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Employees: 96
Size Keystone Law (KEYS.L) is a United Kingdom Industrials company (Miscellaneous Commercial Services) with a market value of $335M, the 350th largest of 363 United Kingdom companies the cockpit tracks. Shares closed at £792.00 on 6 Nov 2026.
Performance Over six months the shares gained 37.7%, against -25.6% 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 20.9% over the last twelve months (peer median +4.1%); the operating margin is 9.4% (peer median 5.4%).
Valuation It trades at 18.5× forward earnings against a peer median of 16.4× (4th most expensive of 9).
Price implies For today's price to make sense, revenue must grow about 7% a year for seven years (Req g). Recent delivered growth is +16%, so the hurdle is -9 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 65.5 points above its cost of capital (9.1% WACC).
Next results Next results expected around 29 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | £127M | £115M | £97.7M | £87.9M | £76.4M |
| Revenue growth | — | +18% | +11% | +15% | — |
| Gross profit | £31.8M | £28.7M | £24.7M | £21.9M | £19.0M |
| EBITDA | £12.7M | £11.4M | £10.3M | £9.17M | £8.28M |
| Net income | £12.8M | £11.1M | £8.55M | £7.65M | £6.73M |
| Free cash flow | £13.8M | £12.1M | £7.44M | £9.04M | £7.39M |
| Capital expenditure | £90,806 | £85,068 | £772,373 | £68,910 | £64,080 |
| Total debt | n/a | £1.67M | £2.16M | £2.37M | £648,028 |
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.
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 | KEYS.L | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +14.9% | -9.2% | 5th highest of 21 |
| 6-month return | +37.7% | -25.6% | 3rd highest of 21 |
| Distance from 52-week high | -0.5% | -41.3% | highest of 21 |
| Revenue growth (TTM) | +20.9% | +4.1% | 4th highest of 21 |
| Operating margin | 9.4% | 5.4% | 8th highest of 21 |
| Forward P/E | 18.5× | 16.4× | 4th most expensive of 9 |
| Growth the price implies (Req g, 7 yrs) | 7.3% | 6.3% | 6th most demanding of 12 |
| Growth delivered (Del g) | +15.9% | +5.0% | 4th highest of 12 |
| Hurdle (Req g minus delivered) | -8.6 pp | -6.2 pp | 6th least demanding of 12 |
| ROIC minus cost of capital | +65.5 pp | -5.8 pp | highest of 19 |
| EV / EBITDA | 19.0× | 7.2× | most expensive of 9 |
| Net debt / EBITDA | -0.7× | -0.7× | 5th most indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Keystone Law KEYS.L | United Kingdom | $335M | +38% | +21% | 9% | 18.5× | 7.3% | +15.9% |
| Hackett HCKT | United States | $334M | +25% | -8% | 13% | 8.7× | -1.2% | +5.0% |
| Business Brain Showaota 9658.T | Japan | $332M | +63% | +6% | 7% | n/a | -1.2% | +7.6% |
| Wuhan Guide Technology 301633.SZ | China | $331M | -19% | -32% | -11% | n/a | n/a | n/a |
| Elixirr International ELIX.L | United Kingdom | $340M | -29% | +29% | 21% | 7.7× | 4.4% | +37.6% |
| YingTong Telecommunication 002861.SZ | China | $329M | -27% | +15% | -8% | n/a | n/a | n/a |
| Pico Far East 0752.HK | Hong Kong | $342M | -14% | +3% | 6% | n/a | n/a | n/a |
| Knowit KNOW.ST | Sweden | $327M | +48% | -6% | 2% | 24.3× | 6.3% | +12.1% |
| Takara & 7921.T | Japan | $346M | +23% | +4% | 15% | n/a | -11.6% | +4.7% |
| Beijing ZEHO Waterfront Ecological Environment Treatment 605069.SS | China | $324M | -28% | +3% | -62% | n/a | n/a | n/a |
| Insource 6200.T | Japan | $347M | -1% | +7% | 40% | 11.1× | n/a | n/a |
| Shenzhen Ridge Technology 300977.SZ | China | $349M | -27% | +13% | -2% | 31.9× | 33.2% | -4.0% |
| Zhejiang Xidamen New Material 605155.SS | China | $349M | -23% | +4% | 12% | 15.7× | -0.9% | +20.0% |
| Jaykay Enterprises JAYKAY.NS | India | $321M | +28% | +118% | 4% | n/a | n/a | n/a |
| Corporate Travel Management CTD.AX | Australia | $350M | -69% | +7% | 6% | 19.5× | 12.0% | +30.6% |
| Palm Eco-Town Development 002431.SZ | China | $319M | -43% | -52% | -50% | n/a | 14.2% | -16.0% |
| Wuhan Nusun Landscape 300536.SZ | China | $319M | -29% | +154% | -57% | n/a | n/a | n/a |
| Avacta AVCT.L | United Kingdom | $352M | -24% | -100% | -27,388% | n/a | n/a | n/a |
| Jiangsu Recbio Technology 2179.HK | Hong Kong | $317M | -43% | -82% | -25,868% | n/a | n/a | n/a |
| Ningbo Color Master Batch 301019.SZ | China | $354M | -31% | +14% | 21% | n/a | 10.4% | +1.8% |
| Tianjin LVYIN Landscape & Ecology Construction 002887.SZ | China | $354M | -41% | -8% | 12% | 17.1× | 11.3% | -13.0% |