# Barclays (BARC.LSE)

Canonical: https://gigainvestors.com/s/BARC.LSE

Analysis as of: 2026-10-16T07:33:46.140Z. Financial observations: FY2015–FY2025.

Listing currency: GBX. Reporting currency: GBP.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: GBX 432.40 per share; close as of 2026-10-15.

Estimated value: low GBX 333.79 per share, central GBX 367.17 per share, high GBX 407.96 per share. Buy at or below the central value GBX 367.17 per share. Valuation as of 2026-10-16T07:33:46.140Z; scenarios are not confidence intervals.

Expected annual return: 8.5% at the stated quote. About 8.5% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; GB 10-year bond 5.4% + 4 points).

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 9

- Required profitable years: 9

- Return on common equity variation (informational): 0.74×

Chart: Net income; fiscal year observations.

- FY2016: GBP 1.8B

- FY2017: GBP -1.7B

- FY2018: GBP 1.6B

- FY2019: GBP 2.5B

- FY2020: GBP 1.5B

- FY2021: GBP 6.4B

- FY2022: GBP 5.0B

- FY2023: GBP 5.3B

- FY2024: GBP 6.3B

- FY2025: GBP 7.2B

### moat: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- median return on common equity below threshold

- return on tangible common equity below 5% in more than one year

- Bank / P&C ROTE, median of available years: 6.3%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 2.6%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2016: 3.1%

- FY2017: -3.1%

- FY2018: 2.9%

- FY2019: 4.4%

- FY2020: 2.6%

- FY2021: 10.5%

- FY2022: 8.4%

- FY2023: 8.3%

- FY2024: 9.9%

- FY2025: 10.3%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 8.0%

- Book return interval: 10 years

- Starting book value per share: GBP 3.07

- Ending book value per share: GBP 5.01

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: 12.6%

- FY2017: -0.3%

- FY2018: -0.1%

- FY2019: 6.2%

- FY2020: 3.8%

- FY2021: 9.3%

- FY2022: 2.9%

- FY2023: 16.0%

- FY2024: 8.0%

- FY2025: 24.2%

### management: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Diluted shares, 10-year annual growth: -1.9%

- Diluted shares, 5-year annual growth: -4.3%

- Share growth excluding flagged crisis recapitalisations: -1.9%

- Five-year share growth excluding flagged crisis recapitalisations: -4.3%

- Flagged crisis recapitalisations: 0

- Book value created per share: GBP 1.94

- Earnings retained per share after dividends and buybacks: GBP -0.97

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

- [Sarah Ketterer](https://gigainvestors.com/CAU): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Richard Pzena](https://gigainvestors.com/PIM): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

The price assumes profits grow 1.5% a year forever · "Barclays profits surge 17% as investment bank cashes in on trading spurt" (uk.finance.yahoo.com, Jul 2026) · net income +13.7%

Story as of 2026-10-16T09:59:57.677Z; price observation 2026-10-15.

The price assumes profits grow 1.5% a year forever

- 2025-07-29: Barclays Trading Unit Boosted by Market Turmoil, Lifting Earnings Above Views ([finance.yahoo.com](https://finance.yahoo.com/m/71aa5113-84ec-3288-a634-5feb8493fbb7/barclays-trading-unit-boosted.html))

- 2025-10-22: Barclays earnings dip after raising car finance compensation bill to £325m ([uk.finance.yahoo.com](https://uk.finance.yahoo.com/news/barclays-earnings-dip-raising-car-065316930.html))

- 2026-04-28: Barclays sets aside £823m for bad debts after fraud hit but profits rise ([uk.finance.yahoo.com](https://uk.finance.yahoo.com/news/barclays-sets-aside-823m-bad-071154661.html))

- 2026-06-10: Barclays Drops Direct Investing Fee To Compete For Retail Growth ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/barclays-drops-direct-investing-fee-021229407.html))

### Net income · FY2025

net income +13.7%; source https://filings.xbrl.org/213800LBQA1Y9L22JB70/2025-12-31/ESEF/GB/0/213800LBQA1Y9L22JB70-2025-12-31/reports/213800LBQA1Y9L22JB70-2025-12-31-T01.html; observed 2026-02-17.

- FY2016: GBP 1.8B 

- FY2017: GBP -1.7B 

- FY2018: GBP 1.6B 

- FY2019: GBP 2.5B 

- FY2020: GBP 1.5B 

- FY2021: GBP 6.4B 

- FY2022: GBP 5.0B 

- FY2023: GBP 5.3B 

- FY2024: GBP 6.3B 

- FY2025: GBP 7.2B 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in diversified banking; annual sales are GBP 50.8 billion.

