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U.K. (FTSE) Market Analysis & Valuation

UpdatedJan 23, 2026
DataAggregated Company Financials
Companies1092
  • 7D-0.5%
  • 3M5.9%
  • 1Y19.6%
  • YTD2.8%

In the last week, the market has been flat. As for the longer term, the market has risen 20% 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
Fri, 23 Jan 2026UK£2.9tUK£2.0tUK£137.5b16.8x21.2x1.5x
Sun, 21 Dec 2025UK£2.8tUK£2.0tUK£138.3b16x20.4x1.4x
Tue, 18 Nov 2025UK£2.8tUK£2.0tUK£139.2b16.3x19.9x1.4x
Thu, 16 Oct 2025UK£2.7tUK£1.9tUK£135.6b16.6x20x1.4x
Sat, 13 Sep 2025UK£2.7tUK£1.9tUK£135.4b16.4x19.8x1.4x
Mon, 11 Aug 2025UK£2.6tUK£1.9tUK£134.0b16.2x19.7x1.4x
Wed, 09 Jul 2025UK£2.5tUK£1.9tUK£127.1b16.3x19.7x1.3x
Fri, 06 Jun 2025UK£2.5tUK£1.9tUK£127.0b16.2x19.7x1.3x
Sun, 04 May 2025UK£2.4tUK£2.0tUK£130.7b15.8x18.7x1.2x
Tue, 01 Apr 2025UK£2.4tUK£2.0tUK£136.1b15.3x17.9x1.2x
Thu, 27 Feb 2025UK£2.5tUK£2.0tUK£137.4b16.1x18.3x1.3x
Sat, 25 Jan 2025UK£2.5tUK£2.1tUK£123.3b15.8x20.1x1.2x
Mon, 23 Dec 2024UK£2.4tUK£2.0tUK£122.8b16x19.4x1.2x
Wed, 20 Nov 2024UK£2.4tUK£2.0tUK£121.8b16.3x19.6x1.2x
Fri, 18 Oct 2024UK£2.4tUK£2.0tUK£118.9b16.6x20.5x1.2x
Sun, 15 Sep 2024UK£2.4tUK£2.0tUK£119.3b16.5x20.4x1.2x
Tue, 13 Aug 2024UK£2.4tUK£2.0tUK£123.3b16.3x19.7x1.2x
Thu, 11 Jul 2024UK£2.4tUK£2.0tUK£131.2b16.8x18.5x1.2x
Sat, 08 Jun 2024UK£2.5tUK£2.0tUK£129.9b16.8x18.9x1.2x
Mon, 06 May 2024UK£2.4tUK£2.1tUK£141.9b16.5x17.3x1.2x
Wed, 03 Apr 2024UK£2.4tUK£2.1tUK£146.2b16.2x16.4x1.1x
Fri, 01 Mar 2024UK£2.3tUK£2.0tUK£140.5b15.2x16.3x1.1x
Sun, 28 Jan 2024UK£2.3tUK£2.1tUK£193.0b15x12x1.1x
Tue, 26 Dec 2023UK£2.3tUK£2.1tUK£193.8b15.2x12.1x1.1x
Thu, 23 Nov 2023UK£2.3tUK£2.1tUK£194.6b14.3x11.6x1.1x
Sat, 21 Oct 2023UK£2.3tUK£2.2tUK£187.3b13.5x12.1x1x
Mon, 18 Sep 2023UK£2.4tUK£2.2tUK£185.6b14.8x12.8x1.1x
Wed, 16 Aug 2023UK£2.3tUK£2.1tUK£184.5b14.3x12.4x1.1x
Fri, 14 Jul 2023UK£2.3tUK£2.2tUK£204.3b14x11.4x1.1x
Sun, 11 Jun 2023UK£2.4tUK£2.2tUK£209.9b14.3x11.3x1.1x
Tue, 09 May 2023UK£2.4tUK£2.2tUK£209.8b14.4x11.6x1.1x
Thu, 06 Apr 2023UK£2.4tUK£2.2tUK£180.3b13.6x13.3x1.1x
Sat, 04 Mar 2023UK£2.5tUK£2.2tUK£189.8b14.1x13.4x1.2x
Mon, 30 Jan 2023UK£2.5tUK£2.1tUK£183.5b14x13.6x1.2x
Price to Earnings Ratio

