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UK homebuilder constructing new houses across England, Scotland and Wales for private sale.
UK homebuilder constructing new houses across England, Scotland and Wales for private sale.
Buys land, builds and sells houses mostly to private buyers, with the remainder sold in bulk to housing associations under planning agreements, so profit depends on the price paid for land earlier compared with house prices at sale. Mortgage rates and availability drive its buyers.
In one line: A UK mid-cap homebuilder, akin to a smaller PulteGroup.
Moat: narrow (scale, installed base). Regional land bank and build scale provide a moderate edge over smaller builders.
Headquarters: Newcastle upon Tyne, UK · Founded: 1946 · Employees: 2,790
Size Bellway p.l.c (BWY.L) is a United Kingdom Consumer Discretionary company (Homebuilding) with a market value of $3.42B, the 120th largest of 363 United Kingdom companies the cockpit tracks. Shares closed at £2,290 on 6 Nov 2026.
Performance Over six months the shares gained 19.5%, against +3.7% for the median peer and +3.6% for the United Kingdom market (cap-weighted) — 6th highest of 21 in its peer set.
Growth Revenue grew 13.6% over the last twelve months (peer median +7.9%); the operating margin is 10.3% (peer median 9.1%).
Valuation It trades at 15.4× forward earnings against a peer median of 13.8× (8th 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 0%, so the hurdle is +3 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 6.6 points below its cost of capital (13.7% WACC).
Next results Next results expected around 30 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | £3.16B | £3.16B | £2.78B | £2.38B | £3.41B |
| Revenue growth | — | +14% | +17% | -30% | — |
| Gross profit | £498M | £498M | £457M | £381M | £687M |
| EBITDA | £331M | £331M | £310M | £239M | £551M |
| Net income | £193M | £193M | £158M | £130M | £365M |
| Free cash flow | £334M | £334M | £134M | -£59.6M | £243M |
| Capital expenditure | £6.30M | £6.30M | £11.9M | £1.40M | £2.70M |
| Total debt | n/a | £415M | £488M | £369M | £514M |
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 |
|---|---|---|---|---|---|---|
| Bellway p.l.c BWY.L | $3.42B | +19% | +14% | 10% | 15.4× | 3.2% |
| 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 | BWY.L | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +16.5% | +5.2% | 2nd highest of 21 |
| 6-month return | +19.5% | +3.7% | 6th highest of 21 |
| Distance from 52-week high | -20.8% | -20.8% | 11th highest of 21 |
| Revenue growth (TTM) | +13.6% | +7.9% | 6th highest of 21 |
| Operating margin | 10.3% | 9.1% | 9th highest of 21 |
| Forward P/E | 15.4× | 13.8× | 8th most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 3.2% | 4.6% | 8th least demanding of 17 |
| Growth delivered (Del g) | +0.3% | +8.9% | 2nd lowest of 17 |
| Hurdle (Req g minus delivered) | +2.9 pp | -2.0 pp | 4th most demanding of 17 |
| ROIC minus cost of capital | -6.6 pp | -1.2 pp | 5th lowest of 21 |
| EV / EBITDA | 7.4× | 9.3× | 4th cheapest of 18 |
| Net debt / EBITDA | -0.2× | 1.0× | 6th least indebted of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| 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% |
| Iida 3291.T | Japan | $3.68B | -4% | +7% | 7% | 8.1× | n/a | n/a |
| 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% |
| Taylor Wimpey TW..L | United Kingdom | $3.88B | +5% | +9% | 10% | 16.0× | 5.9% | +6.6% |
| Green Brick Partners GRBK | United States | $2.75B | -2% | -10% | 19% | 12.2× | 7.8% | +15.9% |
| 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% |
| Ruentex Development 9945.TW | Taiwan | $2.27B | +13% | +37% | 19% | n/a | -1.0% | +15.5% |
| 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% |
| Barratt Redrow BTRW.L | United Kingdom | $6.07B | +32% | +9% | 9% | 14.5× | 3.3% | +4.7% |
| 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% |
| Frontdoor FTDR | United States | $6.69B | +50% | +9% | 20% | 19.0× | 12.2% | +7.3% |
| 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 |