olivLaw · European equity research
Applied Nutrition plc APN.L
United Kingdom · London Stock Exchange · ISIN GB00BPVDXX64 · Vertical: Listed companies from United Kingdom
Applied Nutrition plc is a British sports nutrition, health and wellness brand that sells mainly through a B2B model to distributors and retailers in several countries and makes most of its products in its own Knowsley factory. The company grew revenue to £107.1 million in fiscal 2025, and the global market it targets is projected at £279 billion by the end of 2028.
At the close of 03 Nov 2026, Applied Nutrition plc (APN.L) stock was 2.99 GBP (+0.00% on the day), with market capitalisation 751.1 m GBP, P/E 35.6 on diluted EPS of 0.08 GBP over the last 12 months, dividend yield 1.96%, beta 0.35, 52-week range 1.67–3.51 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)
- 62.7
- strong (55–70)
- Bollinger (20, 2)
- 2.72 – 3.07
- in the upper half of the band · %B 0.77 · band width 12.3%
- SMA 50 / 200
- 2.89 / 2.70
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.04 / 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 | +12.6% | −1.0% | +13.6 pp | — |
| 3 months | −9.1% | −3.9% | −5.2 pp | — |
| 6 months | +44.1% | +7.2% | +36.9 pp | — |
| Year to date | +18.7% | +6.6% | +12.1 pp | — |
| 1 year | +73.8% | +9.1% | +64.8 pp | +5.1% |
| 3 years | unavailable | +47.9% | unavailable | +26.3% |
| 5 years | unavailable | +43.3% | 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 15.6, median 15.6, max 15.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2024 | 2025 |
|---|---|---|
| Revenue | 86.2 m | 107.1 m |
| Revenue YoY | unavailable | +24.2% |
| Net income | 18.7 m | 21.1 m |
| Net income YoY | unavailable | +12.8% |
| Diluted EPS | 0.08 | 0.08 |
| Diluted EPS YoY | unavailable | +12.0% |
| net % | 21.7% | 19.7% |
| Free cash flow | 5.7 m | 14.6 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Jul 2025
- Cash
- 18.5 m GBP
- Financial debt
- unavailable GBP
- Net debt
- unavailable GBP
- Equity
- 54.3 m GBP
- Total assets
- 75.0 m GBP
- Debt / equity
- unavailable
- Current ratio
- 3.88x
- ROE
- 41.2%
- ROA
- 31.4%
- FCF margin
- 13.6%
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Revenue | 86.2 m | 107.1 m | esef· 03 Dec 2025verified |
| Cost of revenue | 44.9 m | 57.8 m | esef· 03 Dec 2025verified |
| Gross profit | 41.3 m | 49.3 m | esef· 03 Dec 2025verified |
| Operating income | 23.7 m | 28.1 m | esef· 03 Dec 2025verified |
| Interest expense | 100.0 k | 100.0 k | esef· 03 Dec 2025verified |
| Pre-tax income | 24.3 m | 28.5 m | esef· 03 Dec 2025verified |
| Income tax | 5.6 m | 7.4 m | esef· 03 Dec 2025verified |
| Net income | 18.7 m | 21.1 m | esef· 03 Dec 2025verified |
| Diluted EPS | 0.08 | 0.08 | esef· 03 Dec 2025verified |
| Dividend per share | 0.00 | 0.06 | esef· 03 Dec 2025derived |
Balance sheet · GBP
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 18.7 m | 18.5 m | esef· 03 Dec 2025verified |
| Receivables | 17.3 m | 27.4 m | esef· 03 Dec 2025verified |
| Inventories | 19.5 m | 22.8 m | esef· 03 Dec 2025verified |
| Current assets | 55.5 m | 68.7 m | esef· 03 Dec 2025verified |
| Property, plant & equipment, net | 1.7 m | 2.0 m | esef· 03 Dec 2025verified |
| Intangibles (excl. goodwill) | 0 | 100.0 k | esef· 03 Dec 2025verified |
| Total assets | 59.6 m | 75.0 m | esef· 03 Dec 2025verified |
| Current liabilities | 9.8 m | 17.7 m | esef· 03 Dec 2025verified |
| Total liabilities | 11.5 m | 20.7 m | esef· 03 Dec 2025verified |
| Equity | 48.1 m | 54.3 m | esef· 03 Dec 2025verified |
| Shares outstanding at year end | 249.3 m | 251.2 m | esef· 03 Dec 2025derived |
Cash flow · GBP
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | 6.7 m | 15.6 m | esef· 03 Dec 2025verified |
