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U.K. (FTSE) Market Analysis & Valuation

UpdatedMar 25, 2026
DataAggregated Company Financials
Companies1088
  • 7D-4.3%
  • 3M0.7%
  • 1Y15.0%
  • YTD-0.2%

Over the last 7 days, the market has dropped 4.3%, driven by losses in every sector, especially the Financials sector. As for the longer term, the market has actually risen by 15% in the last year. Looking forward, earnings are forecast to grow by 12% annually.

Trending IndustriesOil and GasGoldBiotechSoftware

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 26 Mar 2026UK£2.8tUK£2.0tUK£156.6b14.7x17.8x1.4x
Sat, 21 Feb 2026UK£3.0tUK£2.0tUK£148.4b16.8x20.6x1.6x
Mon, 19 Jan 2026UK£2.9tUK£2.0tUK£137.9b16.7x21.3x1.5x
Wed, 17 Dec 2025UK£2.8tUK£2.0tUK£138.0b15.9x20.1x1.4x
Fri, 14 Nov 2025UK£2.8tUK£2.0tUK£137.6b16.6x20.4x1.4x
Sun, 12 Oct 2025UK£2.7tUK£1.9tUK£135.8b16.6x20x1.4x
Tue, 09 Sep 2025UK£2.7tUK£1.9tUK£135.9b16.4x19.7x1.4x
Thu, 07 Aug 2025UK£2.7tUK£2.0tUK£134.9b16.2x19.8x1.4x
Sat, 05 Jul 2025UK£2.5tUK£1.9tUK£126.8b16.3x19.6x1.3x
Mon, 02 Jun 2025UK£2.5tUK£1.9tUK£127.3b16.2x19.5x1.3x
Wed, 30 Apr 2025UK£2.4tUK£2.0tUK£131.4b15.5x18.3x1.2x
Fri, 28 Mar 2025UK£2.5tUK£2.0tUK£135.5b15.5x18.2x1.2x
Sun, 23 Feb 2025UK£2.5tUK£2.0tUK£137.6b16.2x18.2x1.2x
Tue, 21 Jan 2025UK£2.5tUK£2.1tUK£124.3b16x20x1.2x
Thu, 19 Dec 2024UK£2.4tUK£2.0tUK£122.1b16.1x19.7x1.2x
Sat, 16 Nov 2024UK£2.4tUK£2.0tUK£121.4b16.3x19.6x1.2x
Mon, 14 Oct 2024UK£2.4tUK£2.0tUK£118.8b16.3x20.2x1.2x
Wed, 11 Sep 2024UK£2.4tUK£2.0tUK£119.4b16.5x20.2x1.2x
Fri, 09 Aug 2024UK£2.4tUK£2.0tUK£122.4b16.3x19.6x1.2x
Sun, 07 Jul 2024UK£2.4tUK£2.0tUK£130.7b16.8x18.5x1.2x
Tue, 04 Jun 2024UK£2.5tUK£2.0tUK£128.9b17.3x19.2x1.2x
Thu, 02 May 2024UK£2.4tUK£2.1tUK£143.0b16.4x16.9x1.2x
Sat, 30 Mar 2024UK£2.4tUK£2.1tUK£146.0b16.4x16.5x1.1x
Mon, 26 Feb 2024UK£2.3tUK£2.1tUK£196.4b15.6x11.8x1.1x
Wed, 24 Jan 2024UK£2.3tUK£2.1tUK£193.5b14.8x11.7x1.1x
Fri, 22 Dec 2023UK£2.3tUK£2.1tUK£193.9b15.1x12x1.1x
Sun, 19 Nov 2023UK£2.3tUK£2.1tUK£194.4b14.4x11.7x1.1x
Tue, 17 Oct 2023UK£2.3tUK£2.2tUK£186.6b13.8x12.5x1.1x
Thu, 14 Sep 2023UK£2.3tUK£2.2tUK£185.2b14.6x12.5x1.1x
Sat, 12 Aug 2023UK£2.3tUK£2.1tUK£184.8b14.3x12.6x1.1x
Mon, 10 Jul 2023UK£2.3tUK£2.2tUK£207.1b14x10.9x1x
Wed, 07 Jun 2023UK£2.4tUK£2.2tUK£212.1b14.3x11.3x1.1x
Fri, 05 May 2023UK£2.4tUK£2.1tUK£208.0b14.4x11.6x1.1x
Sun, 02 Apr 2023UK£2.4tUK£2.2tUK£181.3b13.8x13.3x1.1x
Price to Earnings Ratio

