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World's largest pest-control company, also providing hygiene and workwear services to businesses globally.
World's largest pest-control company, also providing hygiene and workwear services to businesses globally.
Customers sign recurring route-based contracts with technicians making scheduled visits, so revenue repeats and profit rests on route density; pest control is the largest of its three businesses. The 2022 purchase of Terminix made North America its largest region and added a big residential business.
In one line: The UK's version of Rollins (Orkin's parent), but larger globally.
Moat: narrow (scale, brand, distribution). Dense technician/route networks and brand recognition (Terminix, Rentokil) support route-density economics.
Headquarters: Crawley, UK · Founded: 1925 · Employees: 63,388
Size Rentokil Initial (RTO.L) is a United Kingdom Industrials company (Miscellaneous Commercial Services) with a market value of $11.9B, the 51st largest of 363 United Kingdom companies the cockpit tracks. Shares closed at £352.10 on 6 Nov 2026.
Performance Over six months the shares fell 25.9%, against +12.2% for the median peer and +3.6% for the United Kingdom market (cap-weighted) — 3rd lowest of 20 in its peer set.
Growth Revenue fell 0.2% over the last twelve months (peer median +4.0%); the operating margin is 13.9% (peer median 13.8%).
Valuation It trades at 16.9× forward earnings against a peer median of 20.2× (9th cheapest of 20).
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 +13%, so the hurdle is -5 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.2 points below its cost of capital (8.3% WACC).
Credit Rentokil Initial has 4 bonds outstanding ($2.51B), rated BBB by the agencies and trading like A- at a weighted spread of 87 bp.
Next results Next results expected around 25 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | £5.31B | £5.24B | £5.18B | £5.38B | £3.71B |
| Revenue growth | — | +1% | -4% | +45% | — |
| Gross profit | £741M | £1.72B | £1.52B | £1.50B | £977M |
| EBITDA | £1.24B | £1.12B | £1.10B | £1.36B | £885M |
| Net income | £356M | £357M | £307M | £381M | £232M |
| Free cash flow | £569M | £584M | £519M | £574M | £451M |
| Capital expenditure | £163M | £204M | £215M | £211M | £190M |
| Total debt | n/a | £4.56B | £4.11B | £4.73B | £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 | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Rentokil Initial RTO.L | $11.9B | -26% | 0% | 14% | 16.9× | 8.2% |
| Rollins ROL | $18.1B | -29% | +8% | 19% | 31.4× | 11.2% |
| Ecolab ECL | $84.3B | +19% | +9% | 18% | 33.6× | 19.7% |
| Cintas CTAS | $88.3B | +34% | +10% | 24% | 38.9× | 18.2% |
| Elis ELIS.PA | $6.44B | -12% | +5% | 13% | 12.0× | 10.1% |
| UniFirst UNF | $4.10B | -7% | +4% | 5% | 27.9× | 18.9% |
| Vestis VSTS | $1.88B | +54% | 0% | 4% | 20.0× | 15.8% |
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 | RTO.L | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +16.8% | +10.2% | 6th highest of 20 |
| 6-month return | -25.9% | +12.2% | 3rd lowest of 20 |
| Distance from 52-week high | -30.6% | -10.7% | 3rd lowest of 21 |
| Revenue growth (TTM) | -0.2% | +4.0% | 3rd lowest of 21 |
| Operating margin | 13.9% | 13.8% | 11th highest of 21 |
| Forward P/E | 16.9× | 20.2× | 9th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | 8.2% | 7.9% | 10th most demanding of 20 |
| Growth delivered (Del g) | +13.4% | +9.2% | 6th highest of 20 |
| Hurdle (Req g minus delivered) | -5.3 pp | -4.2 pp | 10th least demanding of 20 |
| ROIC minus cost of capital | -0.2 pp | +5.9 pp | 5th lowest of 19 |
| EV / EBITDA | 9.4× | 11.9× | 7th cheapest of 20 |
| Net debt / EBITDA | 2.2× | 1.7× | 8th most indebted of 20 |
| Bond spread | 87 bp | 102 bp | 4th tightest of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Rentokil Initial RTO.L | United Kingdom | $11.9B | -26% | 0% | 14% | 16.9× | 8.2% | +13.4% |
| CETC Lantian Technology 688818.SS | China | $12.1B | -33% | +5% | 9% | 214.2× | n/a | n/a |
| Intertek ITRK.L | United Kingdom | $12.3B | +12% | +4% | 18% | 22.3× | 14.8% | +4.6% |
| Baycurrent 6532.T | Japan | $11.2B | +132% | +32% | 33% | 35.6× | 6.4% | +28.2% |
| Booz Allen Hamilton BAH | United States | $10.1B | +11% | -6% | 9% | 13.3× | -7.0% | +7.4% |
| Bureau Veritas BVI.PA | France | $14.9B | +13% | +2% | 15% | 20.2× | 7.9% | +7.0% |
| Securitas SECU-B.ST | Sweden | $9.22B | +4% | -5% | 7% | 12.3× | -4.9% | +7.5% |
| UL Solutions ULS | United States | $15.9B | -22% | +6% | 19% | 31.2× | 9.1% | +5.8% |
| CAE CAE.TO | Canada | $8.67B | +3% | +5% | 13% | 29.5× | 13.2% | +10.5% |
| Spie SPIE.PA | France | $8.64B | -8% | +3% | 6% | 14.5× | 8.6% | +9.3% |
| Computershare CPU.AX | Australia | $17.2B | +44% | 0% | 30% | 19.1× | -2.6% | +9.2% |
| Eurofins Scientific ERF.PA | France | $17.5B | +49% | +3% | 12% | 23.0× | 13.3% | +6.1% |
| Rollins ROL | United States | $18.1B | -29% | +8% | 19% | 31.4× | 11.2% | +11.7% |
| Secom 9735.T | Japan | $18.8B | +16% | +4% | 13% | 22.7× | -0.3% | +3.9% |
| ALS ALQ.AX | Australia | $7.40B | -3% | +11% | 17% | 23.6× | 23.0% | +13.5% |
| Iss A/s ISS.CO | Denmark | $7.08B | +13% | +4% | 5% | 15.3× | -6.1% | +3.7% |
| Genpact G | United States | $7.07B | +30% | +7% | 16% | 9.9× | -7.5% | +6.5% |
| Airtel Mobile Commerce AMC.L | United Kingdom | $7.05B | n/a | +30% | 48% | n/a | 11.5% | +30.3% |
| Edenred EDEN.PA | France | $6.52B | +15% | +3% | 30% | 12.0× | -8.0% | +13.9% |
| Elis ELIS.PA | France | $6.44B | -12% | +5% | 13% | 12.0× | 10.1% | +11.3% |
| Nexi NEXI.MI | Italy | $5.93B | +18% | +1% | 13% | 7.0× | 1.5% | +30.5% |
Rentokil Initial has 4 bonds outstanding with $2.51B face value. The agencies rate it BBB; its bonds trade like A-. Weighted yield 4.51%, a spread of 87 bp over government bonds.