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U.K. (FTSE) Market Analysis & Valuation

UpdatedSep 01, 2026
DataAggregated Company Financials
Companies1063
  • 7D-0.2%
  • 3M4.2%
  • 1Y17.9%
  • YTD9.2%

Over the last 7 days, the market has remained flat, with no particular sector making any big moves this week. More promisingly, the market is up 18% over the past year. As for the next few years, earnings are expected to grow by 12% per annum.

Trending IndustriesOil and GasGoldBiotechSoftware

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 01 Sep 2026UK£3.1tUK£2.1tUK£173.5b16.3x17.7x1.4x
Thu, 30 Jul 2026UK£3.1tUK£2.0tUK£166.8b16.1x18.3x1.5x
Sat, 27 Jun 2026UK£2.9tUK£2.0tUK£165.4b15.7x17.8x1.4x
Mon, 25 May 2026UK£3.0tUK£2.0tUK£165.8b16.1x17.8x1.5x
Wed, 22 Apr 2026UK£3.0tUK£2.0tUK£157.5b16.2x18.9x1.5x
Fri, 20 Mar 2026UK£2.8tUK£2.0tUK£156.2b15.1x18.1x1.4x
Sun, 15 Feb 2026UK£3.0tUK£1.9tUK£145.5b16.7x20.6x1.5x
Tue, 13 Jan 2026UK£2.9tUK£2.0tUK£137.8b16.7x21.1x1.5x
Thu, 11 Dec 2025UK£2.8tUK£2.0tUK£138.4b15.9x19.9x1.4x
Sat, 08 Nov 2025UK£2.8tUK£2.0tUK£138.1b16.1x20.1x1.4x
Mon, 06 Oct 2025UK£2.7tUK£1.9tUK£135.4b16.8x20.2x1.4x
Wed, 03 Sep 2025UK£2.6tUK£2.0tUK£135.7b15.8x19.4x1.3x
Fri, 01 Aug 2025UK£2.6tUK£2.0tUK£126.3b16.4x20.3x1.3x
Sun, 29 Jun 2025UK£2.5tUK£1.9tUK£126.7b16.7x19.6x1.3x
Tue, 27 May 2025UK£2.5tUK£1.9tUK£125.7b16.2x19.7x1.3x
Thu, 24 Apr 2025UK£2.4tUK£2.0tUK£135.1b15.3x17.7x1.2x
Sat, 22 Mar 2025UK£2.5tUK£2.0tUK£136.5b15.6x18.1x1.2x
Mon, 17 Feb 2025UK£2.5tUK£2.0tUK£139.3b16.4x18.1x1.2x
Wed, 15 Jan 2025UK£2.4tUK£2.1tUK£124.8b15.7x19.2x1.2x
Fri, 13 Dec 2024UK£2.4tUK£2.0tUK£121.9b16.3x20x1.2x
Sun, 10 Nov 2024UK£2.4tUK£2.0tUK£118.2b16.3x20.2x1.2x
Tue, 08 Oct 2024UK£2.4tUK£2.0tUK£118.8b16.4x20.4x1.2x
Thu, 05 Sep 2024UK£2.4tUK£2.0tUK£119.1b16.8x20.5x1.2x
Sat, 03 Aug 2024UK£2.4tUK£2.0tUK£124.9b16.7x19.3x1.2x
Mon, 01 Jul 2024UK£2.4tUK£2.0tUK£132.1b16.2x18.2x1.2x
Wed, 29 May 2024UK£2.5tUK£2.0tUK£129.0b17.2x19.1x1.2x
Fri, 26 Apr 2024UK£2.4tUK£2.1tUK£143.8b15.8x16.8x1.2x
Sun, 24 Mar 2024UK£2.4tUK£2.1tUK£147.6b16.3x16.4x1.1x
Tue, 20 Feb 2024UK£2.3tUK£2.0tUK£147.1b15.2x15.6x1.1x
Thu, 18 Jan 2024UK£2.3tUK£2.1tUK£193.7b14.6x11.6x1.1x
Sat, 16 Dec 2023UK£2.3tUK£2.1tUK£193.7b15.1x11.9x1.1x
Mon, 13 Nov 2023UK£2.2tUK£2.2tUK£195.3b13.9x11.4x1x
Wed, 11 Oct 2023UK£2.3tUK£2.2tUK£185.9b14x12.6x1.1x
Fri, 08 Sep 2023UK£2.3tUK£2.2tUK£185.3b14.4x12.4x1.1x
Price to Earnings Ratio

12.4x


Total Market Cap: UK£2.3tTotal Earnings: UK£185.3bTotal Revenue: UK£2.2tTotal Market Cap vs Earnings and Revenue0%0%0%
U.K. Market Price to Earnings3Y Average 18x202420252026
Current Market PE
  • Investors are relatively neutral on the British market at the moment, indicating that they expect earnings will grow in line with historical growth rates.
  • The market is trading close to its 3-year average PE ratio of 18.0x.
Past Earnings Growth
  • The earnings for British listed companies have declined 2.2% per year over the last three years.
  • Meanwhile revenues have been flat.
  • This means that either the cost of doing business or the level of investment back into businesses is increasing since sales have remained steady while profits have fallen.

