olivLaw · European equity research
Metro Bank Holdings PLC MTRO.L
United Kingdom · London Stock Exchange · ISIN GB00BMX3W479 · Vertical: Listed companies from United Kingdom
Metro Bank Holdings PLC is a UK retail and business bank with a network of stores in England and Wales, which in 2025 reported its highest underlying profit in its history and targets a return on tangible equity above 18% by 2028. The goal rests on shifting lending from retail toward corporate, commercial and SME lending as well as specialist mortgages. Underlying profit before tax was 98.1 million pounds sterling, and the net interest margin was 2.98%.
At the close of 05 Nov 2026, Metro Bank Holdings PLC (MTRO.L) stock was 1.82 GBP (+1.67% on the day), with market capitalisation 1.2 bn GBP, P/E 23.7 on diluted EPS of 0.08 GBP over the last 12 months, beta 0.90, 52-week range 1.00–1.83 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)
- 64.3
- strong (55–70)
- Bollinger (20, 2)
- 1.49 – 1.78
- above the upper band · %B 1.13 · band width 17.8%
- SMA 50 / 200
- 1.69 / 1.54
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.00 / -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 | +12.2% | −0.6% | +12.8 pp | — |
| 3 months | +5.0% | −4.2% | +9.1 pp | — |
| 6 months | +17.4% | +4.3% | +13.1 pp | — |
| Year to date | +51.1% | +7.5% | +43.6 pp | — |
| 1 year | +54.4% | +9.9% | +44.5 pp | +6.7% |
| 3 years | +328.2% | +49.8% | +278.4 pp | +24.8% |
| 5 years | +38.7% | +42.8% | −4.2 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 2.8, median 15.0, max 15.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 29.5 m | 42.5 m | 52.4 m |
| Net income YoY | unavailable | +44.1% | +23.3% |
| Diluted EPS | 0.13 | 0.06 | 0.08 |
| Diluted EPS YoY | unavailable | −53.0% | +22.2% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | 616.0 m | -1.4 bn | -1.1 bn |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 2.2 bn GBP
- Financial debt
- unavailable GBP
- Net debt
- unavailable GBP
- Equity
- 1.5 bn GBP
- Total assets
- 16.5 bn GBP
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 3.9%
- ROA
- 0.3%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (GBP)
Income statement · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Depreciation & amortisation | 77.7 m | 77.3 m | 61.7 m | esef· 21 Apr 2026verified |
| Pre-tax income | 30.5 m | -212.1 m | 87.2 m | esef· 21 Apr 2026verified |
| Income tax | 1.0 m | -254.6 m | 17.5 m | esef· 21 Apr 2026verified |
| Net income | 29.5 m | 42.5 m | 52.4 m | esef· 21 Apr 2026verified |
| Diluted EPS | 0.13 | 0.06 | 0.08 | esef· 21 Apr 2026verified |
Balance sheet · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 3.9 bn | 2.8 bn | 2.2 bn | esef· 21 Apr 2026verified |
| Property, plant & equipment, net | 723.0 m | 711.0 m | — | esef· 27 May 2025verified |
| Total assets | 22.2 bn | 17.6 bn | 16.5 bn | esef· 21 Apr 2026verified |
| Total liabilities | 21.1 bn | 16.4 bn | 15.0 bn | esef· 21 Apr 2026verified |
| Equity | 1.1 bn | 1.2 bn | 1.5 bn | esef· 21 Apr 2026verified |
| Shares outstanding at year end | 213.8 m | 674.6 m | 671.8 m | esef· 21 Apr 2026derived |
Cash flow · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 628.0 m | -1.4 bn | -1.1 bn | esef· 21 Apr 2026verified |
| Capex | 12.0 m | 41.0 m | 34.0 m | esef· 21 Apr 2026verified |
| Free cash flow | 616.0 m ≈ | -1.4 bn ≈ | -1.1 bn ≈ | esef· 21 Apr 2026derived |
| Investing cash flow | 1.0 bn | 327.0 m | 260.0 m | esef· 21 Apr 2026verified |
| Financing cash flow | 291.0 m | -22.0 m | 206.0 m | esef· 21 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
- indicators available: 3 of at least 6
- score weight coverage: 25.0% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 1.2 bn GBP
Key indicators
Coverage and freshness
Score by group
25% · 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: indicators available: 3 of at least 6; score weight coverage: 25.0% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | -2,148.9% | 0 (on a fixed band) | 25% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 23.7x | 21 (vs peers) | 42% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -92.0% | 0 (on a fixed band) | 33% |
| 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 sheet· partialunavailable · 0/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial0/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation12/100 · 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
METRO BANK HOLDINGS PLC (MTRO.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 3.9%.