13.3x


Total Market Cap: UK£2.4tTotal Earnings: UK£181.3bTotal 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 4.8% per year over the last three years.
  • Revenues have also declined 2.9% 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-4.25%
Energy-0.031%
Tech-3.43%
Materials-3.44%
Financials-3.53%
Telecom-3.76%
Healthcare-4.16%
Consumer Discretionary-5.37%
Industrials-5.70%
Consumer Staples-5.96%
Real Estate-7.77%
Utilities-8.60%
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 17.7%, which is higher than its past year's earnings growth of 7.1% per year.
Forecasted Growth
  • Analysts are most optimistic on the Telecom sector, expecting annual earnings growth of 32% over the next 5 years.
  • This is better than its past earnings growth rate of 0.7% per year.
  • In contrast, the Consumer Staples sector is expected to see its earnings grow by 6.6% 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£20.544.1%
+UK£3.2b		39.2%PE14.4xHealthcare
BP. BPUK£5.672.0%
+UK£1.7b		26.9%PE2157.5xEnergy
GLEN GlencoreUK£5.402.6%
+UK£1.6b		77.5%PE232.7xMaterials
KAP National Atomic Company Kazatomprom JSCUS$80.507.3%
+US$1.4b		125.5%PE16.5xEnergy
AAL Anglo AmericanUK£31.732.4%
+UK£803.6m		17.4%PS2.5xMaterials
See more

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Latest News

BA.
UK£21.56
BAE Systems
7D
-7.5%
1Y
36.8%
HSBA
UK£12.11
HSBC Holdings
7D
0.2%
1Y
35.2%
NG.
UK£12.62
National Grid
7D
-4.5%
1Y
28.8%

NG.: Execution On Regulated Projects Will Shape Future Earnings Resilience And P/E Framework

Analysts have lifted their price target for National Grid to £13.53 from £13.14, citing slightly higher assumptions for revenue growth, profit margins and future P/E expectations. Analyst Commentary Bullish Takeaways Bullish analysts see the higher price target of £13.53 as better aligned with their updated assumptions for revenue and margin potential, which they view as more supportive of the current P/E framework.
HLN
UK£3.62
Haleon
7D
-6.3%
1Y
-5.3%

HLN: Execution And Cash Returns Will Support Future Re Rating Potential

Haleon's analyst price target has been nudged up from £5.10 to £5.12, reflecting analysts' updated assumptions for slightly higher revenue growth and profit margins, together with recent target increases and rating changes across several research houses. Analyst Commentary Recent Street research on Haleon has been active, with several bullish analysts adjusting their targets and ratings while one major European house turned more cautious.
REL
UK£23.93
RELX
7D
-6.8%
1Y
-38.2%

REL: Q4 Resilience To AI Concerns Will Support Future Multiple Re Rating

Narrative Update on RELX The analyst price target for RELX has been adjusted slightly, with recent Street research pointing to mixed moves in implied £ price levels as analysts weigh resilient Q4 results against ongoing uncertainty around artificial intelligence impacts. Analyst Commentary Recent Street commentary on RELX reflects a split view, with some analysts highlighting resilient execution around Q4 results and others focusing on valuation and ongoing uncertainty around artificial intelligence.
AAL
UK£31.73
Anglo American
7D
2.4%
1Y
17.4%
PRU
UK£10.93
Prudential
7D
2.1%
1Y
30.4%

