olivLaw · European equity research
Keller Group plc KLR.L
United Kingdom · London Stock Exchange · ISIN GB0004866223 · Vertical: Listed companies from United Kingdom
Keller Group plc is a British specialist in geotechnical engineering, operating in North America, Europe, the Middle East and Asia-Pacific. It reported record results for 2025, with revenue growing 5.9% to £3,087.3m, in a setting where infrastructure demand, energy transition and climate resilience support its long-term activity.
At the close of 05 Nov 2026, Keller Group plc (KLR.L) stock was 29.98 GBP (−5.49% on the day), with market capitalisation 2.1 bn GBP, P/E 15.1 on diluted EPS of 1.99 GBP over the last 12 months, dividend yield 1.74%, beta 0.47, 52-week range 14.66–34.44 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)
- 38.9
- weak (30–45)
- Bollinger (20, 2)
- 30.04 – 33.21
- below the lower band · %B -0.02 · band width 10.0%
- SMA 50 / 200
- 31.47 / 26.07
- mixed trend
- MACD (12, 26, 9)
- -0.08 / 0.01
- 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 | −8.0% | −0.6% | −7.3 pp | — |
| 3 months | −2.7% | −4.2% | +1.5 pp | — |
| 6 months | +25.8% | +4.3% | +21.4 pp | — |
| Year to date | +80.0% | +7.5% | +72.4 pp | — |
| 1 year | +91.2% | +9.9% | +81.3 pp | +5.8% |
| 3 years | +272.0% | +49.8% | +222.1 pp | +26.3% |
| 5 years | +233.1% | +42.8% | +190.3 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 100 percentile of its own 3-quarter history (min 7.3, median 7.5, max 8.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 3.0 bn | 3.0 bn | 3.1 bn |
| Revenue YoY | unavailable | +0.7% | +3.4% |
| Net income | 89.4 m | 142.3 m | 142.7 m |
| Net income YoY | unavailable | +59.2% | +0.3% |
| Diluted EPS | 1.21 | 1.93 | 1.99 |
| Diluted EPS YoY | unavailable | +60.4% | +2.8% |
| net % | 3.0% | 4.8% | 4.6% |
| Free cash flow | 102.7 m | 176.9 m | 168.1 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 281.5 m GBP
- Financial debt
- 310.4 m GBP
- Net debt
- 28.9 m GBP
- Equity
- 644.2 m GBP
- Total assets
- 1.8 bn GBP
- Debt / equity
- 0.48x
- Current ratio
- 1.44x
- ROE
- 23.0%
- ROA
- 7.9%
- FCF margin
- 5.4%
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 3.0 bn | 3.0 bn | 3.1 bn | esef· 24 Mar 2026verified |
| Operating income | 153.1 m | 205.1 m | 207.3 m | esef· 24 Mar 2026verified |
| Interest expense | 29.3 m | 27.8 m | 25.4 m | esef· 24 Mar 2026verified |
| Pre-tax income | 125.6 m | 183.9 m | 186.4 m | esef· 24 Mar 2026verified |
| Income tax | 35.8 m | 41.2 m | 43.3 m | esef· 24 Mar 2026verified |
| Net income | 89.4 m | 142.3 m | 142.7 m | esef· 24 Mar 2026verified |
| Diluted EPS | 1.21 | 1.93 | 1.99 | esef· 24 Mar 2026verified |
| Dividend per share | 0.38 | 0.48 | 0.52 | esef· 24 Mar 2026derived |
Balance sheet · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 151.4 m | 207.7 m | 281.5 m | esef· 24 Mar 2026verified |
| Receivables | 721.8 m | 759.1 m | 735.7 m | esef· 24 Mar 2026verified |
| Inventories | 93.3 m | 81.6 m | 86.8 m | esef· 24 Mar 2026verified |
| Current assets | 974.4 m | 1.1 bn | 1.1 bn | esef· 24 Mar 2026verified |
| Property, plant & equipment, net | 480.2 m | 461.4 m | — | esef· 15 Apr 2025verified |
| Total assets | 1.7 bn | 1.8 bn | 1.8 bn | esef· 24 Mar 2026verified |
| Accounts payable | 553.6 m | 608.7 m | 628.9 m | esef· 24 Mar 2026verified |
| Short-term debt | 86.8 m | 27.5 m | 29.2 m | esef· 24 Mar 2026verified |
| Long-term debt | 301.9 m | 307.1 m | 281.2 m | esef· 24 Mar 2026verified |
| Current liabilities | 735.0 m | 754.4 m | 775.6 m | esef· 24 Mar 2026verified |
| Total liabilities | 1.2 bn | 1.2 bn | 1.2 bn | esef· 24 Mar 2026verified |
| Equity | 518.0 m | 596.7 m | 644.2 m | esef· 24 Mar 2026verified |
| Shares outstanding at year end | 72.8 m | 72.1 m | 70.5 m | esef· 24 Mar 2026derived |
Cash flow · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 197.0 m | 265.9 m | 258.4 m | esef· 24 Mar 2026verified |
| Capex | 94.3 m | 89.0 m | 90.3 m | esef· 24 Mar 2026verified |
| Free cash flow | 102.7 m ≈ | 176.9 m ≈ | 168.1 m ≈ | esef· 24 Mar 2026derived |
| Investing cash flow | -70.7 m | -57.7 m | -71.2 m | esef· 24 Mar 2026verified |
| Financing cash flow | -67.7 m | -145.2 m | -111.1 m | esef· 24 Mar 2026verified |
| Dividends paid | 27.7 m | 34.6 m | 36.7 m | esef· 24 Mar 2026verified |
| Share repurchases | 3.4 m | 20.1 m | 3.6 m | esef· 24 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: 71 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 2.1 bn GBP
