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UK flexible-workspace company providing serviced and coworking office space globally under Regus and Spaces brands.
UK flexible-workspace company providing serviced and coworking office space globally under Regus and Spaces brands.
Rents space on long leases and re-lets it to members on short terms, or earns fees from partner-owned centres, so a drop in occupancy hits quickly while rent obligations stay fixed. Moving from holding leases to partnerships in which landlords put up the capital is the lasting change of shape.
In one line: The UK's WeWork, but longer-established and profitable.
Moat: narrow (scale, brand, distribution). Largest global flexible-workspace network with locations across thousands of cities.
Headquarters: Zug, Switzerland · Founded: 1989 · Employees: 10,000
Size International Workplace (IWG.L) is a United Kingdom Industrials company (Miscellaneous Commercial Services) with a market value of $2.63B, the 142nd largest of 363 United Kingdom companies the cockpit tracks. Shares closed at £209.20 on 6 Nov 2026.
Performance Over six months the shares gained 11.6%, against +2.4% for the median peer and +3.6% for the United Kingdom market (cap-weighted) — 9th highest of 21 in its peer set.
Growth Revenue grew 0.2% over the last twelve months (peer median +16.5%); the operating margin is 4.4% (peer median 17.2%).
Valuation It trades at 22.5× forward earnings against a peer median of 16.5× (7th most expensive of 18).
Price implies For today's price to make sense, revenue must grow about 34% a year for seven years (Req g). Recent delivered growth is +3%, so the hurdle is +30 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 6.5 points below its cost of capital (8.3% WACC).
Next results Next results expected around 2 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | £2.89B | £2.85B | £2.94B | £3.03B | £2.79B |
| Revenue growth | — | -3% | -3% | +9% | — |
| Gross profit | £583M | £560M | £544M | £476M | £295M |
| EBITDA | £395M | £403M | £392M | £372M | £204M |
| Net income | £6.71M | £13.7M | £14.1M | -£167M | -£153M |
| Free cash flow | £63.9M | £128M | £106M | £169M | -£53.6M |
| Capital expenditure | £179M | £169M | £131M | £187M | £218M |
| Total debt | n/a | £5.51B | £5.58B | £6.14B | £6.91B |
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 |
|---|---|---|---|---|---|---|
| International Workplace IWG.L | $2.63B | +12% | 0% | 4% | 22.5× | 33.6% |
| Servcorp SRV.AX | $388M | -11% | +4% | 25% | 7.4× | n/a |
| Smartworks Coworking Spaces SMARTWORKS.NS | $623M | +12% | +31% | 21% | 54.9× | 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 | IWG.L | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +17.3% | -5.6% | 3rd highest of 21 |
| 6-month return | +11.6% | +2.4% | 9th highest of 21 |
| Distance from 52-week high | -16.6% | -22.9% | 7th highest of 21 |
| Revenue growth (TTM) | +0.2% | +16.5% | 4th lowest of 21 |
| Operating margin | 4.4% | 17.2% | 4th lowest of 21 |
| Forward P/E | 22.5× | 16.5× | 7th most expensive of 18 |
| Growth the price implies (Req g, 7 yrs) | 33.6% | -1.2% | 4th most demanding of 16 |
| Growth delivered (Del g) | +3.3% | +20.2% | 2nd lowest of 15 |
| Hurdle (Req g minus delivered) | +30.3 pp | -9.3 pp | most demanding of 15 |
| ROIC minus cost of capital | -6.5 pp | +2.4 pp | 2nd lowest of 18 |
| EV / EBITDA | 19.2× | 9.6× | 3rd most expensive of 13 |
| Net debt / EBITDA | 14.2× | 0.2× | most indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| International Workplace IWG.L | United Kingdom | $2.63B | +12% | 0% | 4% | 22.5× | 33.6% | +3.3% |
| Huron Consulting HURN | United States | $2.63B | +39% | +12% | 12% | 16.5× | -4.0% | +14.3% |
| Hui Lyu Ecological Technology Groups 001267.SZ | China | $2.61B | -59% | +90% | 10% | 71.6× | n/a | n/a |
| Pluxee PLX.PA | France | $2.72B | 0% | +1% | 28% | 8.9× | n/a | n/a |
| CECEP Environmental Protection 300140.SZ | China | $2.51B | -18% | -2% | 23% | n/a | -1.2% | +26.0% |
| Visional 4194.T | Japan | $2.51B | +32% | +24% | 25% | 20.2× | -2.4% | +28.2% |
| KWS SAAT SE & Co KGaA KWS.DE | Germany | $2.48B | -12% | -3% | 15% | 13.2× | -8.2% | +4.4% |
| S-1 012750.KS | South Korea | $2.45B | +14% | +1% | 7% | 21.8× | -1.2% | +5.4% |
| CoreCivic CXW | United States | $2.84B | +41% | +24% | 10% | 12.1× | -1.6% | +3.0% |
| Shanghai GenTech 688596.SS | China | $2.42B | +56% | +4% | 2% | 76.5× | n/a | n/a |
| V2X VVX | United States | $2.39B | +9% | +13% | 4% | 11.3× | -1.4% | +26.3% |
| Ardentec 3264.TWO | Taiwan | $2.36B | -30% | +32% | 30% | 12.3× | 5.2% | +7.7% |
| Inventurus Knowledge Solutions IKS.NS | India | $2.94B | -2% | +20% | 31% | 31.8× | 21.2% | +45.8% |
| Jiangsu Boqian New Materials Stock 605376.SS | China | $2.94B | -43% | +76% | 20% | 38.8× | n/a | n/a |
| Sigurd Microelectronics 6257.TW | Taiwan | $2.33B | -19% | +12% | 22% | 14.0× | n/a | n/a |
| Suzhou Nanomicro Technology 688690.SS | China | $2.31B | +17% | +26% | 25% | 57.1× | 35.3% | +35.2% |
| TriNet TNET | United States | $3.05B | +56% | -4% | 6% | 15.1× | -3.3% | +4.4% |
| TIC Solutions TIC | United States | $2.26B | +5% | +39% | -1% | n/a | 51.8% | n/a |
| JHT Design 603061.SS | China | $3.07B | -8% | +93% | 34% | n/a | 43.9% | +30.4% |
| ABM Industries ABM | United States | $3.10B | +32% | +6% | 5% | 12.5× | -2.0% | +7.9% |
| Biocytogen Pharmaceuticals (Beijing) 688796.SS | China | $2.22B | -19% | +40% | 24% | 92.6× | 32.3% | +41.1% |