# Travis Perkins (TPK.LSE)

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

Analysis as of: 2026-10-16T07:41:46.342Z. Financial observations: FY1996–FY2025.

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

## Checklist

### understandable: fail

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

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 4

- Operating margin variation: 1.17×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.01×

- FY2017: 0.05×

- FY2018: -0.01×

- FY2019: 0.06×

- FY2020: -0.03×

- FY2021: 0.06×

- FY2022: 0.05×

- FY2023: 0.03×

- FY2024: 0.00×

- FY2025: 0.02×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 5.1%

- ROIC, second-lowest year: -2.3%

- Typical minus recent gross margin: 2.3 pp

- Typical gross margin (annual median): 28.3%

- Recent gross margin (lower of latest and 3-year median): 26.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.7%

- ROIC including acquisitions, ten-year median: -0.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 3.5%

- FY2017: 14.3%

- FY2018: -2.3%

- FY2019: 9.3%

- FY2020: -3.3%

- FY2021: 11.7%

- FY2022: 9.8%

- FY2023: 4.9%

- FY2024: 0.1%

- FY2025: 5.3%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: -0.11×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: GBP -28M

- Net income, five-year total: GBP 256M

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: 0.5 pp

- Working capital / revenue, change between three-year averages: 5.6 pp

- Working capital / revenue, final three-year average: 15.1%

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

- FY2021: 0.67×

- FY2022: 0.63×

- FY2023: -0.83×

- FY2024: 1.16×

- FY2025: 1.21×

### management: fail

- 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: 3.5% vs 4.9%

- Per-share earnings: 0.74 to -0.36 (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: -0.5%

- Ordinary dilution, 5-year annual growth: -0.6%

- Market cap gain: GBP -1.4B

- Cumulative retained earnings: GBP -570M

- Diluted shares, 10-year annual growth: -0.5%

- Diluted shares, 5-year annual growth: -0.6%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: GBP -1.10

- Per-share value, starting three-year median: GBP 0.74

- Per-share value, ending three-year median: GBP -0.36

- Buybacks concentrated in cheaper years (correlation): 0.40

- Average buyback yield: 2.7%

- Buyback history: 5 years

- Debt-funded buybacks: No

- Acquisition spending: GBP 1.4B

- Cumulative net income, 10 years: GBP 514M

- ROIC, first three-year median: 3.5%

- ROIC, last three-year median: 4.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: GBP 0.06

- FY2017: GBP 0.93

- FY2018: GBP -0.35

- FY2019: GBP 0.55

- FY2020: GBP -0.10

- FY2021: GBP 1.20

- FY2022: GBP 0.89

- FY2023: GBP 0.18

- FY2024: GBP -0.36

- FY2025: GBP -0.82

### accounting: pass

- Sloan accruals: -13.9%

- Receivables to sales index (DSRI): 0.80×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 2.2%

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.44×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -7.2%

- FY2017: -1.1%

- FY2018: -6.6%

- FY2019: -3.9%

- FY2020: -8.4%

- FY2021: -1.1%

- FY2022: -1.5%

- FY2023: -4.5%

- FY2024: -7.4%

- FY2025: -13.9%

## Holders

## Price story

Down 62% since Dec 2021 · "Travis Perkins warns over cost rises for building materials amid Iran war" (uk.finance.yahoo.com, Mar 2026) · sales -0.9%

Story as of 2026-10-16T10:00:12.108Z; price observation 2026-10-15.

- 2026-03-17: Travis Perkins warns over cost rises for building materials amid Iran war ([uk.finance.yahoo.com](https://uk.finance.yahoo.com/news/travis-perkins-warns-over-cost-121810580.html))

### Sales · FY2024–2025

sales -0.9%; source https://filings.xbrl.org/2138001I27OUBAF22K83/2025-12-31/ESEF/GB/0/2138001I27OUBAF22K83-2025-12-31-0-en/reports/2138001I27OUBAF22K83-2025-12-31-0-en.xhtml; observed 2026-05-27.

