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UK specialty ingredients company making sweeteners, fibers and texturants for food and beverage manufacturers.
UK specialty ingredients company making sweeteners, fibers and texturants for food and beverage manufacturers.
Sells ingredients that are formulated into customers' food and drink, so it earns on volumes and on the value it adds in recipes rather than on commodity corn. It sold control of its bulk corn-sweetener business in 2021 to focus on specialty ingredients, and bought CP Kelco, a maker of plant-based thickeners, in 2024.
In one line: A UK Ingredion/IFF for food ingredients.
Moat: narrow (IP / patents, customer qualification, scale). Formulation expertise and long food-manufacturer qualification create switching costs.
Headquarters: London, UK · Founded: 1921 · Employees: 4,840
Size Tate & Lyle (TATE.L) is a United Kingdom Consumer Staples company (Food: Specialty/Candy) with a market value of $3.34B, the 124th largest of 363 United Kingdom companies the cockpit tracks. Shares closed at £561.00 on 6 Nov 2026.
Performance Over six months the shares gained 53.3%, against -1.1% for the median peer and +3.6% for the United Kingdom market (cap-weighted) — highest of 21 in its peer set.
Growth Revenue grew 15.6% over the last twelve months (peer median +5.8%); the operating margin is 9.0% (peer median 9.6%).
Valuation It trades at 15.2× forward earnings against a peer median of 18.1× (7th cheapest of 20).
Price implies For today's price to make sense, revenue must grow about 11% a year for seven years (Req g). Recent delivered growth is +11%, so the hurdle is +0 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 2.5 points below its cost of capital (7.8% WACC).
Next results Next results expected around 27 May 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | £2.01B | £2.01B | £1.74B | £1.65B | £1.75B |
| Revenue growth | — | +16% | +5% | -6% | — |
| Gross profit | n/a | £364M | £353M | £495M | £496M |
| EBITDA | £352M | £397M | £368M | £328M | £321M |
| Net income | £97.0M | £97.0M | £58.0M | £188M | £190M |
| Free cash flow | £122M | £122M | £71.0M | £185M | £48.0M |
| Capital expenditure | £125M | £125M | £121M | £110M | £78.0M |
| Total debt | n/a | £1.29B | £1.31B | £590M | £713M |
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 |
|---|---|---|---|---|---|---|
| Tate & Lyle TATE.L | $3.34B | +53% | +16% | 9% | 15.2× | 10.8% |
| Ingredion INGR | $5.78B | -15% | -1% | 12% | 9.7× | -7.8% |
| Archer Daniels Midland ADM | $33.3B | -9% | +1% | 3% | 12.0× | 8.0% |
| International Flavors & Fragrances IFF | $20.7B | +2% | -17% | 11% | 23.4× | 17.9% |
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 | TATE.L | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +0.3% | +4.9% | 8th lowest of 21 |
| 6-month return | +53.3% | -1.1% | highest of 21 |
| Distance from 52-week high | -13.7% | -19.2% | 10th highest of 21 |
| Revenue growth (TTM) | +15.6% | +5.8% | 5th highest of 21 |
| Operating margin | 9.0% | 9.6% | 11th highest of 21 |
| Forward P/E | 15.2× | 18.1× | 7th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | 10.8% | 5.0% | 6th most demanding of 18 |
| Growth delivered (Del g) | +10.6% | +9.0% | 7th highest of 18 |
| Hurdle (Req g minus delivered) | +0.2 pp | -6.0 pp | 6th most demanding of 18 |
| ROIC minus cost of capital | -2.5 pp | +2.3 pp | 6th lowest of 21 |
| EV / EBITDA | 9.8× | 11.1× | 8th cheapest of 17 |
| Net debt / EBITDA | 2.7× | 0.6× | 5th most indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Tate & Lyle TATE.L | United Kingdom | $3.34B | +53% | +16% | 9% | 15.2× | 10.8% | +10.6% |
| Orion 271560.KS | South Korea | $3.45B | -18% | +11% | 17% | 9.9× | -17.1% | +8.4% |
| Greencore GNC.L | United Kingdom | $3.23B | +31% | +26% | 6% | 14.3× | 22.4% | +9.0% |
| Jinan Shengquan Group Share 605589.SS | China | $3.46B | -30% | +12% | 8% | 19.7× | n/a | n/a |
| Greggs GRG.L | United Kingdom | $3.20B | +42% | +7% | 9% | 18.1× | 10.5% | +21.5% |
| Ashland ASH | United States | $3.51B | +39% | +2% | 7% | 18.0× | 12.3% | -2.5% |
| Vita Coco COCO | United States | $3.56B | -13% | +26% | 20% | 30.2× | 8.4% | +14.4% |
| Freshpet FRPT | United States | $3.09B | +21% | +12% | 9% | 34.9× | 28.5% | +28.2% |
| Post POST | United States | $3.65B | -19% | +6% | 10% | 11.8× | -2.1% | +7.4% |
| MeiHua 600873.SS | China | $2.99B | -27% | -3% | 4% | 14.5× | n/a | n/a |
| Tootsie Roll Industries TR | United States | $2.92B | -8% | +2% | 12% | n/a | 14.1% | +9.2% |
| Anjoy Foods 603345.SS | China | $3.82B | -20% | +19% | 12% | 17.3× | -4.3% | +18.4% |
| Marzetti MZTI | United States | $2.86B | -8% | -1% | 11% | 15.6× | -2.4% | +5.6% |
| Kotobuki Spirits 2222.T | Japan | $2.81B | +41% | +10% | 25% | 29.3× | 5.2% | +27.7% |
| House Foods 2810.T | Japan | $2.58B | +49% | 0% | 6% | 27.2× | 5.0% | +4.9% |
| Suedzucker SZU.DE | Germany | $2.57B | -5% | -5% | -3% | 34.2× | 0.7% | +4.6% |
| Lotus 600186.SS | China | $2.37B | -18% | +21% | 13% | 35.2× | n/a | n/a |
| CALBEE 2229.T | Japan | $2.37B | +7% | +5% | 8% | 22.0× | -1.8% | +5.0% |
| Kanematsu 8020.T | Japan | $2.35B | +2% | +4% | 5% | 9.6× | -2.4% | +10.5% |
| Premier Foods PFD.L | United Kingdom | $2.34B | +3% | +2% | 18% | 12.6× | -1.3% | +4.4% |
| Yantai North Andre Juice 605198.SS | China | $2.31B | +16% | -17% | 18% | 66.5× | 36.8% | +14.8% |