# British Land Company (BLND.LSE)

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

Analysis as of: 2026-10-16T07:37:10.337Z. Financial observations: FY1997–FY2026.

Listing currency: GBX. Reporting currency: GBP.

## Verdict

Not a wonderful business

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

Share price: GBX 422.40 per share; close as of 2026-10-15.

Estimated value: low GBX 132.16 per share, central GBX 150.39 per share, high GBX 174.64 per share. Buy at or below the central value GBX 150.39 per share. Valuation as of 2026-10-16T07:37:10.337Z; scenarios are not confidence intervals.

Expected annual return: 5.4% at the stated quote. About 5.4% 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: fail

- 4 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 5

- Operating margin variation: 0.11×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.68×

- FY2018: 0.62×

- FY2019: 0.51×

- FY2020: 0.57×

- FY2021: 0.51×

- FY2022: 0.46×

- FY2023: 0.56×

- FY2024: 0.60×

- FY2025: 0.55×

- FY2026: 0.51×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 2.9%

- ROIC, second-lowest year: 2.4%

- Typical minus recent gross margin: 0.5 pp

- Typical gross margin (annual median): 72.5%

- Recent gross margin (lower of latest and 3-year median): 72.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 35.9%

- ROIC including acquisitions, ten-year median: -0.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 3.9%

- FY2018: 3.7%

- FY2019: 3.4%

- FY2020: 2.8%

- FY2021: 2.5%

- FY2022: 2.0%

- FY2023: 2.4%

- FY2024: 3.0%

- FY2025: 2.9%

- FY2026: 3.0%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: -0.46×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: GBP -326M

- Net income, five-year total: GBP 716M

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: -3.9 pp

- Working capital / revenue, change between three-year averages: -25.9 pp

- Working capital / revenue, final three-year average: -3.9%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 0.71×

- FY2023: 1.21×

- FY2024: 26.40×

- FY2025: 0.32×

- FY2026: 0.36×

### management: fail

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 3.7% vs 3.0%

- Per-share earnings: 0.46 to 0.34 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.8%

- Ordinary dilution, 5-year annual growth: 1.5%

- Market cap gain: GBP -3.1B

- Cumulative retained earnings: GBP -3.5B

- Diluted shares, 10-year annual growth: -0.8%

- Diluted shares, 5-year annual growth: 1.5%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: -3.7%

- Per-share value change: GBP -0.12

- Per-share value, starting three-year median: GBP 0.46

- Per-share value, ending three-year median: GBP 0.34

- Buybacks concentrated in cheaper years (correlation): -0.29

- Average buyback yield: 2.0%

- Buyback history: 7 years

- Debt-funded buybacks: Yes

- Acquisition spending: GBP 13M

- Cumulative net income, 10 years: GBP -947M

- ROIC, first three-year median: 3.7%

- ROIC, last three-year median: 3.0%

Chart: Earnings per share; fiscal year observations.

- FY2017: GBP 0.18

- FY2018: GBP 0.46

- FY2019: GBP -0.27

- FY2020: GBP -0.96

- FY2021: GBP -1.11

- FY2022: GBP 1.04

- FY2023: GBP -1.12

- FY2024: GBP -0.00

- FY2025: GBP 0.34

- FY2026: GBP 0.45

### accounting: pass

- Sloan accruals: 1.5%

- Receivables to sales index (DSRI): 0.82×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.68×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -1.3%

- FY2018: 1.1%

- FY2019: -7.4%

- FY2020: -12.5%

- FY2021: -13.3%

- FY2022: 7.2%

- FY2023: -15.4%

- FY2024: -5.1%

- FY2025: 0.8%

- FY2026: 1.5%

## Holders

## Price story

Down 23% since Jan 2022 · sales +15.6%

Story as of 2026-10-16T10:00:08.783Z; price observation 2026-10-15.

