olivLaw · European equity research
Wickes Group plc WIX.L
United Kingdom · London Stock Exchange · ISIN GB00BL6C2002 · Vertical: Listed companies from United Kingdom
Wickes is a British home improvement retailer focused on trade customers, kitchens and bathrooms, and home energy solutions. The company grew its market share in 2025 and raised its long-term store ambition, in a market where consumer confidence remains cautious.
At the close of 05 Nov 2026, Wickes Group plc (WIX.L) stock was 2.44 GBP (+1.46% on the day), with market capitalisation 559.2 m GBP, P/E 14.9 on diluted EPS of 0.16 GBP over the last 12 months, beta 0.69, 52-week range 1.71–2.55 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)
- 76.8
- overbought (≥ 70)
- Bollinger (20, 2)
- 1.94 – 2.54
- in the upper half of the band · %B 0.83 · band width 27.0%
- SMA 50 / 200
- 2.06 / 2.05
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.11 / 0.10
- 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 | +22.0% | −0.6% | +22.6 pp | — |
| 3 months | +20.8% | −4.2% | +25.0 pp | — |
| 6 months | +17.6% | +4.3% | +13.3 pp | — |
| Year to date | +3.8% | +7.5% | −3.7 pp | — |
| 1 year | +12.7% | +9.9% | +2.8 pp | +5.8% |
| 3 years | +94.6% | +49.8% | +44.7 pp | +26.3% |
| 5 years | +7.0% | +42.8% | −35.8 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 67 percentile of its own 3-quarter history (min 12.1, median 14.4, max 20.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 1.6 bn | 1.5 bn | 1.6 bn |
| Revenue YoY | unavailable | −0.6% | +5.9% |
| Net income | 29.8 m | 18.1 m | 38.5 m |
| Net income YoY | unavailable | −39.3% | +112.7% |
| Diluted EPS | 0.12 | 0.08 | 0.16 |
| Diluted EPS YoY | unavailable | −35.9% | +118.7% |
| net % | 1.9% | 1.2% | 2.4% |
| Free cash flow | 147.2 m | 137.4 m | 171.1 m |
Balance sheet & financial health
Fiscal year 2025 · 27 Dec 2025
- Cash
- 91.7 m GBP
- Financial debt
- unavailable GBP
- Net debt
- unavailable GBP
- Equity
- 130.9 m GBP
- Total assets
- 1.1 bn GBP
- Debt / equity
- unavailable
- Current ratio
- 1.07x
- ROE
- 27.8%
- ROA
- 3.5%
- FCF margin
- 10.5%
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 1.6 bn | 1.5 bn | 1.6 bn | esef· 18 Mar 2026verified |
| Cost of revenue | 988.8 m | 977.9 m | 1.0 bn | esef· 18 Mar 2026verified |
| Gross profit | 565.0 m | 566.6 m | 603.8 m | esef· 18 Mar 2026verified |
| Operating income | 62.9 m | 47.3 m | 70.6 m | esef· 18 Mar 2026verified |
| Interest expense | — | 31.4 m | 32.1 m | esef· 18 Mar 2026verified |
| Pre-tax income | 41.1 m | 23.2 m | 48.7 m | esef· 18 Mar 2026verified |
| Income tax | 11.3 m | 4.8 m | 10.9 m | esef· 18 Mar 2026verified |
| Net income | 29.8 m | 18.1 m | 38.5 m | esef· 18 Mar 2026verified |
| Diluted EPS | 0.12 | 0.08 | 0.16 | esef· 18 Mar 2026verified |
Balance sheet · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 97.5 m | 86.3 m | 91.7 m | esef· 18 Mar 2026verified |
| Receivables | 74.1 m | 70.6 m | 63.7 m | esef· 18 Mar 2026verified |
| Inventories | 195.5 m | 192.9 m | 199.4 m | esef· 18 Mar 2026verified |
| Current assets | 367.1 m | 350.5 m | 356.4 m | esef· 18 Mar 2026verified |
| Property, plant & equipment, net | 123.2 m | 113.3 m | 116.6 m | esef· 18 Mar 2026verified |
| Goodwill | 8.4 m | 12.6 m | 12.6 m | esef· 18 Mar 2026verified |
| Intangibles (excl. goodwill) | 14.3 m | 10.0 m | 6.1 m | esef· 18 Mar 2026verified |
| Total assets | 1.1 bn | 1.1 bn | 1.1 bn | esef· 18 Mar 2026verified |
| Current liabilities | 311.5 m | 306.2 m | 332.5 m | esef· 18 Mar 2026verified |
| Total liabilities | 909.8 m | 932.5 m | 969.8 m | esef· 18 Mar 2026verified |
| Equity | 163.3 m | 146.4 m | 130.9 m | esef· 18 Mar 2026verified |
| Shares outstanding at year end | 252.5 m | 235.1 m | 229.2 m | esef· 18 Mar 2026derived |
Cash flow · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 179.3 m | 162.0 m | 193.9 m | esef· 18 Mar 2026verified |
| Capex | 32.1 m | 24.6 m | 22.8 m | esef· 18 Mar 2026verified |
| Free cash flow | 147.2 m ≈ | 137.4 m ≈ | 171.1 m ≈ | esef· 18 Mar 2026derived |
| Investing cash flow | -30.9 m | -14.7 m | -17.9 m | esef· 18 Mar 2026verified |
| Financing cash flow | -150.4 m | -158.5 m | -170.6 m | esef· 18 Mar 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: 41.7% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 559.2 m GBP
Key indicators
Coverage and freshness
Score by group
42% · 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: 41.7% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 2.4% | 26 (vs peers) | 15% |
| FCF conversion · Quality | 444.4% | 100 (on a fixed band) | 15% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 2.2x | 11 (on a fixed band) | 15% |
| Current ratio · Balance sheet | 1.1x | 23 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | 14.9x | 50 (vs peers) | 25% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 30.6% | 100 (on a fixed band) | 20% |
| 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 sheet16/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality63/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation72/100 · 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
WICKES GROUP PLC (WIX.L). Latest full fiscal year: 2025; data up to 2025-12-27.
