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U.K. (FTSE) Market Analysis & Valuation

UpdatedMar 19, 2026
DataAggregated Company Financials
Companies1089
  • 7D-0.8%
  • 3M4.7%
  • 1Y18.3%
  • YTD3.3%

In the last week, the market has stayed flat, however the Energy sector stood out, gaining 8.0%. More promisingly, the market is up 19% 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
Thu, 19 Mar 2026UK£2.9tUK£2.0tUK£157.2b15.5x18.4x1.4x
Sat, 14 Feb 2026UK£3.0tUK£1.9tUK£145.4b16.7x20.6x1.5x
Mon, 12 Jan 2026UK£2.9tUK£2.0tUK£138.1b16.8x21x1.5x
Wed, 10 Dec 2025UK£2.8tUK£2.0tUK£138.5b16x19.9x1.4x
Fri, 07 Nov 2025UK£2.8tUK£2.0tUK£139.0b16.2x20.1x1.4x
Sun, 05 Oct 2025UK£2.7tUK£1.9tUK£135.4b16.8x20.2x1.4x
Tue, 02 Sep 2025UK£2.7tUK£1.9tUK£135.1b16.1x19.7x1.4x
Thu, 31 Jul 2025UK£2.6tUK£2.0tUK£128.5b16.1x20x1.3x
Sat, 28 Jun 2025UK£2.5tUK£1.9tUK£126.7b16.6x19.6x1.3x
Mon, 26 May 2025UK£2.5tUK£1.9tUK£125.7b16.2x19.7x1.3x
Wed, 23 Apr 2025UK£2.4tUK£1.9tUK£134.3b15.1x17.6x1.2x
Fri, 21 Mar 2025UK£2.5tUK£2.0tUK£136.4b15.8x18.3x1.2x
Sun, 16 Feb 2025UK£2.5tUK£2.0tUK£139.3b16.4x18.1x1.2x
Tue, 14 Jan 2025UK£2.4tUK£2.1tUK£124.9b15.6x19.2x1.2x
Thu, 12 Dec 2024UK£2.4tUK£2.0tUK£121.7b16.5x20.1x1.2x
Sat, 09 Nov 2024UK£2.4tUK£2.0tUK£117.8b16.3x20.2x1.2x
Mon, 07 Oct 2024UK£2.4tUK£2.0tUK£118.6b16.5x20.5x1.2x
Wed, 04 Sep 2024UK£2.4tUK£2.0tUK£119.3b16.9x20.5x1.2x
Fri, 02 Aug 2024UK£2.4tUK£2.0tUK£125.4b17x19.5x1.2x
Sun, 30 Jun 2024UK£2.4tUK£2.0tUK£132.1b16.2x18.2x1.2x
Tue, 28 May 2024UK£2.5tUK£2.0tUK£127.2b17.3x19.5x1.2x
Thu, 25 Apr 2024UK£2.4tUK£2.1tUK£148.1b15.8x16.4x1.2x
Sat, 23 Mar 2024UK£2.4tUK£2.0tUK£147.0b16.2x16.3x1.2x
Mon, 19 Feb 2024UK£2.3tUK£2.0tUK£147.0b15.2x15.6x1.1x
Wed, 17 Jan 2024UK£2.3tUK£2.1tUK£194.3b14.9x11.8x1.1x
Fri, 15 Dec 2023UK£2.3tUK£2.1tUK£192.6b15.1x12x1.1x
Sun, 12 Nov 2023UK£2.2tUK£2.2tUK£195.3b13.9x11.4x1x
Tue, 10 Oct 2023UK£2.3tUK£2.2tUK£186.3b13.9x12.3x1x
Thu, 07 Sep 2023UK£2.3tUK£2.2tUK£185.2b14.4x12.4x1.1x
Sat, 05 Aug 2023UK£2.4tUK£2.2tUK£189.4b14.5x12.4x1.1x
Mon, 03 Jul 2023UK£2.3tUK£2.2tUK£208.3b14.3x11.3x1.1x
Wed, 31 May 2023UK£2.4tUK£2.2tUK£213.5b14.2x11.1x1.1x
Fri, 28 Apr 2023UK£2.5tUK£2.2tUK£178.7b14.3x13.7x1.1x
Sun, 26 Mar 2023UK£2.3tUK£2.2tUK£184.6b13.7x12.6x1.1x
Price to Earnings Ratio

12.6x


Total Market Cap: UK£2.3tTotal Earnings: UK£184.6bTotal Revenue: UK£2.2tTotal Market Cap vs Earnings and Revenue0%0%0%
U.K. Market Price to Earnings3Y Average 17.1x202420252026
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 17.1x.
Past Earnings Growth
  • The earnings for companies in the British industry have declined 5.4% per year over the last three years.
  • Revenues have also declined 3.0% 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-0.46%
Energy8.03%
Utilities2.25%
Telecom1.83%
Consumer Staples0.57%
Healthcare-1.06%
Real Estate-1.34%
Consumer Discretionary-1.80%
Industrials-1.90%
Financials-2.55%
Tech-2.68%
Materials-3.36%
Sector PE
  • Investors favour the Tech sector the most for future growth even though it's trading below its 3-year average PE ratio of 53.4x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 17.5%, which is higher than its past year's earnings growth of 6.6% per year.
Forecasted Growth
  • Analysts are most optimistic on the Telecom sector, expecting annual earnings growth of 33% over the next 5 years.
  • This is better than its past earnings decline of 1.2% per year.
  • In contrast, the Consumer Staples sector is expected to see its earnings grow by 6.7% 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
SHEL ShellUK£34.626.7%
+UK£12.2b		26.3%PE14.6xEnergy
BP. BPUK£5.568.1%
+UK£6.4b		25.6%PE2100.4xEnergy
BA. BAE SystemsUK£23.304.6%
+UK£3.0b		39.3%PE33.6xIndustrials
HLN HaleonUK£3.865.4%
+UK£1.8b		-2.0%PE20.6xHealthcare
AAF Airtel AfricaUK£3.7511.1%
+UK£1.4b		136.4%PE33.9xTelecom
See more

