# Keller Group (KLR.LSE)

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

Analysis as of: 2026-10-16T07:39:39.638Z. Financial observations: FY1996–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 3,040.00 per share; close as of 2026-10-15.

Estimated value: low GBX 2,241.89 per share, central GBX 2,977.04 per share, high GBX 3,435.51 per share. Buy at or below the central value GBX 2,977.04 per share. Valuation as of 2026-10-16T07:39:39.638Z; scenarios are not confidence intervals.

Expected annual return: 9.8% at the stated quote. About 9.8% 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

- 1 revenue decline in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 1

- Operating margin variation: 0.42×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.05×

- FY2017: 0.06×

- FY2018: 0.01×

- FY2019: 0.03×

- FY2020: 0.04×

- FY2021: 0.03×

- FY2022: 0.02×

- FY2023: 0.05×

- FY2024: 0.07×

- FY2025: 0.07×

### moat: fail

- ROIC median below threshold

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

- Recent gross margin fell 27.9pp below the typical margin (limit 4pp)

- ROIC, median of available years: 11.3%

- ROIC, second-lowest year: 8.1%

- Typical minus recent gross margin: 27.9 pp

- Typical gross margin (annual median): 66.9%

- Recent gross margin (lower of latest and 3-year median): 39.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.4%

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

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 9.8%

- FY2017: 17.8%

- FY2018: 2.8%

- FY2019: 8.5%

- FY2020: 10.3%

- FY2021: 12.3%

- FY2022: 8.1%

- FY2023: 17.0%

- FY2024: 25.8%

- FY2025: 29.4%

### economics: pass

- Owner earnings / net income, 5-yr: 1.05×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: GBP 501M

- Net income, five-year total: GBP 477M

- Return on incremental invested capital: 79.4%

- Working capital / revenue, annual change: 0.2 pp

- Working capital / revenue, change between three-year averages: 1.0 pp

- Working capital / revenue, final three-year average: 20.5%

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

- FY2021: 0.90×

- FY2022: 1.43×

- FY2023: 1.05×

- FY2024: 1.02×

- FY2025: 1.02×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 9.8% vs 25.8%

- Per-share earnings: 0.65 to 1.93 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.2%

- Ordinary dilution, 5-year annual growth: -0.4%

- Market cap gain: GBP 574M

- Cumulative retained earnings: GBP 279M

- Diluted shares, 10-year annual growth: -0.2%

- Diluted shares, 5-year annual growth: -0.4%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 14.6%

- Per-share value change: GBP 1.28

- Per-share value, starting three-year median: GBP 0.65

- Per-share value, ending three-year median: GBP 1.93

- Buybacks concentrated in cheaper years (correlation): 0.60

- Average buyback yield: 1.3%

- Buyback history: 5 years

- Debt-funded buybacks: No

- Acquisition spending: GBP 51M

- Cumulative net income, 10 years: GBP 660M

- ROIC, first three-year median: 9.8%

- ROIC, last three-year median: 25.8%

Chart: Earnings per share; fiscal year observations.

- FY2016: GBP 0.65

- FY2017: GBP 1.21

- FY2018: GBP -0.21

- FY2019: GBP 0.30

- FY2020: GBP 0.58

- FY2021: GBP 0.77

- FY2022: GBP 0.62

- FY2023: GBP 1.20

- FY2024: GBP 1.93

- FY2025: GBP 2.00

### accounting: pass

- Sloan accruals: -6.5%

- Receivables to sales index (DSRI): 0.96×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.84×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.16×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.0%

- FY2017: -1.5%

- FY2018: -9.7%

- FY2019: -10.0%

- FY2020: -13.6%

- FY2021: -6.8%

- FY2022: -0.5%

- FY2023: -6.4%

- FY2024: -6.9%

- FY2025: -6.5%

## Holders

## Price story

Price needs cash profits to grow 6% a year for ten years · sales +3.4%

Story as of 2026-10-16T10:00:10.965Z; price observation 2026-10-15.

