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UK bakery chain selling sausage rolls, sandwiches, pastries and coffee through thousands of high street shops.
UK bakery chain selling sausage rolls, sandwiches, pastries and coffee through thousands of high street shops.
Bakes in its own regional factories and distributes daily to shops it mostly runs itself, so it keeps the retail margin. Some shops are franchised in places like motorway services and airports. Profit grows by opening shops and extending opening hours into evenings.
In one line: UK's answer to a Panera Bread/Dunkin' hybrid.
Moat: narrow (brand, scale, distribution). Strong value-for-money brand loyalty and a vertically integrated bakery supply chain.
Headquarters: Newcastle upon Tyne, UK · Founded: 1939 · Employees: 39,863
Size Greggs (GRG.L) is a United Kingdom Consumer Staples company (Food: Specialty/Candy) with a market value of $3.20B, the 128th largest of 363 United Kingdom companies the cockpit tracks. Shares closed at £2,340 on 6 Nov 2026.
Performance Over six months the shares gained 42.3%, against -1.1% 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 6.9% over the last twelve months (peer median +5.8%); the operating margin is 8.9% (peer median 9.6%).
Valuation It trades at 18.1× forward earnings against a peer median of 18.0× (10th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 11% a year for seven years (Req g). Recent delivered growth is +22%, so the hurdle is -11 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.8 points above its cost of capital (11.1% WACC).
Next results Next results expected around 9 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | £2.23B | £2.15B | £2.01B | £1.81B | £1.51B |
| Revenue growth | — | +7% | +11% | +20% | — |
| Gross profit | £1.37B | £1.32B | £1.24B | £1.10B | £934M |
| EBITDA | £368M | £352M | £342M | £303M | £272M |
| Net income | £132M | £122M | £153M | £142M | £120M |
| Free cash flow | £187M | £73.7M | £88.6M | £127M | £153M |
| Capital expenditure | £188M | £285M | £241M | £198M | £103M |
| Total debt | n/a | £475M | £415M | £320M | £301M |
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 |
|---|---|---|---|---|---|---|
| Greggs GRG.L | $3.20B | +42% | +7% | 9% | 18.1× | 10.5% |
| Coca-Cola Company (The) KO | $412B | +23% | +8% | 32% | 27.6× | 2.8% |
| McDonald's MCD | $196B | 0% | +6% | 46% | 20.7× | 4.1% |
| Tesco TSCO.L | $46.2B | +21% | +5% | 4% | 17.5× | 5.9% |
| J Sainsbury SBRY.L | $10.4B | +16% | -3% | 3% | 14.9× | 7.8% |
| Starbucks SBUX | $120B | +1% | +2% | 11% | 32.6× | 18.5% |
| SSP SSPG.L | $1.87B | +17% | +5% | 7% | 13.9× | 2.6% |
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 | GRG.L | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +11.8% | +4.1% | 4th highest of 21 |
| 6-month return | +42.3% | -1.1% | 3rd highest of 21 |
| Distance from 52-week high | -3.1% | -19.2% | 2nd highest of 21 |
| Revenue growth (TTM) | +6.9% | +5.8% | 10th highest of 21 |
| Operating margin | 8.9% | 9.6% | 10th lowest of 21 |
| Forward P/E | 18.1× | 18.0× | 10th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 10.5% | 5.0% | 7th most demanding of 18 |
| Growth delivered (Del g) | +21.5% | +9.0% | 3rd highest of 18 |
| Hurdle (Req g minus delivered) | -11.0 pp | -5.7 pp | 5th least demanding of 18 |
| ROIC minus cost of capital | +2.8 pp | +1.7 pp | 9th highest of 21 |
| EV / EBITDA | 7.7× | 11.1× | 3rd cheapest of 17 |
| Net debt / EBITDA | 1.2× | 0.6× | 7th most indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Greggs GRG.L | United Kingdom | $3.20B | +42% | +7% | 9% | 18.1× | 10.5% | +21.5% |
| Greencore GNC.L | United Kingdom | $3.23B | +31% | +26% | 6% | 14.3× | 22.4% | +9.0% |
| Freshpet FRPT | United States | $3.09B | +21% | +12% | 9% | 34.9× | 28.5% | +28.2% |
| Tate & Lyle TATE.L | United Kingdom | $3.34B | +53% | +16% | 9% | 15.2× | 10.8% | +10.6% |
| MeiHua 600873.SS | China | $2.99B | -27% | -3% | 4% | 14.5× | n/a | n/a |
| Orion 271560.KS | South Korea | $3.45B | -18% | +11% | 17% | 9.9× | -17.1% | +8.4% |
| Jinan Shengquan Group Share 605589.SS | China | $3.46B | -30% | +12% | 8% | 19.7× | n/a | n/a |
| Ashland ASH | United States | $3.51B | +39% | +2% | 7% | 18.0× | 12.3% | -2.5% |
| Tootsie Roll Industries TR | United States | $2.92B | -8% | +2% | 12% | n/a | 14.1% | +9.2% |
| Vita Coco COCO | United States | $3.56B | -13% | +26% | 20% | 30.2× | 8.4% | +14.4% |
| Marzetti MZTI | United States | $2.86B | -8% | -1% | 11% | 15.6× | -2.4% | +5.6% |
| Post POST | United States | $3.65B | -19% | +6% | 10% | 11.8× | -2.1% | +7.4% |
| Kotobuki Spirits 2222.T | Japan | $2.81B | +41% | +10% | 25% | 29.3× | 5.2% | +27.7% |
| Anjoy Foods 603345.SS | China | $3.82B | -20% | +19% | 12% | 17.3× | -4.3% | +18.4% |
| House Foods 2810.T | Japan | $2.58B | +49% | 0% | 6% | 27.2× | 5.0% | +4.9% |
| Suedzucker SZU.DE | Germany | $2.57B | -5% | -5% | -3% | 34.2× | 0.7% | +4.6% |
| Lotus 600186.SS | China | $2.37B | -18% | +21% | 13% | 35.2× | n/a | n/a |
| CALBEE 2229.T | Japan | $2.37B | +7% | +5% | 8% | 22.0× | -1.8% | +5.0% |
| Kanematsu 8020.T | Japan | $2.35B | +2% | +4% | 5% | 9.6× | -2.4% | +10.5% |
| Premier Foods PFD.L | United Kingdom | $2.34B | +3% | +2% | 18% | 12.6× | -1.3% | +4.4% |
| Yantai North Andre Juice 605198.SS | China | $2.31B | +16% | -17% | 18% | 66.5× | 36.8% | +14.8% |