olivLaw · European equity research
Trustpilot Group plc TRST.L
United Kingdom · London Stock Exchange · ISIN GB00BNK9TP58 · Vertical: Listed companies from United Kingdom
Trustpilot Group plc runs an open review platform where consumers rate businesses based on genuine experiences, and businesses can claim their profile for free. By the end of fiscal 2025 the platform held over 361 million reviews, and the company invests heavily in detecting fake content at a time when AI is changing how people search for information and make purchase decisions.
At the close of 05 Nov 2026, Trustpilot Group plc (TRST.L) stock was 2.76 GBP (+1.17% on the day), with beta 0.79, 52-week range 1.29–2.98 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)
- 61.5
- strong (55–70)
- Bollinger (20, 2)
- 2.37 – 2.85
- in the upper half of the band · %B 0.80 · band width 18.7%
- SMA 50 / 200
- 2.49 / 2.34
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.05 / 0.04
- 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 | +19.4% | −0.6% | +20.1 pp | — |
| 3 months | −5.5% | −4.2% | −1.3 pp | — |
| 6 months | +1.8% | +4.3% | −2.6 pp | — |
| Year to date | +67.6% | +7.5% | +60.1 pp | — |
| 1 year | +39.1% | +9.9% | +29.1 pp | +5.8% |
| 3 years | +165.5% | +49.8% | +115.7 pp | +26.3% |
| 5 years | −15.2% | +42.8% | −58.0 pp | — |
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 | 176.4 m | 210.8 m | 261.1 m |
| Revenue YoY | unavailable | +19.5% | +23.9% |
| Net income | 7.1 m | 6.2 m | 7.8 m |
| Net income YoY | unavailable | −12.3% | +24.4% |
| Diluted EPS | 1.60 | 1.40 | 1.80 |
| Diluted EPS YoY | unavailable | −12.5% | +28.6% |
| net % | 4.0% | 3.0% | 3.0% |
| Free cash flow | 20.6 m | 26.5 m | 58.6 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 47.6 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- -6.7 m USD
- Total assets
- 127.5 m USD
- Debt / equity
- unavailable
- Current ratio
- 0.66x
- ROE
- unavailable
- ROA
- 5.7%
- FCF margin
- 22.5%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 176.4 m | 210.8 m | 261.1 m | esef· 21 Apr 2026verified |
| Cost of revenue | 30.9 m | 39.1 m | 45.2 m | esef· 21 Apr 2026verified |
| Gross profit | 145.4 m | 171.6 m | 215.9 m | esef· 21 Apr 2026verified |
| Operating income | -618.0 k | 3.8 m | 16.0 m | esef· 21 Apr 2026verified |
| Interest expense | 3.8 m | 2.1 m | 3.7 m | esef· 21 Apr 2026verified |
| Pre-tax income | -1.9 m | 5.2 m | 14.1 m | esef· 21 Apr 2026verified |
| Income tax | -9.1 m | -1.1 m | 6.3 m | esef· 21 Apr 2026verified |
| Net income | 7.1 m | 6.2 m | 7.8 m | esef· 21 Apr 2026verified |
| Diluted EPS | 1.60 | 1.40 | 1.80 | esef· 21 Apr 2026verified |
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 91.5 m | 68.9 m | 47.6 m | esef· 21 Apr 2026verified |
| Current assets | 110.5 m | 92.4 m | 77.1 m | esef· 21 Apr 2026verified |
| Property, plant & equipment, net | 2.8 m | 3.5 m | 2.9 m | esef· 21 Apr 2026verified |
| Intangibles (excl. goodwill) | 7.4 m | 9.1 m | 12.2 m | esef· 21 Apr 2026verified |
| Total assets | 156.4 m | 144.5 m | 127.5 m | esef· 21 Apr 2026verified |
| Current liabilities | 70.9 m | 83.4 m | 117.5 m | esef· 21 Apr 2026verified |
| Total liabilities | 93.3 m | 103.1 m | 134.2 m | esef· 21 Apr 2026verified |
| Equity | 63.1 m | 41.4 m | -6.7 m | esef· 21 Apr 2026verified |
| Shares outstanding at year end | 4.2 m | 4.2 m | 4.1 m | esef· 21 Apr 2026derived |
Cash flow · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 20.9 m | 29.4 m | 59.2 m | esef· 21 Apr 2026verified |
| Capex | 329.0 k | 2.8 m | 590.0 k | esef· 21 Apr 2026verified |
| Free cash flow | 20.6 m ≈ | 26.5 m ≈ | 58.6 m ≈ | esef· 21 Apr 2026derived |
| Investing cash flow | -3.6 m | -9.6 m | -8.3 m | esef· 21 Apr 2026verified |
| Financing cash flow | -2.9 m | -40.8 m | -75.3 m | esef· 21 Apr 2026verified |
| Share repurchases | 0 | 43.2 m | — | esef· 17 Apr 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
- 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: 20.32 – 31.34 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/E20.32 – 31.34 (Mid 25.97)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 | 3.0% | 31 (vs peers) | 27% |
| FCF conversion · Quality | 755.6% | 100 (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 | 4.3x | 43 (on a fixed band) | 27% |
| Current ratio · Balance sheet | 0.7x | 0 (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 sheet26/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality66/100 · 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
TRUSTPILOT GROUP PLC (TRST.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 261.1 m USD in 2025; YoY growth 23.9%; net margin 3.0%; ROE 44.8%.
The estimated value range is 20.32–31.34 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
- FCF conversion: 755.6%
What contradicts it
- Current ratio: 0.7x
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 TRST.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
Trustpilot Group plc runs an open review platform where consumers rate businesses based on genuine experiences, and businesses can claim their profile for free. By the end of fiscal 2025 the platform held over 361 million reviews, and the company invests heavily in detecting fake content at a time when AI is changing how people search for information and make purchase decisions 1.
