olivLaw · European equity research
Travis Perkins plc TPK.L
United Kingdom · London Stock Exchange · ISIN GB00BK9RKT01 · Vertical: Listed companies from United Kingdom
Travis Perkins plc is the largest distributor of building materials in the UK, with over 1,400 branches serving trade and general builder customers. In 2025 the company returned Merchanting to revenue growth in the second half, but adjusted operating profit fell, and the new CEO is focused on service and operational efficiency. Key figures are revenue of £4,565m and a 12.5% fall in adjusted operating profit.
At the close of 06 Nov 2026, Travis Perkins plc (TPK.L) stock was 6.56 GBP (−1.20% on the day), with market capitalisation 1.4 bn GBP, dividend yield 2.06%, beta 0.82, 52-week range 5.08–7.14 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)
- 65.3
- strong (55–70)
- Bollinger (20, 2)
- 5.63 – 6.64
- in the upper half of the band · %B 0.92 · band width 16.5%
- SMA 50 / 200
- 6.03 / 5.93
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.15 / 0.09
- 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 | +16.4% | −0.2% | +16.6 pp | — |
| 3 months | −2.8% | −5.4% | +2.6 pp | — |
| 6 months | +22.6% | +4.4% | +18.2 pp | — |
| Year to date | +3.2% | +6.5% | −3.2 pp | — |
| 1 year | +6.7% | +10.0% | −3.3 pp | +3.7% |
| 3 years | −12.4% | +48.6% | −61.0 pp | +24.5% |
| 5 years | −57.8% | +41.4% | −99.2 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.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 4.8 bn | 4.6 bn | 4.6 bn |
| Revenue YoY | unavailable | −4.7% | −0.9% |
| Net income | 38.1 m | -77.4 m | -176.3 m |
| Net income YoY | unavailable | −303.1% | unavailable |
| Diluted EPS | 0.18 | -0.37 | -0.83 |
| Diluted EPS YoY | unavailable | −305.6% | unavailable |
| net % | 0.8% | -1.7% | -3.9% |
| Free cash flow | 184.4 m | 265.1 m | 348.3 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 426.9 m GBP
- Financial debt
- 426.6 m GBP
- Net debt
- -300.0 k GBP
- Equity
- 1.8 bn GBP
- Total assets
- 3.8 bn GBP
- Debt / equity
- 0.24x
- Current ratio
- 1.72x
- ROE
- -9.4%
- ROA
- -4.5%
- FCF margin
- 7.6%
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 4.8 bn | 4.6 bn | 4.6 bn | esef· 27 May 2026verified |
| Cost of revenue | — | 3.4 bn | 3.4 bn | esef· 27 May 2026verified |
| Gross profit | 1.3 bn | 1.2 bn | 1.2 bn | esef· 27 May 2026verified |
| Operating income | 160.7 m | 2.3 m | -96.6 m | esef· 27 May 2026verified |
| Interest expense | 51.4 m | 51.8 m | 58.2 m | esef· 27 May 2026verified |
| Pre-tax income | 121.4 m | -38.4 m | -134.7 m | esef· 27 May 2026verified |
| Income tax | 31.9 m | 2.2 m | 41.6 m | esef· 27 May 2026verified |
| Net income | 38.1 m | -77.4 m | -176.3 m | esef· 27 May 2026verified |
| Diluted EPS | 0.18 | -0.37 | -0.83 | esef· 27 May 2026verified |
| Dividend per share | 0.39 | 0.11 | 0.14 | esef· 27 May 2026derived |
Balance sheet · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 131.5 m | 231.2 m | 426.9 m | esef· 27 May 2026verified |
| Receivables | 689.6 m | 760.5 m | 630.7 m | esef· 27 May 2026verified |
| Inventories | 727.6 m | 648.6 m | 666.9 m | esef· 27 May 2026verified |
| Current assets | 1.6 bn | 1.7 bn | 1.7 bn | esef· 27 May 2026verified |
| Property, plant & equipment, net | 848.4 m | 771.1 m | 655.0 m | esef· 27 May 2026verified |
| Goodwill | 847.9 m | 821.3 m | 720.8 m | esef· 27 May 2026verified |
| Intangibles (excl. goodwill) | 99.9 m | 86.9 m | 65.9 m | esef· 27 May 2026verified |
| Total assets | 4.0 bn | 4.0 bn | 3.8 bn | esef· 27 May 2026verified |
| Accounts payable | 795.4 m | 838.2 m | 864.2 m | esef· 27 May 2026verified |
| Short-term debt | — | 0 | 7.2 m | esef· 27 May 2026verified |
| Long-term debt | 445.1 m | 421.8 m | 419.4 m | esef· 27 May 2026verified |
| Current liabilities | 924.7 m | 985.3 m | 1.0 bn | esef· 27 May 2026verified |
| Total liabilities | 2.0 bn | 2.1 bn | 2.0 bn | esef· 27 May 2026verified |
| Equity | 2.0 bn | 2.0 bn | 1.8 bn | esef· 27 May 2026verified |
| Shares outstanding at year end | 210.5 m | 211.5 m | 211.6 m | esef· 27 May 2026derived |
Cash flow · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 217.6 m | 277.4 m | 375.3 m | esef· 27 May 2026verified |
| Capex | 33.2 m | 12.3 m | 27.0 m | esef· 27 May 2026verified |
| Free cash flow | 184.4 m ≈ | 265.1 m ≈ | 348.3 m ≈ | esef· 27 May 2026derived |
| Investing cash flow | -58.9 m | -3.4 m | 7.2 m | esef· 27 May 2026verified |
