olivLaw · European equity research
Marshalls plc MSLH.L
United Kingdom · London Stock Exchange · ISIN GB00B012BV22 · Vertical: Listed companies from United Kingdom
Marshalls plc is a UK producer of building and landscaping products, organised in three segments: Landscaping Products, Building Products and Roofing Products. In 2025 landscaping revenue slipped slightly while roofing grew on integrated solar systems, and the company aims to rebuild margins through restructuring.
At the close of 05 Nov 2026, Marshalls plc (MSLH.L) stock was 1.80 GBP (−0.33% on the day), with market capitalisation 454.2 m GBP, P/E 32.1 on diluted EPS of 0.06 GBP over the last 12 months, dividend yield 4.23%, beta 1.05, 52-week range 1.26–1.83 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)
- 58.1
- strong (55–70)
- Bollinger (20, 2)
- 1.60 – 1.86
- in the upper half of the band · %B 0.77 · band width 14.6%
- SMA 50 / 200
- 1.65 / 1.55
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.04 / 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 | +7.5% | −0.6% | +8.1 pp | — |
| 3 months | +2.7% | −4.2% | +6.9 pp | — |
| 6 months | +32.3% | +4.3% | +28.0 pp | — |
| Year to date | −0.4% | +7.5% | −8.0 pp | — |
| 1 year | +4.5% | +9.9% | −5.4 pp | +5.8% |
| 3 years | −17.2% | +49.8% | −67.1 pp | +26.3% |
| 5 years | −76.1% | +42.8% | −118.9 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 33 percentile of its own 3-quarter history (min 24.1, median 32.3, max 38.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 671.2 m | 619.2 m | 632.1 m |
| Revenue YoY | unavailable | −7.7% | +2.1% |
| Net income | 18.6 m | 31.0 m | 14.4 m |
| Net income YoY | unavailable | +66.7% | −53.5% |
| Diluted EPS | 0.07 | 0.12 | 0.06 |
| Diluted EPS YoY | unavailable | +67.1% | −54.1% |
| net % | 2.8% | 5.0% | 2.3% |
| Free cash flow | 59.4 m | 67.6 m | 25.8 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 4.9 m GBP
- Financial debt
- 142.8 m GBP
- Net debt
- 137.9 m GBP
- Equity
- 655.7 m GBP
- Total assets
- 1.0 bn GBP
- Debt / equity
- 0.22x
- Current ratio
- 1.78x
- ROE
- 2.2%
- ROA
- 1.4%
- FCF margin
- 4.1%
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 671.2 m | 619.2 m | 632.1 m | esef· 07 Apr 2026verified |
| Operating income | 41.0 m | 53.9 m | 32.0 m | esef· 07 Apr 2026verified |
| Interest expense | 18.8 m | 14.5 m | 14.3 m | esef· 07 Apr 2026verified |
| Pre-tax income | 22.2 m | 39.4 m | 17.7 m | esef· 07 Apr 2026verified |
| Income tax | 3.8 m | 8.4 m | 3.3 m | esef· 07 Apr 2026verified |
| Net income | 18.6 m | 31.0 m | 14.4 m | esef· 07 Apr 2026verified |
| Diluted EPS | 0.07 | 0.12 | 0.06 | esef· 07 Apr 2026verified |
| Dividend per share | 0.13 | 0.08 | 0.08 | esef· 07 Apr 2026derived |
Balance sheet · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 34.5 m | 18.9 m | 4.9 m | esef· 07 Apr 2026verified |
| Receivables | 93.4 m | 80.8 m | 79.6 m | esef· 07 Apr 2026verified |
| Inventories | 125.1 m | 138.2 m | 137.2 m | esef· 07 Apr 2026verified |
| Current assets | 259.0 m | 240.5 m | 222.8 m | esef· 07 Apr 2026verified |
| Property, plant & equipment, net | 249.4 m | 234.8 m | 223.9 m | esef· 07 Apr 2026verified |
| Goodwill | 324.4 m | 324.4 m | 324.4 m | esef· 07 Apr 2026verified |
| Intangibles (excl. goodwill) | 227.5 m | 217.8 m | 206.0 m | esef· 07 Apr 2026verified |
| Total assets | 1.1 bn | 1.1 bn | 1.0 bn | esef· 07 Apr 2026verified |
| Accounts payable | 127.5 m | 132.1 m | 117.3 m | esef· 07 Apr 2026verified |
| Long-term debt | 207.4 m | 152.8 m | 142.8 m | esef· 07 Apr 2026verified |
| Current liabilities | 138.5 m | 148.6 m | 125.1 m | esef· 07 Apr 2026verified |
| Total liabilities | 472.8 m | 414.8 m | 385.7 m | esef· 07 Apr 2026verified |
| Equity | 641.3 m | 661.3 m | 655.7 m | esef· 07 Apr 2026verified |
| Shares outstanding at year end | 251.4 m | 252.0 m | 252.6 m | esef· 07 Apr 2026derived |
