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U.K. (FTSE) Market Analysis & Valuation

UpdatedJan 28, 2026
DataAggregated Company Financials
Companies1092
  • 7D1.2%
  • 3M5.5%
  • 1Y20.7%
  • YTD3.5%

In the last week, the market has stayed flat, however the Materials sector stood out, gaining 5.8%. More promisingly, the market is up 21% over the past year. 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, 28 Jan 2026UK£2.9tUK£1.9tUK£136.4b16.9x21.5x1.5x
Fri, 26 Dec 2025UK£2.8tUK£2.0tUK£138.7b16.1x20.4x1.4x
Sun, 23 Nov 2025UK£2.7tUK£2.0tUK£139.0b16x19.7x1.4x
Tue, 21 Oct 2025UK£2.7tUK£1.9tUK£135.5b16.5x20x1.4x
Thu, 18 Sep 2025UK£2.7tUK£1.9tUK£135.2b16.3x19.7x1.4x
Sat, 16 Aug 2025UK£2.7tUK£1.9tUK£133.8b15.7x19.8x1.4x
Mon, 14 Jul 2025UK£2.5tUK£1.9tUK£127.3b16.1x19.8x1.3x
Wed, 11 Jun 2025UK£2.5tUK£1.9tUK£127.5b16.4x19.7x1.3x
Fri, 09 May 2025UK£2.4tUK£2.0tUK£130.8b16x18.6x1.2x
Sun, 06 Apr 2025UK£2.3tUK£2.0tUK£136.6b14.5x16.8x1.1x
Tue, 04 Mar 2025UK£2.5tUK£2.0tUK£138.5b15.7x18.3x1.3x
Thu, 30 Jan 2025UK£2.5tUK£2.1tUK£123.6b16.1x20.2x1.2x
Sat, 28 Dec 2024UK£2.4tUK£2.0tUK£122.6b15.9x19.5x1.2x
Mon, 25 Nov 2024UK£2.4tUK£2.1tUK£124.0b16.4x19.6x1.2x
Wed, 23 Oct 2024UK£2.4tUK£2.0tUK£119.0b16.3x20.3x1.2x
Fri, 20 Sep 2024UK£2.4tUK£2.0tUK£118.2b16.9x20.7x1.2x
Sun, 18 Aug 2024UK£2.4tUK£2.0tUK£121.8b16.8x20.1x1.2x
Tue, 16 Jul 2024UK£2.4tUK£2.0tUK£130.0b16.9x18.6x1.2x
Thu, 13 Jun 2024UK£2.4tUK£2.0tUK£129.6b16.4x18.7x1.2x
Sat, 11 May 2024UK£2.5tUK£2.1tUK£136.5b16.9x18.4x1.2x
Mon, 08 Apr 2024UK£2.4tUK£2.1tUK£146.0b16x16.4x1.1x
Wed, 06 Mar 2024UK£2.3tUK£2.0tUK£142.0b15.4x16.2x1.1x
Fri, 02 Feb 2024UK£2.3tUK£2.1tUK£182.6b14.8x12.6x1.1x
Sun, 31 Dec 2023UK£2.3tUK£2.1tUK£193.5b15.1x12.1x1.1x
Tue, 28 Nov 2023UK£2.3tUK£2.1tUK£193.6b14.3x11.7x1.1x
Thu, 26 Oct 2023UK£2.3tUK£2.2tUK£187.6b13.4x12.1x1x
Sat, 23 Sep 2023UK£2.4tUK£2.2tUK£186.6b14.5x12.6x1.1x
Mon, 21 Aug 2023UK£2.2tUK£2.1tUK£184.1b14.2x12.2x1x
Wed, 19 Jul 2023UK£2.3tUK£2.2tUK£205.2b13.8x11.4x1.1x
Fri, 16 Jun 2023UK£2.4tUK£2.2tUK£208.1b14.4x11.4x1.1x
Sun, 14 May 2023UK£2.4tUK£2.2tUK£211.7b14.4x11.5x1.1x
Tue, 11 Apr 2023UK£2.4tUK£2.2tUK£179.9b13.8x13.5x1.1x
Thu, 09 Mar 2023UK£2.5tUK£2.2tUK£191.2b13.8x13.3x1.1x
Sat, 04 Feb 2023UK£2.5tUK£2.1tUK£185.4b14.2x13.7x1.2x
Price to Earnings Ratio

