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UK-based global automotive distributor representing car manufacturers' sales and after-sales in many countries.
UK-based global automotive distributor representing car manufacturers' sales and after-sales in many countries.
Acts as a manufacturer's local importer, wholesaler and sometimes retailer, earning a distribution margin on vehicles plus aftersales and parts income, under exclusive agreements that cover whole countries. Over time it has moved away from owning retail dealerships toward representing manufacturers.
In one line: A UK global auto-distribution company, akin to a global AutoNation for OEM distribution.
Moat: narrow (distribution, scale, customer qualification). Exclusive OEM distribution rights across many countries are difficult for rivals to replicate.
Headquarters: London, UK · Employees: 16,209
Size Inchcape (INCH.L) is a United Kingdom Industrials company (Wholesale Distributors) with a market value of $2.87B, the 137th largest of 363 United Kingdom companies the cockpit tracks. Shares closed at £639.00 on 6 Nov 2026.
Performance Over six months the shares fell 21.0%, against +0.1% for the median peer and +3.6% for the United Kingdom market (cap-weighted) — 4th lowest of 21 in its peer set.
Growth Revenue grew 7.3% over the last twelve months (peer median +9.6%); the operating margin is 5.9% (peer median 4.9%).
Valuation It trades at 7.5× forward earnings against a peer median of 14.5× (3rd cheapest of 19).
Price implies For today's price to make sense, revenue must grow about -6% a year for seven years (Req g). Recent delivered growth is +6%, so the hurdle is -12 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 10.7 points above its cost of capital (11.2% WACC).
Credit Inchcape has 1 bond outstanding ($467M) and trading like BB at a weighted spread of 148 bp.
Next results Next results expected around 9 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | £9.50B | £9.10B | £9.26B | £9.38B | £8.13B |
| Revenue growth | — | -2% | -1% | +15% | — |
| Gross profit | £1.52B | £1.50B | £1.55B | £1.60B | £1.21B |
| EBITDA | £694M | £670M | £725M | £760M | £529M |
| Net income | £232M | £272M | £421M | £270M | £245M |
| Free cash flow | £356M | £340M | £511M | £506M | £429M |
| Capital expenditure | £48.0M | £48.0M | £79.0M | £93.0M | £68.5M |
| Total debt | n/a | £3.03B | £2.62B | £3.61B | £3.36B |
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 |
|---|---|---|---|---|---|---|
| Inchcape INCH.L | $2.87B | -21% | +7% | 6% | 7.5× | -6.0% |
| AutoNation AN | $5.88B | -11% | -2% | 5% | 8.3× | n/a |
| Jardine Cycle & Carriage C07.SI | $7.36B | -28% | -11% | 10% | 8.2× | -7.8% |
| Penske Automotive PAG | $13.9B | +22% | +6% | 3% | 15.2× | 12.6% |
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 | INCH.L | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -2.9% | -5.4% | 8th highest of 21 |
| 6-month return | -21.0% | +0.1% | 4th lowest of 21 |
| Distance from 52-week high | -28.3% | -20.7% | 7th lowest of 21 |
| Revenue growth (TTM) | +7.3% | +9.6% | 9th lowest of 21 |
| Operating margin | 5.9% | 4.9% | 9th highest of 21 |
| Forward P/E | 7.5× | 14.5× | 3rd cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | -6.0% | 5.5% | 3rd least demanding of 19 |
| Growth delivered (Del g) | +5.9% | +9.4% | 7th lowest of 19 |
| Hurdle (Req g minus delivered) | -11.9 pp | -2.4 pp | 3rd least demanding of 19 |
| ROIC minus cost of capital | +10.7 pp | +0.3 pp | 3rd highest of 21 |
| EV / EBITDA | 4.1× | 9.0× | cheapest of 12 |
| Net debt / EBITDA | 1.0× | 1.9× | 6th least indebted of 15 |
| Bond spread | 148 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Inchcape INCH.L | United Kingdom | $2.87B | -21% | +7% | 6% | 7.5× | -6.0% | +5.9% |
| Jiangsu Azure 002245.SZ | China | $2.82B | -21% | +27% | 12% | 14.6× | 11.8% | +13.8% |
| Marco Polo 001386.SZ | China | $2.80B | -15% | -12% | 21% | n/a | -7.2% | -5.5% |
| Nagase & 8012.T | Japan | $2.96B | -9% | +8% | 5% | 10.9× | 3.5% | +3.2% |
| Russel Metals RUS.TO | Canada | $2.98B | +36% | +18% | 5% | 14.4× | 8.7% | +11.5% |
| IWATANI 8088.T | Japan | $2.73B | -4% | +5% | 5% | 7.6× | 4.3% | +10.1% |
| Xinhua Winshare Publishing & Media 0811.HK | Hong Kong | $2.60B | -15% | +1% | 7% | 6.6× | -10.6% | +4.7% |
| Workman 7564.T | Japan | $2.57B | -31% | +21% | 19% | 17.1× | 4.6% | +8.7% |
| Bufab BUFAB.ST | Sweden | $2.55B | +16% | +8% | 13% | 29.2× | 18.7% | +11.2% |
| Macnica 3132.T | Japan | $3.23B | +8% | +35% | 4% | 11.8× | n/a | n/a |
| Boise Cascade BCC | United States | $2.44B | -1% | +1% | 3% | 24.1× | 7.7% | +3.2% |
| DNOW DNOW | United States | $2.40B | +2% | +70% | -3% | 23.6× | 9.8% | +11.7% |
| OEM International OEM-B.ST | Sweden | $2.34B | +11% | +11% | 15% | 29.9× | 14.6% | +10.1% |
| Hanwa 8078.T | Japan | $2.29B | +7% | +6% | 2% | 7.8× | -4.2% | +8.8% |
| DXP Enterprises DXPE | United States | $2.18B | -10% | +11% | 9% | 20.7× | 6.6% | +14.9% |
| Farsoon Technologies 688433.SS | China | $3.76B | -24% | +52% | 5% | 234.8× | n/a | n/a |
| Wuchan Zhongda 600704.SS | China | $3.86B | 0% | +3% | 1% | 7.2× | -2.5% | +8.1% |
| Gibson Energy GEI.TO | Canada | $3.87B | +13% | +26% | 3% | 19.5× | 6.4% | +16.7% |
| Shanghai Xinhua Media 600825.SS | China | $2.03B | +118% | +1% | -1% | n/a | 44.5% | +2.3% |
| Rubis SCA RUI.PA | France | $4.10B | 0% | +11% | 7% | 10.3× | 3.1% | +10.9% |
| Currys CURY.L | United Kingdom | $1.97B | +16% | +6% | 2% | 10.4× | 4.3% | -2.2% |
Inchcape has 1 bond outstanding with $467M face value. Weighted yield 6.12%, a spread of 148 bp over government bonds.