- FY2016: GBP 6.2B 

- FY2017: GBP 6.4B 

- FY2018: GBP 6.7B 

- FY2019: GBP 7.0B 

- FY2020: GBP 3.7B 

- FY2021: GBP 4.6B 

- FY2022: GBP 5.0B 

- FY2023: GBP 4.9B 

- FY2024: GBP 4.6B 

- FY2025: GBP 4.6B 

### Gross margin · FY2025

gross margin 26%; source https://filings.xbrl.org/2138001I27OUBAF22K83/2025-12-31/ESEF/GB/0/2138001I27OUBAF22K83-2025-12-31-0-en/reports/2138001I27OUBAF22K83-2025-12-31-0-en.xhtml; observed 2026-05-27.

- FY2016: 29.8% 

- FY2017: 29.6% 

- FY2018: 28.6% 

- FY2019: 29.3% 

- FY2020: 28.0% 

- FY2021: 28.5% 

- FY2022: 27.7% 

- FY2023: 26.8% 

- FY2024: 26.1% 

- FY2025: 26.0% 

## Owner memo

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

### How it makes money

Operates in industrial distribution; annual sales are GBP 4.6 billion.

- Source: https://eodhd.com/api/fundamentals/TPK.LSE.json#2025-12-31 (filed 2026-05-27); FY2025: revenue 4564600000; grossProfit 1184800000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); TPK.LSE: Travis Perkins plc engages in distribution of building material products in the United Kingdom. It operates through Merchanting and Toolstation segments. The company offers tools and building supplies. It also distributes pipeline, insulation, and interior building products; provides managed and hire services; designs and supplies kitchen offer under the Benchmarx; and commercial and industrial heating and cooling solutions. In addition, the company provides specialist civils and drainage solutions; and air-conditioning, refrigeration products, and heat pumps, as well as installation materials. Further, it provides kitchens and joinery products, as well as repair and maintenance management services for social housing landlords. The company markets its products under Travis Perkins, Toolstation, BSS, Keyline, CCF, and TF Solution brands. It sells its products through branches and distribution centres. Travis Perkins plc was founded in 1797 and is headquartered in Northampton, the United Kingdom.

### Why customers stay

Margins ranged from 26% to 26.8% during 2023–25; it earns 5.1% on its capital.

- Source: https://eodhd.com/api/fundamentals/TPK.LSE.json#2023-12-31 (filed 2026-05-27); FY2023: grossProfit / revenue = 26.8%.

- Source: https://eodhd.com/api/fundamentals/TPK.LSE.json#2024-12-31 (filed 2026-05-27); FY2024: grossProfit / revenue = 26.1%.

- Source: https://eodhd.com/api/fundamentals/TPK.LSE.json#2025-12-31 (filed 2026-05-27); FY2025: grossProfit / revenue = 26%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-27); 10-year return on capital observations [[2016,0.034898163606010016],[2017,0.14286618445356727],[2018,-0.022937355250522512],[2019,0.09339960845841908],[2020,-0.03271934604904632],[2021,0.1168034825412382],[2022,0.0983989238126254],[2023,0.04940172152856603],[2024,0.0009094094094094094],[2025,0.05286770845759275]]; median 0.05113471499307939. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 28% gross margin through 2022 cost inflation.

- Source: https://filings.xbrl.org/2138001I27OUBAF22K83/2025-12-31/ESEF/GB/0/2138001I27OUBAF22K83-2025-12-31-0-en/reports/2138001I27OUBAF22K83-2025-12-31-0-en.xhtml (filed 2026-05-27); Gross margin observations: [[2021,0.28534676346828874],[2022,0.27722831745014814],[2023,0.26843415125773873]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/api/fundamentals/TPK.LSE.json#2017-12-31 (filed 2026-05-27); FY2017: growth capex 29333354.314863563; upkeep 149666645.68513644; owner earnings 210033354.31486356. Growth capex / owner earnings = 0.13966045731426815.

