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U.K. (FTSE) Market Analysis & Valuation

UpdatedFeb 11, 2026
DataAggregated Company Financials
Companies1093
  • 7D0.4%
  • 3M5.6%
  • 1Y19.0%
  • YTD4.7%

Over the last 7 days, the market has remained flat, although notably the Healthcare sector gained 4.5% in that time. As for the longer term, the market has risen 19% in the past 12 months. Looking forward, earnings are forecast to grow by 14% annually.

Trending IndustriesOil and GasGoldBiotechSoftware

Market Valuation and Performance

Has the U.K. Market valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 11 Feb 2026UK£3.0tUK£1.9tUK£140.5b16.7x21.2x1.5x
Fri, 09 Jan 2026UK£2.9tUK£2.0tUK£138.0b16.6x20.8x1.5x
Sun, 07 Dec 2025UK£2.8tUK£2.0tUK£138.5b16.1x20.1x1.4x
Tue, 04 Nov 2025UK£2.8tUK£2.0tUK£138.7b16.4x20.1x1.4x
Thu, 02 Oct 2025UK£2.7tUK£1.9tUK£135.5b16.5x20.1x1.4x
Sat, 30 Aug 2025UK£2.7tUK£1.9tUK£135.3b15.9x19.7x1.4x
Mon, 28 Jul 2025UK£2.6tUK£1.9tUK£125.2b16.4x20.5x1.3x
Wed, 25 Jun 2025UK£2.5tUK£1.9tUK£126.9b16.3x19.5x1.3x
Fri, 23 May 2025UK£2.5tUK£2.0tUK£126.6b16.3x19.6x1.3x
Sun, 20 Apr 2025UK£2.4tUK£2.0tUK£134.9b15.3x17.5x1.2x
Tue, 18 Mar 2025UK£2.5tUK£2.0tUK£136.0b15.2x18.3x1.2x
Thu, 13 Feb 2025UK£2.5tUK£2.0tUK£121.9b16.4x20.9x1.3x
Sat, 11 Jan 2025UK£2.4tUK£2.1tUK£124.7b15.8x19.3x1.2x
Mon, 09 Dec 2024UK£2.4tUK£2.0tUK£122.3b16.5x20x1.2x
Wed, 06 Nov 2024UK£2.4tUK£2.0tUK£118.0b16.3x20.4x1.2x
Fri, 04 Oct 2024UK£2.4tUK£2.0tUK£118.5b16.6x20.5x1.2x
Sun, 01 Sep 2024UK£2.5tUK£2.0tUK£119.2b16.9x20.7x1.2x
Tue, 30 Jul 2024UK£2.4tUK£2.0tUK£127.1b16.5x19.2x1.2x
Thu, 27 Jun 2024UK£2.4tUK£2.0tUK£132.3b16.3x18.3x1.2x
Sat, 25 May 2024UK£2.5tUK£2.0tUK£126.3b17.2x19.6x1.2x
Mon, 22 Apr 2024UK£2.4tUK£2.1tUK£149.1b15.6x16x1.1x
Wed, 20 Mar 2024UK£2.3tUK£2.1tUK£145.0b15.9x16.1x1.1x
Fri, 16 Feb 2024UK£2.3tUK£2.0tUK£144.9b15.2x15.6x1.1x
Sun, 14 Jan 2024UK£2.3tUK£2.1tUK£193.4b14.9x12x1.1x
Tue, 12 Dec 2023UK£2.3tUK£2.1tUK£194.1b14.7x11.8x1.1x
Thu, 09 Nov 2023UK£2.2tUK£2.2tUK£194.8b13.8x11.5x1x
Sat, 07 Oct 2023UK£2.3tUK£2.2tUK£186.2b13.9x12.3x1.1x
Mon, 04 Sep 2023UK£2.3tUK£2.2tUK£184.9b14.5x12.5x1.1x
Wed, 02 Aug 2023UK£2.4tUK£2.2tUK£194.8b14.5x12.2x1.1x
Fri, 30 Jun 2023UK£2.3tUK£2.2tUK£209.0b14.1x11.1x1.1x
Sun, 28 May 2023UK£2.4tUK£2.2tUK£213.9b14x11.2x1.1x
Tue, 25 Apr 2023UK£2.5tUK£2.2tUK£178.6b14.2x13.9x1.1x
Thu, 23 Mar 2023UK£2.3tUK£2.2tUK£182.7b13.7x12.6x1.1x
Sat, 18 Feb 2023UK£2.6tUK£2.2tUK£202.9b13.8x12.7x1.2x
Price to Earnings Ratio