13.7x


Total Market Cap: UK£2.5tTotal Earnings: UK£185.4bTotal Revenue: UK£2.1tTotal Market Cap vs Earnings and Revenue0%0%0%
U.K. Market Price to Earnings3Y Average 16.8x202420252026
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 21.4x which is higher than its 3-year average PE of 16.8x.
Past Earnings Growth
  • The earnings for companies in the British industry have declined 9.7% 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 Market1.24%
Materials5.76%
Utilities2.75%
Healthcare2.74%
Telecom1.67%
Real Estate1.41%
Financials1.21%
Tech1.19%
Energy0.94%
Consumer Staples0.68%
Consumer Discretionary-0.022%
Industrials-2.38%
Sector PE
  • Investors favour the Materials sector the most for future growth, which is trading above its 3-year average PE ratio of 19.7x.
    • Analysts are expecting annual earnings growth of 30.1%, 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 7.4% 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
HSBA HSBC HoldingsUK£12.773.9%
+UK£8.3b		55.0%PB1.6xFinancials
RIO Rio Tinto GroupUK£67.286.6%
+UK£6.7b		39.8%PE14.7xMaterials
AZN AstraZenecaUK£138.802.7%
+UK£5.6b		24.3%PE31.6xHealthcare
GSK GSKUK£18.633.7%
+UK£2.7b		34.2%PE13.6xHealthcare
GLEN GlencoreUK£5.044.5%
+UK£2.6b		41.9%PS0.4xMaterials
See more

Market Insights

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ADM
UK£26.60
Admiral Group
7D
-13.5%
1Y
0.1%

ADM: Mixed Research Signals Will Test Earnings Hopes And Underwriting Resilience

The analyst price target for Admiral Group has moved in line with recent research shifts, including downgrades at some firms and a modest £50 increase to £3,550 at others, as analysts update their views on fair value, growth assumptions and P/E expectations. Analyst Commentary Recent research on Admiral Group shows a mixed picture, with some bearish analysts turning more cautious even as one major bank adjusts its price target slightly higher.
GSK
UK£18.63
GSK
7D
3.7%
1Y
34.2%
REL
UK£27.20
RELX
7D
-9.6%
1Y
-31.3%

REL: Neutral AI Stance Will Support Future Multiple Re Rating Potential

Analysts have trimmed their fair value estimate for RELX to about €42.83 from €43.85, reflecting slightly adjusted assumptions for revenue growth, profit margins and future P/E following recent research that highlights uncertainty around artificial intelligence and a Neutral stance from new Street coverage. Analyst Commentary Recent Street research frames RELX as a solid business with a balanced risk and reward profile, especially around how artificial intelligence could affect its valuation and growth outlook.
EXPN
UK£27.85
Experian
7D
-13.7%
1Y
-29.8%

EXPN: AI Mortgage Scoring Opportunities Will Support Upside In Credit Score Competition

Narrative Update on Experian Analysts have modestly reduced their fair value estimate for Experian to £42.35 from £42.57, as they factor in slightly higher discount rates, a small adjustment to profit margins, and ongoing interest in the company's artificial intelligence driven mortgage opportunities highlighted in recent Street research. Analyst Commentary Recent Street research reflects a mix of optimism around Experian's AI related mortgage initiatives and some caution around valuation and execution risks.
BA.
UK£20.12
BAE Systems
7D
-2.6%
1Y
60.8%