Cash flow · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 77.7 m | 76.8 m | 38.9 m | esef· 07 Apr 2026verified |
| Capex | 18.3 m | 9.2 m | 13.1 m | esef· 07 Apr 2026verified |
| Free cash flow | 59.4 m ≈ | 67.6 m ≈ | 25.8 m ≈ | esef· 07 Apr 2026derived |
| Investing cash flow | -18.2 m | -9.8 m | -15.7 m | esef· 07 Apr 2026verified |
| Financing cash flow | -81.1 m | -82.7 m | -37.0 m | esef· 07 Apr 2026verified |
| Dividends paid | 31.6 m | 21.0 m | 19.2 m | esef· 07 Apr 2026verified |
| Share repurchases | 300.0 k | 1.4 m | 900.0 k | 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: 44 / 100
A scoring methodology on indicators and valuation, not investment advice.
(margin_of_safety <= -0.25 & agreement in ['high', 'medium'])
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 454.2 m GBP
Key indicators
Coverage and freshness
Score by group
- Quality44
- Returns64
- Balance sheet40
- Valuation35
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
Unattractive profile · Score 44/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 3.3% | 21 (vs peers) | 17% |
| Net margin · Quality | 2.3% | 26 (vs peers) | 10% |
| FCF conversion · Quality | 179.2% | 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 | 2.2x | 11 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 1.8x | 82 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 32.1x | 6 (vs peers) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 5.7% | 71 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 4.4% | 63 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | 74.4% | 65 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality44/100 · 3/3 factors with a value
- Returns64/100 · 2/2 factors with a value
- Valuation35/100 · 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
MARSHALLS PLC (MSLH.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 632.1 m GBP in 2025; YoY growth 2.1%; net margin 2.3%; ROE 2.2%.
The estimated value range is 0.75–0.98 GBP per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 0.82 GBP, the price of 1.80 GBP leaves a potential of -54.2% (value / price − 1) and a margin of safety of -118.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 44/100, methodological classification: unattractive 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
- FCF conversion: 179.2%
- Current ratio: 1.8x
- FCF yield: 5.7%
What contradicts it
- ROIC: 3.3%
- Net margin: 2.3%
- Interest coverage: 2.2x
- P/E (TTM): 32.1x
- The price is above the estimated value range
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% |
| 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% |
| MSLH.LMarshalls PLC | 454.2 m | 32.1 | 2.2% | 2.3% | +2.1% | 0% / −28% |
| 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 MSLH.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 | 1.06 Total return -39% · Per year -39% | 1.87 Total return 7% · Per year 7% | 2.82 Total return 61% · Per year 61% |
| 3 years | 0.98 Total return -39% · Per year -15% | 1.95 Total return 18% · Per year 6% | 3.23 Total return 92% · Per year 24% |
| 5 years | 0.90 Total return -39% · Per year -9% | 2.03 Total return 30% · Per year 5% | 3.70 Total return 129% · Per year 18% |
- Exit P/E± 0.49
- Net margin± 0.34
- Annual revenue growth± 0.29
- Annual dilution± 0.03
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
Marshalls plc is a UK producer of building and landscaping products, organised in three segments: Landscaping Products, Building Products and Roofing Products. In 2025 landscaping revenue slipped slightly while roofing grew on integrated solar systems, and the company aims to rebuild margins through restructuring 1.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Macro-economic and politicalhigh
Demand depends on UK construction activity; a downturn or policy changes could reduce revenue 1.