Figures computed from the financial statements: revenue 1.6 bn GBP in 2025; YoY growth 5.9%; net margin 2.4%; ROE 27.9%.
The estimated value range is 1.85–2.86 GBP per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 2.37 GBP, the price of 2.44 GBP leaves a potential of -3.0% (value / price − 1) and a margin of safety of -3.1% (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: 41.7% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 444.4%
- FCF yield: 30.6%
What contradicts it
- Net margin: 2.4%
- Interest coverage: 2.2x
- Current ratio: 1.1x
Not assessed (insufficient data or a ratio without meaning): ROIC, 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% |
| WIX.LWickes Group PLC | 559.2 m | 14.9 | 27.9% | 2.4% | +5.9% | +4% / +89% |
| 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% |
1- and 3-year price returns: for WIX.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 | 1.50 Total return -39% · Per year -39% | 2.65 Total return 9% · Per year 9% | 3.99 Total return 63% · Per year 63% |
| 3 years | 1.50 Total return -39% · Per year -15% | 2.97 Total return 22% · Per year 7% | 4.91 Total return 101% · Per year 26% |
| 5 years | 1.50 Total return -39% · Per year -9% | 3.34 Total return 37% · Per year 6% | 6.04 Total return 147% · Per year 20% |
- Exit P/E± 0.74
- Net margin± 0.52
- Annual revenue growth± 0.42
- Annual dilution± 0.04
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
Wickes is a British home improvement retailer focused on trade customers, kitchens and bathrooms, and home energy solutions. The company grew its market share in 2025 and raised its long-term store ambition, in a market where consumer confidence remains cautious. 1
SWOT
Strengths
- The brand and design and installation experience are recognised, and the company reports a competitive price position and record market share in Retail 1.
- The TradePro scheme and B2B partnerships provide a loyal trade customer base with real sales growth in that segment 1.
- A network of stores in the new format and fast Click & Collect services support the customer experience and reported satisfaction 1.
Weaknesses
- Average basket size for tradespeople declined slightly, signalling more cautious demand in some categories 1.
- The rate of colleague injuries rose in 2025, mainly due to musculoskeletal manual handling injuries during peak trading 1.
- The company still holds a relatively small share of the broader home improvement market, so it depends on network expansion 1.
Opportunities
- The residential solar market is growing over the long term and is fragmented, and the company aims to become a leader in home energy solutions 1.
- The long-term store ambition of 300 stores and the smaller new format open access to more locations and lower-population catchments 1.
- The growing share of female and younger DIY customers creates scope to extend the customer base through targeted communication 1.
Threats
- Weak confidence among UK consumers and caution about major projects could reduce demand for kitchens and bathrooms 1.
- Competitive pressure in home improvement retail and in the fragmented solar market could affect margins and the pace of growth 1.
- Dependence on housing market conditions and housing transactions could limit volumes over the medium term 1.
Risks
- Weak demand for large projectshigh
Customers are postponing major improvement projects, which could affect Design & Installation sales if confidence does not recover 1.
- Safety risks in stores and distributionmedium
The rise in colleague injuries in 2025 shows that preventing operational risks remains a challenge. The company has announced improvement plans and training 1.
- Execution of the store opening programmemedium
The network expansion depends on securing sites, commercial terms with landlords and planning permissions, and delays could postpone results 1.
