Applied Nutrition PLC (APN) AI Stock Analysis

• Market Cap: £600.00M
• Dividend Yield: N/A
• Average Volume (3M): 256.26K
• Price to Earnings (P/E): 27.6
• Beta (1Y): 0.68
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: UK
• Employees: 270
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Packaged Foods
• EPS (TTM): 0.05
• Shares Outstanding: 250,000,000
• 10 Day Avg. Volume: 266,481
• 30 Day Avg. Volume: 256,256
• PEG Ratio: 0.00
• Price to Book (P/B): 0.00
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 0.00
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: £245.00
• Price Target Upside: -4.67% Downside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 80 Outperform
• Price Target: 292.00p ▲(13.62% Upside)

The score is driven primarily by very strong financial performance (rapid growth, solid profitability, low leverage, and strong free cash flow). Technicals support the uptrend, but overbought indicators raise near-term risk. Valuation is a meaningful headwind given the ~30 P/E and no dividend yield data.

Positive Factors

Revenue Growth and Scale

Sustained multi-year revenue expansion from £35m to £107.1m indicates durable demand and successful scaling of the business model. This revenue base supports operating leverage, better supplier terms and reinvestment capacity, underpinning long-term competitive positioning and growth optionality.

Profitability and Margin Levels

Consistently strong gross margins (mid‑40s) and rising net income demonstrate structural profitability, suggesting pricing power or differentiated products. Persistent margin levels support internal funding for R&D, marketing and capacity, strengthening resilience versus peers over multiple economic cycles.

Conservative Balance Sheet

Very low leverage and meaningful equity growth provide financial flexibility for M&A, capex or downturns. A strong equity base reduces refinancing risk and supports strategic investments, making the company better positioned to capitalize on structural market opportunities without jeopardizing solvency.

Negative Factors

Modest Margin Compression

Slight margin erosion as the company scales can signal rising input costs, mix shifts or increased SG&A leverage. If persistent, this reduces free cash generation and competitive advantage. Monitoring cost control and pricing power is critical to ensure long-term margin sustainability.

Operating Cash-Flow Volatility

Material swings in operating cash flow imply working-capital sensitivity or timing effects. Such variability can constrain predictable free cash flow, complicate capital allocation and increase reliance on external financing during growth, thereby weakening resilience to cyclical shocks.

Rising Absolute Debt Level

An uptick in debt, even from a low base, is a structural change to capital mix as the company expands. If growth requires continued incremental leverage, interest and covenant exposure rise, potentially limiting strategic flexibility and increasing refinancing risk in adverse conditions.

Applied Nutrition PLC Business Overview & Revenue Model

Company Description

Applied Nutrition Plc engages in the manufacture, wholesale, and retail of sports nutritional products in the United Kingdom and internationally. It offers whey protein, whey protein isolate, casein protein powder, clear protein, vegan protein, protein bars and oats, protein shakes and cans, and beef protein; BCAA powders and tablets, BCAA cans, creatine, aminos, and energy gels and drinks; pre-workout drinks, powders, and gels; and hydration and vitamin water, hydration tablets, hydration electrolyte and vitamin powder, and energy shots, as well as caffeine capsules and mass gainers. The company also provides products for liver support, health and vitality, vitality range, collagen, vitamins, and cooking; and gym clothing and bags, bottles and shakers, and funnels and scoops, as well as digital watches. It provides its products under the Applied Nutrition, ABE All Black Everything, BodyFuel, and Endurance brands. Applied Nutrition Plc was incorporated in 2014 and is based in Liverpool, United Kingdom.

How the Company Makes Money

Applied Nutrition PLC Financial Statement Overview

Summary

Strong multi-year revenue and earnings growth with healthy margins, low leverage, and robust free cash flow. Key watch items are modest recent margin compression and some operating cash-flow variability.

Income Statement

Revenue has grown rapidly over the last four annual periods (£35.0m to £107.1m), showing strong demand and scaling. Profitability is also very strong and consistent: gross margin stayed around the mid‑40% range, while operating profit and net income rose alongside revenue (net income £8.2m to £21.1m). A watch item is that margins appear to have softened slightly versus the prior year (net margin down modestly), suggesting some cost pressure as the company scales.

Balance Sheet

The balance sheet looks conservatively financed. Debt is very low versus equity (2025: ~£3.0m debt vs ~£54.3m equity), and assets have expanded meaningfully (from ~£22.1m to ~£75.0m) alongside business growth. Equity has grown strongly year over year, supporting resilience. The main weakness is that debt has stepped up in the latest year (though still small), so monitoring leverage as the company grows remains prudent.

Cash Flow

Cash generation is strong and improving: operating cash flow increased materially in the latest year (to ~£16.2m), and free cash flow is consistently high and close to operating cash flow (2025: ~£15.2m), indicating limited drag from capital spending. Over time, free cash flow has trended upward, supporting reinvestment capacity. The key risk is volatility—operating cash flow was notably lower in 2024 versus 2023 before rebounding, implying working-capital swings or timing effects.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022
Income Statement
Total Revenue	107.10M	107.10M	86.15M	60.78M	35.03M
Gross Profit	48.20M	48.20M	40.38M	26.51M	13.61M
EBITDA	29.70M	29.70M	25.38M	18.61M	10.42M
Net Income	21.10M	21.10M	18.65M	13.82M	8.21M
Balance Sheet
Total Assets	75.00M	75.00M	59.65M	40.62M	22.11M
Cash, Cash Equivalents and Short-Term Investments	18.50M	18.50M	18.72M	12.73M	5.40M
Total Debt	3.00M	3.00M	1.80M	2.06M	1.13M
Total Liabilities	20.70M	20.70M	11.63M	11.87M	7.24M
Stockholders Equity	54.30M	54.30M	48.02M	28.75M	14.87M
Cash Flow
Free Cash Flow	15.20M	15.20M	6.28M	7.62M	6.20M
Operating Cash Flow	16.20M	16.20M	7.32M	8.59M	6.49M
Investing Cash Flow	-1.00M	-1.00M	-407.00K	-989.00K	-267.00K
Financing Cash Flow	-15.10M	-15.10M	-339.00K	-217.00K	-8.98M

