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UK specialist mortgage lender focused on buy-to-let and other niche residential mortgages, funded by retail savings.
UK specialist mortgage lender focused on buy-to-let and other niche residential mortgages, funded by retail savings.
Earns the gap between interest on its specialist mortgages and the interest it pays savers, with mortgages sold through brokers and savings gathered mainly online and through Kent Reliance branches and postal accounts.
In one line: A UK specialist non-bank mortgage lender.
Moat: narrow (process know-how, distribution). Underwriting expertise in niche specialist-mortgage segments larger banks avoid.
Headquarters: Chatham, UK · Employees: 2,489
Size OSB (OSB.L) is a United Kingdom Financials company (Major Banks) with a market value of $2.27B, the 152nd largest of 363 United Kingdom companies the cockpit tracks. Shares closed at £507.00 on 6 Nov 2026.
Performance Over six months the shares gained 4.2%, against +2.2% for the median peer and +3.6% for the United Kingdom market (cap-weighted) — 7th highest of 20 in its peer set.
Growth Revenue fell 5.7% over the last twelve months (peer median +5.6%); the operating margin is 54.5% (peer median 29.4%).
Valuation It trades at 0.78× book value against a peer median of 0.95× (5th cheapest of 21).
Price implies The share price implies a return on equity of about 12.1%; OSB delivers 12.4%, so the price asks less than the business earns today.
Credit OSB has 2 bonds outstanding ($868M), rated Baa2 by the agencies.
Next results Next results expected around 18 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | £1.88B | £1.93B | £2.10B | £1.77B | £1.08B |
| Revenue growth | — | -8% | +19% | +65% | — |
| Net income | £273M | £276M | £299M | £274M | £401M |
| Free cash flow | £475M | £176M | £271M | -£66.2M | £918M |
| Capital expenditure | £29.5M | £32.9M | £43.9M | £25.8M | £11.7M |
| Total debt | n/a | £3.86B | £3.96B | £4.99B | £5.38B |
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 | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| OSB OSB.L | $2.27B | +4% | -6% | 12% | 0.78× | 12.1% |
| Paragon Banking PAG.L | $1.81B | +5% | -7% | 12% | 0.95× | 14.0% |
| Shawbrook SHAW.L | $1.96B | -12% | +5% | 12% | 0.79× | 8.0% |
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 | OSB.L | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +7.0% | -0.5% | 3rd highest of 21 |
| 6-month return | +4.2% | +2.2% | 7th highest of 20 |
| Return on equity | 12.4% | 7.9% | 6th highest of 21 |
| Price / book | 0.78× | 0.95× | 5th cheapest of 21 |
| Trailing P/E | 6.8× | 11.8× | 2nd cheapest of 21 |
| ROE the price implies | 12.1% | 8.1% | 5th most demanding of 21 |
| ROE delivered | 12.4% | 7.9% | 6th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| OSB OSB.L | United Kingdom | $2.27B | +4% | -6% | 12% | 0.78× | 12.1% | 12.4% |
| Bladex BLX | United States | $2.19B | -7% | +4% | 14% | 1.05× | 9.3% | 14.5% |
| Tokyo Kiraboshi Financial 7173.T | Japan | $2.36B | -12% | +15% | 11% | 0.93× | 5.9% | 10.8% |
| WaFd WAFD | United States | $2.18B | -17% | 0% | 8% | 0.81× | 8.1% | 8.5% |
| Awa Bank 8388.T | Japan | $2.15B | +94% | +23% | 5% | 0.80× | 5.3% | 4.7% |
| Aichi Financial 7389.T | Japan | $2.40B | +3% | +31% | 8% | 0.81× | 6.5% | 7.8% |
| OFG Bancorp OFG | United States | $2.15B | +10% | +2% | 17% | 1.60× | 12.0% | 16.6% |
| Banco BBVA Argentina SA Sponsored ADR BBAR | United States | $2.45B | -29% | +6% | 8% | 0.77× | 8.1% | 8.0% |
| Seven Bank 8410.T | Japan | $2.09B | +28% | +3% | 6% | 1.41× | 5.7% | 6.3% |
| Bank of Xi'an 600928.SS | China | $2.51B | +2% | +1% | 8% | 0.45× | 2.6% | 7.8% |
| BSP Financial BFL.AX | Australia | $2.53B | -5% | +7% | 25% | 2.12× | 10.5% | 24.5% |
| First Merchants FRME | United States | $2.56B | +1% | +8% | 8% | 0.97× | 9.2% | 7.8% |
| City CHCO | United States | $1.99B | +15% | +3% | 16% | 2.55× | 13.9% | 16.4% |
| SpareBank 1 Nord-Norge NONG.OL | Norway | $1.96B | +26% | -4% | 8% | 0.93× | 6.6% | 7.7% |
| FB Financial FBK | United States | $2.66B | 0% | +27% | 12% | 1.39× | 12.3% | 11.9% |
| Far Eastern International Bank 2845.TW | Taiwan | $1.88B | +4% | +5% | 7% | 0.87× | 3.2% | 7.4% |
| NBT Bancorp NBTB | United States | $2.74B | +16% | +10% | 11% | 1.45× | 9.3% | 11.5% |
| Happen HAPN | United States | $1.84B | n/a | +26% | 14% | 1.16× | 14.5% | 13.8% |
| Bandhan Bank BANDHANBNK.NS | India | $2.83B | -21% | +1% | 7% | 1.00× | 14.9% | 7.3% |
| Guangzhou Rural Commercial Bank 1551.HK | Hong Kong | $2.83B | -10% | -9% | 2% | 0.22× | 3.5% | 2.3% |
| Hyakujushi Bank 8386.T | Japan | $1.78B | +4% | +22% | 6% | 0.72× | 6.7% | 5.6% |
OSB has 2 bonds outstanding with $868M face value. The agencies rate it Baa2.