PRU: Future Buybacks And Rising Cash Returns Will Support Upside Confidence

Analysts have nudged up the price target on Prudential, with recent moves from £1,270 to £1,500 supported by updated assumptions around higher revenue growth, a lower future P/E and a recalibrated profit margin outlook. Analyst Commentary Recent research updates on Prudential cluster around higher price targets and refreshed assumptions on growth, profitability and valuation multiples.
KAP
US$80.50
National Atomic Company Kazatomprom JSC
7D
7.3%
1Y
125.5%

KAP: Long Term Uranium Contracts Will Support Stronger Outlook

Analysts have revised their price target for National Atomic Company Kazatomprom JSC to $96.78 from $93.91, reflecting updated assumptions for revenue growth, profit margins, and a lower expected future P/E multiple. What's in the News A special shareholders meeting is set for April 6, 2026 to consider approving a major transaction involving assets valued at more than 50% of Kazatomprom's total book value.
ULVR
UK£45.24
Unilever
7D
-4.0%
1Y
-10.4%
BP.
UK£5.67
BP
7D
2.0%
1Y
26.9%

BP.: Future Returns Will Depend On Elevated Middle East Oil Supply Risks

Narrative Update The analyst price target for BP has been raised by £0.22. Analysts point to higher oil and gas price assumptions, tighter projected crude balances, and stronger valuation support for integrated energy majors as the key drivers of their updated view.
GSK
UK£20.54
GSK
7D
4.1%
1Y
39.2%

GSK: Upgraded Fair Value Will Rely On Expanding Respiratory And Vaccine Portfolio

Analysts have raised the fair value estimate for GSK from £23.63 to £27.50. They attribute this change to recent upward revisions to Street price targets, along with updated assumptions that include slightly lower revenue growth, a higher discount rate, modestly stronger profit margins, and a marginally higher future P/E.
NWG
UK£5.43
NatWest Group
7D
-6.4%
1Y
17.1%

NWG: Evelyn Deal And Capital Returns Will Drive Future Share Upside

Analysts have nudged their fair value estimate for NatWest Group higher to £7.24 per share from £7.11, citing recent price target increases in the range of £6.70 to £8.40 and updated earnings estimates following the Evelyn Partners acquisition. Analyst Commentary Recent research points to a mixed but constructive view on NatWest Group, with several firms updating ratings and price targets around the time of the Evelyn Partners acquisition and the share price move that followed.
AZN
UK£140.62
AstraZeneca
7D
-1.5%
1Y
25.2%

AZN: Oncology Pipeline And Breast Cancer Trial Readouts Will Support Re Rating

Analysts have lifted AstraZeneca's fair value estimate from £182.81 to £205.97 and raised several price targets, citing updated models, a higher assumed profit margin and a more constructive view on the earnings pipeline. Analyst Commentary Recent Street research points to a cluster of upbeat views on AstraZeneca, with several bullish analysts revisiting their models and adjusting price targets after fresh company updates and sector readthroughs.
RR.
UK£11.94
Rolls-Royce Holdings
7D
-4.9%
1Y
49.0%

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.
GLEN
UK£5.40
Glencore
7D
2.6%
1Y
77.5%

GLEN: Fair Outlook Weighs Ended Megamerger Talks And Mixed Earnings Expectations

Glencore's updated analyst price target edges lower to £4.60, reflecting a mix of recent target cuts and raises as analysts factor in slightly higher discount rates, modestly softer revenue growth and profit margin assumptions, and a higher assumed future P/E multiple. Analyst Commentary Recent research on Glencore shows a split in views, with some high profile firms lifting their targets and others turning more cautious.
GAW
UK£184.60
Games Workshop Group
7D
7.1%
1Y
29.7%