Key indicators
Coverage and freshness
Score by group
- Quality73
- Returns56
- Balance sheet81
- Valuation72
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
Neutral profile · Score 71/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 22.8% | 79 (vs peers) | 17% |
| Net margin · Quality | 4.6% | 37 (vs peers) | 10% |
| FCF conversion · Quality | 117.8% | 100 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 8.2x | 100 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 1.4x | 53 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 15.1x | 50 (vs peers) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 8.0% | 99 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 1.9% | 27 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | 21.8% | 100 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet81/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality73/100 · 3/3 factors with a value
- Returns56/100 · 2/2 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
KELLER GROUP PLC (KLR.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 3.1 bn GBP in 2025; YoY growth 3.4%; net margin 4.6%; ROE 23.1%.
The estimated value range is 22.43–34.60 GBP per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 28.66 GBP, the price of 29.98 GBP leaves a potential of -4.4% (value / price − 1) and a margin of safety of -4.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 71/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 22.8%
- FCF conversion: 117.8%
- Interest coverage: 8.2x
- FCF yield: 8.0%
- Payout ratio (FCF): 21.8%
What contradicts it
- Shareholder yield (distributions): 1.9%
Not assessed (insufficient data or a ratio without meaning): 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. | 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% |
| KLR.LKeller Group PLC | 2.1 bn | 15.1 | 23.1% | 4.6% | +3.4% | +85% / +268% |
| 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% |
1- and 3-year price returns: for KLR.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 | 17.85 Total return -39% · Per year -39% | 31.57 Total return 7% · Per year 7% | 47.57 Total return 61% · Per year 61% |
| 3 years | 16.93 Total return -40% · Per year -15% | 33.73 Total return 18% · Per year 6% | 55.87 Total return 94% · Per year 25% |
| 5 years | 16.06 Total return -40% · Per year -10% | 36.04 Total return 30% · Per year 5% | 65.61 Total return 132% · Per year 18% |
- Exit P/E± 8.43
- Net margin± 5.90
- Annual revenue growth± 4.90
- Annual dilution± 0.50
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
Keller Group plc is a British specialist in geotechnical engineering, operating in North America, Europe, the Middle East and Asia-Pacific. It reported record results for 2025, with revenue growing 5.9% to £3,087.3m 1, in a setting where infrastructure demand, energy transition and climate resilience support its long-term activity 1.
SWOT
Strengths
- A diversified portfolio of regions and segments that cushions local slowdowns.
- High return on capital and net cash, which provide financial flexibility.
- Extensive local branch network and specialist equipment manufactured in-house.
Weaknesses
- Dependence on the US residential market through Suncoast, where profit declined.
- Operating profit in Europe and the Middle East remains small relative to revenue.
- Organic revenue growth has lagged profit growth in recent years.
Opportunities
- Infrastructure, data centre and energy projects that could expand market share.
- Bolt-on acquisitions that could accelerate growth in targeted segments.
- Transfer of techniques from other regions to local markets where rivals lack them.
Threats
- A rapid downturn in construction activity could reduce revenue and profitability.
- Political instability and trade tensions could disrupt supply chains.
- Material and energy costs could compress margins if not recovered in contracts.
Risks
- Rapid downturn in marketshigh
Clients may postpone investment at short notice, and a sustained slowdown could reduce revenue; the group diversifies its clients and regions.
- Climate changemedium
Climate risks could affect projects and costs, and management is monitoring them as a principal risk for 2026.
- Ineffective project managementmedium
Execution problems could affect margins, particularly on complex projects in difficult ground conditions.
