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UK homebuilder specializing in large urban regeneration and brownfield housing developments, mainly in London and the South East.
UK homebuilder specializing in large urban regeneration and brownfield housing developments, mainly in London and the South East.
Buys large, often derelict urban sites, wins planning permission for mixed housing and commercial schemes, then sells homes over several years, so profit lags the land purchase and depends on London prices and approvals. It sets multi-year plans to return cash to shareholders from that profit rather than reinvesting heavily.
In one line: A UK premium urban homebuilder.
Moat: narrow (scale, installed base, brand). Deep expertise and land positions in complex, hard-to-permit urban brownfield sites.
Headquarters: Cobham, UK · Founded: 1976 · Employees: 2,438
Size Berkeley (BKG.L) is a United Kingdom Consumer Discretionary company (Homebuilding) with a market value of $4.44B, the 102nd largest of 363 United Kingdom companies the cockpit tracks. Shares closed at £3,666 on 6 Nov 2026.
Performance Over six months the shares gained 12.3%, against +3.7% for the median peer and +3.6% for the United Kingdom market (cap-weighted) — 9th highest of 21 in its peer set.
Growth Revenue fell 4.2% over the last twelve months (peer median +8.9%); the operating margin is 18.8% (peer median 9.1%).
Valuation It trades at 13.0× forward earnings against a peer median of 14.7× (8th cheapest of 19).
Price implies For today's price to make sense, revenue must grow about 1% a year for seven years (Req g). Recent delivered growth is +2%, so the hurdle is -0 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.3 points below its cost of capital (12.5% WACC).
Credit Berkeley has 1 bond outstanding ($534M), rated BBB- by the agencies and trading like BBB- at a weighted spread of 147 bp.
Next results Next results expected around 9 Dec 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | £2.38B | £2.38B | £2.49B | £2.46B | £2.55B |
| Revenue growth | — | -4% | +1% | -3% | — |
| Gross profit | £597M | £597M | £660M | £644M | £697M |
| EBITDA | £450M | £440M | £504M | £490M | £528M |
| Net income | £318M | £318M | £382M | £398M | £466M |
| Free cash flow | £305M | £305M | £192M | £307M | £408M |
| Capital expenditure | £0 | £0 | £1.00M | £1.40M | £2.00M |
| Total debt | n/a | £664M | £682M | £664M | £665M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Berkeley BKG.L | $4.44B | +12% | -4% | 19% | 13.0× | 1.2% |
| Persimmon PSN.L | $5.64B | +22% | +17% | 11% | 13.0× | n/a |
| Taylor Wimpey TW..L | $3.88B | +5% | +9% | 10% | 16.0× | 5.9% |
| Vistry VTY.L | $1.12B | -19% | -8% | -9% | 9.5× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | BKG.L | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +15.4% | +5.2% | 4th highest of 21 |
| 6-month return | +12.3% | +3.7% | 9th highest of 21 |
| Distance from 52-week high | -17.5% | -21.4% | 8th highest of 21 |
| Revenue growth (TTM) | -4.2% | +8.9% | 7th lowest of 21 |
| Operating margin | 18.8% | 9.1% | 4th highest of 21 |
| Forward P/E | 13.0× | 14.7× | 8th cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | 1.2% | 4.6% | 6th least demanding of 17 |
| Growth delivered (Del g) | +1.6% | +8.9% | 3rd lowest of 17 |
| Hurdle (Req g minus delivered) | -0.3 pp | -2.0 pp | 7th most demanding of 17 |
| ROIC minus cost of capital | -2.3 pp | -1.2 pp | 9th lowest of 21 |
| EV / EBITDA | 6.5× | 9.3× | cheapest of 18 |
| Net debt / EBITDA | -0.8× | 1.0× | 3rd least indebted of 19 |
| Bond spread | 147 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Berkeley BKG.L | United Kingdom | $4.44B | +12% | -4% | 19% | 13.0× | 1.2% | +1.6% |
| Haseko 1808.T | Japan | $4.50B | -1% | +10% | 8% | 9.9× | -11.6% | +9.5% |
| Sumitomo Forestry 1911.T | Japan | $4.87B | -10% | +14% | 6% | 12.5× | 2.8% | +15.2% |
| Cavco Industries CVCO | United States | $4.87B | +32% | +12% | 10% | 24.2× | 15.2% | +15.2% |
| Champion Homes SKY | United States | $4.96B | +25% | +3% | 8% | 24.2× | 10.8% | +13.4% |
| Taylor Wimpey TW..L | United Kingdom | $3.88B | +5% | +9% | 10% | 16.0× | 5.9% | +6.6% |
| Iida 3291.T | Japan | $3.68B | -4% | +7% | 7% | 8.1× | n/a | n/a |
| Persimmon PSN.L | United Kingdom | $5.64B | +22% | +17% | 11% | 13.0× | n/a | n/a |
| Open House 3288.T | Japan | $5.66B | -15% | +6% | 12% | 7.3× | -8.1% | +18.2% |
| Bellway p.l.c BWY.L | United Kingdom | $3.42B | +19% | +14% | 10% | 15.4× | 3.2% | +0.3% |
| M/I Homes MHO | United States | $3.29B | 0% | -6% | 8% | 12.8× | 8.3% | +7.7% |
| Barratt Redrow BTRW.L | United Kingdom | $6.07B | +32% | +9% | 9% | 14.5× | 3.3% | +4.7% |
| Chengdu Hi-Tech Development 000628.SZ | China | $3.10B | -39% | -32% | 4% | n/a | 57.5% | -2.1% |
| KB Home KBH | United States | $3.08B | +2% | -21% | 5% | 14.9× | 15.2% | +8.3% |
| Frontdoor FTDR | United States | $6.69B | +50% | +9% | 20% | 19.0× | 12.2% | +7.3% |
| Green Brick Partners GRBK | United States | $2.75B | -2% | -10% | 19% | 12.2× | 7.8% | +15.9% |
| Ruentex Development 9945.TW | Taiwan | $2.27B | +13% | +37% | 19% | n/a | -1.0% | +15.5% |
| Cairn Homes CRN.L | United Kingdom | $1.92B | +18% | +44% | 18% | 11.9× | -0.7% | +28.6% |
| GS Engineering & Construction 006360.KS | South Korea | $1.86B | -22% | -15% | 3% | 16.8× | -9.8% | +4.2% |
| Katitas 8919.T | Japan | $1.69B | +11% | +20% | 12% | 18.6× | n/a | n/a |
| Century Communities CCS | United States | $1.56B | 0% | -7% | 2% | 29.2× | n/a | n/a |
Berkeley has 1 bond outstanding with $534M face value. The agencies rate it BBB-; its bonds trade like BBB-. Weighted yield 6.23%, a spread of 147 bp over government bonds.