olivLaw · European equity research
The Beauty Tech Group plc TBTG.L
United Kingdom · London Stock Exchange · ISIN GB00BTWSXB68 · Vertical: Listed companies from United Kingdom
The Beauty Tech Group plc develops and sells at-home beauty devices under three brands, relying largely on direct online sales to consumers. Revenue grew 39.4% in fiscal 2025 to 141.0 million pounds sterling, and the company listed on the London Stock Exchange main market with a debt-free balance sheet, drawing attention to a growing market segment.
At the close of 05 Nov 2026, The Beauty Tech Group plc (TBTG.L) stock was 5.16 GBP (−0.39% on the day), with market capitalisation 465.8 m GBP, P/E 46.9 on diluted EPS of 0.11 GBP over the last 12 months, beta 0.55, 52-week range 2.22–5.18 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)
- 69.4
- strong (55–70)
- Bollinger (20, 2)
- 4.35 – 5.25
- in the upper half of the band · %B 0.90 · band width 18.8%
- SMA 50 / 200
- 4.32 / 3.48
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.21 / 0.20
- 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 | +6.4% | −0.6% | +7.0 pp | — |
| 3 months | +45.8% | −4.2% | +49.9 pp | — |
| 6 months | +64.3% | +4.3% | +60.0 pp | — |
| Year to date | +77.9% | +7.5% | +70.4 pp | — |
| 1 year | +115.0% | +9.9% | +105.1 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
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 1-quarter history (min 26.4, median 26.4, max 26.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2024 | 2025 |
|---|---|---|
| Revenue | 101.1 m | 141.0 m |
| Revenue YoY | unavailable | +39.4% |
| Net income | 1.7 m | 9.9 m |
| Net income YoY | unavailable | +483.7% |
| Diluted EPS | 0.02 | 0.11 |
| Diluted EPS YoY | unavailable | +450.0% |
| net % | 1.7% | 7.0% |
| Free cash flow | 14.6 m | 28.3 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 40.8 m GBP
- Financial debt
- 0 GBP
- Net debt
- -40.8 m GBP
- Equity
- 89.9 m GBP
- Total assets
- 139.0 m GBP
- Debt / equity
- 0.00x
- Current ratio
- 1.98x
- ROE
- 16.8%
- ROA
- 8.1%
- FCF margin
- 20.1%
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Revenue | 101.1 m | 141.0 m | esef· 29 Apr 2026verified |
| Cost of revenue | 43.7 m | 52.6 m | esef· 29 Apr 2026verified |
| Gross profit | 57.4 m | 88.3 m | esef· 29 Apr 2026verified |
| Operating income | 12.5 m | 22.2 m | esef· 29 Apr 2026verified |
| Interest expense | 8.6 m | 6.8 m | esef· 29 Apr 2026verified |
| Pre-tax income | 5.1 m | 15.2 m | esef· 29 Apr 2026verified |
| Income tax | 3.4 m | 5.3 m | esef· 29 Apr 2026verified |
| Net income | 1.7 m | 9.9 m | esef· 29 Apr 2026verified |
| Diluted EPS | 0.02 | 0.11 | esef· 29 Apr 2026verified |
Balance sheet · GBP
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 14.5 m | 40.8 m | esef· 29 Apr 2026verified |
| Receivables | 16.6 m | 18.2 m | esef· 29 Apr 2026verified |
| Inventories | 17.1 m | 19.2 m | esef· 29 Apr 2026verified |
| Current assets | 48.2 m | 78.2 m | esef· 29 Apr 2026verified |
| Property, plant & equipment, net | 1.4 m | 3.4 m | esef· 29 Apr 2026verified |
| Total assets | 105.3 m | 139.0 m | esef· 29 Apr 2026verified |
| Accounts payable | 21.0 m | 32.7 m | esef· 29 Apr 2026verified |
| Short-term debt | 71.0 k | 0 | esef· 29 Apr 2026verified |
| Long-term debt | 41.5 m | 0 | esef· 29 Apr 2026verified |
| Current liabilities | 27.5 m | 39.4 m | esef· 29 Apr 2026verified |
| Total liabilities | 77.2 m | 49.1 m | esef· 29 Apr 2026verified |
| Equity | 28.1 m | 89.9 m | esef· 29 Apr 2026verified |
| Shares outstanding at year end | 85.1 m | 90.3 m | esef· 29 Apr 2026derived |
Cash flow · GBP
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | 15.5 m | 30.8 m | esef· 29 Apr 2026verified |
| Capex | 919.0 k | 2.5 m | esef· 29 Apr 2026verified |
| Free cash flow | 14.6 m ≈ | 28.3 m ≈ | esef· 29 Apr 2026derived |
| Investing cash flow | -7.6 m | -6.2 m | esef· 29 Apr 2026verified |
| Financing cash flow | -4.9 m | 2.0 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 weight coverage: 52.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 465.8 m GBP
Key indicators
Coverage and freshness
Score by group
52% · 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: 52.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 27.8% | 79 (vs peers) | 20% |