The estimated value range is 0.91–1.65 GBP per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 1.18 GBP, the price of 1.82 GBP leaves a potential of -35.2% (value / price − 1) and a margin of safety of -54.3% (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 (indicators available: 3 of at least 6; score weight coverage: 25.0% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- FCF conversion: -2,148.9%
- P/E (TTM): 23.7x
- FCF yield: -92.0%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 40 companies
Multiples and returns vs the median
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% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| BMS.LBraemar PLC | 78.3 m | 39.2 | 2.7% | 1.7% | −4.4% | +13% / −11% |
| 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 MTRO.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
Scenarios are not available. input data missing
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
Metro Bank Holdings PLC is a UK retail and business bank with a network of stores in England and Wales, which in 2025 reported its highest underlying profit in its history and targets a return on tangible equity above 18% by 2028. The goal rests on shifting lending from retail toward corporate, commercial and SME lending as well as specialist mortgages 1. Underlying profit before tax was 98.1 million pounds sterling 1, and the net interest margin was 2.98% 1.
SWOT
Strengths
- The bank has an integrated model that combines physical stores with digital services and a strong organisational culture, which supports customer relationships 1.
- Liquidity and capital are above regulatory minimums, and capital ratios rose during 2025 1.
- The cost of deposits is among the lowest on the High Street, which supports margins 1.
Weaknesses
- Non-interest income declined slightly, and profitability still depends on continued cost reduction 1.
- The total capital plus MREL ratio remains a constraint that the bank is actively managing 1.
- A large store footprint carries fixed costs, which the bank is trying to reduce by moving to smaller sites 1.
Opportunities
Risks
- Credit riskmedium
A subdued macroeconomic environment could lead to more arrears and provisions, especially in the growing corporate and commercial portfolio 1.
- Capital riskhigh
If profitability does not grow enough, the total capital plus MREL ratio could stay under pressure, particularly with the new MREL framework from 2026 1.
- Liquidity and funding riskmedium
Falling customer deposits could increase reliance on more expensive funding if the asset strategy does not progress as planned 1.
- Cyber and operational riskhigh
A major security incident or disruption at outsourced partners could affect operations and reputation 1.
- Financial crime riskmedium
Failure of anti-money-laundering or fraud controls could lead to sanctions and reputational damage 1.
Investment thesis
What would need to be true (bull case)
- The bank reported its highest underlying profit in its history and targets a high return on tangible equity by 2028; if SME and corporate lending growth continues, it could support sustainable profitability growth 1.
- A low cost of deposits and a rising net interest margin could support revenue even in a lower interest rate environment 1.
- Cost reduction and digitalisation could improve the cost-to-income ratio and make the bank more competitive 1.
What would break the thesis
- Statutory profit in 2024 depended on one-off transactions, and the profit growth in 2025 may not be repeatable if revenue does not grow enough 1.
- Customer deposits fell, and if the bank does not win them back, funding costs could become a margin pressure 1.
- The total capital plus MREL ratio is still a constraint, and new regulatory requirements could limit the bank's ability to expand lending 1.
What to watch
- Evolution of the net interest margin against the 2.98% full-year level and the 3.17% exit rate2026
- Total capital plus MREL ratio relative to requirements after the 1 January 2026 transfer firm status2026
- Growth in corporate, commercial and SME lending and the trend in expected credit loss expensenext 10-K
- Progress toward the return on tangible equity target of above 18% by 20282028
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
The bank operates an integrated model that combines its physical stores with digital channels, with an emphasis on relationship banking. Revenue comes from the spread between interest charged on loans and interest paid on deposits, less operating costs and expected credit loss charges 1. In 2025 the bank cut underlying operating costs by 7%, to 473 million pounds sterling, and the underlying cost-to-income ratio fell to 81% 1. The network has 78 stores 1, and total customer deposits stood at 13445 million pounds sterling at year end 1.
The balance sheet changed in 2025: gross lending reached 8993 million pounds sterling 1, while corporate and commercial lending grew 19% and the unsecured personal loan portfolio was sold. The bank opened three new stores in the north, including its first in the North East 1. Liquidity remains above regulatory minimum, with a liquidity coverage ratio of 306% 1.
Segments
Corporate, commercial and SME lending
This is the main area of strategic growth. Gross corporate and commercial lending rose 19% to 3939 million pounds sterling at 31 December 2025, driven by 2 billion pounds sterling of gross new lending during the year 1. The bank also launched products such as SONIA-linked loans and revolving credit facilities 1.
Mortgages
Retail mortgages fell from 5145 to 4940 million pounds sterling as the bank gradually attrites its low-yielding prime back-book and replaces it with higher-yielding specialist mortgages, including limited company buy-to-let products 1.
Market context
The bank competes in the UK retail and business banking market, which management describes as liquid, competitive and highly innovative. Customers continue to value in-person service for complex products, although the shift to digital is growing in routine areas 1. Interest rates have remained elevated, and the fall in the Base Rate has affected interest income and deposit costs 1.
Credit risk has remained moderate, with an economic environment described as stable but subdued, and inflation still above target could shape the path of lending. An expected credit loss expense of 14.3 million pounds sterling in 2025 mainly reflects the sale of the personal loan portfolio 1.
