# Galliford Try (GFRD.LSE)

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

Analysis as of: 2026-10-16T07:44:29.518Z. Financial observations: FY1997–FY2026.

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 672.00 per share; close as of 2026-10-15.

Estimated value: low GBX 734.48 per share, central GBX 804.97 per share, high GBX 898.81 per share. Buy at or below the central value GBX 804.97 per share. Valuation as of 2026-10-16T07:44:29.518Z; scenarios are not confidence intervals.

Expected annual return: 12.2% at the stated quote. About 12.2% 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

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 2

- Operating margin variation: 2.60×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.04×

- FY2018: 0.06×

- FY2019: -0.02×

- FY2020: -0.06×

- FY2021: 0.01×

- FY2022: 0.01×

- FY2023: 0.01×

- FY2024: 0.01×

- FY2025: 0.02×

- FY2026: 0.03×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

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

- ROIC, median of available years: 12.1%

- ROIC, second-lowest year: -3.1%

- Typical minus recent gross margin: -0.9 pp

- Typical gross margin (annual median): 7.2%

- Recent gross margin (lower of latest and 3-year median): 8.1%

- Years with nonpositive capital: 7

- Capital spending / revenue: 0.2%

- ROIC including acquisitions, ten-year median: 8.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 20.9%

- FY2018: 27.9%

- FY2019: -3.1%

- FY2020: -35.6%

- FY2021: 5.6%

- FY2022: 10.2%

- FY2023: 8.7%

- FY2024: 14.1%

- FY2025: 17.2%

- FY2026: 19.9%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 1.45×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: GBP 183M

- Net income, five-year total: GBP 126M

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: -6.5 pp

- Working capital / revenue, change between three-year averages: -45.5 pp

- Working capital / revenue, final three-year average: 7.2%

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

- FY2022: 1.72×

- FY2023: 1.78×

- FY2024: 1.25×

- FY2025: 1.33×

- FY2026: 1.59×

### management: fail

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

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 20.9% vs 17.2%

- Per-share earnings: 1.07 to 0.35 (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: 2.2%

- Ordinary dilution, 5-year annual growth: -1.2%

- Market cap gain: GBP 452M

- Cumulative retained earnings: GBP -391M

- Diluted shares, 10-year annual growth: 2.2%

- Diluted shares, 5-year annual growth: -1.2%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: -13.2%

- Per-share value change: GBP -0.72

- Per-share value, starting three-year median: GBP 1.07

- Per-share value, ending three-year median: GBP 0.35

- Buybacks concentrated in cheaper years (correlation): -0.10

- Average buyback yield: 2.7%

- Buyback history: 8 years

- Debt-funded buybacks: No

- Acquisition spending: GBP 66M

- Cumulative net income, 10 years: GBP 244M

- ROIC, first three-year median: 20.9%

- ROIC, last three-year median: 17.2%

Chart: Earnings per share; fiscal year observations.

- FY2017: GBP 0.59

- FY2018: GBP 1.07

- FY2019: GBP -0.45

- FY2020: GBP -0.07

- FY2021: GBP 0.07

- FY2022: GBP 0.05

- FY2023: GBP 0.09

- FY2024: GBP 0.35

- FY2025: GBP 0.33

- FY2026: GBP 0.40

### accounting: pass

- Sloan accruals: -4.8%

- Receivables to sales index (DSRI): 1.00×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.99×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.78×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -1.6%

- FY2018: 1.2%

- FY2019: 0.4%

- FY2020: 23.1%

- FY2021: -8.8%

- FY2022: -2.5%

- FY2023: -3.7%

- FY2024: -2.4%

- FY2025: -3.9%

- FY2026: -4.8%

## Holders

## Price story

Price needs cash profits to shrink 2.4% a year for ten years · "Galliford Try CFO on strong H1, raised 2026 outlook" (finance.yahoo.com, Mar 2026) · sales +3%

Story as of 2026-10-16T10:00:13.070Z; price observation 2026-10-15.