- Digital investment and new systemsmedium
The move to a unified commerce platform and a new order management system, planned for 2026 and 2027, could bring costs or operational disruption 1.
- Compliance and regulationlow
The company operates under rules on consumer protection, data privacy and competition. Compliance failures could carry financial and reputational consequences 1.
Investment thesis
What would need to be true (bull case)
- The company has grown its market share in DIY retail and returned Design & Installation to growth, and its network ambition gives a clear direction for expansion 1.
- If the residential solar market develops as estimated, Wickes could benefit from its brand and its design and installation experience 1.
- The TradePro scheme and B2B partnerships strengthen a trade customer base with growing sales 1.
What would break the thesis
- Consumer confidence remains low and plans for large projects are below historical levels, which could limit growth in Design & Installation 1.
- Average baskets for tradespeople have declined slightly, so growth depends on volumes and not only on the value of each sale 1.
- If network expansion faces delays in finding sites or obtaining permits, results could be postponed 1.
What to watch
- Number of new stores opened and refits completed, against the plan of 4-5 openings and 15-20 refits2026
- Development of Design & Installation sales and ordered salesQ1 2027
- Change in average basket size for TradePro members2026
- Timing of the rollout of the unified commerce platform and the order management system2027
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
Wickes Group plc runs a store network and digital channel for home improvement in Great Britain, organised around three customer propositions: Local Trade, Design & Installation and DIY. The TradePro membership scheme for tradespeople is one pillar of the strategy, alongside Click & Collect and Wickes Solar. In fiscal 2025 the company had 643,000 active TradePro customers and ended the year with 230 stores 1. The strategy set at the 2021 demerger focuses on extending these growth levers rather than volume alone 1.
The company describes a balanced business model that serves customers in several ways: self-serve, assisted selling, order fulfilment and design and installation showrooms. Its '4C' store model aims for a seamless experience across all four journeys 1. Wickes attributes its growth to continued investment in digital capability, personalised content and technology for tradespeople 1.
For investors, the relevant combination is market share gains in Retail, a return to growth in Design & Installation and network expansion. The company says 190 stores, or 83% of the network, are now in its new format 1. If these trends hold, they could support medium-term growth, but they remain dependent on demand in the UK housing market.
Segments
Retail (DIY)
The DIY retail segment reached record market share levels, with strength in timber, tiling and flooring and paint. The company carried out 21 range reviews this year and refreshed its decorative ranges 1.
Design & Installation
Revenue in Design & Installation rose 4.4% in fiscal 2025, and ordered sales have grown for five consecutive quarters. The company links this recovery to simplifying the customer journey for kitchens and bathrooms 1.
Market context
The company estimates that the UK market for home improvement, kitchens, bathrooms and home energy solutions is worth c. 35bn GBP per year, and that Wickes holds a share of c. 5% 1. The domestic solar market is estimated at 1.5bn GBP per year by 2028, with no clear brand leader 1.
Consumer confidence remains subdued, and customers are avoiding large projects, although home improvement remains a priority. The company relies on the high average age of the UK housing stock and rising household numbers to support demand 1. If confidence improves, the market could become more favourable for larger projects.
Trends
- Ageing housing stocktailwind
Most British homes are old, creating a constant need for repair and maintenance. This trend supports long-term demand for improvement products 1.
- Cautious consumersheadwind
UK consumers remain cautious about major projects, and planned kitchen and bathroom spend is stable but below historical norms 1. This could limit volumes for larger projects.
- Digital and fast fulfilmenttailwind
Customers increasingly expect convenience and speed. The company cut Click & Collect from 30 to 15 minutes and launched Wickes Rapid with delivery within three hours 1.
- Growing female and younger customer basemixed
Female shoppers now represent one in three of the customer base, up from one in six in 2019. This shift brings an opportunity to extend reach but requires tailored communication 1.
Competitive position
The company faces competitors in UK home improvement retail, but the annual report does not name specific rivals. The company says it maintains a market-leading price position against its wider peer group 1.
In the solar segment the market is fragmented with no clear leader, which leaves room for growth but also for competition from many smaller firms. Wickes states its advantage lies in its brand and its experience in design and installation at scale 1.
- Other UK home improvement retailers
The annual report refers to a wider peer group but does not name individual competitors.
- Local domestic solar installers
The residential solar market is fragmented with no clear brand leader, according to the source.
- Independent trade and installation firms
These form part of the market the company serves through its trade membership scheme.
- Online home product retailers
The source discusses the demand for convenience and speed but does not name specific online competitors.
News & filings
In the press
- Wickes first-half revenue rises 2.1% to £865.3mYahoo Finance — News · 16 Sept 2026 · EN
Annual reports (ESEF)
- Annual report 202518 Mar 2026
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-27 (ESEF) · SEC / Wickes Group plc · 27 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.