Price needs cash profits to grow 6% a year for ten years

### Sales · FY2024–2025

sales +3.4%; source https://filings.xbrl.org/549300QO4MBL43UHSN10/2025-12-31/ESEF/GB/0/549300QO4MBL43UHSN10-2025-12-31/reports/549300QO4MBL43UHSN10-2025-12-31-T01.xhtml; observed 2026-03-24.

- FY2016: GBP 1.8B 

- FY2017: GBP 2.1B 

- FY2018: GBP 2.2B 

- FY2019: GBP 2.3B 

- FY2020: GBP 2.1B 

- FY2021: GBP 2.2B 

- FY2022: GBP 2.9B 

- FY2023: GBP 3.0B 

- FY2024: GBP 3.0B 

- FY2025: GBP 3.1B 

### Gross margin · FY2025

gross margin 41.8%; source https://filings.xbrl.org/549300QO4MBL43UHSN10/2025-12-31/ESEF/GB/0/549300QO4MBL43UHSN10-2025-12-31/reports/549300QO4MBL43UHSN10-2025-12-31-T01.xhtml; observed 2026-03-24.

- FY2016: 69.8% 

- FY2017: 69.8% 

- FY2018: 70.1% 

- FY2019: 69.6% 

- FY2020: 71.0% 

- FY2021: 10.9% 

- FY2022: 64.2% 

- FY2023: 39.0% 

- FY2024: 13.8% 

- FY2025: 41.8% 

## Owner memo

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

### How it makes money

Operates in engineering & construction; annual sales are GBP 3.1 billion.

- Source: https://filings.xbrl.org/549300QO4MBL43UHSN10/2025-12-31/ESEF/GB/0/549300QO4MBL43UHSN10-2025-12-31/reports/549300QO4MBL43UHSN10-2025-12-31-T01.xhtml (filed 2026-03-24); FY2025: revenue 3087300000; grossProfit 1290600000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); KLR.LSE: Keller Group plc provides specialist geotechnical services in North America, Europe, the Middle East, and the Asia-Pacific. The company offers ground engineering solutions, including ground improvement services, grouting, deep foundations, earth retention, marine, and instrumentation and monitoring services, as well as post-tension systems and industrial services. It also provides bearing capacity/ settlement control, low carbon construction, containment, excavation support, stabilization, marine structures, seepage control, slope stabilization, and monitoring solutions. In addition, it provides environmental remediation and demolition. The company provides its services to the construction sector in commercial, industrial, infrastructure, institutional/public buildings, power, and residential markets. Keller Group plc was founded in 1860 and is headquartered in London, the United Kingdom.

### Why customers stay

Margins ranged from 13.8% to 41.8% during 2023–25; it earns 11.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2023: grossProfit / revenue = 39%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2024: grossProfit / revenue = 13.8%.

- Source: https://filings.xbrl.org/549300QO4MBL43UHSN10/2025-12-31/ESEF/GB/0/549300QO4MBL43UHSN10-2025-12-31/reports/549300QO4MBL43UHSN10-2025-12-31-T01.xhtml (filed 2026-03-24); FY2025: grossProfit / revenue = 41.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); 10-year return on capital observations [[2016,0.09810451727192206],[2017,0.1780760621143398],[2018,0.02774457913607649],[2019,0.0852176220806794],[2020,0.10349462365591398],[2021,0.12293604798390889],[2022,0.08111335052372745],[2023,0.1697079445020491],[2024,0.2575250197535948],[2025,0.2939740770421322]]; median 0.11321533581991144. 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 42.5 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2016: growth capex 5800000; upkeep 73000000; owner earnings 47200000. Growth capex / owner earnings = 0.1228813559322034.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2017: growth capex 7500000; upkeep 77500000; owner earnings 87100000. Growth capex / owner earnings = 0.08610792192881746.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2019: growth capex 0; upkeep 62900000; owner earnings 41720000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2020: growth capex 0; upkeep 73000000; owner earnings 53840000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2021: growth capex 0; upkeep 84400000; owner earnings 50820000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2022: growth capex 0; upkeep 81700000; owner earnings 65700000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2023: growth capex 0; upkeep 94300000; owner earnings 94080000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2024: growth capex 0; upkeep 89000000; owner earnings 145800000. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/549300QO4MBL43UHSN10/2025-12-31/ESEF/GB/0/549300QO4MBL43UHSN10-2025-12-31/reports/549300QO4MBL43UHSN10-2025-12-31-T01.xhtml (filed 2026-03-24); FY2025: growth capex 0; upkeep 90299999; owner earnings 144940001. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); Dividend observations: [[2016,20500000],[2017,21200000],[2018,26300000],[2019,26300000],[2020,25900000],[2021,25900000],[2022,26400000],[2023,27700000],[2024,34600000],[2025,36700000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://filings.xbrl.org/549300QO4MBL43UHSN10/2025-12-31/ESEF/GB/0/549300QO4MBL43UHSN10-2025-12-31/reports/549300QO4MBL43UHSN10-2025-12-31-T01.xhtml (filed 2026-03-24); FY2025: cash repurchases 42500000 GBP.