13.6x


Total Market Cap: UK£2.5tTotal Earnings: UK£183.5bTotal Revenue: UK£2.1tTotal Market Cap vs Earnings and Revenue0%0%0%
U.K. Market Price to Earnings3Y Average 16.7x202420252026
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 16.7x.
Past Earnings Growth
  • The earnings for companies in the British industry have declined 9.2% per year over the last three years.
  • Revenues have also declined 2.1% 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 Market-0.45%
Telecom1.82%
Materials0.79%
Financials0.37%
Utilities0.31%
Tech0.17%
Consumer Staples-0.24%
Consumer Discretionary-0.45%
Real Estate-0.97%
Energy-1.04%
Industrials-1.89%
Healthcare-2.10%
Sector PE
  • Investors favour the Materials sector the most for future growth, which is trading above its 3-year average PE ratio of 19.5x.
    • Analysts are expecting annual earnings growth of 29.7%, which is lower than the prior year's growth of 33.5% per year.
Forecasted Growth
  • Analysts are most optimistic on the Materials sector, expecting annual earnings growth of 30% 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 7.1% 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
FRES FresnilloUK£40.848.8%
+UK£2.4b		501.9%PE89xMaterials
BEZ BeazleyUK£11.1636.3%
+UK£1.8b		31.7%PE9.1xFinancials
WISE WiseUK£9.7520.3%
+UK£1.7b		-10.0%PE25.6xFinancials
KAP National Atomic Company Kazatomprom JSCUS$74.5011.7%
+US$2.0b		97.1%PE14.4xEnergy
HLN HaleonUK£3.784.4%
+UK£1.4b		0.8%PE22.1xHealthcare
See more

Market Insights

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FRES
UK£40.84
Fresnillo
7D
8.8%
1Y
501.9%
BEZ
UK£11.16
Beazley
7D
36.3%
1Y
31.7%
GSK
UK£18.05
GSK
7D
-2.4%
1Y
32.3%

GSK: Vaccine Franchise And Pipeline Execution Will Shape Balanced Long Term Returns

The analyst price target for GSK has been nudged higher to reflect a slightly increased fair value estimate of £18.73, with analysts pointing to recent target raises, a modest adjustment to long term P/E assumptions, and ongoing debate around pipeline visibility and profitability. Analyst Commentary Recent research on GSK reflects a mix of optimism around valuation support and price targets, alongside clear concern about execution risks and pipeline visibility.
NWG
UK£6.53
NatWest Group
7D
2.3%
1Y
52.1%

NWG: Future Capital Returns And Wealth Moves Will Support Fair Value

Our NatWest Group narrative fair value estimate edges higher to £6.77 from £6.63 as analysts broadly lift price targets, citing updated capital expectations and modest tweaks to revenue growth, discount rate and P/E assumptions. Analyst Commentary Bullish Takeaways Bullish analysts are lifting price targets into a £6.65 to £7.30 per share range, which broadly supports our £6.77 narrative fair value estimate and points to a cluster of views around similar valuation levels.
KAP
US$74.50
National Atomic Company Kazatomprom JSC
7D
11.7%
1Y
97.1%

KAP: Japanese Supply Deal And Higher 2025 Guidance Will Support Steady Outlook

Analysts have lifted their price target range for National Atomic Company Kazatomprom JSC, reflecting an updated fair value estimate of $77.56 (up from $64.39). This revision is supported by slightly higher revenue growth assumptions and a revised future P/E of 15.24x versus 12.76x, even as projected profit margins are trimmed modestly.
AZN
UK£135.60
AstraZeneca
7D
-3.3%
1Y
22.8%

AZN: Oncology Pipeline And 2030 Sales Ambition Will Support Re Rating

Narrative Update The analyst price target for AstraZeneca has been nudged higher to reflect a fair value estimate of £182.81 per share, with analysts pointing to supportive Street research that includes recent target upgrades from Deutsche Bank and Barclays, as well as constructive commentary on oncology and the broader biopharma pipeline. Analyst Commentary Recent Street research reflects a cluster of bullish analysts lifting price targets on AstraZeneca, with several pointing to oncology and the broader biopharma pipeline as key parts of their constructive view.
HSBA
UK£12.44
HSBC Holdings
7D
0.6%
1Y
50.0%