Applied Nutrition PLC Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
APN	80 Outperform	£600.00M	27.61	―	―	―	―
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%

Applied Nutrition PLC Corporate Events

Applied Nutrition Strengthens City Support With Appointment of Joint Broker

Applied Nutrition plc has appointed Panmure Liberum Limited as a joint corporate broker, working alongside existing brokers Deutsche Numis and Goodbody, in a move that enhances its capital markets advisory and brokerage support. The expanded broker line-up is likely to strengthen the company’s access to investors and equity markets as it continues to scale its fast-growing, highly profitable global sports nutrition and wellness business.

The most recent analyst rating on (GB:APN) stock is a Buy with a £280.00 price target. To see the full list of analyst forecasts on Applied Nutrition PLC stock, see the GB:APN Stock Forecast page.

Applied Nutrition Wins Strong Shareholder Backing for All AGM Resolutions

Applied Nutrition plc confirmed that all 18 resolutions at its 8 January 2026 Annual General Meeting were approved by shareholders via poll, including the receipt of the 2025 annual report, approval of the directors’ remuneration report and policy, and the reappointment of BDO LLP as auditor. Shareholders also backed the election or re-election of the full board, including independent non-executive directors, with their appointments separately endorsed by independent shareholders in line with UK Listing Rules, and passed special resolutions authorising the board to allot equity securities, disapply pre-emption rights, conduct share buybacks and call general meetings on shortened notice. The strong level of support, despite some dissent on capital-allotment authorities, consolidates the control of founders Thomas Ryder and Steven Granite – who together hold 40% of voting rights – and provides the company with flexibility over future financing, capital returns and corporate actions as it pursues further growth in the sports nutrition and wellness market.

The most recent analyst rating on (GB:APN) stock is a Buy with a £250.00 price target. To see the full list of analyst forecasts on Applied Nutrition PLC stock, see the GB:APN Stock Forecast page.

Applied Nutrition strikes exclusive Morrisons licensing deal for high-protein food range

Applied Nutrition has signed its first out-licensing agreement, granting UK supermarket chain Morrisons exclusive rights for three years to formulate, produce and sell a new range of Applied Nutrition-branded high-protein meals and food products. The partnership will see an initial 53 products rolled out across around 400 Morrisons stores from early January 2026, including ready meals, sandwiches, salads, breads and cheeses, and featuring what is billed as the UK’s first supermarket-exclusive range of GLP-1 friendly ready meals. The capital-light deal expands Applied Nutrition’s presence from supplements into everyday food, widening its distribution and brand exposure in the fast-growing functional and high-protein food segment, while giving Morrisons a differentiated, health-focused private-label-style offer aimed at customers seeking convenient, protein-rich and wellness-oriented products.

The most recent analyst rating on (GB:APN) stock is a Buy with a £250.00 price target. To see the full list of analyst forecasts on Applied Nutrition PLC stock, see the GB:APN Stock Forecast page.

Applied Nutrition PLC Expects to Surpass Market Expectations for FY26

Applied Nutrition PLC has announced a positive trading update for the financial year ending July 2026, expecting results to exceed market consensus estimates by approximately 10%. This strong performance is attributed to the continued momentum in trading and an anticipated strong first half due to the peak trading period for health, fitness, and wellbeing. The company’s strategic positioning and innovative product offerings are likely to enhance its market presence and profitability, benefiting stakeholders and reinforcing its status as a key player in the sports nutrition industry.

The most recent analyst rating on (GB:APN) stock is a Buy with a £215.00 price target. To see the full list of analyst forecasts on Applied Nutrition PLC stock, see the GB:APN Stock Forecast page.

Applied Nutrition PLC Releases 2025 Annual Report and AGM Notice

Applied Nutrition PLC has published its Annual Report and Accounts for the year ending 31 July 2025, along with the Notice of its Annual General Meeting (AGM), which will be held on 8 January 2026. The release of these documents is part of the company’s compliance with UK Listing Rules, and they are accessible to shareholders and the public. This announcement underscores the company’s commitment to transparency and its strategic focus on maintaining its position as a rapidly growing and highly profitable entity in the sports nutrition, health, and wellness industry.

The most recent analyst rating on (GB:APN) stock is a Buy with a £215.00 price target. To see the full list of analyst forecasts on Applied Nutrition PLC stock, see the GB:APN Stock Forecast page.

Applied Nutrition PLC Surpasses Revenue Expectations and Expands Global Reach

Applied Nutrition PLC has announced its final results for the fiscal year ending July 31, 2025, reporting a 24.2% increase in revenue to £107.1 million, surpassing IPO guidance and aligning with market expectations. The company has expanded its global footprint, launched new products, and completed a factory extension, increasing its revenue capacity to approximately £200 million. With strong sales growth continuing into FY26, the company is poised to capture further market share both in the UK and internationally, supported by ongoing capital investments to boost capacity and capabilities.

The most recent analyst rating on (GB:APN) stock is a Buy with a £215.00 price target. To see the full list of analyst forecasts on Applied Nutrition PLC stock, see the GB:APN Stock Forecast page.