- Cyber and technologymedium
Cyber attacks and reliance on third-party technology providers could cause operational disruption and financial loss 1.
- Raw material supplymedium
Shortages or higher costs of raw materials could affect production and margins, especially for stone and cement 1.
- Competitor activity and new technologymedium
Competitor moves and new technologies could erode share if the offer is not adapted 1.
- Delivery of strategic programmesmedium
Restructuring and improvement programmes could slip, delaying cost benefits 1.
Investment thesis
What would need to be true (bull case)
- If landscaping restructuring delivers the expected savings and new housing demand returns, margins could recover meaningfully in 2026 1.
- Leadership in roofing and integrated solar could keep growing if energy regulation remains a demand driver 1.
- Exposure to water infrastructure could offer steadier long-term demand supported by regulated programmes 1.
What would break the thesis
- Landscaping operating profit fell to almost nil in 2025, and recovery could be slower than announced 1.
- If the market stays weak, stress scenarios suggest covenant headroom could become tight 1.
- Price competition in bricks and roofing could keep margins under pressure if industry capacity stays high 1.
What to watch
- Landscaping operating margin after restructuring2026
- Growth pace of Viridian Solar as Part L effects fade2026
- Signs of new housing demand recovery in the UK2026
- Covenant compliance under stress scenariosnext 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
Marshalls operates through a national, specification-led model, with a broad customer base across end markets and a national manufacturing and distribution network 1. The 'Transform & Grow' strategy aims to extract more value from this model, with a focus on margin recovery and disciplined execution 1. The company targets revenue outperformance versus the wider market of 1% to 3% per year at group level 1.
End markets are split between commercial and infrastructure, new housing and housing repair, maintenance and improvement (RMI) 1. Management argues it can strengthen its position through early specification and long-term customer partnerships 1.
Management said 2025 restructuring should lower the fixed cost base and improve flexibility, and it expects this to support better financial performance in 2026 1.
Segments
Landscaping Products
The segment reported revenue of 265.8 million pounds in 2025, with segment operating profit of only 0.6 million pounds, down from 10.7 million in 2024, driven by price investment and an adverse mix 1. Restructuring, including exit from UK quarried natural stone processing, is expected to deliver 11 million pounds of annualised savings 1.
Building Products
Revenue grew but operating profit fell 8%, reflecting pressure in bricks in a competitive market 1. Water Management benefited from infrastructure-led demand 1.
Roofing Products
The segment generated revenue of 194.3 million pounds, and operating profit rose to 50.2 million pounds, supported by Viridian Solar, where integrated solar adoption grew after Part L regulation 1.
Market context
The company describes the UK construction market as flat in 2025, decelerating in the second half, with modest growth expected in 2026 1. Medium-term prospects depend on a cyclical recovery and government policy that could support new housing demand 1.
The reasonable worst-case scenario assumes a cumulative revenue reduction of 6% in 2026 and 2027, while an 18% revenue decline would be needed to breach bank covenants at end-2026 1.
Trends
- Regulation-led solar adoptionmixed
Demand for integrated solar systems rose after Part L, but the company expects growth to moderate in 2026 1.
- Weak new housing demandheadwind
New build volumes stayed weak in 2025, pressuring bricks and landscaping revenue 1.
- Water infrastructuretailwind
Regulated water investment and climate adaptation could support long-term demand for water management 1.
- Competitive and tariff pressureheadwind
Added industry capacity and evolving tariffs could affect prices and margins, especially in bricks and roofing 1.
Competitive position
The company notes intense competition in bricks and in certain roofing categories, where industry capacity has increased 1. The source does not name competitors, so this section stays descriptive.
In landscaping, customers increasingly favoured lower-margin products, indicating price and mix pressure 1.
- Regional brick producers
Referred to generically as a source of added capacity and price competition in bricks 1.
- Roofing material manufacturers
Competition in certain tile and roofing categories, described without names 1.
- Roof-integrated solar suppliers
Growing market where regulation remains important to competition 1.
- Landscaping product distributors
Competitors in stone and outdoor products, not identified in the source 1.
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 202417 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Marshalls 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.