Trends
- Cost reduction and digitalisationtailwind
The bank is pursuing automation, AI tools and outsourcing of some processes, which could reduce costs and improve operational efficiency if delivery holds 1.
- Interest rate cyclemixed
Falling interest rates could compress deposit margins and treasury yields, although the bank noted that fixed-rate treasury assets will be replaced with assets yielding at or above the prevailing Base Rate 1.
- Macroeconomic and geopolitical uncertaintyheadwind
Geopolitical instability and prolonged economic stagnation could raise credit risk and pressure asset quality, with negative effects on loan loss provisions 1.
- Financial crime and fraudheadwind
More sophisticated cyber attacks and social engineering fraud could raise compliance and security costs for banks, which could weigh on margins 1.
Competitive position
The bank competes with large High Street banks and with newer digital-first or digital-only entrants, and management says a physical presence remains core while digitalisation must keep pace 1. Its culture and workforce diversity are presented as advantages in the competition for talent 1.
In deposits, the bank says it has the lowest cost of deposits of any UK High Street bank 1, which could give it an advantage if pressure on deposit rates stays moderate.
- Lloyds Banking Group
Large High Street retail bank cited in the context of the traditional UK banks competing on the same customer segments.
- NatWest Group
Traditional UK retail and business bank competing for the same customer segments.
- Barclays
Large UK bank with retail and corporate activity present in the same market.
- Monzo
UK digital bank representing the category of newer digital-only entrants.
News & filings
In the press
- Water supply disruptions return in Kyiv, metro service temporarily suspended due to power fluctuationsKyiv Independent (UA, EN) · 05 Nov 2026 · EN
- Train services on one of Kyiv's metro lines suspendedUkrainska Pravda (UA, EN) · 05 Nov 2026 · EN
- Athens Metro: Panepistimio Station to Close at 9:30 a.m.To Vima International (GR, EN) · 05 Nov 2026 · EN
- Athens Metro Line 4 Tunnel Boring to Resume in 2027To Vima International (GR, EN) · 04 Nov 2026 · EN
- Turkish metro worker reunites foreign student with lost passportDaily Sabah — Economy (TR, EN) · 02 Nov 2026 · EN
- "Enough to fill 200 Moscow Metro carriages": Zelenskyy reports record Russian losses in OctoberUkrainska Pravda (UA, EN) · 01 Nov 2026 · EN
- Five Metro Line 3 Stations to Close Early Through Thurs.To Vima International (GR, EN) · 01 Nov 2026 · EN
- Six lanes and metro line under fire: Kyiv prepares about $22 million for backup river crossings after Russian strike on Southern BridgeEuromaidan Press (UA, EN) · 29 Oct 2026 · EN
- Game of Thrones star Nikolaj Coster-Waldau takes shelter in Kyiv metro during Russian attacks – photo, videoUkrainska Pravda (UA, EN) · 29 Oct 2026 · EN
- Russia damages warehouses, business and metro entrance in Kharkiv – photosUkrainska Pravda (UA, EN) · 28 Oct 2026 · EN
- Russian attack disrupts Kyiv’s South Bridge and metro serviceKyiv Post · 27 Oct 2026 · EN
- Немецкая Metro AG прокомментировала пожертвование своей «дочки» на нужды СВОKommersant (RU) · 24 Oct 2026 · RU
- Kremlin-seized German company Metro AG transfers 1 billion rubles to Russian military without approvalKyiv Independent (UA, EN) · 23 Oct 2026 · EN
- German grocery wholesaler Metro’s Russian operation donates 1 billion rubles to a fund equipping front-line Russian troops, weeks after Putin placed its assets under temporary managementMeduza English (independent RU/exile) · 23 Oct 2026 · EN
- Seized Metro business in Russia "donates" US$12.4m to warUkrainska Pravda (UA, EN) · 23 Oct 2026 · EN
- Сеть METRO направила ₽1 млрд в фонд для военных на спецоперацииRBC News (RU business+politics) · 23 Oct 2026 · RU
- Сеть METRO направила ₽1 млрд в фонд для военных на спецоперацииRBC News (RU business+politics) · 23 Oct 2026 · RU
- One entrance reopens at damaged Chernihivska metro stationUkrainska Pravda (UA, EN) · 22 Oct 2026 · EN
- Karan Khurana, CEO al METRO România, la aniversarea de 30 de ani a companiei: România a ajuns a treia cea mai importantă piaţă pentru grup. Strategia locală e sursă de inspiraţie pentru strategia globală. Nu ne oprim aiciZiarul Financiar · 21 Oct 2026 · RO
- ‘Huge moment’: long-awaited extension to Sydney’s metro line to open next weekThe Guardian World · 21 Oct 2026 · EN
Annual reports (ESEF)
- Annual report 202521 Apr 2026
- Annual report 202427 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Metro Bank Holdings 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.