| Net margin · Quality | 7.0% | 43 (vs peers) | 12% |
| FCF conversion · Quality | 285.2% | 100 (on a fixed band) | 12% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 3.3x | 27 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 2.0x | 99 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 46.9x | 0 (vs peers) | 20% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 6.1% | 76 (on a fixed band) | 16% |
| 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 sheet56/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality75/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation34/100 · 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
THE BEAUTY TECH GROUP PLC (TBTG.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 141.0 m GBP in 2025; YoY growth 39.4%; net margin 7.0%; ROE 16.8%.
The estimated value range is 3.07–4.17 GBP per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 3.56 GBP, the price of 5.16 GBP leaves a potential of -30.9% (value / price − 1) and a margin of safety of -44.8% (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: 52.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 27.8%
- FCF conversion: 285.2%
- Current ratio: 2.0x
- FCF yield: 6.1%
What contradicts it
- Interest coverage: 3.3x
- P/E (TTM): 46.9x
- 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, 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% |
| TBTG.LThe Beauty Tech Group PLC | 465.8 m | 46.9 | 16.8% | 7.0% | +39.4% | +89% / unavailable |
| 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 TBTG.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 | 3.37 Total return -35% · Per year -35% | 5.93 Total return 15% · Per year 15% | 8.90 Total return 73% · Per year 73% |
| 3 years | 4.00 Total return -22% · Per year -8% | 7.85 Total return 52% · Per year 15% | 12.82 Total return 148% · Per year 35% |
| 5 years | 4.74 Total return -8% · Per year -2% | 10.38 Total return 101% · Per year 15% | 18.46 Total return 258% · Per year 29% |
- Exit P/E± 1.96
- Net margin± 1.37
- Annual revenue growth± 1.02
- Annual dilution± 0.12
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
The Beauty Tech Group plc develops and sells at-home beauty devices under three brands, relying largely on direct online sales to consumers. Revenue grew 39.4% in fiscal 2025 to 141.0 million pounds sterling, and the company listed on the London Stock Exchange main market with a debt-free balance sheet, drawing attention to a growing market segment.
SWOT
Strengths
- The brand has strong direct recognition, supported by consumer searches and numerous reviews.
- The company has a debt-free balance sheet after the IPO and high cash generation relative to EBITDA.
- The portfolio spans four technologies and is backed by independent clinical validation.
Weaknesses
- Revenue is concentrated in CurrentBody Skin, which makes the company sensitive to one product's performance.
- ZIIP Beauty and Tria Laser still contribute little, and their recovery depends on execution.
- The company relies on discretionary spending, so demand could weaken in a difficult economic period.
Opportunities
- The segment could keep growing if home device adoption expands into new countries.
- The Tria Laser relaunch could open a scaling opportunity in laser hair removal.
- A new product pipeline could strengthen the position in markets where awareness is still low.
Threats
- Trade tariffs could raise production costs and compress margins.
- Changes to social media algorithms or advertising policies could reduce brand visibility.
- Product safety failures or stricter regulation could lead to recalls.
Risks
- Brand reputation and product safetyhigh
A loss of consumer confidence in device quality or safety could increase returns and attract regulatory scrutiny.
- Reliance on digital channelsmedium
Changes to platform algorithms or policies could reduce access to the target audience.
- Supply chain disruptionmedium
Supplier problems or geopolitical events could cause product shortages and higher costs.
- Foreign currency exposuremedium
Revenue and costs in dollars, euros and other currencies could significantly affect reported results, although the company partly hedges this exposure.
