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UK's largest homebuilder, formed by Barratt Developments' 2024 merger with Redrow, building new-build houses and apartments.
UK's largest homebuilder, formed by Barratt Developments' 2024 merger with Redrow, building new-build houses and apartments.
Buys land, gets planning permission, builds homes and receives cash when each home completes, with some homes sold to housing associations as the planning system requires. Profit depends on land bought years earlier against house prices at completion. The August 2024 merger added Redrow's higher-priced homes.
In one line: The UK's version of D.R. Horton or Lennar.
Moat: narrow (scale, installed base (land bank)). A large owned/optioned land bank and planning expertise give scale, but housebuilding is cyclical and commoditized.
Headquarters: Coalville, UK · Founded: 2024 · Employees: 7,334
Size Barratt Redrow (BTRW.L) is a United Kingdom Consumer Discretionary company (Homebuilding) with a market value of $6.07B, the 81st largest of 363 United Kingdom companies the cockpit tracks. Shares closed at £332.70 on 6 Nov 2026.
Performance Over six months the shares gained 31.8%, against +5.2% 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 8.6% over the last twelve months (peer median +6.6%); the operating margin is 8.8% (peer median 10.0%).
Valuation It trades at 14.5× forward earnings against a peer median of 13.0× (9th most expensive of 19).
Price implies For today's price to make sense, revenue must grow about 3% a year for seven years (Req g). Recent delivered growth is +5%, so the hurdle is -1 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 7.1 points below its cost of capital (12.5% WACC).
Next results Next results expected around 10 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | £6.05B | £6.05B | £5.58B | £4.17B | £5.32B |
| Revenue growth | — | +9% | +34% | -22% | — |
| Gross profit | £879M | £879M | £875M | £689M | £1.13B |
| EBITDA | £566M | £573M | £515M | £376M | £880M |
| Net income | £243M | £243M | £186M | £114M | £530M |
| Free cash flow | £446M | £446M | £55.4M | £141M | £499M |
| Capital expenditure | £13.7M | £13.7M | £20.6M | £7.20M | £23.1M |
| Total debt | n/a | £959M | £1.06B | £716M | £756M |
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 |
|---|---|---|---|---|---|---|
| Barratt Redrow BTRW.L | $6.07B | +32% | +9% | 9% | 14.5× | 3.3% |
| 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% |
| Berkeley BKG.L | $4.44B | +12% | -4% | 19% | 13.0× | 1.2% |
| Vistry VTY.L | $1.12B | -19% | -8% | -9% | 9.5× | n/a |
| D. R. Horton DHI | $41.3B | +3% | -4% | 11% | 17.4× | 7.8% |
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 | BTRW.L | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +14.2% | +6.1% | 6th highest of 21 |
| 6-month return | +31.8% | +5.2% | 3rd highest of 21 |
| Distance from 52-week high | -18.1% | -21.4% | 9th highest of 21 |
| Revenue growth (TTM) | +8.6% | +6.6% | 10th highest of 21 |
| Operating margin | 8.8% | 10.0% | 9th lowest of 21 |
| Forward P/E | 14.5× | 13.0× | 9th most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 3.3% | 4.1% | 9th least demanding of 19 |
| Growth delivered (Del g) | +4.7% | +8.7% | 5th lowest of 19 |
| Hurdle (Req g minus delivered) | -1.4 pp | -2.6 pp | 9th most demanding of 19 |
| ROIC minus cost of capital | -7.1 pp | -0.9 pp | 2nd lowest of 21 |
| EV / EBITDA | 7.4× | 9.3× | 3rd cheapest of 18 |
| Net debt / EBITDA | -0.6× | 1.0× | 4th least indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Barratt Redrow BTRW.L | United Kingdom | $6.07B | +32% | +9% | 9% | 14.5× | 3.3% | +4.7% |
| Open House 3288.T | Japan | $5.66B | -15% | +6% | 12% | 7.3× | -8.1% | +18.2% |
| Persimmon PSN.L | United Kingdom | $5.64B | +22% | +17% | 11% | 13.0× | n/a | n/a |
| Frontdoor FTDR | United States | $6.69B | +50% | +9% | 20% | 19.0× | 12.2% | +7.3% |
| Champion Homes SKY | United States | $4.96B | +25% | +3% | 8% | 24.2× | 10.8% | +13.4% |
| Cavco Industries CVCO | United States | $4.87B | +32% | +12% | 10% | 24.2× | 15.2% | +15.2% |
| Sumitomo Forestry 1911.T | Japan | $4.87B | -10% | +14% | 6% | 12.5× | 2.8% | +15.2% |
| Haseko 1808.T | Japan | $4.50B | -1% | +10% | 8% | 9.9× | -11.6% | +9.5% |
| Berkeley BKG.L | United Kingdom | $4.44B | +12% | -4% | 19% | 13.0× | 1.2% | +1.6% |
| 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 |
| 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% |
| 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% |
| Green Brick Partners GRBK | United States | $2.75B | -2% | -10% | 19% | 12.2× | 7.8% | +15.9% |
| Toll Brothers TOL | United States | $14.1B | +11% | -1% | 14% | 11.5× | 4.1% | +9.2% |
| Ruentex Development 9945.TW | Taiwan | $2.27B | +13% | +37% | 19% | n/a | -1.0% | +15.5% |
| NVR NVR | United States | $16.8B | +5% | -10% | 13% | 18.6× | 4.0% | +6.5% |
| 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% |