HSBA: Future Returns Will Depend On Chair Succession And Cost Discipline

Analysts have modestly lifted their fair value estimate for HSBC Holdings to £11.25 from £10.88, reflecting updated assumptions on revenue growth, profit margins and future P/E. This follows recent price target increases from £9.50 to £10.10 and to £13.20, alongside a mix of Buy, Equal Weight and upgraded ratings.
WISE
UK£9.75
Wise
7D
20.3%
1Y
-10.0%

WISE: Partnership Momentum Will Support Premium P/E Case Going Forward

Analysts have trimmed their price target on Wise to £13.75 from £13.80, citing updated assumptions on revenue growth, profit margins, and future P/E expectations. Analyst Commentary Recent research updates on Wise show that some bullish analysts are still constructive on the shares, even with a slightly lower price target of £13.75 compared to £13.80 previously.
GNC
UK£2.70
Greencore Group
7D
-2.0%
1Y
46.1%
RR.
UK£12.44
Rolls-Royce Holdings
7D
-2.3%
1Y
103.4%

RR.: Future Engine Ambitions Will Likely Magnify Execution Risk Ahead

Analysts have trimmed their average fair value estimate for Rolls-Royce Holdings to £8.36 from £8.64, pointing to updated assumptions on discount rate, revenue growth, profit margins and future P/E, following recent research that highlights the company’s operational turnaround and potential upside from its next generation Ultrafan program. Analyst Commentary Recent research points to a mixed tone on Rolls-Royce, with some analysts highlighting the operational turnaround and potential upside linked to the Ultrafan program, while others flag valuation and execution risks that could limit near term upside.
EXPN
UK£30.16
Experian
7D
-9.4%
1Y
-20.5%
REL
UK£29.25
RELX
7D
-6.3%
1Y
-26.5%

REL: Earnings Guidance And Margin Outlook Will Support Future Generative AI Upside

Analysts have trimmed their fair value estimate for RELX from £44.18 to £43.85 per share, reflecting slightly adjusted assumptions around discount rates, revenue growth, profit margins, and future P/E levels. What's in the News RELX reaffirmed earnings guidance for the full year 2025, indicating expectations for continued underlying revenue growth.
HLN
UK£3.78
Haleon
7D
4.4%
1Y
0.8%

HLN: Modest Uplift In Outlook Will Balance Execution And Valuation Risks

Analysts have raised their Haleon price target by £0.10, from 507 GBp to 517 GBp. This change reflects updated assumptions for slightly higher revenue growth, a small adjustment to profit margins, and a modestly lower future P/E. Analyst Commentary The latest price target move to 517 GBp signals that at least one research house still sees room for upside in Haleon, but the change is relatively modest.
LSEG
UK£87.24
London Stock Exchange Group
7D
-4.0%
1Y
-26.8%

LSEG: Data Partnerships And AI Integration Will Support Long-Term Upside Potential

Our updated narrative on London Stock Exchange Group reflects a modest reset in the consolidated analyst price target to £122.84 per share, informed by a mixed set of recent Street revisions between £11.90 and £134.00 and small tweaks to long term assumptions on the discount rate, revenue growth, profit margin and future P/E. Analyst Commentary Recent Street research around London Stock Exchange Group highlights a mix of optimism and caution, with price targets now clustered between £11.90 and £134.00 per share.
BA.
UK£19.85
BAE Systems
7D
-2.7%
1Y
57.7%

BA.: Sector Caution And U.S. Shutdown Risk Will Restrain Overheated Expectations

Narrative Update The updated analyst price targets for BAE Systems now center around £19.50 to £18.60 per share. This reflects a modestly lower fair value estimate and slightly adjusted growth, discount rate and P/E assumptions, as analysts balance sector wide caution with valuation driven support.
SHEL
UK£26.74
Shell
7D
-2.6%
1Y
-0.3%

SHEL: Future Returns Will Reflect Resilient Cash Flow And Shareholder Distributions

Our updated view on Shell reflects a small trim in fair value to €31.03 from €31.31, as analysts balance slightly softer growth and margin assumptions with higher price targets associated with resilient cash generation, tighter refining conditions, and a more disciplined focus on costs and shareholder returns. Analyst Commentary Street research on Shell is mixed, with several price target increases reflecting confidence in execution and cash generation, while a few more cautious voices highlight valuation and medium term growth constraints.