- Regulatory compliancemedium
New post-listing obligations and compliance requirements across several jurisdictions could lead to fines or market restrictions if breached.
Investment thesis
What would need to be true (bull case)
- If category growth continues and the secondary brands accelerate, revenue could keep rising, supported by better margins and a clean balance sheet.
- Removing financing costs and IPO expenses could significantly improve reported profit in the coming years.
- If the company scales Tria Laser and ZIIP Beauty, its dependence on a single brand could fall.
What would break the thesis
- Concentration of revenue in CurrentBody Skin leaves the company exposed if that brand's sales slow.
- Marketing and staff costs could grow faster than revenue if conversion weakens.
- Tariffs or a weak economic cycle could reduce demand for products seen as discretionary.
What to watch
- Sales trajectory of ZIIP Beauty and the Tria Laser relaunch2027
- Gross margin once older ZIIP Beauty stock has sold through2026
- Reported revenue and profit excluding IPO costsnext 10-K
- Impact of US tariffs on production costs2027
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 combines premium beauty brand expertise with hardware manufacturing capabilities. Its model rests on four core technologies, LED, radio frequency, microcurrent and laser, and on direct-to-consumer sales through online channels, supported by seven warehouses across the US, UK, Europe, Asia and Australia. According to the annual report, product development cycles of two to three years create a barrier to entry.
The main brand, CurrentBody Skin, generated 89.2% of revenue in fiscal 2025 1. ZIIP Beauty focuses on microcurrent, and Tria Laser, acquired in 2024, brings patents in at-home laser hair removal. The company states that about 75% of revenue comes from consumers searching directly for its brand names, which reduces reliance on paid digital advertising 1.
After its October 2025 listing, the company used IPO proceeds to repay all bank debt, loan notes and preference shares. Gross margin rose to 62.7% and adjusted free cash flow reached 34.4 million pounds sterling in fiscal 2025 1. The company also discontinued low-margin third-party sales, which changed its revenue mix.
Segments
ZIIP Beauty
The microcurrent brand grew 46% in fiscal 2025, which the company describes as a foundation year with a redesigned product range. Management targets fiscal 2027 as the breakthrough year for acceleration.
Tria Laser
Acquired in 2024, the brand contributed 2.0 million pounds sterling from legacy stock in its first year. The product relaunched in March 2026 and could open a scaling opportunity in at-home laser hair removal 1.
Market context
The company operates in the at-home beauty device (AHBD) market, which, according to sources cited in the report, grew about 13% a year in the US and 14% in the UK and Germany over 2019 to 2024 1. Management estimates the global market is worth between 9 and 12 billion pounds sterling and that the segment still represents a small share of beauty spending in key regions, suggesting room for expansion.
Growth depends on consumer awareness, clinical validation of device efficacy and cost advantages versus professional treatments. The company's revenue is spread geographically, with the US and Canada representing 39.8% of total in fiscal 2025 1.
Trends
- Growth of the at-home device categorytailwind
Consumer interest and clinical validation support demand in a category that is still under-penetrated, which could extend growth if the trend holds.
- Lower production coststailwind
The redesigned ZIIP products and dual manufacturing could lower input costs, which may support margins if older inventory sells through.
- US tariff policymixed
Higher tariffs on key manufacturing hubs could raise costs, although the company is diversifying production across the US, China, India and Thailand.
- Regulatory and governance requirementsheadwind
The listing and the new UK Corporate Governance Code add compliance obligations that could increase administrative costs.
Competitive position
The annual report does not name competitors, but states that, to its knowledge, it is the only major operator covering all four core technologies. Competition is described in terms of barriers to entry such as brand trust, hardware complexity and long development cycles rather than a list of rivals.
The market is fragmented, and companies selling similar devices may react more slowly than those with shorter development cycles. The company says independent clinical validation is not universal in this segment, which could give it a trust advantage.
- Unnamed LED and radio frequency device makers
The report does not name competitors in this category and describes it generically as a market with lower entry barriers.
- Professional aesthetic treatment providers
The company compares the cost of home devices with clinic treatments but names no provider.
- At-home laser hair removal makers
Tria Laser competes in a category where the report cites patents, without naming rivals.
- Online beauty retailers selling devices
E-commerce competition is mentioned only indirectly, with no names given in the source.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202529 Apr 2026
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / The Beauty Tech 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.