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Employees: 5,480
Size Mears (MER.L) is a United Kingdom Consumer Discretionary company (Homebuilding) with a market value of $455M, the 305th largest of 363 United Kingdom companies the cockpit tracks. Shares closed at £435.50 on 6 Nov 2026.
Performance Over six months the shares gained 8.9%, against -13.7% 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 2.2% over the last twelve months (peer median +0.4%); the operating margin is 6.5% (peer median 5.6%).
Valuation It trades at 9.7× forward earnings against a peer median of 19.6× (3rd cheapest of 10).
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 +7%, so the hurdle is -18 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 5.3 points above its cost of capital (6.8% WACC).
Next results Next results expected around 1 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | £1.14B | £1.14B | £1.13B | £1.09B | £960M |
| Revenue growth | — | 0% | +4% | +14% | — |
| Gross profit | £267M | £264M | £251M | £217M | £193M |
| EBITDA | £160M | £158M | £144M | £119M | £94.0M |
| Net income | £52.9M | £46.2M | £46.5M | £35.2M | £28.3M |
| Free cash flow | £70.1M | £55.1M | £89.8M | £105M | £95.5M |
| Capital expenditure | £24.2M | £46.9M | £31.3M | £25.8M | £9.42M |
| Total debt | n/a | £319M | £298M | £291M | £225M |
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 | MER.L | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +7.7% | -4.0% | 3rd highest of 21 |
| 6-month return | +8.9% | -13.7% | 3rd highest of 21 |
| Distance from 52-week high | -5.3% | -31.5% | highest of 21 |
| Revenue growth (TTM) | +2.2% | +0.4% | 9th highest of 20 |
| Operating margin | 6.5% | 5.6% | 9th highest of 20 |
| Forward P/E | 9.7× | 19.6× | 3rd cheapest of 10 |
| Growth the price implies (Req g, 7 yrs) | -10.5% | 0.2% | 4th least demanding of 12 |
| Growth delivered (Del g) | +7.1% | -0.5% | 3rd highest of 12 |
| Hurdle (Req g minus delivered) | -17.6 pp | +1.1 pp | 2nd least demanding of 12 |
| ROIC minus cost of capital | +5.3 pp | -3.6 pp | 4th highest of 20 |
| EV / EBITDA | 3.6× | 15.2× | cheapest of 10 |
| Net debt / EBITDA | 1.5× | 5.5× | 4th least indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Mears MER.L | United Kingdom | $455M | +9% | +2% | 6% | 9.7× | -10.5% | +7.1% |
| YeaShin International Development 5213.TWO | Taiwan | $448M | -24% | -32% | 18% | n/a | n/a | n/a |
| BOXABL BXBL | United States | $466M | -81% | n/a | n/a | n/a | n/a | n/a |
| Kaufman & Broad KOF.PA | France | $437M | -19% | 0% | 8% | 7.3× | -16.2% | -0.5% |
| Nagawa 9663.T | Japan | $475M | -8% | +3% | 13% | n/a | 4.9% | +3.8% |
| Hangzhou Landscaping 605303.SS | China | $484M | -17% | -34% | -27% | n/a | n/a | n/a |
| Tama Home 1419.T | Japan | $486M | -26% | +2% | 2% | 20.5× | n/a | n/a |
| GC Construction 1489.HK | Hong Kong | $495M | +646% | -51% | -23% | n/a | 30.4% | -10.0% |
| Smith Douglas Homes SDHC | United States | $499M | -25% | 0% | 3% | 60.2× | n/a | n/a |
| China Wuyi 000797.SZ | China | $517M | -24% | +78% | -5% | n/a | -8.0% | +4.2% |
| Prince Housing & Development 2511.TW | Taiwan | $393M | +1% | +21% | 6% | n/a | 0.2% | -4.8% |
| Lifestyle Communities LIC.AX | Australia | $364M | -12% | +39% | 2% | 22.0× | 29.6% | +8.3% |
| Huang Hsiang Construction 2545.TW | Taiwan | $359M | -18% | -62% | 6% | n/a | n/a | n/a |
| King's Town Construction 2524.TW | Taiwan | $357M | -11% | -78% | 30% | n/a | n/a | n/a |
| Inmobiliaria del Sur ISUR.MC | Spain | $351M | +4% | -5% | 17% | 19.6× | -0.2% | +18.9% |
| Hovnanian Enterprises HOV | United States | $594M | -6% | -10% | 3% | 25.4× | 4.8% | +4.9% |
| Kindom Development 2520.TW | Taiwan | $600M | +15% | +10% | 16% | 7.0× | -13.2% | -3.5% |
| MT Hojgaard Holding A/S MTHH.CO | Denmark | $329M | -16% | -13% | 4% | 13.3× | n/a | n/a |
| Shenzhen Centralcon Investment 000042.SZ | China | $637M | -34% | +116% | 14% | n/a | -14.2% | -24.7% |
| Selvaag Bolig SBO.OL | Norway | $319M | -3% | +181% | 6% | 12.1× | n/a | n/a |
| Yungshin Construction & Development 5508.TWO | Taiwan | $315M | -3% | +35% | 32% | n/a | 1.0% | -3.9% |