Sector Trends

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

GB Market-0.20%
Tech2.04%
Utilities1.10%
Materials0.85%
Industrials0.83%
Consumer Discretionary-0.012%
Financials-0.22%
Telecom-0.28%
Real Estate-0.78%
Consumer Staples-0.94%
Healthcare-1.15%
Energy-1.67%
Sector PE
  • Investors favour the Tech sector the most for future growth, which is trading close to its 3-year average PE ratio of 50.7x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 18.0% which is higher than its past year's earnings decline of 1.7% per year.
  • The Energy sector is the least preferred by investors for future growth, which is trading below its 3-year average of 17.7x.
Forecasted Growth
  • Analysts are most optimistic on the Telecom sector, expecting annual earnings growth of 25% over the next 5 years.
  • This is better than its past earnings growth rate of 5.1% per year.
  • In contrast, the Energy industry is expected to see its earnings growth to stay flat over the next few years.

Top Stock Gainers and Losers

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

CompanyLast Price7D1YValuationSector
HSBA HSBC HoldingsUK£15.280.8%
+UK£1.9b		61.5%PB1.8xFinancials
LSEG London Stock Exchange GroupUK£90.002.3%
+UK£978.2m		-1.0%PE30.8xFinancials
REL RELXUK£26.722.1%
+UK£943.2m		-21.3%PE20.6xIndustrials
STAN Standard CharteredUK£21.771.7%
+UK£783.3m		59.0%PB1.2xFinancials
AAL Anglo AmericanUK£42.691.6%
+UK£707.2m		90.9%PS3.2xMaterials
See more

Market Insights

Header cover image
At first glance, this was the strongest earnings season in years. But when you look at where the growth actually came from, the story splits into two very different pictures.
Continue reading
Which payment stocks actually get paid?

Latest News

AZN
UK£119.62
AstraZeneca
7D
-4.1%
1Y
0.5%
RR.
UK£14.59
Rolls-Royce Holdings
7D
-4.6%
1Y
36.5%
BP.
UK£5.41
BP
7D
2.4%
1Y
24.7%
ULVR
UK£48.11
Unilever
7D
1.0%
1Y
-9.6%
New Narrative • Aug 30

Unilever (LSE:ULVR), changes in the wind.

This article appeared on my substack page a couple of days ago ( https://piproberts25.substack.com/p/unilever-lseulvr-changes-in-the-wind?r=6kjdcg&utm_campaign=post-expanded-share&utm_medium=web ) Unilever (LSE:ULVR) is changing. It has plans to no longer simply be the mature consumer staples business it has been for decades.
HSBA
UK£15.33
HSBC Holdings
7D
1.1%
1Y
62.0%
BARC
UK£4.86
Barclays
7D
-2.0%
1Y
35.1%
SHEL
UK£34.33
Shell
7D
1.4%
1Y
25.7%
GSK
UK£18.72
GSK
7D
-1.8%
1Y
29.7%
RIO
UK£75.81
Rio Tinto Group
7D
-1.9%
1Y
65.5%
DGE
UK£16.72
Diageo
7D
-3.7%
1Y
-18.1%
ANTO
UK£38.28
Antofagasta
7D
-4.5%
1Y
79.6%
Narrative Update • Aug 19

ANTO: Copper Output Resilience And 2028 Free Cash Flow Timing Will Shape Returns

Antofagasta's analyst fair value has been trimmed from £38.80 to £37.87 as analysts factor in slightly lower revenue growth expectations, a modestly higher discount rate, and updated Street price targets that have recently shifted both up and down between roughly £33.40 and £44.00 per share. Analyst Commentary Recent Street research on Antofagasta shows a wide spread of views on both valuation and execution.
BA.
UK£20.17
BAE Systems
7D
-3.9%
1Y
14.1%
BATS
UK£41.74
British American Tobacco
7D
1.0%
1Y
2.1%
Narrative Update • Aug 16

BATS: AI Technology Partnership And Buybacks Will Support Future Returns

The analyst price target for British American Tobacco has been revised from £50.27 to £51.50, with analysts citing updated assumptions for discount rate, revenue growth, profit margin and future P/E to support the new view. What’s in the News for British American Tobacco ITC Infotech expanded its multi year technology partnership with British American Tobacco to support AI driven transformation of the company’s technology systems across Poland, Romania, India, Malaysia and Mexico, building on an existing relationship.
SEPL
UK£7.28
Seplat Energy
7D
12.9%
1Y
190.0%
Narrative Update • Aug 13

SEPL: Higher P/E Expectations And Solid Output Will Support Future Returns

Analysts have lifted their fair value estimate for Seplat Energy to align with a higher price target of £6.65 from £6.55, citing updated assumptions on discount rates, revenue growth, profit margins and future P/E expectations. What’s in the News for Seplat Energy Seplat Energy kept its 2026 production guidance unchanged at 135 kboepd to 155 kboepd, with management indicating that current output is tracking towards the midpoint of this range.
STAN
UK£21.69
Standard Chartered
7D
1.4%
1Y
58.4%
Narrative Update • Aug 13

STAN: Execution Risks Around Efficiency Gains Will Limit Future Upside

Standard Chartered's updated fair value estimate has moved from £13.86 to £18.48 as analysts adjust price targets higher into a £2,130 to £2,400 range, citing firmer revenue growth assumptions and slightly improved profit margins alongside only modest changes to P/E expectations. Analyst Commentary Recent Street research on Standard Chartered shows a mix of optimism and caution.
RKT
UK£53.60
Reckitt Benckiser Group
7D
4.1%
1Y
-6.3%