Price needs cash profits to shrink 2.4% a year for ten years

- 2026-07-14: Galliford Try hits top of profit guidance with margins and cash both rising ([finance.yahoo.com](https://finance.yahoo.com/video/galliford-try-hits-top-profit-152258229.html))

- 2026-09-16: Galliford Try's Kris Hampson: Sixth straight year of growth as order book hits £4.3bn ([finance.yahoo.com](https://finance.yahoo.com/video/galliford-trys-kris-hampson-sixth-152521540.html))

### Sales · FY2025–2026

sales +3%; source https://filings.xbrl.org/213800MR6DRHCJIV8113/2026-06-30/ESEF/GB/0/213800MR6DRHCJIV8113-2026-06-30/reports/213800MR6DRHCJIV8113-2026-06-30-T01.html; observed 2026-10-06.

- FY2017: GBP 2.7B 

- FY2018: GBP 2.9B 

- FY2019: GBP 1.4B 

- FY2020: GBP 1.1B 

- FY2021: GBP 1.1B 

- FY2022: GBP 1.2B 

- FY2023: GBP 1.4B 

- FY2024: GBP 1.8B 

- FY2025: GBP 1.9B 

- FY2026: GBP 1.9B 

### Gross margin · FY2026

gross margin 9%; source https://filings.xbrl.org/213800MR6DRHCJIV8113/2026-06-30/ESEF/GB/0/213800MR6DRHCJIV8113-2026-06-30/reports/213800MR6DRHCJIV8113-2026-06-30-T01.html; observed 2026-10-06.

- FY2017: 9.6% 

- FY2018: 11.3% 

- FY2019: 3.7% 

- FY2020: 0.1% 

- FY2021: 6.5% 

- FY2022: 6.7% 

- FY2023: 7.0% 

- FY2024: 7.4% 

- FY2025: 8.1% 

- FY2026: 9.0% 

## Owner memo

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

### How it makes money

Operates in engineering & construction; annual sales are GBP 1.9 billion.

- Source: https://filings.xbrl.org/213800MR6DRHCJIV8113/2026-06-30/ESEF/GB/0/213800MR6DRHCJIV8113-2026-06-30/reports/213800MR6DRHCJIV8113-2026-06-30-T01.html (filed 2026-10-06); FY2026: revenue 1931100000; grossProfit 174200000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); GFRD.LSE: Galliford Try Holdings plc, together with its subsidiaries, operates in the construction business in the United Kingdom. It engages in the buildings, and highways and environment related construction businesses. The company also provides asset intelligence, investment, facilities management, physical and electronic security and fire protection, and facade remediation and installation services. In addition, it offers end-to-end services for land acquisition and planning, 5G and connectivity solutions, and large-scale electric vehicle charging infrastructure. The company serves education, defence, health, custodial and judicial, residential, commercial, infrastructure, environment, asset intelligent, investment, digital infrastructure, and facilities management sectors. Galliford Try Holdings plc was incorporated in 2019 and is based in Uxbridge, the United Kingdom.

### Why customers stay

Margins ranged from 7.4% to 9% during 2024–26; it earns 12.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-06); FY2024: grossProfit / revenue = 7.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-06); FY2025: grossProfit / revenue = 8.1%.

- Source: https://filings.xbrl.org/213800MR6DRHCJIV8113/2026-06-30/ESEF/GB/0/213800MR6DRHCJIV8113-2026-06-30/reports/213800MR6DRHCJIV8113-2026-06-30-T01.html (filed 2026-10-06); FY2026: grossProfit / revenue = 9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-06); 10-year return on capital observations [[2017,0.20944399906470254],[2018,0.27869953240791606],[2019,-0.030706229394412633],[2020,-0.3557212885154062],[2021,0.05628467297438015],[2022,0.10197578075207138],[2023,0.08741375088681982],[2024,0.14082098061573547],[2025,0.17195917593870974],[2026,0.19893889716840535]]; median 0.12139838068390343. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 7% gross margin through 2022 cost inflation.