- Source: https://eodhd.com/api/fundamentals/TPK.LSE.json#2019-12-31 (filed 2026-05-27); FY2019: growth capex 0; upkeep 133600000; owner earnings 5240000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/TPK.LSE.json#2021-12-31 (filed 2026-05-27); FY2021: growth capex 0; upkeep 164700000; cash acquisitions 0; owner earnings 186360000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/TPK.LSE.json#2022-12-31 (filed 2026-05-27); FY2022: growth capex 0; upkeep 139100000; cash acquisitions 0; owner earnings 120180000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-27); Dividend observations: [[2016,110500000],[2017,113000000],[2018,116100000],[2019,116200000],[2020,105400000],[2021,105400000],[2022,81700000],[2023,82100000],[2024,23200000],[2025,28600000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 1.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); TPK.LSE SharesStats.PercentInsiders = 1.9029999999999998 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.3 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-27); Closing price 592.5 GBX; reporting-to-trading FX 100; FY2025 annual sales per share 21.192823142325157; price multiple 0.2795757771491478. FY2025 cash earnings/share -0.9897660337117988. Closing-price date 2026-10-15.

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

- 2016-10: GBX 1,125.95 per share

- 2016-11: GBX 1,133.55 per share

- 2016-12: GBX 1,226.46 per share

- 2017-01: GBX 1,227.31 per share

- 2017-02: GBX 1,285.59 per share

- 2017-03: GBX 1,278.83 per share

- 2017-04: GBX 1,360.77 per share

- 2017-05: GBX 1,380.19 per share

- 2017-06: GBX 1,229.00 per share

- 2017-07: GBX 1,282.21 per share

- 2017-08: GBX 1,271.23 per share

- 2017-09: GBX 1,223.09 per share

- 2017-10: GBX 1,283.90 per share

- 2017-11: GBX 1,359.08 per share

- 2017-12: GBX 1,323.60 per share

- 2018-01: GBX 1,233.64 per share

- 2018-02: GBX 1,085.40 per share

- 2018-03: GBX 1,042.33 per share

- 2018-04: GBX 1,071.89 per share

- 2018-05: GBX 1,136.51 per share

- 2018-06: GBX 1,201.55 per share

- 2018-07: GBX 1,010.23 per share

- 2018-08: GBX 971.80 per share

- 2018-09: GBX 900.00 per share

- 2018-10: GBX 935.05 per share

- 2018-11: GBX 932.52 per share

- 2018-12: GBX 903.80 per share

- 2019-01: GBX 1,033.88 per share

- 2019-02: GBX 1,212.95 per share

- 2019-03: GBX 1,158.05 per share

- 2019-04: GBX 1,180.43 per share

- 2019-05: GBX 1,040.64 per share

- 2019-06: GBX 1,076.53 per share

- 2019-07: GBX 1,153.82 per share

- 2019-08: GBX 1,056.26 per share

- 2019-09: GBX 1,090.47 per share

- 2019-10: GBX 1,210.42 per share

- 2019-11: GBX 1,300.37 per share

- 2019-12: GBX 1,353.16 per share

- 2020-01: GBX 1,310.51 per share

- 2020-02: GBX 1,234.07 per share

- 2020-03: GBX 745.51 per share

- 2020-04: GBX 878.04 per share

- 2020-05: GBX 925.34 per share

- 2020-06: GBX 950.68 per share

- 2020-07: GBX 936.32 per share

- 2020-08: GBX 1,038.52 per share

- 2020-09: GBX 917.31 per share

- 2020-10: GBX 896.62 per share

- 2020-11: GBX 1,082.87 per share

- 2020-12: GBX 1,137.77 per share

- 2021-01: GBX 1,139.89 per share

- 2021-02: GBX 1,214.22 per share

- 2021-03: GBX 1,302.06 per share

- 2021-04: GBX 1,537.00 per share