- Source: https://filings.xbrl.org/213800LBQA1Y9L22JB70/2025-12-31/ESEF/GB/0/213800LBQA1Y9L22JB70-2025-12-31/reports/213800LBQA1Y9L22JB70-2025-12-31-T01.html (filed 2026-02-17); FY2025: revenue 50828000000.

### Why customers stay

It earns 6.3% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); 10-year return on tangible equity observations [[2016,0.030640278579802966],[2017,-0.03118310261167404],[2018,0.029258193943169118],[2019,0.04370449298526017],[2020,0.026379021244965342],[2021,0.10452361823875654],[2022,0.08364278220904868],[2023,0.08293644535562214],[2024,0.09925093632958802],[2025,0.10319424460431655]]; median 0.06332046917044115. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back GBP 6.2 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); Dividend observations: [[2016,1304000000],[2017,1273000000],[2018,1658000000],[2019,1912000000],[2020,936000000],[2021,1360000000],[2022,1978000000],[2023,2259000000],[2024,2261000000],[2025,2251000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://filings.xbrl.org/213800LBQA1Y9L22JB70/2025-12-31/ESEF/GB/0/213800LBQA1Y9L22JB70-2025-12-31/reports/213800LBQA1Y9L22JB70-2025-12-31-T01.html (filed 2026-02-17); FY2025: cash repurchases 6234000000 GBP.

### Are managers owners

Insiders own 0.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BARC.LSE SharesStats.PercentInsiders = 0.124 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 1.5% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); Price 432.4; FX 100; original perpetual distributable cash 0.3671655638180103; discount 0.1; growth 0.015086594861699748. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