Market Insights

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Why international stocks are starting to outpace the U.S.
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Stella Ong
From Europe to Asia, global markets surged in 2025 while U.S. earnings growth became more concentrated. Early signs suggest this might continue.
Continue reading
What the next 25 years will look like 🔮

Latest News

BP.
UK£5.56
BP
7D
8.1%
1Y
25.6%
ULVR
UK£47.13
Unilever
7D
-2.8%
1Y
-7.4%
DPLM
UK£59.25
Diploma
7D
15.0%
1Y
49.5%
HSBA
UK£12.09
HSBC Holdings
7D
-5.0%
1Y
35.0%

HSBA: Future Returns Will Depend On Cost Cuts And Capital Discipline

HSBC Holdings' updated fair value estimate has moved higher, reflecting analysts' recent price target increases to around £13.20 to £15.40 per share and their view that slightly stronger revenue growth can offset modestly softer profit margin assumptions and a higher future P/E multiple. Analyst Commentary Recent Street research shows a cluster of price target changes around the £13.20 to £15.40 range, with several large firms adjusting their views on HSBC Holdings in quick succession.
ANTO
UK£34.69
Antofagasta
7D
-9.3%
1Y
79.1%

ANTO: Copper Optimism Will Likely Underestimate Geopolitical And Project Execution Risks

Antofagasta's analyst fair value estimate has edged up from £23.49 to £23.72, as analysts weigh higher revenue growth assumptions, a slightly lower profit margin outlook, and a higher discount rate against a mixed set of recent price target changes that reflect both upgraded and downgraded views on the shares. Analyst Commentary Recent Street research on Antofagasta shows a split in opinion, with upbeat price target moves and upgrades offset by a cluster of downgrades and more conservative assumptions on copper and iron ore.
RR.
UK£12.56
Rolls-Royce Holdings
7D
-3.5%
1Y
54.5%

RR.: FY25 Beat And New Buyback Program Will Support Stronger Long Term Prospects

The analyst price target for Rolls-Royce Holdings is updated to a fair value of £17.70 from £16.25, based on Street research where analysts have raised targets to £12.50 and £16.00 following an FY25 beat and higher 2026 guidance. This also incorporates a slightly higher assumed discount rate, a higher revenue growth outlook, and a revised future P/E of 38.93x.
HLN
UK£3.86
Haleon
7D
5.4%
1Y
-2.0%
AZN
UK£142.76
AstraZeneca
7D
-1.4%
1Y
21.1%
SHEL
UK£34.62
Shell
7D
6.7%
1Y
26.3%
GSK
UK£19.73
GSK
7D
-4.5%
1Y
31.1%
BA.
UK£23.30
BAE Systems
7D
4.6%
1Y
39.3%
TSCO
UK£4.86
Tesco
7D
3.8%
1Y
51.4%

TSCO: Store Partnerships And Execution Will Shape Fairly Valued Future Returns

Analysts have trimmed their Tesco price target to £4.80 from £5.00, reflecting slightly adjusted assumptions for fair value, discount rate, revenue, profit margin and future P/E multiples. Analyst Commentary Recent commentary around Tesco focuses on how the adjusted £4.80 price target lines up with expectations on valuation, execution and growth.
BT.A
UK£2.19
BT Group
7D
5.6%
1Y
36.8%

BT.A: Fiber Monetisation Will Support Re-Rating On Stronger Cash Generation

Analysts have nudged their average price target on BT Group higher, with recent moves ranging from £1.40 to £2.50. They point to fibre monetisation and improved cash flow expectations, alongside slightly adjusted discount rate, revenue growth and profit margin assumptions.
AAL
UK£30.98
Anglo American
7D
-6.2%
1Y
15.3%

AAL: Teck Merger And Production Guidance Will Drive Future Rerating

The analyst fair value estimate for Anglo American has inched up to £45.74 from £45.56, as analysts balance recent target moves between about £36.00 and £43.00 with updated views on revenue growth, profit margin prospects, and a lower future P/E assumption. Analyst Commentary Bullish analysts have been revisiting their views on Anglo American, with several recent price target moves and upgrades pointing to a more constructive stance on the shares.
FRES
UK£33.22
Fresnillo
7D
-9.1%
1Y
251.9%
AAF
UK£3.75
Airtel Africa
7D
11.1%
1Y
136.4%

AAF: Fair P/E And Mixed Rating Actions Will Shape Near-Term Returns

The analyst fair value estimate for Airtel Africa has increased from £3.05 to £3.66. Analysts attribute the change to updated P/E assumptions, revised margin expectations, and a mix of recent rating actions.