 88.2 m | 83.3 m | 74.4 m | esef· 29 Apr 2026verified |
| Current liabilities | 85.5 m | 72.7 m | 72.4 m | esef· 29 Apr 2026verified |
| Total liabilities | 180.0 m | 163.3 m | 153.5 m | esef· 29 Apr 2026verified |
| Equity | 55.2 m | 57.6 m | 53.4 m | esef· 29 Apr 2026verified |
| Shares outstanding at year end | 127.4 m | 127.4 m | — | esef· 29 Apr 2026derived |
Cash flow · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 33.6 m | 25.4 m | 34.1 m | esef· 29 Apr 2026verified |
| Capex | 6.6 m | 5.9 m | 5.2 m | esef· 29 Apr 2026verified |
| Free cash flow | 27.0 m ≈ | 19.6 m ≈ | 28.9 m ≈ | esef· 29 Apr 2026derived |
| Investing cash flow | -6.7 m | -5.6 m | -5.1 m | esef· 29 Apr 2026verified |
| Financing cash flow | -27.6 m | -21.8 m | -29.5 m | esef· 29 Apr 2026verified |
| Dividends paid | 9.7 m | 9.8 m | 10.0 m | esef· 29 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
Score: 54 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 201.2 m GBP
Key indicators
Coverage and freshness
Score by group
- Quality55
- Returns83
- Balance sheet40
- Valuation44
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 54/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 12.4% | 46 (vs peers) | 17% |
| Net margin · Quality | 0.3% | 26 (vs peers) | 10% |
| FCF conversion · Quality | 3,427.1% | 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 | 2.3x | 12 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 1.8x | 82 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 239.4x | 0 (vs peers) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 14.4% | 100 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 5.0% | 71 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | 34.6% | 100 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality55/100 · 3/3 factors with a value
- Returns83/100 · 2/2 factors with a value
- Valuation44/100 · 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
STELRAD GROUP PLC (SRAD.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 279.6 m GBP in 2025; YoY growth -3.8%; net margin 0.3%; ROE 1.5%.
The estimated value range is 0.76–0.93 GBP per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 0.83 GBP, the price of 1.58 GBP leaves a potential of -47.2% (value / price − 1) and a margin of safety of -89.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 54/100, 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
- FCF conversion: 3,427.1%
- Current ratio: 1.8x
- FCF yield: 14.4%
- Shareholder yield (distributions): 5.0%
- Payout ratio (FCF): 34.6%
What contradicts it
- Net margin: 0.3%
- Interest coverage: 2.3x
- P/E (TTM): 239.4x
- 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% |
| 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% |
| SRAD.LStelrad Group PLC | 201.2 m | 239.4 | 1.5% | 0.3% | −3.8% | +14% / +48% |
| 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 SRAD.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 | 0.86 Total return -45% · Per year -45% | 1.53 Total return -3% · Per year -3% | 2.31 Total return 47% · Per year 47% |
| 3 years | 0.70 Total return -55% · Per year -23% | 1.41 Total return -9% · Per year -3% | 2.37 Total return 51% · Per year 15% |
| 5 years | 0.57 Total return -63% · Per year -18% | 1.31 Total return -15% · Per year -3% | 2.42 Total return 56% · Per year 9% |
- Exit P/E± 0.35
- Net margin± 0.25
- Annual revenue growth± 0.22
- Annual dilution± 0.02
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
Stelrad Group plc is a British radiator manufacturer and the leader of the European steel panel radiator market. In fiscal 2025 revenue declined under weak demand in the UK and Europe, yet adjusted operating profit rose, showing the company's cost discipline ahead of a possible market recovery.
SWOT
Strengths
Weaknesses
- Heavy dependence on UK and European markets, where demand has been weakened by high interest rates and inflation 1.
- Significant exceptional items in fiscal 2025 linked to impairment and restructuring reduced the statutory result 1.
- A small share of premium steel panel volume limits the margins the company can earn on its mix 1.
Opportunities
- A recovery in replacement and new build demand could bring volume growth for a group with controlled fixed costs 1.
- Demand for premium, designer, hybrid and electric radiators could support higher margins if the market improves 1.
- Decarbonisation policies could support demand for high-output radiators, particularly if building rules tighten 1.
Risks
- Weak demand in core marketshigh
Lower volumes in the UK and Europe could continue if interest rates and inflation remain high, and management expects subdued demand for at least the first half of the next year 1.
