olivLaw · European equity research
Ibstock plc IBST.L
United Kingdom · London Stock Exchange · ISIN GB00BYXJC278 · Vertical: Listed companies from United Kingdom
Ibstock plc is the largest UK maker of clay and concrete building products, serving new-build housing and the RMI sector. In 2025 demand stayed weak, and management has announced the sale of its roofing business and lower production and inventory for 2026, while hoping for a gradual housing recovery.
At the close of 05 Nov 2026, Ibstock plc (IBST.L) stock was 0.78 GBP (+1.84% on the day), with market capitalisation 308.4 m GBP, P/E 97.1 on diluted EPS of 0.01 GBP over the last 12 months, dividend yield 3.86%, beta 1.00, 52-week range 0.72–1.42 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)
- 46.5
- neutral
- Bollinger (20, 2)
- 0.74 – 0.86
- in the lower half of the band · %B 0.33 · band width 15.5%
- SMA 50 / 200
- 0.80 / 0.98
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.01 / -0.00
- MACD below 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 | −2.4% | −0.6% | −1.7 pp | — |
| 3 months | −14.8% | −4.2% | −10.6 pp | — |
| 6 months | −24.6% | +4.3% | −28.9 pp | — |
| Year to date | −44.4% | +7.5% | −51.9 pp | — |
| 1 year | −42.1% | +9.9% | −52.1 pp | +5.8% |
| 3 years | −39.7% | +49.8% | −89.5 pp | +26.3% |
| 5 years | −62.5% | +42.8% | −105.3 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 28.6, median 46.3, max 174.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 405.8 m | 366.2 m | 372.1 m |
| Revenue YoY | unavailable | −9.8% | +1.6% |
| Net income | 21.1 m | 15.1 m | 3.1 m |
| Net income YoY | unavailable | −28.3% | −79.6% |
| Diluted EPS | 0.05 | 0.04 | 0.01 |
| Diluted EPS YoY | unavailable | −28.3% | −78.9% |
| net % | 5.2% | 4.1% | 0.8% |
| Free cash flow | -7.4 m | 8.4 m | -5.2 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 21.0 m GBP
- Financial debt
- 141.0 m GBP
- Net debt
- 120.0 m GBP
- Equity
- 382.5 m GBP
- Total assets
- 744.7 m GBP
- Debt / equity
- 0.37x
- Current ratio
- 1.33x
- ROE
- 0.8%
- ROA
- 0.4%
- FCF margin
- -1.4%
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 405.8 m | 366.2 m | 372.1 m | esef· 07 Apr 2026verified |
| Cost of revenue | 290.9 m | 261.7 m | 276.1 m | esef· 07 Apr 2026verified |
| Gross profit | 115.0 m | 104.6 m | 96.0 m | esef· 07 Apr 2026verified |
| Operating income | 35.0 m | 27.1 m | 10.0 m | esef· 07 Apr 2026verified |
| Interest expense | 5.9 m | 8.3 m | 9.8 m | esef· 07 Apr 2026verified |
| Pre-tax income | 30.1 m | 20.7 m | 896.0 k | esef· 07 Apr 2026verified |
| Income tax | 9.0 m | 5.6 m | -2.2 m | esef· 07 Apr 2026verified |
| Net income | 21.1 m | 15.1 m | 3.1 m | esef· 07 Apr 2026verified |
| Diluted EPS | 0.05 | 0.04 | 0.01 | esef· 07 Apr 2026verified |
| Dividend per share | 0.09 | 0.04 | 0.03 | esef· 07 Apr 2026verified |
Balance sheet · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 23.9 m | 9.3 m | 21.0 m | esef· 07 Apr 2026verified |
| Receivables | 37.9 m | 43.8 m | 32.3 m | esef· 07 Apr 2026verified |
| Inventories | 119.2 m | 124.8 m | 137.4 m | esef· 07 Apr 2026verified |
| Current assets | 182.2 m | 179.2 m | 193.9 m | esef· 07 Apr 2026verified |
| Property, plant & equipment, net | 440.4 m | 462.5 m | 455.1 m | esef· 07 Apr 2026verified |
| Total assets | 754.2 m | 752.1 m | 744.7 m | esef· 07 Apr 2026verified |
| Accounts payable | 80.5 m | 88.9 m | 89.5 m | esef· 07 Apr 2026verified |
| Short-term debt | 25.5 m | 31.4 m | 41.2 m | esef· 07 Apr 2026verified |
| Long-term debt | 99.0 m | 99.4 m | 99.9 m | esef· 07 Apr 2026verified |
| Current liabilities | 121.3 m | 132.8 m | 145.8 m | esef· 07 Apr 2026verified |
| Total liabilities | 354.4 m | 356.8 m | 362.3 m | esef· 07 Apr 2026verified |
| Equity | 399.9 m | 395.3 m | 382.5 m | esef· 07 Apr 2026verified |
| Shares outstanding at year end | 390.0 m | 397.2 m | — | esef· 07 Apr 2026derived |
Cash flow · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 58.3 m | 53.7 m | 39.6 m | esef· 07 Apr 2026verified |
| Capex | 65.7 m | 45.2 m | 44.8 m | esef· 07 Apr 2026verified |
| Free cash flow | -7.4 m ≈ | 8.4 m ≈ | -5.2 m ≈ | esef· 07 Apr 2026derived |
