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UK trade-only supplier of kitchens, joinery and hardware, selling through depots directly to small building contractors.
UK trade-only supplier of kitchens, joinery and hardware, selling through depots directly to small building contractors.
Makes much of its range in its own factories and sells it only through its own trade depots, where builders hold accounts and collect stock from the shelf, so it earns both the maker's and the seller's margin. Kitchens carry the business, with joinery and hardware added at the counter. Nearly all sales are in the UK, with a smaller but growing French operation.
In one line: A trade-focused kitchen/building-products distributor, like a smaller Builders FirstSource.
Moat: narrow (distribution, installed base, switching costs). A dense local depot network and trade-account relationships with small builders are hard for online-only rivals to match.
Headquarters: London, UK · Founded: 1995 · Employees: 12,000
Size Howden Joinery (HWDN.L) is a United Kingdom Consumer Discretionary company (Electronics/Appliances) with a market value of $6.12B, the 80th largest of 363 United Kingdom companies the cockpit tracks. Shares closed at £847.00 on 6 Nov 2026.
Performance Over six months the shares gained 15.6%, against +9.7% for the median peer and +3.6% for the United Kingdom market (cap-weighted) — 8th highest of 21 in its peer set.
Growth Revenue grew 4.2% over the last twelve months (peer median +4.9%); the operating margin is 14.8% (peer median 7.9%).
Valuation It trades at 16.6× forward earnings against a peer median of 18.1× (8th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 15% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is +6 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 3.6 points above its cost of capital (14.2% WACC).
Next results Next results expected around 25 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | £2.45B | £2.42B | £2.32B | £2.31B | £2.32B |
| Revenue growth | — | +4% | 0% | 0% | — |
| Gross profit | £1.54B | £1.52B | £1.43B | £1.40B | £1.41B |
| EBITDA | £538M | £528M | £494M | £489M | £541M |
| Net income | £266M | £268M | £249M | £255M | £374M |
| Free cash flow | £334M | £342M | £288M | £258M | £256M |
| Capital expenditure | £154M | £156M | £122M | £119M | £141M |
| Total debt | n/a | £705M | £681M | £684M | £665M |
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 |
|---|---|---|---|---|---|---|
| Howden Joinery HWDN.L | $6.12B | +16% | +4% | 15% | 16.6× | 14.9% |
| Travis Perkins TPK.L | $1.86B | +28% | 0% | 3% | 23.2× | 8.5% |
| Wickes WIX.L | $717M | +36% | +4% | 4% | 13.3× | 2.2% |
| Kingfisher KGF.L | $8.17B | +34% | +1% | 5% | 13.9× | 5.7% |
| Ferguson Enterprises FERG | $45.2B | -3% | +8% | 10% | 19.4× | 9.9% |
| SIG SIGN.SW | $7.07B | +23% | -5% | 5% | 20.5× | 18.4% |
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 | HWDN.L | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +13.2% | +2.4% | 6th highest of 21 |
| 6-month return | +15.6% | +9.7% | 8th highest of 21 |
| Distance from 52-week high | -13.7% | -12.8% | 11th highest of 21 |
| Revenue growth (TTM) | +4.2% | +4.9% | 11th highest of 21 |
| Operating margin | 14.8% | 7.9% | 3rd highest of 21 |
| Forward P/E | 16.6× | 18.1× | 8th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 14.9% | 2.8% | 4th most demanding of 15 |
| Growth delivered (Del g) | +9.3% | +9.1% | 8th highest of 15 |
| Hurdle (Req g minus delivered) | +5.6 pp | -5.2 pp | 3rd most demanding of 15 |
| ROIC minus cost of capital | +3.6 pp | +4.3 pp | 10th lowest of 21 |
| EV / EBITDA | 9.2× | 13.6× | 4th cheapest of 9 |
| Net debt / EBITDA | 0.7× | -0.1× | 6th most indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Howden Joinery HWDN.L | United Kingdom | $6.12B | +16% | +4% | 15% | 16.6× | 14.9% | +9.3% |
| TCL Electronics 1070.HK | Hong Kong | $6.01B | +3% | +14% | 3% | 12.4× | -2.3% | +17.6% |
| Arashi Vision 688775.SS | China | $6.41B | -45% | +74% | -1% | 135.2× | n/a | n/a |
| Coway 021240.KS | South Korea | $5.56B | +26% | +14% | 18% | 10.8× | n/a | n/a |
| Zhejiang Supor 002032.SZ | China | $5.37B | -4% | 0% | 10% | 18.0× | -2.8% | +4.1% |
| Aditya Infotech CPPLUS.NS | India | $5.37B | +68% | +36% | 13% | 69.9× | n/a | n/a |
| Hisense Visual Technology 600060.SS | China | $5.31B | +8% | -2% | 5% | 12.8× | -3.4% | +8.0% |
| Beijing Roborock Technology 688169.SS | China | $5.29B | +17% | +31% | 8% | 17.3× | 4.6% | +32.8% |
| De'Longhi DLG.MI | Italy | $7.65B | +23% | +6% | 13% | 18.0× | 14.2% | +10.1% |
| Hisense Home Appliances 000921.SZ | China | $4.37B | -2% | -11% | 3% | 14.2× | -11.4% | +12.7% |
| Shenzhen MTC 002429.SZ | China | $4.30B | -42% | +3% | 7% | 22.1× | n/a | n/a |
| Ecovacs Robotics 603486.SS | China | $4.22B | -25% | +10% | 7% | 14.5× | 16.2% | +21.4% |
| Seb SK.PA | France | $3.55B | +8% | -1% | 8% | 12.1× | -0.8% | +3.3% |
| Breville BRG.AX | Australia | $3.33B | +13% | +7% | 11% | 31.1× | 26.4% | +8.8% |
| Nikon 7731.T | Japan | $3.17B | -12% | -4% | -2% | 45.4× | n/a | n/a |
| LG Electronics India LGEINDIA.NS | India | $12.6B | +14% | +1% | 9% | 52.1× | 36.6% | +7.3% |
| Joyoung 002242.SZ | China | $2.87B | +131% | -7% | -1% | 159.7× | n/a | n/a |
| Kingclean Electric 603355.SS | China | $2.79B | +4% | -2% | 8% | 35.9× | 4.4% | +9.4% |
| Casio Computer 6952.T | Japan | $2.74B | +24% | +12% | 11% | 15.9× | 0.2% | +4.0% |
| IMAX IMAX | United States | $2.61B | +35% | +15% | 23% | 18.8× | 12.2% | +24.5% |
| Electrolux ELUX-A.ST | Sweden | $2.50B | +11% | -3% | -1% | 18.1× | 1.2% | +2.6% |