SWOT
Strengths
- The platform has a very large base of reviews and an open model, and the company builds its reputation on trust and transparency 1.
- Automated fraud detection systems catch most fake reviews, which supports platform integrity 1.
- Verified reviews form a valuable data asset, which the company has begun to monetise through new products 1.
Weaknesses
- Reliance on search traffic is a vulnerability, since AI answers could reduce clicks to the site 1.
- The open model attracts criticism, some of it based on factual inaccuracies or misunderstandings of how the platform works 1.
- The change in finance leadership creates a transition period in governance, with a key executive role vacant while the search continues 1.
Opportunities
- If reviews become a reference source for AI answers, the company could grow its penetration of the enterprise market 1.
- Agentic commerce could make the platform a central tool for trust between consumers and businesses 1.
- New data products and investment in research and development could open additional revenue sources 1.
Threats
Risks
- Declining search traffichigh
If AI-generated answers increasingly replace clicks, traffic to the site could fall, affecting the flow of users 1.
- Fake reviews and manipulationhigh
Rising bot activity and AI-generated fakes could erode trust in the platform even as automated detection has improved 1.
- Regulation and investigationsmedium
Uneven enforcement of rules in key markets and the Italian investigation could lead to fines, reputational damage and business actions 1.
- Cybersecuritymedium
Cyber threats are becoming more sophisticated and expanding cloud services enlarge the attack surface, with possible business interruption 1.
- Finance leadership transitionlow
The change of finance director and the search for a successor could disrupt financial planning for a period 1.
Investment thesis
What would need to be true (bull case)
- If trust becomes a central requirement in the AI era, the platform could become a reference point for consumers and for the models that guide purchase decisions 1.
- The large review base and verified data could support new products for businesses, including through Data Solutions 1.
- Investment in detection and innovation could strengthen its position as a trusted platform against competition 1.
What would break the thesis
- AI answer engines could significantly reduce traffic to the site, and with it discovery-driven revenue 1.
- The open model could remain a target for criticism and investigations if review manipulation outpaces detection capacity 1.
- Technological competition and regulatory pressure could raise compliance and innovation costs without a proportional gain 1.
What to watch
- Outcome of the Italian Competition Authority investigation2026
- Appointment of the new finance director and leadership stability2026
- Trend in search traffic relative to AI-generated answersnext 10-K
- Results of investment in fake-review detection and data products2027
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
Trustpilot is an open platform: anyone can review a business based on a real experience, and every business can claim its profile and respond to reviews for free 1. The company describes its vision as being the universal symbol of trust 1. The fiscal 2025 annual report stresses that platform integrity is central to the business model, supported by investment in technology, community reporting and specialist investigators 1.
The source texts do not break down revenue by product, so this profile relies on the description of the open model and the strategy set out in the report 1. In 2025 the company launched a new Data Solutions product range to capitalise on its data 1.
Governance was marked in 2025 by succession planning for the finance director role, after the September 2025 announcement that the incumbent, who had served almost ten years, would step down 1. The Board engaged an executive search firm to identify the successor 1.
Segments
Consumer review platform
The public consumer site is the company's main source of traffic, and search is a key discovery channel; however, the report warns that AI answer engines could reduce click-through rates to the site 1.
Business and data solutions
For businesses the company offers trust and visibility tools, and according to the report its verified reviews are a valuable data source for large language models; the 2025 launch of Data Solutions extends this direction 1.
Market context
The platform operates globally, with over 361 million reviews at the end of fiscal 2025 1. The report names several focus markets and rising regulatory pressure, including an investigation by the Italian Competition Authority into possible unfair commercial practices, which the company disputes 1.
Competition is intensifying with generative technologies, and the company says its data is attractive to competitors and disruptors seeking to monetise it 1. The source texts do not name listed competitors, so the list below is limited to the framework in the report 1.
Trends
- AI-generated searchmixed
AI answer engines could reduce click-through traffic to the site, but the company is working to keep its reviews prominently displayed and has opened its site to selected LLM crawlers 1.
- Trust in the age of AItailwind
If trust in AI-generated content becomes a central demand, a platform of verified reviews could gain, and the report links this opportunity to agentic commerce 1.
- Fake content and botsheadwind
Rising bot activity and lower costs for fakes created with generative AI mean the risk of fraudulent reviews is growing, requiring continuous investment in detection 1.
- Regulation of digital platformsheadwind
Divergent implementation of rules across focus markets complicates compliance, and non-compliance could lead to reputational damage and fines 1.
Competitive position
The report says rapid progress in technology, particularly generative AI, is intensifying competition and forcing the company to speed up innovation in products and features 1.
The company's stated advantage is its open model and its platform protections, which distinguish it as a trusted source of information; this could remain a distinct position if those protections hold against technological competition 1.
- Review platforms and AI answer engines
The source texts do not name individual competitors; the report speaks generally of competitors and disruptors seeking to monetise data from the public site 1.
- AI search answer engines
These interfaces could reduce click-through to the site, although the report notes they could also surface the company's reviews 1.
- Large language models driving AI commerce
The report treats them both as data consumers and as potential distribution channels, and visibility within them is a strategic priority 1.
- AI shopping agents
The report sees agentic commerce as an opportunity, but also as an area where new actors could compete for the role of trusted intermediary 1.
News & filings
In the press
- Trustpilot Gets a One-Star Review From InvestorsYahoo Finance — News · 15 Sept 2026 · EN
- UK's Trustpilot shares slump as unchanged outlook disappoints investorsCNA (Channel NewsAsia) · 15 Sept 2026 · EN
Annual reports (ESEF)
- Annual report 202521 Apr 2026
- Annual report 202417 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Trustpilot 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.