Associated British Foods Past Earnings Performance
Past criteria checks 2/6
Associated British Foods has been growing earnings at an average annual rate of 17.3%, while the Food industry saw earnings growing at 3.8% annually. Revenues have been growing at an average rate of 7.9% per year. Associated British Foods's return on equity is 8.3%, and it has net margins of 4.9%.
Key information
17.30%
Earnings growth rate
19.24%
EPS growth rate
| Food Industry Growth | 3.95% |
| Revenue growth rate | 7.89% |
| Return on equity | 8.26% |
| Net Margin | 4.89% |
| Next Earnings Update | 03 Nov 2026 |
Recent past performance updates
Recent updates
Narrative Update • Apr 28
ABF: Execution Risks And Margin Pressure Will Weigh On Future Returns
Associated British Foods' analyst price target has been cut by roughly £1.63 per share as analysts factor in updated fair value estimates, a slightly higher discount rate, and adjustments to revenue growth, profit margin, and future P/E assumptions following recent target reductions and a downgrade from major banks. Analyst Commentary Recent Street research has turned more cautious on Associated British Foods, with several bearish analysts trimming price targets by between £1.10 and £1.60 per share and one institution shifting to a more negative rating.
Narrative Update • Apr 14
ABF: Cost Discipline And New CFO Appointment Will Support Future Share Upside
Analysts have trimmed their price target on Associated British Foods to £22.50, reflecting slightly adjusted assumptions on long run revenue growth, profit margins, and future P/E following recent research commentary, including a downgrade at RBC Capital. Analyst Commentary Recent research has introduced a more cautious headline stance on Associated British Foods, along with a trim to the price target to £22.50.Narrative Update • Mar 31
ABF: Margin Reset And Primark Stabilisation Will Support Future Share Upside
The analyst fair value estimate for Associated British Foods has edged up from £22.40 to £22.50 as analysts factor in recent price target cuts, citing weaker Primark sales trends, concerns about a margin reset, and softer sugar pricing, despite only modest tweaks to underlying growth and margin assumptions. Analyst Commentary Recent Street research has turned more cautious on Associated British Foods, with several price target cuts and rating downgrades clustering around concerns on Primark, margins and sugar pricing.Narrative Update • Mar 17
ABF: Margin Reset And Cash Discipline Will Support Future Share Upside
Associated British Foods' updated analyst price target now reflects a series of reductions from about £18.00 to £16.50. Analysts point to weaker Primark sales trends, pressure on margins and softer sugar pricing as key drivers behind the shift.
Narrative Update • Mar 02
ABF: Weaker Demand And Pricing Reset Will Shape Future Share Performance
The analyst price target for Associated British Foods has been reduced to £19.54 from £22.39, reflecting a lower fair value estimate. Analysts are accounting for softer revenue growth, thinner profit margins, a slightly higher discount rate and recent sector research that points to weaker demand at Primark and lower sugar pricing.Narrative Update • Feb 16
ABF: Primark Margin Reset And Steady Cash Flows Will Unlock Share Upside
Narrative Update on Associated British Foods Analysts have trimmed their price targets on Associated British Foods by around £0.15 to £0.35 per share. They point to softer demand at Primark, pressure from lower sugar prices, and concerns around Primark's sales growth and margin reset.Narrative Update • Feb 02
ABF: Primark Separation And Buyback Will Unlock Future Share Upside
Narrative Update on Associated British Foods The analyst price target for Associated British Foods has been reduced to £16.50 to £19.40 per share, with the fair value estimate moving from £28.82 to £22.40. This reflects analysts factoring in softer assumptions for revenue growth, profit margins and future P/E following recent sector research and rating changes.Analysis Article • Feb 02
Associated British Foods (LON:ABF) Shareholders Will Want The ROCE Trajectory To Continue
If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an...Narrative Update • Jan 19
ABF: Primark Margin Reset And Weaker Sugar Pricing Will Challenge Earnings
The analyst price target for Associated British Foods has been reduced from £17.50 to £16.50 as analysts factor in lower revenue growth and profit margin assumptions, a higher 7.07% discount rate, and recent cuts to Street targets following concerns around Primark’s sales trends, margin reset, and softer sugar pricing. Analyst Commentary Recent Street research on Associated British Foods has turned more cautious, with several bearish analysts trimming price targets and reducing their expectations for the shares.Analysis Article • Jan 08
Is Associated British Foods plc (LON:ABF) Potentially Undervalued?