## Monthly share-price history (GBX per share)

- 2016-10: GBX 190.30 per share

- 2016-11: GBX 215.95 per share

- 2016-12: GBX 223.45 per share

- 2017-01: GBX 219.45 per share

- 2017-02: GBX 226.50 per share

- 2017-03: GBX 225.10 per share

- 2017-04: GBX 212.25 per share

- 2017-05: GBX 210.00 per share

- 2017-06: GBX 202.75 per share

- 2017-07: GBX 203.00 per share

- 2017-08: GBX 191.10 per share

- 2017-09: GBX 193.35 per share

- 2017-10: GBX 185.95 per share

- 2017-11: GBX 193.50 per share

- 2017-12: GBX 203.10 per share

- 2018-01: GBX 199.94 per share

- 2018-02: GBX 213.50 per share

- 2018-03: GBX 206.50 per share

- 2018-04: GBX 207.25 per share

- 2018-05: GBX 197.24 per share

- 2018-06: GBX 189.00 per share

- 2018-07: GBX 193.96 per share

- 2018-08: GBX 175.70 per share

- 2018-09: GBX 171.78 per share

- 2018-10: GBX 172.50 per share

- 2018-11: GBX 162.88 per share

- 2018-12: GBX 150.52 per share

- 2019-01: GBX 158.18 per share

- 2019-02: GBX 164.16 per share

- 2019-03: GBX 154.68 per share

- 2019-04: GBX 164.28 per share

- 2019-05: GBX 149.34 per share

- 2019-06: GBX 149.80 per share

- 2019-07: GBX 154.08 per share

- 2019-08: GBX 136.60 per share

- 2019-09: GBX 150.40 per share

- 2019-10: GBX 167.80 per share

- 2019-11: GBX 171.54 per share

- 2019-12: GBX 179.64 per share

- 2020-01: GBX 168.00 per share

- 2020-02: GBX 148.74 per share

- 2020-03: GBX 94.11 per share

- 2020-04: GBX 105.90 per share

- 2020-05: GBX 115.24 per share

- 2020-06: GBX 114.42 per share

- 2020-07: GBX 100.56 per share

- 2020-08: GBX 111.96 per share

- 2020-09: GBX 97.61 per share

- 2020-10: GBX 106.56 per share

- 2020-11: GBX 134.56 per share

- 2020-12: GBX 146.68 per share

- 2021-01: GBX 133.54 per share

- 2021-02: GBX 159.60 per share

- 2021-03: GBX 185.92 per share

- 2021-04: GBX 175.50 per share

- 2021-05: GBX 183.10 per share

- 2021-06: GBX 171.12 per share

- 2021-07: GBX 174.50 per share

- 2021-08: GBX 184.90 per share

- 2021-09: GBX 189.60 per share

- 2021-10: GBX 202.25 per share

- 2021-11: GBX 184.22 per share

- 2021-12: GBX 187.00 per share

- 2022-01: GBX 197.22 per share

- 2022-02: GBX 182.88 per share

- 2022-03: GBX 148.30 per share

- 2022-04: GBX 148.20 per share

- 2022-05: GBX 169.06 per share

- 2022-06: GBX 153.12 per share

- 2022-07: GBX 157.18 per share

- 2022-08: GBX 164.50 per share

- 2022-09: GBX 144.30 per share

- 2022-10: GBX 147.76 per share

- 2022-11: GBX 161.24 per share

- 2022-12: GBX 158.52 per share

- 2023-01: GBX 185.84 per share

- 2023-02: GBX 174.64 per share

- 2023-03: GBX 145.80 per share

- 2023-04: GBX 159.88 per share

- 2023-05: GBX 151.34 per share

- 2023-06: GBX 153.38 per share

- 2023-07: GBX 154.96 per share

- 2023-08: GBX 147.36 per share

- 2023-09: GBX 158.94 per share

- 2023-10: GBX 131.60 per share

- 2023-11: GBX 141.04 per share

- 2023-12: GBX 153.78 per share

- 2024-01: GBX 148.42 per share

- 2024-02: GBX 164.46 per share

- 2024-03: GBX 183.20 per share

- 2024-04: GBX 202.70 per share

- 2024-05: GBX 220.00 per share

- 2024-06: GBX 208.90 per share

- 2024-07: GBX 233.80 per share

- 2024-08: GBX 228.40 per share

- 2024-09: GBX 224.55 per share

- 2024-10: GBX 237.50 per share

- 2024-11: GBX 263.80 per share

- 2024-12: GBX 268.15 per share

- 2025-01: GBX 297.00 per share

- 2025-02: GBX 311.30 per share

- 2025-03: GBX 287.80 per share

- 2025-04: GBX 296.80 per share

- 2025-05: GBX 327.50 per share

- 2025-06: GBX 337.30 per share

- 2025-07: GBX 371.30 per share

- 2025-08: GBX 360.40 per share

- 2025-09: GBX 379.60 per share

- 2025-10: GBX 407.00 per share

- 2025-11: GBX 430.25 per share

- 2025-12: GBX 475.95 per share

- 2026-01: GBX 486.20 per share

- 2026-02: GBX 452.85 per share

- 2026-03: GBX 389.45 per share

- 2026-04: GBX 431.45 per share

- 2026-05: GBX 457.95 per share

- 2026-06: GBX 506.60 per share

- 2026-07: GBX 508.70 per share

- 2026-08: GBX 496.65 per share

- 2026-09: GBX 457.55 per share

- 2026-10: GBX 436.05 per share

## Annual estimated value (GBX per share)

- FY2016: low GBX 154.37 per share, central GBX 169.81 per share, high GBX 188.67 per share

- FY2017: low GBX 71.37 per share, central GBX 78.50 per share, high GBX 87.22 per share

- FY2018: low GBX 47.20 per share, central GBX 52.38 per share, high GBX 58.83 per share

- FY2019: low GBX 48.46 per share, central GBX 53.78 per share, high GBX 60.41 per share

- FY2020: low GBX 49.48 per share, central GBX 54.91 per share, high GBX 61.68 per share

- FY2021: low GBX 77.53 per share, central GBX 85.29 per share, high GBX 94.76 per share

- FY2022: low GBX 88.32 per share, central GBX 98.74 per share, high GBX 111.96 per share

- FY2023: low GBX 95.42 per share, central GBX 107.46 per share, high GBX 122.99 per share

- FY2024: low GBX 107.91 per share, central GBX 123.28 per share, high GBX 143.75 per share

- FY2025: low GBX 206.56 per share, central GBX 242.69 per share, high GBX 294.15 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:39:32.005Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/213800LBQA1Y9L22JB70/2025-12-31/ESEF/GB/0/213800LBQA1Y9L22JB70-2025-12-31/reports/213800LBQA1Y9L22JB70-2025-12-31-T01.html); period 2025-12-31, filed 2026-02-17.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

Barclays

BARC · LSE

FTSE 100 · STOXX Europe 600

Not a wonderful business

1 quality test fails. A lower price would not fix the business.