### Are managers owners

Insiders own 5.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); KLR.LSE SharesStats.PercentInsiders = 5.0520000000000005 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 6% yearly over ten years; actual growth was 49.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); Ten-year compound average after fade. Initial solved rate 0.07287612063847138. Price 3040; FX 100; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.03581267217630854 → FY2025 2.030882202107387. Closing-price date 2026-10-15.

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

- 2016-10: GBX 680.50 per share

- 2016-11: GBX 777.00 per share

- 2016-12: GBX 844.00 per share

- 2017-01: GBX 813.00 per share

- 2017-02: GBX 860.00 per share

- 2017-03: GBX 907.00 per share

- 2017-04: GBX 926.00 per share

- 2017-05: GBX 859.50 per share

- 2017-06: GBX 878.00 per share

- 2017-07: GBX 880.00 per share

- 2017-08: GBX 826.50 per share

- 2017-09: GBX 818.50 per share

- 2017-10: GBX 936.50 per share

- 2017-11: GBX 950.00 per share

- 2017-12: GBX 973.00 per share

- 2018-01: GBX 998.00 per share

- 2018-02: GBX 904.00 per share

- 2018-03: GBX 870.00 per share

- 2018-04: GBX 1,038.00 per share

- 2018-05: GBX 1,046.00 per share

- 2018-06: GBX 1,014.00 per share

- 2018-07: GBX 1,078.00 per share

- 2018-08: GBX 1,040.00 per share

- 2018-09: GBX 1,016.00 per share

- 2018-10: GBX 648.00 per share

- 2018-11: GBX 586.00 per share

- 2018-12: GBX 493.50 per share

- 2019-01: GBX 519.00 per share

- 2019-02: GBX 530.00 per share

- 2019-03: GBX 617.00 per share

- 2019-04: GBX 703.00 per share

- 2019-05: GBX 695.00 per share

- 2019-06: GBX 614.00 per share

- 2019-07: GBX 658.00 per share

- 2019-08: GBX 651.00 per share

- 2019-09: GBX 567.00 per share

- 2019-10: GBX 521.00 per share

- 2019-11: GBX 637.00 per share

- 2019-12: GBX 750.00 per share

- 2020-01: GBX 836.00 per share

- 2020-02: GBX 649.00 per share

- 2020-03: GBX 526.00 per share

- 2020-04: GBX 615.00 per share

- 2020-05: GBX 637.00 per share

- 2020-06: GBX 634.00 per share

- 2020-07: GBX 563.00 per share

- 2020-08: GBX 627.00 per share

- 2020-09: GBX 609.00 per share

- 2020-10: GBX 508.00 per share

- 2020-11: GBX 633.00 per share

- 2020-12: GBX 698.00 per share

- 2021-01: GBX 758.00 per share

- 2021-02: GBX 785.00 per share

- 2021-03: GBX 804.00 per share

- 2021-04: GBX 827.00 per share

- 2021-05: GBX 836.00 per share

- 2021-06: GBX 802.00 per share

- 2021-07: GBX 881.00 per share

- 2021-08: GBX 998.00 per share

- 2021-09: GBX 952.00 per share

- 2021-10: GBX 917.00 per share

- 2021-11: GBX 898.00 per share

- 2021-12: GBX 985.00 per share

- 2022-01: GBX 850.00 per share

- 2022-02: GBX 786.00 per share

- 2022-03: GBX 834.00 per share

- 2022-04: GBX 846.00 per share

- 2022-05: GBX 778.00 per share

- 2022-06: GBX 724.00 per share

- 2022-07: GBX 794.00 per share

- 2022-08: GBX 703.00 per share

- 2022-09: GBX 630.00 per share

- 2022-10: GBX 628.00 per share