Today we're going to take a look at the well-established Associated British Foods plc ( LON:ABF ). The company's stock...Narrative Update • Jan 05
ABF: Primark Separation Review And Buybacks Will Steady Future Share Performance
Analysts have lifted their price targets on Associated British Foods into a higher £18.30 to £25.00 range, citing expectations that a potential separation of the Primark business could support further upside in the shares. Analyst Commentary Recent research views on Associated British Foods reflect a clear split between those who see more upside from current levels and those who remain cautious on the risk and reward trade off.Analysis Article • Dec 23
We Think Associated British Foods (LON:ABF) Can Stay On Top Of Its Debt
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...Narrative Update • Dec 19
ABF: Primark Separation And Buybacks Will Shape Future Share Performance
Analysts have modestly raised their price targets for Associated British Foods, reflecting expectations that operational improvements, a potential separation of the Primark business, and higher profit margins will support upside for the shares, even though the fundamental fair value estimate has been reduced slightly to about £22.39 from roughly £22.76 per share. Analyst Commentary Recent Street research reveals a divided but constructive stance on Associated British Foods, with some bullish analysts lifting ratings and price targets while more cautious voices retain negative recommendations despite modest target increases.Narrative Update • Dec 05
ABF: Potential Primark Split And Disciplined Buybacks Will Shape Future Share Performance
Analysts have nudged their price targets for Associated British Foods modestly higher, with recent moves such as a lift from about 1,770 GBp to 1,830 GBp and from 2,200 GBp to 2,500 GBp, citing expectations that a potential Primark separation and resilient profitability could unlock further shareholder value. Analyst Commentary Analysts are split on the near term outlook for Associated British Foods, with recent rating and target price changes reflecting differing views on the pace at which value from Primark and the wider portfolio can be realised.Narrative Update • Nov 21
ABF: Separation Plans And Retail Expansion Will Drive Future Share Performance
Analysts have modestly raised their fair value estimate for Associated British Foods to £22.76, up from £22.46. They cite anticipated strategic moves such as a possible Primark separation and improving profit margins as key factors supporting the revised price target.Analysis Article • Nov 07
Risks To Shareholder Returns Are Elevated At These Prices For Associated British Foods plc (LON:ABF)
With a median price-to-earnings (or "P/E") ratio of close to 16x in the United Kingdom, you could be forgiven for...Narrative Update • Nov 06
ABF: The Potential Separation And Restructuring Will Shape Future Prospects
Analysts have raised their fair value estimate for Associated British Foods by approximately £0.64 to £22.46 per share. This change reflects increased optimism around revenue growth potential and the possibility of a Primark business separation.Narrative Update • Oct 17
Primark's Expansion And Click & Collect Will Attract Future Customers
Analysts have lowered their price target for Associated British Foods to £21.30 from £22.20. They cite a more cautious outlook on the UK consumer as the primary rationale for the adjustment.Narrative Update • Oct 03
Primark's Expansion And Click & Collect Will Attract Future Customers
The analyst price target for Associated British Foods was lowered slightly from £22.07 to £21.83 per share. Analysts have adjusted forecasts in response to a more cautious industry outlook and moderating revenue growth expectations.Analysis Article • Oct 03
Estimating The Intrinsic Value Of Associated British Foods plc (LON:ABF)
Key Insights Using the 2 Stage Free Cash Flow to Equity, Associated British Foods fair value estimate is UK£22.09 With...Narrative Update • Sep 16
Primark's Expansion And Click & Collect Will Attract Future Customers
The slight decrease in Associated British Foods' consensus price target to £22.07 reflects divergent analyst sentiment driven by uncertainty over UK consumer spending, macroeconomic conditions, and varying expectations for margin and revenue stability. Analyst Commentary Bearish analysts have taken a more cautious view on the UK consumer, leading to a downgrade and lower price target.Analysis Article • Sep 12
Associated British Foods' (LON:ABF) Returns Have Hit A Wall
If you're looking for a multi-bagger, there's a few things to keep an eye out for. Amongst other things, we'll want to...Analysis Article • Aug 13
Associated British Foods (LON:ABF) Seems To Use Debt Quite Sensibly
LSE:ABF 1 Year Share Price vs Fair Value Explore Associated British Foods's Fair Values from the Community and select...Analysis Article • Jul 30
At UK£22.22, Is It Time To Put Associated British Foods plc (LON:ABF) On Your Watch List?
Let's talk about the popular Associated British Foods plc ( LON:ABF ). The company's shares saw a double-digit share...Analysis Article • Jul 15
Investors Don't See Light At End Of Associated British Foods plc's (LON:ABF) Tunnel
When close to half the companies in the United Kingdom have price-to-earnings ratios (or "P/E's") above 16x, you may...Analysis Article • Jul 01
Should You Be Adding Associated British Foods (LON:ABF) To Your Watchlist Today?
It's common for many investors, especially those who are inexperienced, to buy shares in companies with a good story...Analysis Article • May 23
Associated British Foods (LON:ABF) Is Paying Out A Dividend Of £0.207
The board of Associated British Foods plc ( LON:ABF ) has announced that it will pay a dividend on the 4th of July...