- Source: https://filings.xbrl.org/213800MR6DRHCJIV8113/2026-06-30/ESEF/GB/0/213800MR6DRHCJIV8113-2026-06-30/reports/213800MR6DRHCJIV8113-2026-06-30-T01.html (filed 2026-10-06); Gross margin observations: [[2021,0.064900426742532],[2022,0.06708697057872616],[2023,0.0702446724546172]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back GBP 14.3 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-06); FY2017: growth capex 0; upkeep 5100000; owner earnings 50200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-06); FY2018: growth capex 0; upkeep 4600000; owner earnings 120800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-06); FY2020: growth capex 0; upkeep 1400000; owner earnings 140000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-06); FY2021: growth capex 0; upkeep 2100000; owner earnings 15060000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-06); FY2022: growth capex 0; upkeep 5000000; owner earnings 10840000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-06); FY2023: growth capex 0; upkeep 2200000; owner earnings 16180000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-06); FY2024: growth capex 0; upkeep 1000000; owner earnings 45300000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-06); FY2025: growth capex 0; upkeep 2400000; owner earnings 44840000. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/213800MR6DRHCJIV8113/2026-06-30/ESEF/GB/0/213800MR6DRHCJIV8113-2026-06-30/reports/213800MR6DRHCJIV8113-2026-06-30-T01.html (filed 2026-10-06); FY2026: growth capex 0; upkeep 1200000; owner earnings 65500000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-06); Dividend observations: [[2017,72800000],[2018,75900000],[2019,79900000],[2020,38900000],[2021,1300000],[2022,6300000],[2023,9600000],[2024,24200000],[2025,17500000],[2026,20300000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://filings.xbrl.org/213800MR6DRHCJIV8113/2026-06-30/ESEF/GB/0/213800MR6DRHCJIV8113-2026-06-30/reports/213800MR6DRHCJIV8113-2026-06-30-T01.html (filed 2026-10-06); FY2026: cash repurchases 14300000 GBP.

### Are managers owners

Insiders own 6.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); GFRD.LSE SharesStats.PercentInsiders = 6.583 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 2.4% yearly over ten years; actual decline was 7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-06); Ten-year compound average after fade. Initial solved rate -0.04602218493078386. Price 672; FX 100; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 1.3088218680217198 → FY2026 0.6344931804091755. Closing-price date 2026-10-15.