Share price: GBX 432.40
Buy up to: GBX 367.17
Expected / yr: 8.5% at today's price (10.0% at central value)

The business

How it makes money
Why customers stay
Where the cash goes
Are managers owners
What the price says

1. Is this a good business?

Evidence only; not required for Buy

Profits were positive in 9 years (at least 9 needed).

Net income

10y median: GBP 3.7B
Worst year: GBP -1.7B
Latest · 2025: GBP 7.2B

Earned a median 6.3% on tangible equity (minimum 12%), and the second-worst year 2.6% (minimum 5%).

Return on tangible common equity

10y median: 6.3%
Worst year: -3.1%
Latest · 2025: 10.3%

Book value plus dividends grew 8% a year (minimum 7%).

Annual book + dividend return

10y median: 7.1%
Worst year: -0.3%
Latest · 2025: 24.2%

Ordinary share growth was -1.9% over the full period and -4.3% over five years (either must be at most 2% a year).

Filing signals · estimated likelihood

per-share value change
Passing bar: ≥ GBP 0

0 accounting warnings were found (none allowed).

Filing signals · estimated likelihood

accounting warnings: 0
Passing bar: ≤ 0

Profit record · pass 1 loss year in 10 (at most 2), three-year average earnings per share 0.42 GBP.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price GBX 190.30 · Value 169.81 · Buy at or below 169.81; 2016-11 · Price GBX 215.95 · Value 169.81 · Buy at or below 169.81; 2016-12 · Price GBX 223.45 · Value 169.81 · Buy at or below 169.81; 2017-01 · Price GBX 219.45 · Value 169.81 · Buy at or below 169.81; 2017-02 · Price GBX 226.50 · Value 78.50 · Buy at or below 78.50; 2017-03 · Price GBX 225.10 · Value 78.50 · Buy at or below 78.50; 2017-04 · Price GBX 212.25 · Value 78.50 · Buy at or below 78.50; 2017-05 · Price GBX 210.00 · Value 78.50 · Buy at or below 78.50; 2017-06 · Price GBX 202.75 · Value 78.50 · Buy at or below 78.50; 2017-07 · Price GBX 203.00 · Value 78.50 · Buy at or below 78.50; 2017-08 · Price GBX 191.10 · Value 78.50 · Buy at or below 78.50; 2017-09 · Price GBX 193.35 · Value 78.50 · Buy at or below 78.50; 2017-10 · Price GBX 185.95 · Value 78.50 · Buy at or below 78.50; 2017-11 · Price GBX 193.50 · Value 78.50 · Buy at or below 78.50; 2017-12 · Price GBX 203.10 · Value 78.50 · Buy at or below 78.50; 2018-01 · Price GBX 199.94 · Value 78.50 · Buy at or below 78.50; 2018-02 · Price GBX 213.50 · Value 52.38 · Buy at or below 52.38; 2018-03 · Price GBX 206.50 · Value 52.38 · Buy at or below 52.38; 2018-04 · Price GBX 207.25 · Value 52.38 · Buy at or below 52.38; 2018-05 · Price GBX 197.24 · Value 52.38 · Buy at or below 52.38; 2018-06 · Price GBX 189.00 · Value 52.38 · Buy at or below 52.38; 2018-07 · Price GBX 193.96 · Value 52.38 · Buy at or below 52.38; 2018-08 · Price GBX 175.70 · Value 52.38 · Buy at or below 52.38; 2018-09 · Price GBX 171.78 · Value 52.38 · Buy at or below 52.38; 2018-10 · Price GBX 172.50 · Value 52.38 · Buy at or below 52.38; 2018-11 · Price GBX 162.88 · Value 52.38 · Buy at or below 52.38; 2018-12 · Price GBX 150.52 · Value 52.38 · Buy at or below 52.38; 2019-01 · Price GBX 158.18 · Value 52.38 · Buy at or below 52.38; 2019-02 · Price GBX 164.16 · Value 53.78 · Buy at or below 53.78; 2019-03 · Price GBX 154.68 · Value 53.78 · Buy at or below 53.78; 2019-04 · Price GBX 164.28 · Value 53.78 · Buy at or below 53.78; 2019-05 · Price GBX 149.34 · Value 53.78 · Buy at or below 