Price needs cash profits to grow 13.9% a year for ten years

- 2026-04-21: Landlord British Land hikes guidance amid strong demand from AI firms ([uk.finance.yahoo.com](https://uk.finance.yahoo.com/news/landlord-british-land-hikes-guidance-080615019.html))

- 2026-05-20: AI-boosted office demand drives British Land to stronger profits ([uk.finance.yahoo.com](https://uk.finance.yahoo.com/news/ai-boosted-office-demand-drives-072643316.html))

### Sales · FY2025–2026

sales +15.6%; source https://filings.xbrl.org/RV5B68J2GV3QGMRPW209/2026-03-31/ESEF/GB/0/RV5B68J2GV3QGMRPW209-2026-03-31/reports/RV5B68J2GV3QGMRPW209-2026-03-31-T01.xhtml; observed 2026-06-11.

- FY2017: GBP 716M 

- FY2018: GBP 741M 

- FY2019: GBP 971M 

- FY2020: GBP 670M 

- FY2021: GBP 520M 

- FY2022: GBP 412M 

- FY2023: GBP 418M 

- FY2024: GBP 575M 

- FY2025: GBP 454M 

- FY2026: GBP 525M 

### Gross margin · FY2026

gross margin 72%; source https://filings.xbrl.org/RV5B68J2GV3QGMRPW209/2026-03-31/ESEF/GB/0/RV5B68J2GV3QGMRPW209-2026-03-31/reports/RV5B68J2GV3QGMRPW209-2026-03-31-T01.xhtml; observed 2026-06-11.

- FY2017: 79.3% 

- FY2018: 73.0% 

- FY2019: 58.9% 

- FY2020: 67.5% 

- FY2021: 65.4% 

- FY2022: 67.7% 

- FY2023: 76.8% 

- FY2024: 74.6% 

- FY2025: 72.9% 

- FY2026: 72.0% 

## Owner memo

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

### How it makes money

Operates in property rentals; annual sales are GBP 525 million.

- Source: https://filings.xbrl.org/RV5B68J2GV3QGMRPW209/2026-03-31/ESEF/GB/0/RV5B68J2GV3QGMRPW209-2026-03-31/reports/RV5B68J2GV3QGMRPW209-2026-03-31-T01.xhtml (filed 2026-06-11); FY2026: revenue 525000000; grossProfit 378000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BLND.LSE: British Land Company PLC is a UK commercial property company focused on real estate sectors with the strongest operational fundamentals: London campuses and retail parks. We own or manage a portfolio valued at 15.8bn pounds (British Land share: 10.1bn pounds) as at 31 March 2026. Their purpose is to create and manage Places People Prefer " outstanding places that deliver positive outcomes for all stakeholders on a long term, sustainable basis. They do this by leveraging their best-in-class platform and proven expertise in development, repositioning and active asset management. British Land Company PLC was incorporated in 1856 in United Kingdom.

### Why customers stay

Margins ranged from 72% to 74.6% during 2024–26; it earns 2.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-11); FY2024: grossProfit / revenue = 74.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-11); FY2025: grossProfit / revenue = 72.9%.

