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UK online grocery company operating its own retail service and licensing automated warehouse technology to global retailers.
UK online grocery company operating its own retail service and licensing automated warehouse technology to global retailers.
Retail partners pay Ocado fees tied to the sales that flow through automated warehouses it designs and equips, while the grocery arm earns the ordinary retail margin on food sold to UK households. A handful of large technology partners matter most, so the pace at which they open new warehouses drives the licensing line.
In one line: A UK Amazon-for-grocery-robotics/logistics-tech provider.
Moat: narrow (IP / patents, installed base, process know-how). Patented robotic warehouse technology licensed to major retailers is costly to replicate.
Headquarters: Hatfield, UK · Founded: 2000 · Employees: 21,367
Size Ocado (OCDO.L) is a United Kingdom Consumer Staples company (Food Retail) with a market value of $3.73B, the 114th largest of 363 United Kingdom companies the cockpit tracks. Shares closed at £331.20 on 6 Nov 2026.
Performance Over six months the shares gained 76.6%, against -4.3% for the median peer and +3.6% for the United Kingdom market (cap-weighted) — highest of 21 in its peer set.
Growth Revenue fell 41.8% over the last twelve months (peer median +5.1%); the operating margin is 3.0% (peer median 3.8%).
Valuation It trades at 2.1× enterprise value to sales against a peer median of 0.7× (2nd most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 39% a year for seven years (Req g). Recent delivered growth is -10%, so the hurdle is +49 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 13.0 points below its cost of capital (14.5% WACC).
Credit Ocado has 3 bonds outstanding ($1.40B) and trading like B+ at a weighted spread of 403 bp.
Next results Next results expected around 25 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | £1.74B | £1.38B | £1.21B | £1.12B | £2.52B |
| Revenue growth | — | +14% | +8% | -55% | — |
| Gross profit | £52.8M | £218M | £107M | £76.1M | -£160M |
| EBITDA | £527M | -£596M | £84.2M | £53.7M | -£156M |
| Net income | -£249M | £405M | -£336M | -£314M | -£456M |
| Free cash flow | £222M | £152M | £105M | -£202M | -£623M |
| Capital expenditure | £318M | £378M | £399M | £536M | £786M |
| Total debt | n/a | £1.79B | £1.70B | £1.96B | £1.91B |
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 | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Ocado OCDO.L | $3.73B | +77% | -42% | 3% | 2.1× | 39.1% |
| Amazon AMZN | $2.80T | -5% | +15% | 13% | 3.7× | n/a |
| SYM SYM | $22.3B | -30% | +20% | 1% | 7.9× | n/a |
| Maplebear CART | $13.7B | +44% | +14% | 16% | 3.1× | 3.0% |
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 | OCDO.L | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +16.7% | +4.0% | 3rd highest of 21 |
| 6-month return | +76.6% | -4.3% | highest of 21 |
| Distance from 52-week high | -6.7% | -16.0% | 6th highest of 21 |
| Revenue growth (TTM) | -41.8% | +5.1% | lowest of 20 |
| Operating margin | 3.0% | 3.8% | 7th lowest of 20 |
| EV / Sales | 2.1× | 0.7× | 2nd most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 39.1% | -2.2% | most demanding of 19 |
| Growth delivered (Del g) | -9.9% | +6.3% | lowest of 19 |
| Hurdle (Req g minus delivered) | +49.1 pp | -7.0 pp | most demanding of 19 |
| ROIC minus cost of capital | -13.0 pp | +4.5 pp | lowest of 20 |
| EV / EBITDA | 7.1× | 7.8× | 6th cheapest of 16 |
| Net debt / EBITDA | 1.8× | 1.6× | 9th least indebted of 17 |
| Bond spread | 403 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Ocado OCDO.L | United Kingdom | $3.73B | +77% | -42% | 3% | 2.1× | 39.1% | -9.9% |
| Yonghui Superstores 601933.SS | China | $3.76B | -23% | -16% | -3% | 0.7× | n/a | n/a |
| Kobe Bussan 3038.T | Japan | $4.33B | +15% | +6% | 7% | 1.0× | -4.8% | +10.1% |
| Distribuidora Internacional de Alimentacion DIA.MC | Spain | $3.15B | +25% | +2% | 3% | 0.6× | 4.9% | -3.6% |
| Sprouts Farmers Market SFM | United States | $4.53B | -41% | +5% | 7% | 0.7× | -4.0% | +6.4% |
| Kusuri No Aoki 3549.T | Japan | $2.88B | +26% | +13% | 5% | 0.9× | 4.1% | +13.1% |
| Sheng Siong OV8.SI | Singapore | $2.77B | -22% | +10% | 10% | 2.0× | -1.6% | +2.4% |
| DFI Retail D01.SI | Singapore | $5.06B | -11% | -3% | 4% | 0.8× | -0.4% | -2.9% |
| Blue Zones 417A.T | Japan | $2.56B | +11% | +12% | 4% | 0.5× | -4.0% | +9.9% |
| Albertsons Companies ACI | United States | $6.02B | -20% | +2% | 2% | 0.3× | -3.0% | +3.6% |
| Axfood AXFO.ST | Sweden | $6.26B | +4% | +2% | 3% | 0.9× | 3.2% | +10.7% |
| President Chain Store 2912.TW | Taiwan | $6.62B | -6% | +5% | 4% | 0.9× | 3.3% | +6.3% |
| Shanghai Bailian 600827.SS | China | $1.99B | -5% | -9% | -2% | 0.7× | -3.5% | -6.7% |
| Guming 1364.HK | Hong Kong | $7.08B | -4% | +47% | 25% | 3.0× | -4.1% | +29.4% |
| Weis Markets WMK | United States | $1.92B | +10% | +4% | 2% | 0.4× | 4.3% | +3.8% |
| BGF Retail 282330.KS | South Korea | $1.82B | +9% | +5% | 3% | 0.2× | -18.3% | +7.9% |
| Empire EMP-A.TO | Canada | $7.85B | +7% | +2% | 4% | 0.6× | -2.7% | +2.5% |
| Zabka ZAB.WA | Poland | $8.11B | +41% | +14% | 8% | 1.3× | 6.3% | +19.3% |
| MIXUE 2097.HK | Hong Kong | $8.80B | -37% | +35% | 20% | 1.2× | -18.5% | +32.1% |
| Yesway YSWY | United States | $1.56B | -4% | n/a | n/a | n/a | n/a | n/a |
| Ingles Markets IMKTA | United States | $1.53B | -5% | +1% | 3% | 0.3× | -1.4% | +3.0% |
Ocado has 3 bonds outstanding with $1.40B face value. Weighted yield 8.73%, a spread of 403 bp over government bonds.