- Exceptional items and impairmentmedium
Exceptional items in fiscal 2025, mostly non-cash, sharply reduced the statutory result and could recur if restructuring continues 1.
- Alternative heating technologiesmedium
Faster adoption of heat pumps and electric emitters could reduce radiator demand, affecting market share and profitability 1.
- Climate-related legislation costsmedium
Emissions trading and border adjustment mechanisms could raise material costs, and the company could struggle to pass these costs on to customers 1.
- Currency and tax exposurelow
Withholding taxes on dividends from Turkey and currency movements affect the result and could add further volatility 1.
Investment thesis
What would need to be true (bull case)
- If the market recovers, higher volumes could lift profitability substantially, given controlled fixed costs and rising contribution per radiator 1.
- Leadership of the European market and strong distributor relationships support the company's ability to win market share 1.
- The shift towards premium and decarbonised heating products could support better margins over the medium term 1.
What would break the thesis
- If demand stays weak for longer than management expects, revenue could keep falling and profitability could remain constrained 1.
- Rapid adoption of alternative heating technologies could shrink the traditional radiator market that underpins the revenue base 1.
- Recurring exceptional items could suggest restructuring is not finished, weakening confidence in the statutory result 1.
What to watch
- Volume and revenue trends in the UK and Europefirst half 2026
- Effect of exiting the loss-making Radiators SpA steel panel contract on margins2026
- Contribution per radiator against the £21 medium-term target2026
- Appointment of a new Audit & Risk Committee chair2026 AGM
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
Stelrad makes and distributes central heating radiators, focusing on steel panel radiators sold through distributors, retailers and specifiers in the UK, Ireland and continental Europe. The group operates a flexible, low-cost manufacturing network, and in fiscal 2025 revenue was £279.6 million, down from the prior year 1. The company is focused on growing market share, improving product mix towards premium models and preparing for the shift to decarbonised heating systems 1.
Adjusted operating profit grew despite lower volumes, driven by margin management, cost cuts at the factories and a more favourable product mix 1. Statutory profit was much lower because of exceptional items of £14.9 million, mostly non-cash impairments and restructuring costs 1.
The group expanded through the 2022 acquisition of Radiators SpA, which adds a designer radiator range, and in 2025 it completed restructuring of its Italian and Danish operations to improve future margins 1. The business profile is centred on Europe and on replacement demand, which dominates the market 1.
Segments
Europe
Revenue of £133.5 million in fiscal 2025, down 3.9%, affected by weak French DIY demand in the fourth quarter 1.
Market context
The European heating market is dominated by hydronic systems, which make up 92% of residential heating installations, and steel panel radiators accounted for 65% of hydronic heat emitter volume in 2024 1. Replacement demand is the main market driver, but high interest rates and inflation have weighed on renovation and new build activity 1.
The company is the clear leader of the European steel panel radiator market, with a 24.2% share in 2024 1. Management says a demand recovery could benefit the company, but its timing remains uncertain 1.
Trends
- Replacement demandmixed
Replacement demand is the primary volume driver in the European market, although it weakened in 2024 as household spending fell, and the company expects a recovery if the macro environment improves 1.
- Premiumisation and designer radiatorstailwind
Demand for premium and designer radiators could grow profitably as economic conditions improve, especially in the UK where premium penetration is low 1.
- Heating decarbonisationtailwind
Decarbonisation policies and UK building regulations such as Part L could support demand for higher output and hybrid radiators, although some governments have delayed shorter-term measures 1.
- Raw material costs and regulatory pressureheadwind
Climate legislation such as emissions trading schemes could raise material costs, and compliance requirements are expanding, which may pressure margins 1.
Competitive position
The market is competitive, and Stelrad's advantage rests on long relationships with distributors and specifiers, product availability and customer service, which create barriers to entry for rivals 1. Competition from alternative heating technologies such as heat pumps or electric convectors could reduce radiator demand if their adoption accelerates 1.
The sources do not identify individual competitors with US-listed shares, so no US ticker symbols are given 1.
- Other European steel panel radiator producers
Regional competitors selling steel panel radiators in the same markets, not named in the source.
- Alternative heating system makers
Heat pump and electric emitter producers whose adoption could reduce demand for traditional radiators.
- Integrated distributors and retailers
Distribution channels that may develop private labels or prefer alternative suppliers.
- Asian radiator producers
External competitors that could enter with lower production costs, a price pressure risk noted in the context of the sources.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202529 Apr 2026
- Annual report 202415 Apr 2025
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Stelrad 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.