12.7x


Total Market Cap: UK£2.6tTotal Earnings: UK£202.9bTotal Revenue: UK£2.2tTotal Market Cap vs Earnings and Revenue0%0%0%
U.K. Market Price to Earnings3Y Average 16.9x202420252026
Current Market PE
  • Investors are optimistic on the British market, and appear confident in strong long term growth rates.
  • The market is trading at a PE ratio of 21.2x which is higher than its 3-year average PE of 16.9x.
Past Earnings Growth
  • The earnings for companies in the British industry have declined 12% per year over the last three years.
  • Revenues have also declined 3.7% per year.
  • This means overall sales from these companies are declining and profits are subsequently falling as well.

Sector Trends

Which sectors have driven the changes within the U.K. Market?

GB Market0.36%
Healthcare4.52%
Utilities2.83%
Consumer Staples2.53%
Telecom0.95%
Consumer Discretionary0.71%
Industrials0.61%
Energy0.026%
Real Estate-0.0053%
Tech-1.16%
Materials-1.43%
Financials-2.55%
Sector PE
  • Investors favour the Materials sector the most for future growth, which is trading above its 3-year average PE ratio of 20.3x.
    • Analysts expect its future annual earnings growth (31.5%) to be largely in line with prior year's earnings growth.
    • The market's confidence could indicate that the market believes that analysts are underestimating future growth.
Forecasted Growth
  • Analysts are most optimistic on the Materials sector, expecting annual earnings growth of 32% over the next 5 years.
  • This is roughly in line with its past earnings growth rate.
  • In contrast, the Industrials sector is expected to see its earnings grow by 7.7% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuationSector
GSK GSKUK£21.6811.4%
+UK£8.9b		50.2%PE15.2xHealthcare
AZN AstraZenecaUK£141.642.5%
+UK£5.4b		21.9%PE31.9xHealthcare
ULVR UnileverUK£52.443.9%
+UK£4.6b		-1.3%PE24.1xConsumer Staples
DGE DiageoUK£18.146.9%
+UK£2.6b		-16.4%PE23.4xConsumer Staples
SHEL ShellUK£28.321.5%
+UK£2.3b		4.9%PE12.3xEnergy
See more

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Latest News

GSK
UK£21.68
GSK
7D
11.4%
1Y
50.2%

Statutory Profit Doesn't Reflect How Good GSK's (LON:GSK) Earnings Are

Feb 11
Statutory Profit Doesn't Reflect How Good GSK's (LON:GSK) Earnings Are
STAN
UK£17.90
Standard Chartered
7D
-4.7%
1Y
59.1%
AZN
UK£141.64
AstraZeneca
7D
2.5%
1Y
21.9%
NG.
UK£12.92
National Grid
7D
2.9%
1Y
33.4%

NG.: Dividend Outlook And Regulation Will Shape Steady Future Returns

Analysts have slightly raised their price target on National Grid, citing updated assumptions around fair value, discount rate, revenue growth, profit margin, and future P/E that together point to a modestly higher implied equity value. Analyst Commentary Bullish Takeaways Bullish analysts see the updated assumptions on fair value and discount rate as broadly consistent with a regulated utility earning a steady return, which they view as supportive of the slightly higher price target.
TSCO
UK£4.58
Tesco
7D
5.3%
1Y
16.2%

TSCO: Higher Discount Rate Assumptions And Retail Execution Will Shape Future Returns

Analysts have trimmed their average price target on Tesco to £4.80 from £5.00, citing slightly higher discount rate assumptions and only marginal tweaks to growth and margin inputs in their models. Analyst Commentary Recent commentary around Tesco centres on how small model adjustments feed through to valuation, with the average price target easing to £4.80.
CCH
UK£44.78
Coca-Cola HBC
7D
10.1%
1Y
52.3%