- Source: https://filings.xbrl.org/RV5B68J2GV3QGMRPW209/2026-03-31/ESEF/GB/0/RV5B68J2GV3QGMRPW209-2026-03-31/reports/RV5B68J2GV3QGMRPW209-2026-03-31-T01.xhtml (filed 2026-06-11); FY2026: grossProfit / revenue = 72%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-11); 10-year return on capital observations [[2017,0.0386699284225786],[2018,0.03675958450287558],[2019,0.034217800862752],[2020,0.02849624060150376],[2021,0.025278479489955492],[2022,0.02034295452124827],[2023,0.023659383033419024],[2024,0.0296158940397351],[2025,0.028968536703736975],[2026,0.030470601512244667]]; median 0.029292215371736038. 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 2 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-11); FY2018: growth capex 2959145.9525363743; upkeep 187040854.04746363; owner earnings 311959145.95253634. Growth capex / owner earnings = 0.009485684234392024.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-11); FY2022: growth capex 0; upkeep 259000000; owner earnings 682800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-11); FY2025: growth capex 0; upkeep 216000000; owner earnings 107200000. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/RV5B68J2GV3QGMRPW209/2026-03-31/ESEF/GB/0/RV5B68J2GV3QGMRPW209-2026-03-31/reports/RV5B68J2GV3QGMRPW209-2026-03-31-T01.xhtml (filed 2026-06-11); FY2026: growth capex 0; upkeep 124000000; owner earnings 163200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-11); Dividend observations: [[2017,295000000],[2018,304000000],[2019,298000000],[2020,295000000],[2021,76000000],[2022,155000000],[2023,213000000],[2024,213000000],[2025,220000000],[2026,229000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://filings.xbrl.org/RV5B68J2GV3QGMRPW209/2026-03-31/ESEF/GB/0/RV5B68J2GV3QGMRPW209-2026-03-31/reports/RV5B68J2GV3QGMRPW209-2026-03-31-T01.xhtml (filed 2026-06-11); FY2026: cash repurchases 2000000 GBP.

### Are managers owners

Insiders own 0.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BLND.LSE SharesStats.PercentInsiders = 0.265 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 13.9% yearly over ten years; actual decline was 16.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-11); Ten-year compound average after fade. Initial solved rate 0.18852912679621425. Price 422.4; FX 100; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 1.0009182736455464 → FY2026 0.162577652745291. Closing-price date 2026-10-15.