| Financing cash flow | -250.4 m | -174.3 m | -186.8 m | esef· 27 May 2026verified |
| Dividends paid | 82.1 m | 23.2 m | 28.6 m | esef· 27 May 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: 45.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 1.4 bn GBP
Key indicators
Coverage and freshness
Score by group
46% · 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: 45.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -4.1% | 17 (vs peers) | 23% |
| Net margin · Quality | -3.9% | 26 (vs peers) | 14% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -1.7x | 0 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 1.7x | 77 (on a fixed band) | 9% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 25.1% | 100 (on a fixed band) | 18% |
| Shareholder yield (distributions) · Returns | 2.1% | 29 (on a fixed band) | 14% |
| Payout ratio (FCF) · Returns | 8.2% | 100 (on a fixed band) | 9% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet31/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality20/100 · 2/3 factors with a value
- Returns58/100 · 2/2 factors with a value
- Valuation· partial100/100 · 1/3 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
TRAVIS PERKINS PLC (TPK.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 4.6 bn GBP in 2025; YoY growth -0.9%; net margin -3.9%; ROE -9.4%.
The estimated value range is 9.98–13.89 GBP per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 11.58 GBP, the price of 6.56 GBP leaves a potential of 76.6% (value / price − 1) and a margin of safety of 43.4% (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: 45.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 1.7x
- FCF yield: 25.1%
- Payout ratio (FCF): 8.2%
- The price is below the estimated value range
What contradicts it
- ROIC: -4.1%
- Net margin: -3.9%
- Interest coverage: -1.7x
- Shareholder yield (distributions): 2.1%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), 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. | 101.0 bn | 13.1 | 16.5% | 30.3% | −1.0% | +3% / +82% |
| ABF.LAssociated British Foods PLC | 14.4 bn | 14.1 | 9.2% | 5.3% | −3.1% | −7% / −16% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.0 bn | 24.4 | 34.7% | 4.1% | +7.2% | −11% / +155% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.3 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.3 bn | 16.4 | 23.2% | 2.8% | +15.2% | +21% / +162% |
| ABDN.LAberdeen Group PLC | 4.0 bn | 10.6 | 8.0% | 28.9% | −2.1% | +8% / +37% |
| BKG.LThe Berkeley Group Holdings PLC | 3.5 bn | 11.1 | 8.8% | 13.4% | −4.2% | −2% / −24% |
| BME.LB&M European Value Retail PLC | 2.8 bn | 17.2 | 21.2% | 2.8% | +3.7% | +66% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.6 | 49.9% | 33.1% | +18.0% | +7% / +126% |
| TPK.LTravis Perkins PLC | 1.4 bn | — | -9.4% | -3.9% | −0.9% | +3% / −13% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.7 | 13.1% | 71.6% | −0.1% | +27% / +16% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 757.3 m | 35.9 | 41.2% | 19.7% | +24.2% | +70% / unavailable |
| BAG.LA.G. Barr P.L.C. | 660.8 m | 14.2 | 14.4% | 10.8% | +4.0% | −9% / +24% |
| ASC.LAsos PLC | 496.9 m | — | -81.3% | -12.0% | −14.7% | +72% / +9% |
| ALFA.LAlfa Financial Software Holdings PLC | 480.3 m | 16.0 | 61.5% | 23.8% | +15.3% | −29% / +8% |
| AML.LAston Martin Lagonda Global Holdings PLC | 341.3 m | — | -93.4% | -39.2% | −20.6% | −46% / −85% |
| APTD.LAptitude Software Group PLC | 112.5 m | 28.7 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| AMGO.LAmigo Holdings PLC | 10.3 m | — | — | — | −81.9% | +340% / +878% |
| 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% | −11% / +154% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +61% / +64% |
1- and 3-year price returns: for TPK.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 | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
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
Travis Perkins plc is the largest distributor of building materials in the UK, with over 1,400 branches serving trade and general builder customers. In 2025 the company returned Merchanting to revenue growth in the second half, but adjusted operating profit fell, and the new CEO is focused on service and operational efficiency. Key figures are revenue of £4,565m and a 12.5% fall in adjusted operating profit.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Weak construction demandhigh
If construction activity does not recover, sales and profit could remain under pressure 1.
