Loading…
Irish homebuilder developing residential housing developments across Dublin and other Irish cities.
Irish homebuilder developing residential housing developments across Dublin and other Irish cities.
Builds on land it bought and held in advance, selling to first-time buyers, many using the government's Help-to-Buy tax rebate, and selling whole apartment blocks to institutional investors who rent them out. Its supply of ready-to-build land is its main asset.
In one line: An Irish homebuilder, akin to a smaller PulteGroup.
Moat: narrow (scale, installed base). Significant Irish land bank positioned in supply-constrained Dublin-area markets.
Headquarters: Dublin, Ireland · Founded: 2014
Size Cairn Homes (CRN.L) is a United Kingdom Consumer Discretionary company (Homebuilding) with a market value of $1.92B, the 163rd largest of 363 United Kingdom companies the cockpit tracks. Shares closed at £233.00 on 6 Nov 2026.
Performance Over six months the shares gained 17.9%, against -3.4% 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 43.9% over the last twelve months (peer median -3.9%); the operating margin is 18.0% (peer median 6.0%).
Valuation It trades at 11.9× forward earnings against a peer median of 15.4× (5th cheapest of 16).
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 +29%, so the hurdle is -29 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 4.8 points above its cost of capital (9.4% WACC).
Next results Next results expected around 4 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | £961M | £824M | £711M | £578M | £546M |
| Revenue growth | — | +16% | +23% | +6% | — |
| Gross profit | £209M | £181M | £155M | £128M | £119M |
| EBITDA | £176M | £151M | £126M | £100M | £92.7M |
| Net income | £137M | £116M | £94.8M | £74.1M | £71.7M |
| Free cash flow | £165M | £47.2M | £96.9M | £79.1M | £70.1M |
| Capital expenditure | £2.01M | £2.48M | £3.64M | £3.55M | £6.80M |
| Total debt | n/a | £202M | £156M | £156M | £157M |
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 |
|---|---|---|---|---|---|---|
| Cairn Homes CRN.L | $1.92B | +18% | +44% | 18% | 11.9× | -0.7% |
| Taylor Wimpey TW..L | $3.88B | +5% | +9% | 10% | 16.0× | 5.9% |
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 | CRN.L | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +4.5% | +0.6% | 7th highest of 21 |
| 6-month return | +17.9% | -3.4% | 3rd highest of 21 |
| Distance from 52-week high | -7.2% | -26.6% | highest of 21 |
| Revenue growth (TTM) | +43.9% | -3.9% | highest of 21 |
| Operating margin | 18.0% | 6.0% | 4th highest of 21 |
| Forward P/E | 11.9× | 15.4× | 5th cheapest of 16 |
| Growth the price implies (Req g, 7 yrs) | -0.7% | 7.8% | 4th least demanding of 12 |
| Growth delivered (Del g) | +28.6% | +6.6% | highest of 12 |
| Hurdle (Req g minus delivered) | -29.2 pp | +0.6 pp | least demanding of 12 |
| ROIC minus cost of capital | +4.8 pp | -4.2 pp | 2nd highest of 21 |
| EV / EBITDA | 9.1× | 10.5× | 5th cheapest of 12 |
| Net debt / EBITDA | 1.0× | 3.4× | 4th least indebted of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| 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 |
| Ruentex Development 9945.TW | Taiwan | $2.27B | +13% | +37% | 19% | n/a | -1.0% | +15.5% |
| Century Communities CCS | United States | $1.56B | 0% | -7% | 2% | 29.2× | n/a | n/a |
| Gemdale 600383.SS | China | $1.45B | -26% | -47% | -24% | n/a | 10.8% | -15.6% |
| Green Brick Partners GRBK | United States | $2.75B | -2% | -10% | 19% | 12.2× | 7.8% | +15.9% |
| Nishimatsu Construction 1820.T | Japan | $1.28B | -11% | +14% | 8% | 9.6× | n/a | n/a |
| JSL Construction & Development 2540.TW | Taiwan | $1.25B | -14% | -35% | 3% | n/a | n/a | n/a |
| KB Home KBH | United States | $3.08B | +2% | -21% | 5% | 14.9× | 15.2% | +8.3% |
| Okumura 1833.T | Japan | $1.19B | -17% | 0% | 5% | n/a | n/a | n/a |
| Chengdu Hi-Tech Development 000628.SZ | China | $3.10B | -39% | -32% | 4% | n/a | 57.5% | -2.1% |
| CEVIA Enviro 000885.SZ | China | $1.16B | -14% | -2% | 27% | 6.0× | -8.3% | +14.0% |
| Vistry VTY.L | United Kingdom | $1.12B | -19% | -8% | -9% | 9.5× | n/a | n/a |
| Dream Finders Homes DFH | United States | $1.12B | -13% | -11% | 3% | 441.3× | n/a | n/a |
| M/I Homes MHO | United States | $3.29B | 0% | -6% | 8% | 12.8× | 8.3% | +7.7% |
| Bellway p.l.c BWY.L | United Kingdom | $3.42B | +19% | +14% | 10% | 15.4× | 3.2% | +0.3% |
| LGI Homes LGIH | United States | $1.06B | -2% | -2% | 4% | 17.1× | 18.3% | -6.4% |
| Black Diamond BDI.TO | Canada | $1.02B | +25% | +26% | 12% | 32.7× | n/a | n/a |
| Iida 3291.T | Japan | $3.68B | -4% | +7% | 7% | 8.1× | n/a | n/a |
| Taylor Wimpey TW..L | United Kingdom | $3.88B | +5% | +9% | 10% | 16.0× | 5.9% | +6.6% |