| Investing cash flow | -68.5 m | -44.5 m | -12.2 m | esef· 07 Apr 2026verified |
| Financing cash flow | -20.1 m | -23.7 m | -15.8 m | esef· 07 Apr 2026verified |
| Dividends paid | 34.9 m | 20.0 m | 15.8 m | esef· 07 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: 58.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 308.4 m GBP
Key indicators
Coverage and freshness
Score by group
58% · 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: 58.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 1.7% | 17 (vs peers) | 18% |
| Net margin · Quality | 0.8% | 26 (vs peers) | 11% |
| FCF conversion · Quality | -169.4% | 0 (on a fixed band) | 11% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 1.0x | 0 (on a fixed band) | 11% |
| Current ratio · Balance sheet | 1.3x | 44 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 97.1x | 0 (vs peers) | 18% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -1.7% | 0 (on a fixed band) | 14% |
| Shareholder yield (distributions) · Returns | 5.1% | 73 (on a fixed band) | 11% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet18/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality15/100 · 3/3 factors with a value
- Returns· partial73/100 · 1/2 factors with a value
- Valuation0/100 · 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
IBSTOCK PLC (IBST.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 372.1 m GBP in 2025; YoY growth 1.6%; net margin 0.8%; ROE 0.8%.
The estimated value range is 0.19–0.25 GBP per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 0.22 GBP, the price of 0.78 GBP leaves a potential of -71.6% (value / price − 1) and a margin of safety of -252.4% (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: 58.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Shareholder yield (distributions): 5.1%
What contradicts it
- ROIC: 1.7%
- Net margin: 0.8%
- FCF conversion: -169.4%
- Interest coverage: 1.0x
- P/E (TTM): 97.1x
- FCF yield: -1.7%
- 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, 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% |
| IBST.LIbstock PLC | 308.4 m | 97.1 | 0.8% | 0.8% | +1.6% | −42% / −41% |
| 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 IBST.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 | 0.43 Total return -44% · Per year -44% | 0.76 Total return -1% · Per year -1% | 1.15 Total return 49% · Per year 49% |
| 3 years | 0.39 Total return -47% · Per year -19% | 0.79 Total return 5% · Per year 2% | 1.31 Total return 72% · Per year 20% |
| 5 years | 0.36 Total return -50% · Per year -13% | 0.81 Total return 10% · Per year 2% | 1.49 Total return 99% · Per year 15% |
- Exit P/E± 0.20
- Net margin± 0.14
- Annual revenue growth± 0.12
- Annual dilution± 0.01
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
Ibstock plc is the largest UK maker of clay and concrete building products, serving new-build housing and the RMI sector. In 2025 demand stayed weak, and management has announced the sale of its roofing business and lower production and inventory for 2026, while hoping for a gradual housing recovery.
SWOT
Strengths
- Market-leading position in UK clay bricks and a national factory network that supports fast delivery to customers.
- Diversified portfolio covering both new-build housing and the RMI sector, reducing reliance on a single type of demand.
- Technical and design services that differentiate the offer from pure material suppliers.
Weaknesses
- Heavy exposure to the UK housebuilding cycle makes revenues sensitive to falls in demand.
- Margins can be hit by energy costs and lower volumes, which management has already flagged as a headwind for 2026.
- The interim finance director arrangement may create uncertainty in financial communication.
Opportunities
- Government programmes for social housing and infrastructure could generate additional demand over the medium term.
- More sustainable products and modular construction solutions could open growth segments through Ibstock Futures.
- If housing demand recovers, existing capacity could be used quickly to win back volumes.
