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UK clothing, footwear and home-goods retailer selling through stores, catalogue and its own online platform plus third-party brands.
UK clothing, footwear and home-goods retailer selling through stores, catalogue and its own online platform plus third-party brands.
Lets customers buy now and pay later through its own credit accounts, earning interest on top of the goods margin, and sells more online than in stores. Total Platform rents its website, warehousing and delivery to other brands for a fee, and in some cases it has taken stakes in them, such as Reiss and FatFace.
In one line: A UK retailer like Kohl's, but more profitable and online-led.
Moat: narrow (brand, distribution, scale). Strong online logistics/platform and brand recognition give an edge, but apparel retail remains competitive.
Headquarters: Enderby, UK · Founded: 1864 · Employees: 31,589
Size Next (NXT.L) is a United Kingdom Consumer Discretionary company (Apparel/Footwear) with a market value of $23.8B, the 33rd largest of 363 United Kingdom companies the cockpit tracks. Shares closed at £15,485 on 6 Nov 2026.
Performance Over six months the shares gained 24.4%, against +3.7% 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 12.5% over the last twelve months (peer median +8.0%); the operating margin is 18.7% (peer median 16.5%).
Valuation It trades at 18.8× forward earnings against a peer median of 17.4× (9th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 12% a year for seven years (Req g). Recent delivered growth is +14%, so the hurdle is -2 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 15.9 points above its cost of capital (12.2% WACC).
Credit Next has 1 bond outstanding ($400M), rated BBB by the agencies and trading like BBB- at a weighted spread of 92 bp.
Next results Next results expected around 24 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | £7.20B | £6.90B | £6.12B | £5.49B | £5.03B |
| Revenue growth | — | +13% | +11% | +9% | — |
| Gross profit | £3.18B | £3.06B | £2.66B | £2.46B | £2.21B |
| EBITDA | £1.68B | £1.61B | £1.40B | £1.22B | £1.10B |
| Net income | £929M | £888M | £736M | £802M | £712M |
| Free cash flow | £1.02B | £1.00B | £911M | £907M | £535M |
| Capital expenditure | £246M | £171M | £158M | £188M | £246M |
| Total debt | n/a | £1.81B | £1.87B | £1.92B | £1.92B |
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 |
|---|---|---|---|---|---|---|
| Next NXT.L | $23.8B | +24% | +13% | 19% | 18.8× | 12.5% |
| Marks and Spencer MKS.L | $12.1B | +40% | +21% | 5% | 13.1× | 6.5% |
| H&M Hennes & Mauritz HM-B.ST | $29.1B | +12% | -4% | 9% | 22.3× | 4.5% |
| Industria de Diseno Textil ITX.MC | $206B | +20% | +6% | 20% | 27.3× | 15.3% |
| ASOS ASC.L | $670M | +88% | -15% | -1% | n/a | 1.2% |
| Kohl's KSS | $2.61B | +59% | -3% | 4% | 15.3× | 0.0% |
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 | NXT.L | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +7.1% | +11.4% | 5th lowest of 21 |
| 6-month return | +24.4% | +3.7% | 3rd highest of 21 |
| Distance from 52-week high | -4.3% | -15.9% | highest of 21 |
| Revenue growth (TTM) | +12.5% | +8.0% | 8th highest of 21 |
| Operating margin | 18.7% | 16.5% | 7th highest of 21 |
| Forward P/E | 18.8× | 17.4× | 9th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 12.5% | 6.7% | 5th most demanding of 21 |
| Growth delivered (Del g) | +14.3% | +14.8% | 11th highest of 21 |
| Hurdle (Req g minus delivered) | -1.9 pp | -6.6 pp | 5th most demanding of 21 |
| ROIC minus cost of capital | +15.9 pp | +11.0 pp | 7th highest of 21 |
| EV / EBITDA | 11.7× | 10.1× | 9th most expensive of 19 |
| Net debt / EBITDA | 1.1× | 0.6× | 8th most indebted of 19 |
| Bond spread | 92 bp | 106 bp | 4th tightest of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Next NXT.L | United Kingdom | $23.8B | +24% | +13% | 19% | 18.8× | 12.5% | +14.3% |
| Ralph Lauren RL | United States | $22.4B | +5% | +15% | 17% | 18.6× | 11.0% | +13.0% |
| Asics 7936.T | Japan | $20.7B | +10% | +28% | 19% | 27.1× | 14.1% | +19.8% |
| Anta Sports 2020.HK | Hong Kong | $28.2B | +2% | +17% | 21% | 12.5× | -0.7% | +16.9% |
| adidas ADS.DE | Germany | $33.2B | +19% | +8% | 9% | 18.3× | 3.5% | +6.1% |
| Ryohin Keikaku 7453.T | Japan | $16.4B | +31% | +18% | 11% | 32.4× | 9.5% | +15.3% |
| Moncler MONC.MI | Italy | $13.8B | -11% | +3% | 29% | 19.5× | 10.8% | +16.8% |
| Lululemon Athletica LULU | United States | $12.8B | -16% | +2% | 18% | 13.4× | -8.9% | +20.3% |
| On Holding AG Class A ONON | United States | $12.3B | +6% | +29% | 14% | 20.0× | 22.0% | +51.6% |
| Deckers Brands DECK | United States | $11.6B | -14% | +6% | 23% | 11.0× | -3.3% | +16.5% |
| Nike NKE | United States | $57.3B | -13% | -1% | 9% | 30.4× | 7.0% | +0.8% |
| Levi Strauss & LEVI | United States | $8.77B | +1% | +5% | 13% | 14.6× | 5.2% | +7.1% |
| Shenzhou Intl 2313.HK | Hong Kong | $8.08B | -7% | +2% | 16% | 11.8× | -4.5% | +5.4% |
| V.F VFC | United States | $8.01B | +7% | -2% | 8% | 16.6× | 11.1% | +0.8% |
| Huali Industrial 300979.SZ | China | $7.09B | +6% | -10% | 14% | 19.7× | -4.4% | +12.4% |
| Crocs CROX | United States | $6.94B | +47% | +1% | 23% | 9.6× | 1.1% | +23.9% |
| Bosideng International 3998.HK | Hong Kong | $6.64B | +3% | +8% | 18% | 10.3× | -10.8% | +14.2% |
| Birkenstock BIRK | United States | $6.64B | -5% | +20% | 24% | 13.9× | 7.4% | +19.9% |
| Brunello Cucinelli BC.MI | Italy | $6.61B | +4% | +10% | 18% | 37.8× | 20.6% | +20.9% |
| Gildan Activewear GIL.TO | Canada | $6.48B | -40% | +40% | 15% | 6.8× | 6.5% | +13.7% |
| Ermenegildo Zegna ZGN | United States | $5.96B | +7% | +11% | 9% | 31.1× | 20.3% | +11.3% |
Next has 1 bond outstanding with $400M face value. The agencies rate it BBB; its bonds trade like BBB-. Weighted yield 5.57%, a spread of 92 bp over government bonds.