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

- 2016-10: GBX 585.50 per share

- 2016-11: GBX 591.50 per share

- 2016-12: GBX 629.50 per share

- 2017-01: GBX 583.00 per share

- 2017-02: GBX 617.50 per share

- 2017-03: GBX 610.00 per share

- 2017-04: GBX 656.50 per share

- 2017-05: GBX 634.00 per share

- 2017-06: GBX 605.50 per share

- 2017-07: GBX 610.50 per share

- 2017-08: GBX 611.50 per share

- 2017-09: GBX 602.00 per share

- 2017-10: GBX 601.00 per share

- 2017-11: GBX 629.00 per share

- 2017-12: GBX 691.50 per share

- 2018-01: GBX 668.60 per share

- 2018-02: GBX 628.00 per share

- 2018-03: GBX 642.00 per share

- 2018-04: GBX 672.40 per share

- 2018-05: GBX 678.00 per share

- 2018-06: GBX 672.20 per share

- 2018-07: GBX 660.20 per share

- 2018-08: GBX 635.60 per share

- 2018-09: GBX 616.80 per share

- 2018-10: GBX 592.00 per share

- 2018-11: GBX 564.60 per share

- 2018-12: GBX 533.20 per share

- 2019-01: GBX 573.40 per share

- 2019-02: GBX 604.20 per share

- 2019-03: GBX 589.00 per share

- 2019-04: GBX 594.00 per share

- 2019-05: GBX 534.00 per share

- 2019-06: GBX 538.40 per share

- 2019-07: GBX 508.00 per share

- 2019-08: GBX 509.80 per share

- 2019-09: GBX 584.80 per share

- 2019-10: GBX 620.60 per share

- 2019-11: GBX 575.60 per share

- 2019-12: GBX 638.80 per share

- 2020-01: GBX 554.60 per share

- 2020-02: GBX 501.00 per share

- 2020-03: GBX 336.20 per share

- 2020-04: GBX 404.60 per share

- 2020-05: GBX 407.30 per share

- 2020-06: GBX 386.40 per share

- 2020-07: GBX 366.10 per share

- 2020-08: GBX 365.70 per share

- 2020-09: GBX 337.40 per share

- 2020-10: GBX 348.60 per share

- 2020-11: GBX 471.70 per share

- 2020-12: GBX 489.00 per share

- 2021-01: GBX 448.70 per share

- 2021-02: GBX 489.60 per share

- 2021-03: GBX 504.80 per share

- 2021-04: GBX 518.40 per share

- 2021-05: GBX 510.00 per share

- 2021-06: GBX 494.90 per share

- 2021-07: GBX 510.60 per share

- 2021-08: GBX 530.20 per share

- 2021-09: GBX 495.20 per share

- 2021-10: GBX 494.30 per share

- 2021-11: GBX 508.80 per share

- 2021-12: GBX 531.00 per share

- 2022-01: GBX 550.20 per share

- 2022-02: GBX 529.60 per share

- 2022-03: GBX 530.40 per share

- 2022-04: GBX 517.80 per share

- 2022-05: GBX 525.60 per share

- 2022-06: GBX 447.10 per share

- 2022-07: GBX 492.00 per share

- 2022-08: GBX 430.80 per share

- 2022-09: GBX 350.70 per share

- 2022-10: GBX 365.90 per share

- 2022-11: GBX 394.30 per share

- 2022-12: GBX 395.10 per share

- 2023-01: GBX 442.40 per share

- 2023-02: GBX 446.70 per share

- 2023-03: GBX 387.80 per share

- 2023-04: GBX 400.20 per share

- 2023-05: GBX 343.00 per share

- 2023-06: GBX 302.80 per share

- 2023-07: GBX 338.00 per share

- 2023-08: GBX 323.60 per share

- 2023-09: GBX 316.90 per share

- 2023-10: GBX 297.50 per share

- 2023-11: GBX 351.60 per share

- 2023-12: GBX 399.60 per share

- 2024-01: GBX 382.00 per share

- 2024-02: GBX 347.90 per share

- 2024-03: GBX 395.20 per share

- 2024-04: GBX 388.00 per share

- 2024-05: GBX 437.80 per share

- 2024-06: GBX 411.60 per share

- 2024-07: GBX 411.60 per share

- 2024-08: GBX 411.20 per share

- 2024-09: GBX 435.40 per share

- 2024-10: GBX 398.60 per share

- 2024-11: GBX 388.80 per share

- 2024-12: GBX 360.40 per share

- 2025-01: GBX 377.20 per share

- 2025-02: GBX 360.40 per share

- 2025-03: GBX 369.40 per share

- 2025-04: GBX 393.40 per share

- 2025-05: GBX 390.40 per share

- 2025-06: GBX 376.40 per share

- 2025-07: GBX 349.60 per share

- 2025-08: GBX 335.40 per share

- 2025-09: GBX 348.20 per share

- 2025-10: GBX 379.60 per share

- 2025-11: GBX 406.80 per share

- 2025-12: GBX 403.80 per share

- 2026-01: GBX 414.80 per share

- 2026-02: GBX 409.80 per share

- 2026-03: GBX 355.40 per share

- 2026-04: GBX 386.90 per share

- 2026-05: GBX 405.20 per share

- 2026-06: GBX 413.60 per share

- 2026-07: GBX 442.00 per share

- 2026-08: GBX 426.20 per share

- 2026-09: GBX 398.40 per share

- 2026-10: GBX 422.40 per share

## Annual estimated value (GBX per share)

- FY2017: low GBX 1,306.18 per share, central GBX 1,485.02 per share, high GBX 1,723.09 per share

- FY2018: low GBX 1,423.66 per share, central GBX 1,684.81 per share, high GBX 1,959.49 per share

- FY2019: low GBX 507.16 per share, central GBX 673.31 per share, high GBX 785.05 per share

- FY2026: low GBX 134.98 per share, central GBX 153.59 per share, high GBX 178.37 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 2026-10-15T06:42:59.361Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/RV5B68J2GV3QGMRPW209/2026-03-31/ESEF/GB/0/RV5B68J2GV3QGMRPW209-2026-03-31/reports/RV5B68J2GV3QGMRPW209-2026-03-31-T01.xhtml); period 2026-03-31, filed 2026-06-11.

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.