- 2022-11: GBX 733.00 per share

- 2022-12: GBX 800.00 per share

- 2023-01: GBX 809.00 per share

- 2023-02: GBX 811.00 per share

- 2023-03: GBX 679.00 per share

- 2023-04: GBX 668.00 per share

- 2023-05: GBX 679.00 per share

- 2023-06: GBX 700.00 per share

- 2023-07: GBX 856.00 per share

- 2023-08: GBX 769.00 per share

- 2023-09: GBX 751.00 per share

- 2023-10: GBX 775.00 per share

- 2023-11: GBX 815.00 per share

- 2023-12: GBX 880.00 per share

- 2024-01: GBX 874.00 per share

- 2024-02: GBX 865.00 per share

- 2024-03: GBX 1,048.00 per share

- 2024-04: GBX 1,104.00 per share

- 2024-05: GBX 1,290.00 per share

- 2024-06: GBX 1,228.00 per share

- 2024-07: GBX 1,490.00 per share

- 2024-08: GBX 1,660.00 per share

- 2024-09: GBX 1,616.00 per share

- 2024-10: GBX 1,636.00 per share

- 2024-11: GBX 1,488.00 per share

- 2024-12: GBX 1,450.00 per share

- 2025-01: GBX 1,374.00 per share

- 2025-02: GBX 1,302.00 per share

- 2025-03: GBX 1,376.00 per share

- 2025-04: GBX 1,420.00 per share

- 2025-05: GBX 1,538.00 per share

- 2025-06: GBX 1,462.00 per share

- 2025-07: GBX 1,332.00 per share

- 2025-08: GBX 1,334.00 per share

- 2025-09: GBX 1,508.00 per share

- 2025-10: GBX 1,588.00 per share

- 2025-11: GBX 1,624.00 per share

- 2025-12: GBX 1,666.00 per share

- 2026-01: GBX 1,772.00 per share

- 2026-02: GBX 2,015.00 per share

- 2026-03: GBX 1,922.00 per share

- 2026-04: GBX 2,236.00 per share

- 2026-05: GBX 2,368.00 per share

- 2026-06: GBX 2,654.00 per share

- 2026-07: GBX 3,024.00 per share

- 2026-08: GBX 3,020.00 per share

- 2026-09: GBX 3,340.00 per share

- 2026-10: GBX 3,040.00 per share

## Annual estimated value (GBX per share)

- FY2016: low GBX 614.37 per share, central GBX 689.84 per share, high GBX 790.32 per share

- FY2017: low GBX 787.63 per share, central GBX 1,040.90 per share, high GBX 1,212.70 per share

- FY2018: low GBX 147.88 per share, central GBX 155.63 per share, high GBX 165.94 per share

- FY2019: low GBX 706.12 per share, central GBX 793.36 per share, high GBX 909.49 per share

- FY2020: low GBX 843.93 per share, central GBX 955.53 per share, high GBX 1,104.11 per share

- FY2021: low GBX 809.97 per share, central GBX 914.46 per share, high GBX 1,053.55 per share

- FY2022: low GBX 1,144.78 per share, central GBX 1,453.22 per share, high GBX 1,688.76 per share

- FY2023: low GBX 1,319.24 per share, central GBX 1,773.36 per share, high GBX 2,058.43 per share

- FY2024: low GBX 1,555.55 per share, central GBX 2,035.00 per share, high GBX 2,351.09 per share

- FY2025: low GBX 2,116.55 per share, central GBX 2,810.59 per share, high GBX 3,243.43 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 2026-10-15T06:45:21.339Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/549300QO4MBL43UHSN10/2025-12-31/ESEF/GB/0/549300QO4MBL43UHSN10-2025-12-31/reports/549300QO4MBL43UHSN10-2025-12-31-T01.xhtml); period 2025-12-31, filed 2026-03-24.

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.