CCH: Recent Governance Changes And Cautious Outlook Will Pressure Future Returns

Narrative Update on Coca-Cola HBC Analysts have trimmed their fair value estimate for Coca-Cola HBC from €31.74 to €30.52, reflecting a slightly higher discount rate, modestly adjusted revenue growth and margin assumptions, and a lower future P/E multiple following more cautious recent research commentary. Analyst Commentary Recent Street research around Coca-Cola HBC has tilted more cautious, with bearish analysts flagging that the risk and reward profile now looks less compelling at current levels.
NWG
UK£6.05
NatWest Group
7D
-12.8%
1Y
34.8%
SHEL
UK£28.32
Shell
7D
1.5%
1Y
4.9%
BATS
UK£43.70
British American Tobacco
7D
-3.0%
1Y
28.8%

BATS: ITC Stake Sale And Leverage Goals Will Limit Future Upside

Analysts have lifted their fair value estimate for British American Tobacco from £30.00 to about £33.22, citing updated assumptions around revenue growth, profit margins and future P/E expectations. What's in the News Company issues earnings guidance for 2025, indicating around 2% Group revenue growth at constant rates and mid single digit growth in New Category revenue at constant rates.
BARC
UK£4.74
Barclays
7D
-5.4%
1Y
54.8%
GLEN
UK£4.96
Glencore
7D
-4.0%
1Y
42.0%
BP.
UK£4.48
BP
7D
-3.9%
1Y
-3.0%

BP.: Future Returns Will Balance Portfolio Sales Softer Crude And Leadership Change

Analysts have trimmed their BP price targets by a few dollars or pence overall, reflecting slightly lower fair value estimates and revenue growth assumptions. This has been partially offset by a small uplift in expected profit margins and future P/E, as firms reassess the company around a softer crude outlook, refining tailwinds, and an upcoming CEO transition.
ULVR
UK£52.44
Unilever
7D
3.9%
1Y
-1.3%

ULVR: Margin And U.S. Slowdown Concerns Will Keep Shares Subdued

Analysts have made a small trim to their Unilever fair value estimate to about €40.87 per share, reflecting slightly higher assumed future P/E, a modestly lower discount rate, and mixed sector views that now include a downgrade to Neutral and a cautious stance on valuation, despite a higher Jefferies price target to £41.00. Analyst Commentary Recent research points to a cautious tone around Unilever, with several bearish analysts focusing on valuation, earnings visibility, and execution risks over the next couple of years.
DGE
UK£18.14
Diageo
7D
6.9%
1Y
-16.4%

DGE: Premium Portfolio And Cost Discipline Will Benefit From Expected Consumer Tailwinds

Narrative Update on Diageo Analysts have trimmed their Diageo fair value estimate slightly, by about $0.23 to $20.57, reflecting more muted assumptions for revenue growth and profit margins, partly offset by a modestly higher future P/E multiple. Analyst Commentary Recent Street research around consumer and value-focused retailers gives some context for how analysts are thinking about companies with everyday spending exposure, which can be useful when you think about Diageo.
LLOY
UK£1.03
Lloyds Banking Group
7D
-8.7%
1Y
63.7%

LLOY: Buybacks And Dividend Policy Will Support Measured Future Return Profile

Analysts have lifted their price target for Lloyds Banking Group to £1.08 from £0.96, citing adjusted assumptions for revenue growth, profit margins and future P/E multiples that point to a higher assessed fair value. What's in the News The Board of Directors has authorized a new share buyback plan, approved on 30 January 2026.
ANTO
UK£36.48
Antofagasta
7D
-5.7%
1Y
102.8%

ANTO: Project Execution Risks Likely To Challenge Rich Copper Earnings Expectations

The analyst price target for Antofagasta has been lifted to a new fair value estimate of £21.04 from £18.96 as analysts factor in higher assumed revenue growth, stronger profit margins, and a lower future P/E multiple supported by recent target hikes and rating changes across major banks. Analyst Commentary Recent Street research on Antofagasta points to a mix of optimism on growth projects and caution on how much of that potential is already reflected in the share price.