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

- 2016-10: GBX 116.25 per share

- 2016-11: GBX 119.85 per share

- 2016-12: GBX 122.41 per share

- 2017-01: GBX 127.91 per share

- 2017-02: GBX 143.74 per share

- 2017-03: GBX 139.57 per share

- 2017-04: GBX 136.54 per share

- 2017-05: GBX 118.52 per share

- 2017-06: GBX 110.08 per share

- 2017-07: GBX 128.57 per share

- 2017-08: GBX 131.99 per share

- 2017-09: GBX 128.29 per share

- 2017-10: GBX 115.68 per share

- 2017-11: GBX 111.98 per share

- 2017-12: GBX 121.93 per share

- 2018-01: GBX 103.54 per share

- 2018-02: GBX 87.04 per share

- 2018-03: GBX 88.00 per share

- 2018-04: GBX 96.74 per share

- 2018-05: GBX 101.43 per share

- 2018-06: GBX 92.05 per share

- 2018-07: GBX 98.27 per share

- 2018-08: GBX 102.22 per share

- 2018-09: GBX 106.55 per share

- 2018-10: GBX 92.11 per share

- 2018-11: GBX 75.83 per share

- 2018-12: GBX 65.66 per share

- 2019-01: GBX 74.72 per share

- 2019-02: GBX 77.93 per share

- 2019-03: GBX 70.24 per share

- 2019-04: GBX 57.12 per share

- 2019-05: GBX 65.87 per share

- 2019-06: GBX 66.45 per share

- 2019-07: GBX 62.39 per share

- 2019-08: GBX 61.70 per share

- 2019-09: GBX 70.56 per share

- 2019-10: GBX 77.25 per share

- 2019-11: GBX 77.35 per share

- 2019-12: GBX 90.58 per share

- 2020-01: GBX 149.22 per share

- 2020-02: GBX 154.62 per share

- 2020-03: GBX 131.56 per share

- 2020-04: GBX 151.24 per share

- 2020-05: GBX 117.14 per share

- 2020-06: GBX 118.34 per share

- 2020-07: GBX 95.61 per share

- 2020-08: GBX 86.06 per share

- 2020-09: GBX 77.02 per share

- 2020-10: GBX 71.37 per share

- 2020-11: GBX 109.10 per share

- 2020-12: GBX 123.52 per share

- 2021-01: GBX 122.90 per share

- 2021-02: GBX 136.48 per share

- 2021-03: GBX 127.00 per share

- 2021-04: GBX 125.50 per share

- 2021-05: GBX 125.80 per share

- 2021-06: GBX 140.70 per share

- 2021-07: GBX 159.20 per share

- 2021-08: GBX 170.10 per share

- 2021-09: GBX 182.00 per share

- 2021-10: GBX 200.00 per share

- 2021-11: GBX 168.00 per share

- 2021-12: GBX 179.80 per share

- 2022-01: GBX 175.00 per share

- 2022-02: GBX 175.30 per share

- 2022-03: GBX 177.80 per share

- 2022-04: GBX 175.00 per share

- 2022-05: GBX 175.00 per share

- 2022-06: GBX 170.00 per share

- 2022-07: GBX 170.20 per share

- 2022-08: GBX 157.60 per share

- 2022-09: GBX 147.00 per share

- 2022-10: GBX 165.20 per share

- 2022-11: GBX 157.40 per share

- 2022-12: GBX 159.00 per share

- 2023-01: GBX 169.20 per share

- 2023-02: GBX 175.00 per share

- 2023-03: GBX 172.40 per share

- 2023-04: GBX 177.60 per share

- 2023-05: GBX 180.20 per share

- 2023-06: GBX 194.60 per share

- 2023-07: GBX 198.00 per share

- 2023-08: GBX 196.00 per share

- 2023-09: GBX 243.50 per share

- 2023-10: GBX 216.50 per share

- 2023-11: GBX 218.50 per share

- 2023-12: GBX 225.00 per share

- 2024-01: GBX 247.50 per share

- 2024-02: GBX 240.00 per share

- 2024-03: GBX 240.00 per share

- 2024-04: GBX 241.00 per share

- 2024-05: GBX 267.00 per share

- 2024-06: GBX 239.00 per share

- 2024-07: GBX 307.00 per share

- 2024-08: GBX 300.00 per share

- 2024-09: GBX 308.00 per share

- 2024-10: GBX 388.00 per share

- 2024-11: GBX 378.00 per share

- 2024-12: GBX 388.00 per share

- 2025-01: GBX 373.00 per share

- 2025-02: GBX 355.00 per share

- 2025-03: GBX 350.00 per share

- 2025-04: GBX 389.00 per share

- 2025-05: GBX 410.50 per share

- 2025-06: GBX 419.50 per share

- 2025-07: GBX 436.50 per share

- 2025-08: GBX 428.00 per share

- 2025-09: GBX 526.00 per share

- 2025-10: GBX 519.00 per share

- 2025-11: GBX 505.00 per share

- 2025-12: GBX 520.00 per share

- 2026-01: GBX 524.00 per share

- 2026-02: GBX 549.00 per share

- 2026-03: GBX 479.50 per share

- 2026-04: GBX 522.00 per share

- 2026-05: GBX 522.00 per share

- 2026-06: GBX 526.00 per share

- 2026-07: GBX 590.00 per share

- 2026-08: GBX 608.00 per share

- 2026-09: GBX 706.00 per share

- 2026-10: GBX 672.00 per share

## Annual estimated value (GBX per share)

- FY2017: low GBX 2,719.13 per share, central GBX 2,912.68 per share, high GBX 3,170.33 per share

- FY2018: low GBX 1,964.43 per share, central GBX 2,128.93 per share, high GBX 2,347.90 per share

- FY2019: low GBX 1,055.01 per share, central GBX 1,130.36 per share, high GBX 1,230.68 per share

- FY2020: low GBX 352.94 per share, central GBX 380.27 per share, high GBX 416.64 per share

- FY2021: low GBX 326.77 per share, central GBX 347.46 per share, high GBX 375.02 per share

- FY2022: low GBX 271.18 per share, central GBX 285.35 per share, high GBX 304.21 per share

- FY2023: low GBX 310.86 per share, central GBX 328.42 per share, high GBX 351.79 per share

- FY2024: low GBX 398.06 per share, central GBX 427.70 per share, high GBX 467.16 per share

- FY2025: low GBX 459.16 per share, central GBX 495.77 per share, high GBX 544.51 per share

- FY2026: low GBX 702.40 per share, central GBX 769.81 per share, high GBX 859.55 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 2026-10-15T06:50:17.382Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/213800MR6DRHCJIV8113/2026-06-30/ESEF/GB/0/213800MR6DRHCJIV8113-2026-06-30/reports/213800MR6DRHCJIV8113-2026-06-30-T01.html); period 2026-06-30, filed 2026-10-06.

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.