- Loss of market sharemedium
If the group cannot maintain its position against its leading competitor, strategic growth could slow.
- Access to fundinglow
Failure to manage financial resources could limit investment and dividend payments, although the group has committed credit facilities.
Investment thesis
What would need to be true (bull case)
- If demand from infrastructure and energy projects holds, the high-quality order book could support revenue and profit growth.
- Combining improved margins, high return on capital and net cash gives the group room for investment and capital returns.
- Global breadth in techniques and equipment could allow share gains in regions where local competitors are weaker.
What would break the thesis
- Weakness in the US residential market could continue to weigh on profit in one of the group's largest segments.
- If interest rates fall more slowly than expected, client projects could be delayed and revenue growth could remain modest.
- Profit in one segment could be driven by a few large contracts, which would make results more volatile.
What to watch
- Revenue and operating margin trends in Europe and the Middle East2026
- Completion of the £25m tranche and launch of the £100m share buyback2026
- Suncoast profit trend and the US residential marketQ1 2027
- Net debt position against the target leverage range and dividend policynext 10-K
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
Keller Group plc provides specialist geotechnical products and services, such as foundations, ground improvement and management of ground risks for construction projects. The group works through a broad branch network, supported by a global network of engineers and its own specialist equipment, which it manufactures and services in-house 1. Its model rests on identifying local demand, designing solutions, executing projects and transferring lessons learnt across the group 1.
The company built its reputation on solution quality and margin discipline. Management states that from 2022 to 2025 underlying operating profit doubled and the underlying operating margin improved by 340 basis points 1. For 2025 the margin was held at 7.1% 1, and return on capital employed reached 30.7%, the highest in 17 years 1.
The capital structure has strengthened: at the end of 2025 the group held net cash of £59.7m, compared with net debt the year before 1. The board announced a further £100m share buyback for 2026 after completion of the current £25m tranche 1.
Segments
North America
North American revenue reached £1,815.7m in 2025, up 5% at constant currency, supported by Moretrench, RECON and foundations contracts for large infrastructure and data centres 1. Underlying operating profit fell, reflecting weakness at Suncoast linked to the residential market and a normalisation of foundations activity after a strong 2024 1.
Market context
Demand for geotechnical services is supported by long-term structural drivers: infrastructure investment, population growth, energy transition, climate resilience and technology adoption 1. The order book and contract portfolio, described as high quality, have offset weakness in some markets 1.
Interest rates are falling but more slowly than expected, and geopolitical uncertainty and US tariff policy remain factors to watch 1. The US residential sector, exposed through Suncoast, remains a vulnerable point if construction activity slows 1.
Trends
- Infrastructure and resilience investmenttailwind
Public and private investment in infrastructure, including ground risk protection, supports long-term demand for geotechnical services 1.
- Energy transition and data centrestailwind
Energy and data centre projects open new opportunities for foundations and specialist works, as growth in the North American segment indicates 1.
- Weakening US residential marketheadwind
A slowdown in the US residential housing market reduced Suncoast revenue and pressured profitability in North America 1.
- Interest rates and inflationmixed
Interest rates and inflation, especially in steel, cement and energy, could delay client investment, although the risk is easing in key markets 1.
Competitive position
Keller aims to be a leader in its chosen segments, measured by relative market share against its leading competitor 1. Its advantages lie in its global product breadth, its local branch network and its ability to design solutions combining several techniques 1.
Competition comes from local providers closer to certain markets and from international geotechnical companies, and the group says it can outperform rivals by bringing techniques from other regions 1. The supplied sources do not name competitors, so this profile does not identify them.
- Local geotechnical providers
Regional competitors close to local markets, which Keller says it outperforms through techniques brought from its global network.
- International foundation contractors
Companies operating across several markets that compete for the same large infrastructure projects.
- Ground improvement specialists
Niche firms competing in particular products, where Keller relies on its own equipment for advantage.
- General construction contractors
Firms that can carry out geotechnical work in-house, reducing the need to outsource to specialists.
News & filings
In the press
- Timing, Trading Frictions, and the Limits of Subsidy Capture in Livestock Risk Protection -- by Yifei Zhang, Andrew Keller, Shawn Arita, Sandro SteinbachNBER — New Working Papers · 28 Sept 2026 · EN
- Keller Williams adds Montenegro to growing global footprintYahoo Finance — News · 14 Sept 2026 · EN
- Lou Keller, frontman of New York hardcore band Sick of It All, dies aged 59The Guardian World · 25 Jul 2026 · RO
- Jim Keller's startup is building a factory to mass-produce small chip fabsHacker News · 05 Jul 2026 · EN
Annual reports (ESEF)
- Annual report 202524 Mar 2026
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Keller 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.