olivLaw · European equity research
Rentokil Initial plc RTO.L
United Kingdom · London Stock Exchange · ISIN GB00B082RF11 · Vertical: Listed companies from United Kingdom
Rentokil Initial plc is a global group providing pest control, hygiene and building protection services, listed in London and New York. In fiscal 2025 the group had about 63,400 colleagues, and its 2,526,039,885 ordinary shares in issue are an indicator of its scale. The company profile matters now for investors following its debt refinancing and the proposed final dividend for 2025.
At the close of 05 Nov 2026, Rentokil Initial plc (RTO.L) stock was 3.59 GBP (+0.11% on the day), with beta 0.42, 52-week range 2.96–5.07 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)
- 76.4
- overbought (≥ 70)
- Bollinger (20, 2)
- 2.92 – 3.71
- in the upper half of the band · %B 0.85 · band width 24.0%
- SMA 50 / 200
- 3.26 / 4.17
- mixed trend
- MACD (12, 26, 9)
- 0.11 / 0.07
- 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 | +20.1% | −0.6% | +20.8 pp | — |
| 3 months | −1.2% | −4.2% | +3.0 pp | — |
| 6 months | −27.4% | +4.3% | −31.7 pp | — |
| Year to date | −19.7% | +7.5% | −27.2 pp | — |
| 1 year | −14.7% | +9.9% | −24.6 pp | +5.8% |
| 3 years | −18.3% | +49.8% | −68.2 pp | +26.3% |
| 5 years | −41.0% | +42.8% | −83.8 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
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.
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 3.7 bn | 6.4 bn | 6.6 bn | 6.9 bn |
| Revenue YoY | unavailable | +71.9% | +3.6% | +4.4% |
| Net income | 232.0 m | 474.0 m | 392.0 m | 470.0 m |
| Net income YoY | unavailable | +104.3% | −17.3% | +19.9% |
| Diluted EPS | 0.12 | 0.19 | 0.16 | 0.19 |
| Diluted EPS YoY | unavailable | +62.9% | −17.3% | +19.5% |
| net % | 6.2% | 7.4% | 5.9% | 6.8% |
| Free cash flow | 447.0 m | 709.0 m | 649.0 m | 764.0 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 2.3 bn USD
- Financial debt
- 4.2 bn USD
- Net debt
- 1.8 bn USD
- Equity
- 5.5 bn USD
- Total assets
- unavailable USD
- Debt / equity
- 0.76x
- Current ratio
- 1.16x
- ROE
- 8.7%
- ROA
- unavailable
- FCF margin
- 11.1%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 3.7 bn | 6.4 bn | 6.6 bn | 6.9 bn | esef· 07 Apr 2026verified |
| Operating income | 317.0 m | 727.0 m | 644.0 m | 584.0 m | esef· 07 Apr 2026verified |
| Interest expense | 79.0 m | 232.0 m | 250.0 m | 250.0 m | esef· 07 Apr 2026verified |
| Pre-tax income | 296.0 m | 566.0 m | 462.0 m | 390.0 m | esef· 07 Apr 2026verified |
| Income tax | 64.0 m | 129.0 m | 116.0 m | 100.0 m | esef· 07 Apr 2026verified |
| Net income | 232.0 m | 474.0 m | 392.0 m | 470.0 m | esef· 07 Apr 2026verified |
| Diluted EPS | 0.12 | 0.19 | 0.16 | 0.19 | esef· 07 Apr 2026verified |
| Dividend per share | 0.06 | 0.10 | 0.12 | 0.12 | esef· 07 Apr 2026derived |
Balance sheet · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | — | 2.0 bn | 1.2 bn | 2.3 bn | esef· 07 Apr 2026verified |
| Receivables | — | 1.1 bn | 1.1 bn | 1.2 bn | esef· 07 Apr 2026verified |
| Inventories | — | 264.0 m | 287.0 m | 308.0 m | esef· 07 Apr 2026verified |
| Current assets | — | 3.4 bn | 2.6 bn | 3.9 bn | esef· 07 Apr 2026verified |
| Property, plant & equipment, net | — | 636.0 m | 628.0 m | 445.0 m | esef· 07 Apr 2026verified |
| Accounts payable | — | 1.5 bn | 1.4 bn | 1.4 bn | esef· 07 Apr 2026verified |
| Long-term debt | — | 4.0 bn | 3.1 bn | 4.2 bn | esef· 07 Apr 2026verified |
| Current liabilities | — | 3.3 bn | 3.2 bn | 3.3 bn | esef· 07 Apr 2026verified |
| Equity | 5.0 bn | 5.2 bn | 5.3 bn | 5.5 bn | esef· 07 Apr 2026verified |
| Shares outstanding at year end | 2.0 bn | 2.5 bn | 2.5 bn | 2.5 bn | esef· 07 Apr 2026derived |
Cash flow · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | 600.0 m | 916.0 m | 868.0 m | 972.0 m | esef· 07 Apr 2026verified |
| Capex | 153.0 m | 207.0 m | 219.0 m | 208.0 m | esef· 07 Apr 2026verified |
| Free cash flow | 447.0 m ≈ | 709.0 m ≈ | 649.0 m ≈ | 764.0 m ≈ | esef· 07 Apr 2026derived |
| Investing cash flow | -1.2 bn | -514.0 m | -476.0 m | 26.0 m | esef· 07 Apr 2026verified |
| Financing cash flow | 1.3 bn | -451.0 m | -952.0 m | 27.0 m | esef· 07 Apr 2026verified |
| Dividends paid | 122.0 m | 252.0 m | 292.0 m | 304.0 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: 54.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
54% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 1.58 – 3.23 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E2.09 – 3.23 (Mid 2.67)17 companies used · median multiple 14.4x · quartiles 11.3x – 17.4x0EV1.L, ABDN.L, ABF.L, AIRE.L, AJB.L, ALFA.L, AMIF.L, APTD.L, ASHM.L, AUTO.L, BAB.L, BAG.L, BATS.L, BBY.L, BCG.L, BKG.L, BME.L
- Dividend discount (DDM)1.58 – 2.13 (Mid 1.81)
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 54.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 6.0% | 25 (vs peers) | 19% |
| Net margin · Quality | 6.8% | 43 (vs peers) | 12% |
| FCF conversion · Quality | 162.6% | 100 (on a fixed band) | 12% |
| Revenue CAGR 3Y · Growth | 23.0% | 100 (on a fixed band) | 15% |
| EPS CAGR 3Y · Growth | 17.2% | 100 (on a fixed band) | 15% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 2.3x | 13 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 1.2x | 30 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | 39.8% | 100 (on a fixed band) | 8% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet20/100 · 2/3 factors with a value
- Growth100/100 · 2/2 factors with a value
- Quality50/100 · 3/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partialunavailable · 0/3 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
RENTOKIL INITIAL PLC (RTO.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 6.9 bn USD in 2025; YoY growth 4.4%; net margin 6.8%; ROE 8.7%.
The estimated value range is 1.84–2.68 USD per share (median of 2 methods, agreement: high); assumptions are illustrative. 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: 54.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 162.6%
- Revenue CAGR 3Y: 23.0%
- EPS CAGR 3Y: 17.2%
- Payout ratio (FCF): 39.8%
What contradicts it
- ROIC: 6.0%
- Interest coverage: 2.3x
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions).
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% |
| 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% |
| AEP.LAnglo-Eastern Plantations PLC | — | — | 16.1% | 19.5% | +25.0% | +5% / +113% |
1- and 3-year price returns: for RTO.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
Rentokil Initial plc is a global group providing pest control, hygiene and building protection services, listed in London and New York. In fiscal 2025 the group had about 63,400 colleagues, and its 2,526,039,885 ordinary shares in issue are an indicator of its scale. The company profile matters now for investors following its debt refinancing and the proposed final dividend for 2025.
SWOT
Strengths
- International presence through subsidiaries in several jurisdictions and a directly employed workforce that supports training and quality control.
- Dual listing in London and New York, with an ADS segment that offers access to US investors.
- Simple capital structure, with ordinary shares carrying the same rights and no shareholders holding special control rights.
Weaknesses
- The annual report passage does not detail segment performance, which limits independent analysis of profitability by business line.
- Shareholding concentrated among a few large institutional investors may create dependence on decisions by a small number of holders.
- Compliance requirements for a dual listing add extra administrative costs.
Opportunities
- If integration of overseas operations continues, the group could strengthen its position in markets where it already has branches.
- Refinancing and debt reduction could free resources for investment or shareholder remuneration.
- Interest from US investors in ADSs could broaden the shareholder base.
Threats
- Regulatory changes in the UK and the US may increase compliance and reporting costs.
- Currency volatility may affect reported results of subsidiaries outside the UK.
- Competition in building services markets may pressure margins, especially in areas where the group is less present.
Risks
- Dependence on shareholder structuremedium
A small number of large institutional shareholders hold a significant part of capital, which could influence general meeting votes if their interests diverge from those of other shareholders.
- Compliance for dual listingmedium
A listing in London and New York involves complying with two sets of rules, and non-compliance could bring sanctions for the company and its directors.
- Debt refinancinglow
The early redemption of notes shows active debt management, but risks may arise if capital markets become less favourable to issuers.