New Narrative • Nov 07
ABF's Decisive Investments And Primark's US Expansion Project Strong Revenue Growth
Primark's expansion and digital initiatives are poised to boost revenue and customer engagement across key markets.Revenue & Expenses Breakdown
Revenue & Expenses Breakdown
How Associated British Foods makes and spends money. Based on latest reported earnings, on an LTM basis.
Earnings and Revenue History
| Date | Revenue | Earnings | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 28 Feb 26 | 19,420 | 950 | -67 | 0 |
| 30 Nov 25 | 19,440 | 988 | -67 | 0 |
| 13 Sep 25 | 19,459 | 1,025 | -67 | 0 |
| 13 Jun 25 | 19,654 | 1,169 | -70 | 0 |
| 01 Mar 25 | 19,848 | 1,312 | -73 | 0 |
| 01 Dec 24 | 19,961 | 1,384 | -73 | 0 |
| 14 Sep 24 | 20,073 | 1,455 | -73 | 0 |
| 14 Jun 24 | 19,999 | 1,318 | -66 | 0 |
| 02 Mar 24 | 19,924 | 1,180 | -60 | 0 |
| 02 Dec 23 | 19,837 | 1,112 | -60 | 0 |
| 16 Sep 23 | 19,750 | 1,044 | -60 | 0 |
| 16 Jun 23 | 19,213 | 898 | 1,221 | 0 |
| 04 Mar 23 | 18,675 | 751 | 2,501 | 0 |
| 04 Dec 22 | 17,836 | 726 | 2,501 | 0 |
| 17 Sep 22 | 16,997 | 700 | 2,501 | 0 |
| 17 Jun 22 | 16,225 | 746 | 2,379 | 0 |
| 16 Mar 22 | 15,453 | 792 | 2,256 | 0 |
| 16 Dec 21 | 14,669 | 635 | 2,256 | 0 |
| 18 Sep 21 | 13,884 | 478 | 2,256 | 0 |
| 18 Jun 21 | 13,244 | 439 | 2,250 | 0 |
| 27 Feb 21 | 12,604 | 400 | 2,244 | 0 |
| 27 Nov 20 | 13,271 | 428 | 2,244 | 0 |
| 12 Sep 20 | 13,937 | 455 | 2,244 | 0 |
| 12 Jun 20 | 14,938 | 581 | 2,284 | 0 |
| 29 Feb 20 | 15,938 | 706 | 2,324 | 0 |
| 30 Nov 19 | 15,881 | 792 | 2,324 | 0 |
| 14 Sep 19 | 15,824 | 878 | 2,324 | 0 |
| 14 Jun 19 | 15,754 | 897 | 2,311 | 0 |
| 02 Mar 19 | 15,684 | 915 | 2,297 | 0 |
| 02 Dec 18 | 15,629 | 961 | 2,297 | 0 |
| 15 Sep 18 | 15,574 | 1,007 | 2,297 | 0 |
| 15 Jun 18 | 15,529 | 1,025 | 2,321 | 0 |
| 03 Mar 18 | 15,483 | 1,043 | 2,345 | 0 |
| 03 Dec 17 | 15,420 | 1,121 | 2,345 | 0 |
| 16 Sep 17 | 15,357 | 1,198 | 2,345 | 0 |
| 16 Jun 17 | 14,968 | 1,149 | 2,226 | 0 |
| 04 Mar 17 | 14,578 | 1,099 | 2,106 | 0 |
| 04 Dec 16 | 13,989 | 959 | 2,106 | 0 |
| 17 Sep 16 | 13,399 | 818 | 2,106 | 0 |
| 17 Jun 16 | 13,034 | 779 | 2,073 | 0 |
| 27 Feb 16 | 12,669 | 740 | 2,040 | 0 |
| 27 Nov 15 | 12,735 | 634 | 2,040 | 0 |
| 12 Sep 15 | 12,800 | 528 | 2,040 | 0 |
| 12 Jun 15 | 12,893 | 546 | 2,056 | 0 |
Quality Earnings: ABF has high quality earnings.
Growing Profit Margin: ABF's current net profit margins (4.9%) are lower than last year (6.6%).
Free Cash Flow vs Earnings Analysis
Past Earnings Growth Analysis
Earnings Trend: ABF's earnings have grown by 17.3% per year over the past 5 years.
Accelerating Growth: ABF's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.
Earnings vs Industry: ABF had negative earnings growth (-27.6%) over the past year, making it difficult to compare to the Food industry average (26%).
Return on Equity
High ROE: ABF's Return on Equity (8.3%) is considered low.
Return on Assets
Return on Capital Employed
Discover strong past performing companies
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/05/15 19:48 |
| End of Day Share Price | 2026/05/15 00:00 |
| Earnings | 2026/02/28 |
| Annual Earnings | 2025/09/13 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
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Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Associated British Foods plc is covered by 38 analysts. 18 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Rebecca McClellan | Banco Santander |
| Alejandro Conde Fraisoli | Banco Santander |
| Nicolas Jerome Ceron | Barclays |