| Capex | 1.0 m | 1.0 m | esef· 03 Dec 2025verified |
| Free cash flow | 5.7 m ≈ | 14.6 m ≈ | esef· 03 Dec 2025derived |
| Investing cash flow | -400.0 k | -400.0 k | esef· 03 Dec 2025verified |
| Financing cash flow | -400.0 k | -15.1 m | esef· 03 Dec 2025verified |
| Dividends paid | 0 | 14.7 m | esef· 03 Dec 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
- score weight coverage: 52.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
03 Nov 2026Source: olivLaw, closing series
Market cap: 751.1 m GBP
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
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 | unavailable | unavailable | — |
| Net margin · Quality | 19.7% | 74 (vs peers) | 12% |
| FCF conversion · Quality | 69.2% | 56 (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 | 281.0x | 100 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 3.9x | 100 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 35.6x | 6 (vs peers) | 20% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 1.9% | 24 (on a fixed band) | 16% |
| Shareholder yield (distributions) · Returns | 2.0% | 28 (on a fixed band) | 12% |
| Payout ratio (FCF) · Returns | 100.7% | 28 (on a fixed band) | 8% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality65/100 · 2/3 factors with a value
- Returns28/100 · 2/2 factors with a value
- Valuation14/100 · 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
APPLIED NUTRITION PLC (APN.L). Latest full fiscal year: 2025; data up to 2025-07-31.
Figures computed from the financial statements: revenue 107.1 m GBP in 2025; YoY growth 24.2%; net margin 19.7%; ROE 41.2%.
The estimated value range is 0.75–1.06 GBP per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 0.95 GBP, the price of 2.99 GBP leaves a potential of -68.1% (value / price − 1) and a margin of safety of -213.7% (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
- Net margin: 19.7%
- Interest coverage: 281.0x
- Current ratio: 3.9x
What contradicts it
- P/E (TTM): 35.6x
- FCF yield: 1.9%
- Shareholder yield (distributions): 2.0%
- Payout ratio (FCF): 100.7%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, 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. | 100.2 bn | 13.0 | 16.5% | 30.3% | −1.0% | +2% / +80% |
| ABF.LAssociated British Foods PLC | 13.8 bn | 13.4 | 9.2% | 5.3% | −3.1% | −11% / −20% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.3 bn | 25.4 | 34.7% | 4.1% | +7.2% | −8% / +165% |
| AUTO.LAutotrader Group PLC | 4.7 bn | 16.0 | 60.2% | 47.1% | +3.9% | −15% / −25% |
| BBY.LBalfour Beatty PLC | 4.4 bn | 16.8 | 23.2% | 2.8% | +15.2% | +24% / +168% |
| 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 | 11.0 | 8.8% | 13.4% | −4.2% | −3% / −24% |
| BME.LB&M European Value Retail PLC | 2.7 bn | 16.8 | 21.2% | 2.8% | +3.7% | +62% / −52% |
| AJB.LAj Bell PLC | 2.4 bn | 23.0 | 49.9% | 33.1% | +18.0% | +9% / +130% |
| ASHM.LAshmore Group PLC | 1.5 bn | 15.1 | 13.1% | 71.6% | −0.1% | +40% / +29% |
| BCG.LBaltic Classifieds Group PLC | 1.1 bn | 22.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 751.1 m | 35.6 | 41.2% | 19.7% | +24.2% | +69% / unavailable |
| BAG.LA.G. Barr P.L.C. | 659.6 m | 14.2 | 14.4% | 10.8% | +4.0% | −9% / +24% |
| ASC.LAsos PLC | 496.3 m | — | -81.3% | -12.0% | −14.7% | +72% / +9% |
| 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 | 355.1 m | — | -93.4% | -39.2% | −20.6% | −43% / −84% |
| APTD.LAptitude Software Group PLC | 111.9 m | 28.6 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| BMS.LBraemar PLC | 74.9 m | 37.4 | 2.7% | 1.7% | −4.4% | +8% / −15% |
| AMGO.LAmigo Holdings PLC | 10.5 m | — | — | — | −81.9% | +350% / +900% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 269.5 k | 0.2 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −15% / +141% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +77% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +52% / +55% |
