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UK-based global distributor of essential business supplies (packaging, cleaning/hygiene, safety products) for many industries.
UK-based global distributor of essential business supplies (packaging, cleaning/hygiene, safety products) for many industries.
Buys everyday items such as food packaging, gloves and cleaning supplies from many makers, often under its own labels, and delivers them to customers who value reliable supply over product choice, so it earns a small margin on large volume. North America is the largest region. Buying small local distributors one at a time has been its growth route for decades.
In one line: The UK's version of a diversified B2B distributor like W.W. Grainger.
Moat: narrow (scale, distribution, customer qualification). A broad product range and route-to-market density give purchasing/logistics scale, though products themselves are largely undifferentiated.
Headquarters: London, UK · Founded: 1940 · Employees: 26,777
Size Bunzl (BNZL.L) is a United Kingdom Industrials company (Wholesale Distributors) with a market value of $12.0B, the 50th largest of 363 United Kingdom companies the cockpit tracks. Shares closed at £2,862 on 6 Nov 2026.
Performance Over six months the shares gained 21.7%, against -6.8% for the median peer and +3.6% for the United Kingdom market (cap-weighted) — 3rd highest of 21 in its peer set.
Growth Revenue grew 1.6% over the last twelve months (peer median +4.4%); the operating margin is 6.5% (peer median 9.8%).
Valuation It trades at 15.3× forward earnings against a peer median of 18.2× (9th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 2% a year for seven years (Req g). Recent delivered growth is +3%, so the hurdle is -1 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 3.9 points above its cost of capital (8.0% WACC).
Credit Bunzl has 3 bonds outstanding ($1.42B), rated BBB+ by the agencies and trading like A at a weighted spread of 87 bp.
Next results Next results expected around 1 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | £12.0B | £11.8B | £11.8B | £11.8B | £12.0B |
| Revenue growth | — | +1% | 0% | -2% | — |
| Gross profit | n/a | £1.77B | £1.79B | £1.70B | £1.62B |
| EBITDA | £1.20B | £1.16B | £1.20B | £1.15B | £1.07B |
| Net income | £489M | £459M | £500M | £526M | £474M |
| Free cash flow | £875M | £765M | £791M | £808M | £871M |
| Capital expenditure | £63.9M | £71.5M | £54.4M | £58.3M | £46.7M |
| Total debt | n/a | £2.90B | £3.72B | £3.09B | £3.13B |
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 |
|---|---|---|---|---|---|---|
| Bunzl BNZL.L | $12.0B | +22% | +2% | 7% | 15.3× | 2.3% |
| W. W. Grainger GWW | $67.9B | +17% | +9% | 17% | 28.2× | 11.9% |
| Sysco SYY | $37.8B | +7% | +4% | 4% | 14.9× | -0.4% |
| DKSH DKSH.SW | $6.10B | +29% | -1% | 3% | 21.5× | -1.4% |
| Diploma DPLM.L | $12.6B | +4% | +13% | 22% | 27.5× | 23.9% |
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 | BNZL.L | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +5.6% | +3.3% | 7th highest of 21 |
| 6-month return | +21.7% | -6.8% | 3rd highest of 21 |
| Distance from 52-week high | -2.6% | -20.6% | highest of 21 |
| Revenue growth (TTM) | +1.6% | +4.4% | 8th lowest of 21 |
| Operating margin | 6.5% | 9.8% | 7th lowest of 21 |
| Forward P/E | 15.3× | 18.2× | 9th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 2.3% | 10.1% | 5th least demanding of 20 |
| Growth delivered (Del g) | +3.2% | +11.5% | 2nd lowest of 20 |
| Hurdle (Req g minus delivered) | -0.9 pp | -2.4 pp | 8th most demanding of 20 |
| ROIC minus cost of capital | +3.9 pp | +2.3 pp | 9th highest of 21 |
| EV / EBITDA | 9.2× | 13.3× | cheapest of 17 |
| Net debt / EBITDA | 1.8× | 2.4× | 7th least indebted of 18 |
| Bond spread | 87 bp | 156 bp | tightest of 4 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Bunzl BNZL.L | United Kingdom | $12.0B | +22% | +2% | 7% | 15.3× | 2.3% | +3.2% |
| QXO QXO | United States | $12.0B | -38% | +408% | -1% | 29.2× | 52.0% | +178.0% |
| Rexel RXL.PA | France | $11.9B | -10% | +1% | 6% | 13.5× | 7.7% | +9.0% |
| SGH SGH.AX | Australia | $11.9B | +7% | -1% | 13% | 18.1× | 11.4% | +17.0% |
| Bollore BOL.PA | France | $11.8B | -28% | -83% | -7% | 36.9× | 37.0% | -29.4% |
| Diploma DPLM.L | United Kingdom | $12.6B | +4% | +13% | 22% | 27.5× | 23.9% | +23.1% |
| Toromont Industries TIH.TO | Canada | $10.7B | -15% | +16% | 15% | 20.2× | 7.6% | +8.4% |
| Applied Industrial Technologies AIT | United States | $10.3B | -8% | +8% | 11% | 23.0× | 8.6% | +8.9% |
| WESCO International WCC | United States | $14.2B | -18% | +14% | 6% | 14.1× | 10.4% | +13.8% |
| Zhejiang China Commodities City 600415.SS | China | $10.0B | -7% | +22% | 22% | 14.4× | n/a | n/a |
| Brenntag BNR.DE | Germany | $10.0B | 0% | -5% | 5% | 14.5× | 1.9% | +5.2% |
| Hotai Motor 2207.TW | Taiwan | $8.90B | +10% | +8% | 11% | 13.2× | 1.5% | +3.9% |
| Core & Main CNM | United States | $8.76B | -6% | -1% | 10% | 14.3× | 5.3% | +16.0% |
| Addtech ADDT-B.ST | Sweden | $8.66B | -2% | +4% | 13% | 30.7× | 19.3% | +14.9% |
| Finning International FTT.TO | Canada | $8.20B | -9% | 0% | 8% | 17.5× | 10.1% | +11.3% |
| Beijer Ref BEIJ-B.ST | Sweden | $8.09B | +27% | +4% | 10% | 28.0× | 14.0% | +21.4% |
| Rongsheng Petrochemical 002493.SZ | China | $17.9B | -14% | -11% | 8% | 12.2× | -4.4% | +22.1% |
| Reece REH.AX | Australia | $7.83B | +44% | +4% | 6% | 35.5× | 24.2% | +8.4% |
| MonotaRO 3064.T | Japan | $7.04B | +22% | +19% | 14% | 29.6× | 9.7% | +16.2% |
| Aluminum Corporation of China 601600.SS | China | $20.7B | -26% | +5% | 18% | 6.7× | -16.2% | +5.3% |
| Imcd IMCD.AS | Netherlands | $6.80B | +7% | +3% | 8% | 18.2× | 10.9% | +11.5% |
Bunzl has 3 bonds outstanding with $1.42B face value. The agencies rate it BBB+; its bonds trade like A. Weighted yield 5.03%, a spread of 87 bp over government bonds.