- Currency exposuremedium
Activity through subsidiaries in several jurisdictions exposes the group to currency fluctuations, which can change results reported in sterling.
- Directors' liabilitylow
Directors may face civil or criminal liability under UK law and US regulation, which raises reputational and financial risks for the company.
Investment thesis
What would need to be true (bull case)
- If the group consolidates its international presence and keeps its debt repayments on schedule, it could support steady growth in shareholder value.
- The dual listing and significant institutional interest may improve share liquidity and the company's visibility in international markets.
- Continuity of dividend policy, with total dividend rising from the prior year, may be an argument for income-oriented investors.
What would break the thesis
- The lack of segment performance detail in the report reviewed could make independent assessment of growth sustainability difficult.
- Shareholder concentration and dual listing costs could reduce flexibility and increase pressure on margins.
- Currency exposure and regulatory requirements across several jurisdictions could affect results if economic conditions deteriorate.
What to watch
- Payment of the final dividend and AGM approval2026
- Half-year results and comments on overseas subsidiary activity2026
- Evolution of debt structure after the March 2026 note redemption2026
- Next annual report with segment performance detailnext 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
According to the 2025 annual report, Rentokil Initial plc is a holding company that operates through subsidiaries in several jurisdictions outside the UK. The group employs its colleagues directly wherever possible, to invest in training, ensure compliance with policies including health and safety procedures, and build relationships with customers. Shares are listed on the London Stock Exchange and the New York Stock Exchange under the symbol RTO, and 12.35% of issued share capital was represented by ADSs at 31 December 2025 1.
The source passage does not break down products and services by business line; these details sit in the Strategic Report. For the business profile, the relevant points are the legal structure, the international presence through subsidiaries and the direct employment model. Equal opportunities policies for people with disabilities are part of the governance framework described in the report 1.
The shareholder structure is relevant to the analysis: all ordinary shares carry the same rights, and the trustee holding shares for remuneration plans held 0.42% of capital at 31 December 2025 1. The report states there are no shareholders with special control rights.
Segments
International operations through subsidiaries
The group operates through various subsidiaries and branches in several jurisdictions outside the UK. The annual report does not provide separate figures for each segment in this passage; regional activity details are in the Strategic Report 1.
Directly employed workforce
Colleagues are employed directly by the company wherever possible, and contractors and agency workers are not included in the reported colleague count. Over 1,300 managers and technical experts participate in the Performance Share Plan 1.
Market context
Rentokil Initial shares are listed in London and New York, and ADSs represented 12.35% of capital at 31 December 2025, with 11 recorded ADS holders based in the US 1. Shareholders notified at 3% or more include BlackRock, Inc., Janus Henderson Group plc and GIC Private Limited, indicating a concentrated institutional investor base 1.
The total dividend for 2025 is 12.39 cents per share, compared with 12.04 cents in 2024, and the final dividend payment date is 18 May 2026, subject to approval at the AGM on 7 May 2026 1.
Trends
- Dual listing in London and New Yorkmixed
The listing on two markets and the presence of ADSs in the US may attract American investors, but it can also bring additional costs and compliance requirements, which the report mentions in the context of SEC and UK regulation 1.
- Changes to capital structure authoritiesmixed
Share issuance and buyback authorities valid until the 2026 AGM show that management keeps flexibility in capital allocation, although no buybacks were made in 2025 1.
- Dividend policytailwind
The rise in total dividend from 12.04 to 12.39 cents per share suggests continuity in shareholder remuneration, but the final amount depends on AGM approval and future results 1.
Competitive position
The supplied source does not explicitly identify the group's competitors. Competitive positioning would need to be assessed from additional sources, because the report focuses on governance, shareholders and financial structure rather than market analysis 1.
The group's differentiation could stem from the breadth of its international network and its directly employed workforce of about 63,400 colleagues, but these aspects need confirmation from the Strategic Report 1.
- Regional pest control providers
Not identified in the supplied source; the competitor set needs confirmation from the Strategic Report.
- Integrated building services companies
General category, not named explicitly in the supplied source; requires further verification.
- Global hygiene and facilities services operators
Possible competition in several jurisdictions, not detailed in the material reviewed.
- Other US-listed professional building services companies
General category, with no names confirmed in the supplied source.
News & filings
In the press
- Why Rentokil Initial’s (RTO) Discount to Rollins Could NarrowYahoo Finance — News · 15 Sept 2026 · EN
Annual reports (ESEF)
- Annual report 202507 Apr 2026
- Annual report 202507 Apr 2026
- Annual report 202215 Apr 2025
- Annual report 202215 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Rentokil Initial 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.