1- and 3-year price returns: for APN.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 | 1.95 Total return -33% · Per year -33% | 3.44 Total return 17% · Per year 17% | 5.16 Total return 75% · Per year 75% |
| 3 years | 2.32 Total return -17% · Per year -6% | 4.55 Total return 60% · Per year 17% | 7.43 Total return 158% · Per year 37% |
| 5 years | 2.75 Total return 2% · Per year 0% | 6.01 Total return 116% · Per year 17% | 10.70 Total return 278% · Per year 30% |
- Exit P/E± 1.14
- Net margin± 0.80
- Annual revenue growth± 0.59
- Annual dilution± 0.07
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
Applied Nutrition plc is a British sports nutrition, health and wellness brand that sells mainly through a B2B model to distributors and retailers in several countries and makes most of its products in its own Knowsley factory. The company grew revenue to £107.1 million in fiscal 2025, and the global market it targets is projected at £279 billion by the end of 2028 1.
SWOT
Strengths
- A B2B model with low cost and low risk that allows entry into new markets through local distributors.
- In-house production in the UK, which supports rapid innovation and control of margins.
- A debt-free balance sheet and cash generation, according to the annual report.
Weaknesses
- High dependence on a single production site in Knowsley for most sales.
- The direct-to-consumer channel is still small and does not contribute significantly to revenue.
- The US presence is described as being in its infancy, with relationships still in development.
Opportunities
- Growing demand for wellness and protein products could open new consumer segments.
- Investment in capacity and automation could raise capacity and margins if the plan is executed on time.
- Latin America and Asia, where the company has recently entered, could become further sources of growth.
Threats
- Strong competition for shelf space at retailers could limit distribution growth.
- Plastic taxes and sustainability regulation could raise packaging and compliance costs.
- Dependence on specific distributor and retailer relationships could affect sales if those relationships change.
Risks
- Production concentrationhigh
Most sales come from the Knowsley factory; a disruption there could seriously affect deliveries.
- Dependence on distributorsmedium
The B2B model relies on external partners; the exit from an important distributor has already weighed on international sales.
- Capital investment and executionmedium
The capacity expansion plan involves spending and timelines that may change, and delays could postpone growth.
- Regulation and packaging costslow
Virgin plastic taxes and sustainability requirements could raise costs, mainly over the medium term.
- Shifting consumer preferenceslow
If demand moves to other categories or alternatives, the current range could lose sales.
Investment thesis
What would need to be true (bull case)
- If the wellness market keeps growing and the company maintains its launch pace, revenue growth could continue on the basis of the B2B model.
- Capacity expansion could allow growth without a proportional rise in costs, especially if automation reduces labour hours.
- Entry into new retailers and countries, including the US and Latin America, could add extra volume.
What would break the thesis
- Concentrating production at one site could turn a local incident into a major problem for the whole group.
- Growth depends on winning shelf space, a competitive process, and delays or lost contracts could slow the pace.
- If compliance and packaging costs rise faster than prices, margins could come under pressure.