- 2021-05: GBX 1,642.00 per share

- 2021-06: GBX 1,689.00 per share

- 2021-07: GBX 1,702.50 per share

- 2021-08: GBX 1,801.50 per share

- 2021-09: GBX 1,535.00 per share

- 2021-10: GBX 1,543.00 per share

- 2021-11: GBX 1,450.00 per share

- 2021-12: GBX 1,554.50 per share

- 2022-01: GBX 1,487.50 per share

- 2022-02: GBX 1,461.50 per share

- 2022-03: GBX 1,237.00 per share

- 2022-04: GBX 1,228.50 per share

- 2022-05: GBX 1,206.00 per share

- 2022-06: GBX 967.60 per share

- 2022-07: GBX 1,053.00 per share

- 2022-08: GBX 849.00 per share

- 2022-09: GBX 776.40 per share

- 2022-10: GBX 822.80 per share

- 2022-11: GBX 924.60 per share

- 2022-12: GBX 889.40 per share

- 2023-01: GBX 1,015.00 per share

- 2023-02: GBX 1,004.00 per share

- 2023-03: GBX 956.40 per share

- 2023-04: GBX 958.00 per share

- 2023-05: GBX 873.20 per share

- 2023-06: GBX 812.40 per share

- 2023-07: GBX 870.80 per share

- 2023-08: GBX 861.60 per share

- 2023-09: GBX 844.40 per share

- 2023-10: GBX 739.60 per share

- 2023-11: GBX 757.00 per share

- 2023-12: GBX 828.60 per share

- 2024-01: GBX 790.00 per share

- 2024-02: GBX 737.20 per share

- 2024-03: GBX 729.40 per share

- 2024-04: GBX 753.00 per share

- 2024-05: GBX 859.50 per share

- 2024-06: GBX 769.00 per share

- 2024-07: GBX 958.00 per share

- 2024-08: GBX 907.00 per share

- 2024-09: GBX 926.00 per share

- 2024-10: GBX 808.00 per share

- 2024-11: GBX 760.50 per share

- 2024-12: GBX 729.00 per share

- 2025-01: GBX 714.00 per share

- 2025-02: GBX 652.00 per share

- 2025-03: GBX 550.00 per share

- 2025-04: GBX 559.00 per share

- 2025-05: GBX 635.50 per share

- 2025-06: GBX 607.50 per share

- 2025-07: GBX 544.50 per share

- 2025-08: GBX 595.50 per share

- 2025-09: GBX 610.50 per share

- 2025-10: GBX 629.00 per share

- 2025-11: GBX 636.50 per share

- 2025-12: GBX 635.50 per share

- 2026-01: GBX 625.50 per share

- 2026-02: GBX 698.00 per share

- 2026-03: GBX 565.00 per share

- 2026-04: GBX 522.00 per share

- 2026-05: GBX 534.00 per share

- 2026-06: GBX 552.50 per share

- 2026-07: GBX 554.50 per share

- 2026-08: GBX 651.50 per share

- 2026-09: GBX 610.50 per share

- 2026-10: GBX 592.50 per share

## Annual estimated value (GBX per share)

- FY2016: low GBX 1,431.86 per share, central GBX 1,621.57 per share, high GBX 1,874.12 per share

- FY2017: low GBX 973.55 per share, central GBX 1,099.64 per share, high GBX 1,267.50 per share

- FY2018: low GBX 273.12 per share, central GBX 303.95 per share, high GBX 344.99 per share

- FY2019: low GBX 56.91 per share, central GBX 60.47 per share, high GBX 65.22 per share

- FY2021: low GBX 174.36 per share, central GBX 176.60 per share, high GBX 179.58 per share

- FY2022: low GBX 82.13 per share, central GBX 84.77 per share, high GBX 88.27 per share

- FY2023: low GBX 34.69 per share, central GBX 37.27 per share, high GBX 40.70 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

## Sources

[Original ESEF filing](https://filings.xbrl.org/2138001I27OUBAF22K83/2025-12-31/ESEF/GB/0/2138001I27OUBAF22K83-2025-12-31-0-en/reports/2138001I27OUBAF22K83-2025-12-31-0-en.xhtml); period 2025-12-31, filed 2026-05-27.

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.