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Employees: 2,348
Size Marshalls (MSLH.L) is a United Kingdom Materials company (Construction Materials) with a market value of $597M, the 273rd largest of 363 United Kingdom companies the cockpit tracks. Shares closed at £176.40 on 6 Nov 2026.
Performance Over six months the shares gained 40.2%, against -12.1% for the median peer and +3.6% for the United Kingdom market (cap-weighted) — 2nd highest of 20 in its peer set.
Growth Revenue fell 0.2% over the last twelve months (peer median -3.1%); the operating margin is 8.4% (peer median 6.4%).
Valuation It trades at 11.8× forward earnings against a peer median of 24.4× (cheapest of 10).
Price implies For today's price to make sense, revenue must grow about 8% a year for seven years (Req g). Recent delivered growth is +6%, so the hurdle is +2 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 6.2 points below its cost of capital (10.9% WACC).
Next results Next results expected around 22 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | £630M | £632M | £619M | £671M | £719M |
| Revenue growth | — | +2% | -8% | -7% | — |
| Gross profit | £209M | £210M | £213M | £220M | £251M |
| EBITDA | £101M | £108M | £103M | £96.3M | £133M |
| Net income | £20.7M | £14.4M | £31.0M | £18.6M | £26.8M |
| Free cash flow | £42.4M | £25.8M | £67.6M | £59.5M | £57.5M |
| Capital expenditure | £12.4M | £13.6M | £11.6M | £20.8M | £30.1M |
| Total debt | n/a | £182M | £188M | £252M | £293M |
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 | MSLH.L | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +13.1% | -5.1% | 2nd highest of 21 |
| 6-month return | +40.2% | -12.1% | 2nd highest of 20 |
| Distance from 52-week high | -5.5% | -35.3% | highest of 21 |
| Revenue growth (TTM) | -0.2% | -3.1% | 8th highest of 20 |
| Operating margin | 8.4% | 6.4% | 6th highest of 21 |
| Forward P/E | 11.8× | 24.4× | cheapest of 10 |
| Growth the price implies (Req g, 7 yrs) | 8.2% | 3.7% | 6th most demanding of 17 |
| Growth delivered (Del g) | +6.1% | +3.1% | 5th highest of 17 |
| Hurdle (Req g minus delivered) | +2.0 pp | +0.9 pp | 7th most demanding of 17 |
| ROIC minus cost of capital | -6.2 pp | -2.5 pp | 8th lowest of 21 |
| EV / EBITDA | 6.2× | 9.4× | 3rd cheapest of 9 |
| Net debt / EBITDA | 1.7× | 1.6× | 4th most indebted of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Marshalls MSLH.L | United Kingdom | $597M | +40% | 0% | 8% | 11.8× | 8.2% | +6.1% |
| Sinosteel Luonai Materials Technology 688119.SS | China | $597M | -32% | -2% | -13% | n/a | 3.7% | -0.3% |
| Nichiha 7943.T | Japan | $599M | -10% | -3% | 7% | 13.0× | -3.7% | +3.5% |
| Sobute New Materials 603916.SS | China | $573M | -24% | -3% | 7% | 27.1× | 1.5% | -0.5% |
| Stewards SWRD | United States | $555M | n/a | +30% | -100% | n/a | n/a | n/a |
| Suncrete RMIX | United States | $646M | -47% | n/a | 1% | 61.2× | n/a | n/a |
| Shinagawa Refra 5351.T | Japan | $551M | -3% | +25% | 7% | n/a | 0.5% | +12.2% |
| Longyan Kaolin Clay 605086.SS | China | $550M | -37% | -9% | 39% | 24.4× | 20.5% | +4.9% |
| Wagners WGN.AX | Australia | $650M | -4% | +17% | 12% | 20.7× | 10.2% | +9.5% |
| Hainan RuiZe New Building Material 002596.SZ | China | $544M | -16% | -16% | -16% | n/a | 35.7% | -16.7% |
| Universal Cement 1104.TW | Taiwan | $543M | -7% | -5% | 16% | n/a | -2.2% | +7.9% |
| Mitsui Matsushima 1518.T | Japan | $526M | +57% | +9% | 14% | n/a | 3.7% | +2.7% |
| Qinglong Pipes Industry 002457.SZ | China | $507M | -12% | +4% | 6% | n/a | 0.0% | +5.1% |
| Fujian Cement 600802.SS | China | $502M | +29% | -22% | -23% | n/a | n/a | n/a |
| Tianjin Tianbao Infrastructure 000965.SZ | China | $476M | -23% | +65% | 8% | n/a | n/a | n/a |
| Jiangxi Wannianqing Cement 000789.SZ | China | $471M | -21% | -28% | -9% | 98.5× | 24.3% | -18.3% |
| Jiangsu Baoli Asphalt 300135.SZ | China | $470M | -17% | -4% | -2% | n/a | 43.7% | -7.5% |
| Jilin Yatai (Group) 600881.SS | China | $776M | +3% | -15% | -21% | n/a | 5.0% | -20.1% |
| Guangdong Dongpeng 003012.SZ | China | $779M | -24% | -15% | 0% | 29.8× | -3.8% | -3.3% |
| Pan-United P52.SI | Singapore | $784M | -9% | +26% | 7% | 15.4× | -5.3% | +17.3% |
| Forterra FORT.L | United Kingdom | $445M | +11% | -5% | 10% | 16.5× | 6.4% | +5.7% |