Threats
- Planning delays and resource pressures at local authorities may postpone construction projects.
- Uncertainty in the Middle East could raise energy costs and carbon market volatility.
- Cyber attacks on UK listed companies pose a rising risk to operations and data.
Risks
- Economy and housing policyhigh
Changes in the UK macroeconomy or government housing policy could reduce demand and sold volumes 1.
- Financial and energy risksmedium
Exposure to interest rates, exchange rates and energy and carbon markets could raise costs or limit access to funding 1.
- Regulatory compliancemedium
Failure to meet legal requirements, including on safety and data protection, could bring financial penalties and reputational damage 1.
- Cyber securitymedium
Unauthorised access or destruction of data could disrupt operations and deliveries to customers and suppliers 1.
- People and health and safetylow
Difficulty attracting and keeping skilled staff, along with safety incidents at factories, could affect delivery of the strategy 1.
Investment thesis
What would need to be true (bull case)
- If housing demand recovers in the second half of 2026, the company's leading position and existing capacity could drive a fast rise in volumes.
- Government programmes for social housing and planning reforms could provide a steadier demand base over the long term.
- The sale of the roofing business and disciplined capital allocation could strengthen the balance sheet and support dividends.
What would break the thesis
- If housing demand stays weak, volumes and margins could remain under pressure for longer than currently expected.
- Management has flagged a margin headwind for 2026, and energy costs and inflation could reduce profitability.
- Planning delays and macroeconomic uncertainty could postpone the recovery the market is hoping for.
What to watch
- Development of volumes in the second half of the year and the effect of the price increases implemented in February 20262026
- Completion of the roofing business sale and its effect on the balance sheet2026
- Appointment of a permanent finance director and the communication of resultsnext 10-K
- Pace of application of the new 2026-2036 social housing programme2027
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
Ibstock is a UK manufacturer of building products that makes clay and concrete bricks and elements and offers design and technical services. Its portfolio covers both new-build housing and the RMI (repair, maintenance and improvement) sector. The company runs a national operational network with local factories supporting nearby projects 1. Dividends totalling 3.0 pence per share were paid for the year 1.
The governance structure has a board with a Chair, one Executive Director and five Independent Non-Executive Directors, and the finance director role is held on an interim basis 1. The board approved refinancing of the 125 million GBP Revolving Credit Facility during the year 1. Internal audit is outsourced 1.
During 2025 the board approved the disposal of the roofing business and certain other assets to strengthen the balance sheet 1. Management described a tougher year for volumes, with weather affecting the start of 2026 1.
Segments
Clay (bricks)
The clay segment produces clay bricks and elements, where Ibstock holds a market-leading position in the UK with the largest clay brick production capability 1. It serves mainly new-build housing and repair and improvement work.
Concrete
The concrete segment supplies concrete products for facades and structural elements, with solid positions in categories critical to private housing delivery 1. It is supported by the factory network and relationships with builders and distributors.
Ibstock Futures
Ibstock Futures develops innovative products and services, such as solutions for modular construction and more sustainable materials. The markets it operates in are still relatively early-stage, and the board treats this as an emerging risk 1.
Market context
Trends
- Gradual recovery in housing constructionmixed
Demand for new housing has stayed under pressure, and management expects only a gradual recovery if demand gains momentum in spring 2026 1.
- Government programmes for social housingtailwind
Expanded funding for social housing and planning reforms could support volumes over the medium term, although the effects are mainly expected after 2026 1.
- Cost pressures and production adjustmentsheadwind
Cost inflation and volatile energy markets are pressing on margins, and price increases implemented in February 2026 could partly offset inflation 1.
- Building safety regulationmixed
The Building Safety Act adds compliance requirements and scrutiny that can slow projects, while also creating demand for certified products 1.
Competitive position
The three largest UK manufacturers account for most brick production, and Ibstock is the leader in clay bricks 1. Competition is based on price, availability and technical services for builders and distributors.
The intensity of competition depends on housing demand and on each producer's ability to adjust volumes and costs. The company notes it may actively manage production volumes and inventory for 2026 to protect the balance sheet 1.
- Wienerberger
European brick and building systems maker, also active in the UK in the same product categories.
- Marshalls
UK maker of landscaping and concrete construction materials that overlaps with Ibstock in some product segments.
- Forterra
UK maker of concrete structural elements and systems active in the housebuilding market.
- Etex Group
Belgian building materials group with facade and roofing products and a presence in the UK.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202507 Apr 2026
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Ibstock 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.