53.78; 2019-06 · Price GBX 149.80 · Value 53.78 · Buy at or below 53.78; 2019-07 · Price GBX 154.08 · Value 53.78 · Buy at or below 53.78; 2019-08 · Price GBX 136.60 · Value 53.78 · Buy at or below 53.78; 2019-09 · Price GBX 150.40 · Value 53.78 · Buy at or below 53.78; 2019-10 · Price GBX 167.80 · Value 53.78 · Buy at or below 53.78; 2019-11 · Price GBX 171.54 · Value 53.78 · Buy at or below 53.78; 2019-12 · Price GBX 179.64 · Value 53.78 · Buy at or below 53.78; 2020-01 · Price GBX 168.00 · Value 53.78 · Buy at or below 53.78; 2020-02 · Price GBX 148.74 · Value 54.91 · Buy at or below 54.91; 2020-03 · Price GBX 94.11 · Value 54.91 · Buy at or below 54.91; 2020-04 · Price GBX 105.90 · Value 54.91 · Buy at or below 54.91; 2020-05 · Price GBX 115.24 · Value 54.91 · Buy at or below 54.91; 2020-06 · Price GBX 114.42 · Value 54.91 · Buy at or below 54.91; 2020-07 · Price GBX 100.56 · Value 54.91 · Buy at or below 54.91; 2020-08 · Price GBX 111.96 · Value 54.91 · Buy at or below 54.91; 2020-09 · Price GBX 97.61 · Value 54.91 · Buy at or below 54.91; 2020-10 · Price GBX 106.56 · Value 54.91 · Buy at or below 54.91; 2020-11 · Price GBX 134.56 · Value 54.91 · Buy at or below 54.91; 2020-12 · Price GBX 146.68 · Value 54.91 · Buy at or below 54.91; 2021-01 · Price GBX 133.54 · Value 54.91 · Buy at or below 54.91; 2021-02 · Price GBX 159.60 · Value 85.29 · Buy at or below 85.29; 2021-03 · Price GBX 185.92 · Value 85.29 · Buy at or below 85.29; 2021-04 · Price GBX 175.50 · Value 85.29 · Buy at or below 85.29; 2021-05 · Price GBX 183.10 · Value 85.29 · Buy at or below 85.29; 2021-06 · Price GBX 171.12 · Value 85.29 · Buy at or below 85.29; 2021-07 · Price GBX 174.50 · Value 85.29 · Buy at or below 85.29; 2021-08 · Price GBX 184.90 · Value 85.29 · Buy at or below 85.29; 2021-09 · Price GBX 189.60 · Value 85.29 · Buy at or below 85.29; 2021-10 · Price GBX 202.25 · Value 85.29 · Buy at or below 85.29; 2021-11 · Price GBX 184.22 · Value 85.29 · Buy at or below 85.29; 2021-12 · Price GBX 187.00 · Value 85.29 · Buy at or below 85.29; 2022-01 · Price GBX 197.22 · Value 85.29 · Buy at or below 85.29; 2022-02 · Price GBX 182.88 · Value 98.74 · Buy at or below 98.74; 2022-03 · Price GBX 148.30 · Value 98.74 · Buy at or below 98.74; 2022-04 · Price GBX 148.20 · Value 98.74 · Buy at or below 98.74; 2022-05 · Price GBX 169.06 · Value 98.74 · Buy at or below 98.74; 2022-06 · Price GBX 153.12 · Value 98.74 · Buy at or below 98.74; 2022-07 · Price GBX 157.18 · Value 98.74 · Buy at or below 98.74; 2022-08 · Price GBX 164.50 · Value 98.74 · Buy at or below 98.74; 2022-09 · Price GBX 144.30 · Value 98.74 · Buy at or below 98.74; 2022-10 · Price GBX 147.76 · Value 98.74 · Buy at or below 98.74; 2022-11 · Price GBX 161.24 · Value 98.74 · Buy at or below 98.74; 2022-12 · Price GBX 158.52 · Value 98.74 · Buy at or below 98.74; 2023-01 · Price GBX 185.84 · Value 98.74 · Buy at or below 98.74; 2023-02 · Price GBX 174.64 · Value 107.46 · Buy at or below 107.46; 2023-03 · Price GBX 145.80 · Value 107.46 · Buy at or below 107.46; 2023-04 · Price GBX 159.88 · Value 107.46 · Buy at or below 107.46; 2023-05 · Price GBX 151.34 · Value 107.46 · Buy at or below 107.46; 2023-06 · Price GBX 153.38 · Value 107.46 · Buy at or below 107.46; 2023-07 · Price GBX 154.96 · Value 107.46 · Buy at or below 107.46; 2023-08 · Price GBX 147.36 · Value 107.46 · Buy at or below 107.46; 2023-09 · Price GBX 158.94 · Value 107.46 · Buy at or below 107.46; 2023-10 · Price GBX 131.60 · Value 107.46 · Buy at or below 107.46; 2023-11 · Price GBX 141.04 · Value 107.46 · Buy at or below 107.46; 2023-12 · Price GBX 153.78 · Value 107.46 · Buy at or below 107.46; 2024-01 · Price GBX 148.42 · Value 107.46 · Buy at or below 107.46; 2024-02 · Price GBX 164.46 · Value 123.28 · Buy at or below 123.28; 2024-03 · Price GBX 183.20 · Value 123.28 · Buy at or below 123.28; 2024-04 · Price GBX 202.70 · Value 123.28 · Buy at or below 123.28; 2024-05 · Price GBX 220.00 · Value 123.28 · Buy at or below 123.28; 2024-06 · Price GBX 208.90 · Value 123.28 · Buy at or below 123.28; 2024-07 · Price GBX 233.80 · Value 123.28 · Buy at or below 123.28; 2024-08 · Price GBX 228.40 · Value 123.28 · Buy at or below 123.28; 2024-09 · Price GBX 224.55 · Value 123.28 · Buy at or below 123.28; 2024-10 · Price GBX 237.50 · Value 123.28 · Buy at or below 123.28; 2024-11 · Price GBX 263.80 · Value 123.28 · Buy at or below 123.28; 2024-12 · Price GBX 268.15 · Value 123.28 · Buy at or below 123.28; 2025-01 · Price GBX 297.00 · Value 123.28 · Buy at or below 123.28; 2025-02 · Price GBX 311.30 · Value 242.69 · Buy at or below 242.69; 2025-03 · Price GBX 287.80 · Value 242.69 · Buy at or below 242.69; 2025-04 · Price GBX 296.80 · Value 242.69 · Buy at or below 242.69; 2025-05 · Price GBX 327.50 · Value 242.69 · Buy at or below 242.69; 2025-06 · Price GBX 337.30 · Value 242.69 · Buy at or below 242.69; 2025-07 · Price GBX 371.30 · Value 242.69 · Buy at or below 242.69; 2025-08 · Price GBX 360.40 · Value 242.69 · Buy at or below 242.69; 2025-09 · Price GBX 379.60 · Value 242.69 · Buy at or below 242.69; 2025-10 · Price GBX 407.00 · Value 242.69 · Buy at or below 242.69; 2025-11 · Price GBX 430.25 · Value 242.69 · Buy at or below 242.69; 2025-12 · Price GBX 475.95 · Value 242.69 · Buy at or below 242.69; 2026-01 · Price GBX 486.20 · Value 242.69 · Buy at or below 242.69; 2026-02 · Price GBX 452.85 · Value 367.17 · Buy at or below 367.17; 2026-03 · Price GBX 389.45 · Value 367.17 · Buy at or below 367.17; 2026-04 · Price GBX 431.45 · Value 367.17 · Buy at or below 367.17; 2026-05 · Price GBX 457.95 · Value 367.17 · Buy at or below 367.17; 2026-06 · Price GBX 506.60 · Value 367.17 · Buy at or below 367.17; 2026-07 · Price GBX 508.70 · Value 367.17 · Buy at or below 367.17; 2026-08 · Price GBX 496.65 · Value 367.17 · Buy at or below 367.17; 2026-09 · Price GBX 457.55 · Value 367.17 · Buy at or below 367.17; 2026-10 · Price GBX 436.05 · Value 367.17 · Buy at or below 367.17; 2026-10 · Price GBX 432.40 · Value 367.17 · Buy at or below 367.17

GBX per share · annual estimates

Price & return math
Value range	GBX 333.79 – GBX 407.96
Buy at or below	Central value GBX 367.17
Discount to value	1 − 432.40 / 367.17 = -17.8%
Return / year	About 8.5% a year at today's price (required return 10.0%)
Cash-flow inputs	Book GBX 520.51/share; ROE 7.1%; first payout GBX 36.72/share, growing 0.0% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net incomeGBP 7.2B

Net income

Book / shareGBP 5.01

Book / share

Dividend / shareGBP 0.16

Dividend / share

Return on tangible equity10.3%

Return on tangible equity

Diluted shares14B

Diluted shares

Prices 15 Oct 2026 · FY2025Original filing ↗ ·