- Price competitionmedium
Competitive pressure could force price reductions that weigh on margins 1.
- IT system implementationmedium
Problems with new systems could disrupt operations and customer service 1.
- Data securitymedium
Cyber and data protection risks could bring costs and reputational damage 1.
- Climate obligationslow
If decarbonisation targets are missed, the company could lose contracts with customers requesting sustainability data 1.
Investment thesis
What would need to be true (bull case)
What would break the thesis
What to watch
- Merchanting sales trend and recovery of market share2026
- Adjusted operating profit and margins after operational remediationnext 10-K
- Leverage trend against the group's target range2026
- Progress on decarbonisation and sustainable customer services2027
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
Travis Perkins plc is a trade-focused group offering products and services for generalist and specialist trades, with an emphasis on value-added services and a national branch network 1. Credit accounts for 71% of payments, and the group describes itself as branch-based and sales-led with about 17,000 colleagues 1.
The group's strategy is to grow the share of its market-leading businesses through attractive customer propositions and excellent service 1. Management said the focus in 2025 was on customers, operations and trading performance rather than internal distractions 1.
The balance sheet improved markedly, with strong cash generation and lower leverage, giving flexibility for fleet and property investment 1. Leverage stood at 2.1x at the end of 2025, down from 2.5x in 2024 1.
Segments
Merchanting
Merchanting is the largest segment, the UK's market-leading general builders merchant, with 579 national locations 1. Sales fell in 2025 but recovered in the second half as the group regained some market share 1.
Market context
The UK market for building materials coming through distribution channels is estimated at £66bn according to the source 1. Demand depends on government housing programmes, building retrofit and infrastructure investment, and management is not assuming any market recovery in 2026 1.
Market segments include private domestic, commercial and industrial, repair maintenance and improvement, and public sector, each with different growth drivers 1. Management notes that the strength and timing of any recovery in UK construction remain uncertain 1.
Trends
- Government housing demandtailwind
Government housing targets and the UK housing shortage could support long-term demand for building materials 1.
- Weak construction activityheadwind
Activity in most end markets remained subdued through 2025, and a quick recovery is not certain 1.
- Decarbonisation requirementstailwind
Energy efficiency rules and demand for certified low-carbon products could create opportunities for sustainable offerings 1.
- Cost and margin pressuremixed
Margin pressure, including lower gross profit in Merchanting, could persist if the market does not recover 1.
Competitive position
Travis Perkins operates in a competitive building materials distribution market where rivals include regional and national distributors and specialist networks 1. The company says its number one or two position in each niche and its branch network give it scale advantages 1.
Competitive pressure was felt in Merchanting, where the group lost market share before trying to regain it through pricing and promotions 1. Toolstation extends its share through its lightside range and next-day delivery 1.
- Regional and general builders merchants
Local and regional competitors offering similar services to trade customers, especially in the Merchanting segment 1.
- Specialist heating and air conditioning distributors
Specialist distributors competing with the group's heating, cooling and air conditioning division 1.
- Lightside and DIY distributors
Competitors in lightside and DIY products where Toolstation is active 1.
- Civils and infrastructure materials suppliers
Companies active in civils and roads, an area where Keyline aims to expand 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202527 May 2026
- Annual report 202527 May 2026
- Annual report 202415 Apr 2025
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Travis Perkins 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.