What to watch
- Execution of the capacity expansion plan and the new warehouse2027
- Revenue trends from existing and new customersnext annual report
- Results in the US and Latin America2027
- Confirmation or revision of fiscal 2026 full-year expectationsnext annual report
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
Applied Nutrition plc builds its business on a business-to-business model, through which products reach customers via distributors and retailers, which, according to the annual report, allows a low-risk and cost-effective market entry strategy 1. The direct-to-consumer channel is smaller but growing steadily, complementing the B2B model through the company's own app and subscription options 1. The company produces mainly in its own facility, which gives it production flexibility, margin control and rapid new product development 1.
The growth strategy has three pillars: deepening relationships with existing customers through more shelf space and distribution points, winning new customers and channels in new geographies, and continuing new product development that expands ranges, formats and flavours 1. The report also cites a joint business plan with a large UK retailer that brought more shelf space and early access to new products 1.
The company is listed and operates with a debt-free balance sheet, high operating margins and strong cash generation, according to the annual report 1. The additional costs of being a listed company were absorbed without changing underlying profit margins compared with the prior year 1.
Segments
B2B
The B2B channel accounts for 91% of revenue and is the main growth engine, through distributors and retailers in the UK, Europe, Latin America, Asia and the US 1.
D2C
The direct-to-consumer channel remains smaller but grows steadily, supported by the Applied Nutrition app and subscriptions; its role is mainly complementary and brand-building 1.
Products and ranges
The company has four product ranges for professional athletes, serious gym-goers, fitness enthusiasts and health-conscious everyday consumers; new lines include creatine in gummy form, collagen in stick-packs and protein water 1.
Market context
The annual report indicates a global sports nutrition, health and wellness market of £279 billion by the end of 2028, with a projected CAGR of c.8% 1. The company also describes a shift in consumer attitudes, with supplements increasingly seen as a necessity rather than a luxury 1.
The company regards itself as a relatively small player in the global market, which leaves room for growth if it can extend distribution and keep up its pace of innovation 1.
Trends
- Wellness for all consumerstailwind
Health and wellness is becoming a priority for consumers across all age groups, extending the market beyond athletes; the report cites its own research in which most respondents view supplements as a necessity 1.
- Growth of protein products and new formatstailwind
Demand for protein, creatine, protein drinks and convenient formats such as gummies and stick-packs supports the company's new launches 1.
- Cost pressure and climate regulationheadwind
The report notes that virgin plastic taxes and sustainability regulation could raise packaging and compliance costs, mainly over the medium and long term 1.
- Expansion of production capacitymixed
Investment in automation, storage and new packaging lines could reduce reliance on external suppliers and support growth, but it requires capital spending and a timetable that may change 1.
Competitive position
The annual report does not name direct competitors but describes the market as fragmented and growing, with many manufacturers and distributors. The company supports its position through rapid innovation, in-house production and relationships with large retailers 1.
Differentiation rests on brand trust, quality certifications and partnerships with athletes and well-known brands, such as Vimto, which the company cites as support for its Endurance range 1.
- Unnamed global supplement manufacturers
The report names no competitors; it only describes a market with many players and a relatively small share held by the company.
- Specialist nutrition retailers
The specialist channel is an important distribution route for the company, but the report gives no detail on direct competition in this segment.
- Mass grocery and discount retailers
Shelf space in supermarkets and discounters matters to the company; competition for that space is not detailed in the report.
- Drinks and energy brands
The partnership with a drinks brand for the Endurance range shows that other players in energy and hydration are relevant to the market.
News & filings
In the press
- Applied Nutrition upbeat on annual earningsYahoo Finance — News · 26 Aug 2026 · EN
- Applied Nutrition Flexes Its Protein PowerYahoo Finance — News · 26 Aug 2026 · EN
Annual reports (ESEF)
- Annual report 202503 Dec 2025
Sources
- [1] Annual report, fiscal year ended 2025-07-31 (ESEF) · SEC / Applied Nutrition plc · 31 Jul 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.