BA.: Higher Defence Orders And Guidance Will Support Earnings Repricing

We are nudging our BAE Systems fair value estimate higher to £25.51 from £25.00. This reflects analysts' higher price targets in the £1,860 to £2,400 range, supported by updated assumptions on revenue growth and P/E multiples, even as margin expectations are slightly lower.
AAL
UK£34.49
Anglo American
7D
6.4%
1Y
28.9%

AAL: Iron Ore Outlook And Teck Merger Path Will Shape Rerating Prospects

Anglo American's analyst fair value estimate has increased from £35.01 to £36.92, as analysts factor in updated assumptions on growth, margins and a higher implied future P/E multiple, alongside recent Street price target increases to £30.00 and £31.00. Analyst Commentary Recent Street commentary has tilted more optimistic on Anglo American, with bullish analysts lifting price targets into the £30.00 range.
SHEL
UK£26.97
Shell
7D
-0.9%
1Y
4.5%

SHEL: Future Returns Will Reflect LNG Strength And Refining Cash Generation

Our Shell fair value estimate edges up to €31.04 from €31.03 as analysts lift price targets across US dollar and GBp lines, pointing to expectations for resilient refining conditions, disciplined capital allocation and LNG driven growth targets, even as views on crude and valuation remain mixed. Analyst Commentary Bullish Takeaways Bullish analysts lifting US dollar and GBp targets point to confidence in Shell's ability to keep capital allocation disciplined, with a focus on cost control and shareholder returns that they view as supportive for equity value.
AV.
UK£6.26
Aviva
7D
-6.7%
1Y
23.5%

AV.: Medium Term Earnings Targets And Softer Ratings Will Shape Balanced Return Profile

Narrative Update on Aviva Analysts have trimmed their average price targets on Aviva to around £6.79 from about £6.84. This reflects recent cuts to Street targets in the £6.70 range as they factor in updated views on growth, margins and fair value.
BP.
UK£4.52
BP
7D
3.3%
1Y
8.1%

BP.: Future Returns Will Reflect Portfolio Sales Crude Outlook And Leadership Change

Analysts have slightly trimmed their blended price target for BP by adjusting revenue growth and margin assumptions and by applying a marginally higher future P/E. This reflects mixed recent research, with some firms cutting targets in light of a bearish crude outlook and the CEO transition, while others have lifted targets based on balance sheet strength and the refreshed company strategy.
GLEN
UK£5.04
Glencore
7D
4.5%
1Y
41.9%
AZN
UK£138.80
AstraZeneca
7D
2.7%
1Y
24.3%

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

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HSBA
UK£12.77
HSBC Holdings
7D
3.9%
1Y
55.0%

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.
RIO
UK£67.28
Rio Tinto Group
7D
6.6%
1Y
39.8%

RIO: Megamerger Talks And Critical Mineral Moves Will Shape Medium Term Outlook

Rio Tinto's updated analyst price targets, including recent moves to about £57.00, reflect analysts' use of higher fair value estimates, slightly adjusted discount rates, and refreshed assumptions around revenue, profit margins, and P/E multiples. Analyst Commentary Bullish Takeaways Bullish analysts are lifting price targets toward about £57.00, which signals more confidence in the underlying fair value they assign to Rio Tinto based on their updated models.
ANTO
UK£37.56
Antofagasta
7D
5.9%
1Y
126.4%

ANTO: Copper Upswing And Project Delivery Will Support Medium Term Earnings Power

The analyst fair value estimate for Antofagasta has been raised from £35.03 to £40.28, reflecting updated assumptions on margins, growth and future P/E as analysts respond to recent price target changes across the Street. Analyst Commentary Street research on Antofagasta shows a wide range of opinions, but the most optimistic voices are highlighting potential upside tied to project execution and revised valuation assumptions.
RR.
UK£12.40
Rolls-Royce Holdings
7D
-3.2%
1Y
112.8%

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.
LSEG
UK£82.58
London Stock Exchange Group
7D
-8.0%
1Y
-29.4%

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

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