Tritax Big Box REIT (BBOX) AI Stock Analysis

• Market Cap: £4.66B
• Dividend Yield: 5.3%
• Average Volume (3M): 6.17M
• Price to Earnings (P/E): 12.0
• Beta (1Y): 1.24
• Revenue Growth: 35.06%
• EPS Growth: 127.62%
• Country: UK
• Employees: N/A
• Sector: General
• Sector Strength: N/A
• Industry: REIT - Industrial
• EPS (TTM): 0.05
• Shares Outstanding: 2,702,122,000
• 10 Day Avg. Volume: 5,429,908
• 30 Day Avg. Volume: 6,165,895
• PEG Ratio: 0.02
• Price to Book (P/B): 0.66
• Price to Sales (P/S): 10.21
• P/FCF Ratio: 15.38
• 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: £200.00
• Price Target Upside: 16.08% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 4
• EPS Forecast (FY): 0.09
• Revenue Forecast (FY): £379.66M

• Rating: 83 Outperform
• Price Target: 192.00p ▲(11.43% Upside)
• Action: Reiterated Date: 12/07/25
• Date: Action: Reiterated 12/07/25

Tritax Big Box REIT scores highly due to its strong financial performance, attractive valuation, and positive corporate events. The earnings call supports future growth potential, while technical indicators suggest a positive trend. However, increased leverage and market vacancy present some risks.

Positive Factors

Net rental income & portfolio growth

Material rental income growth and a larger portfolio enhance durable cash generation and scale. A bigger, revalued asset base strengthens bargaining power with tenants, supports longer-term income visibility from long leases, and underpins the REIT’s capacity to fund development and distributions sustainably.

Consistent free cash flow

Recurring positive operating cash flow and consistent free cash flow support dividend coverage, ongoing capex and development activity, and debt servicing. Reliable cash conversion reduces dependence on capital markets and provides flexibility to invest in logistics and data centre projects over the medium term.

Improved financial flexibility

A successful bond issuance combined with an A3 rating materially lowers refinancing risk and cost of debt over time. Strong access to capital markets and an upgraded rating support funding of development pipeline and acquisitions, enabling strategic growth while smoothing maturity profiles.

Negative Factors

Rising leverage

An increasing debt load heightens interest expense exposure and reduces financial flexibility. With sizable development and acquisition ambitions, higher leverage could constrain the ability to absorb shocks, limit capacity for opportunistic investment, and increase refinancing and covenant risk over the medium term.

Higher market vacancy

A structurally higher vacancy rate undermines rental growth potential and increases downtime between leases. Reduced speculative development may protect near-term supply but also slows future portfolio expansion, constraining anticipated income growth and making rental reversion targets harder to achieve reliably.

Noncore asset impairments & delays

Impairments and planning delays signal execution and asset-quality risk that can tie up capital and reduce returns. Recurrent planning or noncore performance issues could lengthen development timetables, depress localized valuations, and erode projected earnings from the development pipeline over multiple reporting periods.

Tritax Big Box REIT Business Overview & Revenue Model

Company Description

Tritax Big Box REIT plc is the only listed vehicle dedicated to investing in very large logistics warehouse assets (Big Boxes) in the UK and is committed to delivering attractive and sustainable returns for shareholders. Investing in and actively managing existing built investments, land suitable for Big Box development and developments predominantly delivered through pre-let forward funded basis, the Company focuses on large, well-located, modern Big Box logistics assets, let to institutional-grade tenants on long-term leases (typically at least 12 years in length) with upward-only rent reviews and geographic and tenant diversification throughout the UK. The Company seeks to exploit the significant opportunity in this sub-sector of the UK logistics market owing to strong tenant demand and limited supply of Big Boxes. The Company is a real estate investment trust to which Part 12 of the UK Corporation Tax Act 2010 applies (REIT), is listed on the premium segment of the Official List of the UK Financial Conduct Authority and is a constituent of the FTSE 250, FTSE EPRA/NAREIT and MSCI indices.

How the Company Makes Money

Tritax Big Box REIT generates revenue primarily through rental income from its portfolio of logistics properties. The company leases its properties to a diverse range of tenants, including major retailers and logistics companies, typically under long-term leases that provide stable and predictable cash flows. Additionally, the REIT may benefit from property appreciation and value enhancement initiatives, such as refurbishments or expansions, which can lead to increased rental rates. The company also engages in strategic partnerships and joint ventures to expand its portfolio and enhance its market presence, further contributing to its revenue streams.

Tritax Big Box REIT Financial Statement Overview

Summary

Tritax Big Box REIT's financial statements reflect strong growth and profitability, particularly in the latest year, with efficient cost management and solid cash flow generation. The company is financially stable with a robust equity base, although potential risks include increased leverage and past revenue volatility.

Income Statement

The income statement shows impressive revenue growth with a significant turnaround from negative to positive revenue in 2024. Gross profit margins are high, and there is a notable improvement in net income from 2023 to 2024. The EBIT margin is exceptionally strong, indicating efficient cost management. However, the volatility in revenue from 2022 to 2023, due to the negative figures, poses potential stability concerns.

Balance Sheet

The balance sheet displays a solid equity ratio, indicating strong financial stability. The debt-to-equity ratio is reasonable, reflecting manageable leverage. The company has increased its stockholders' equity significantly over the years. However, the increase in total debt from 2023 to 2024 requires attention, as it may impact future financial flexibility.

Cash Flow

Cash flow analysis reveals consistent free cash flow generation with a positive operating cash flow trend, supporting the company's operational efficiency. The operating cash flow to net income ratio is favorable, indicating effective cash management. However, the fluctuations in capital expenditures and investing cash flow suggest potential volatility in investment activities.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	243.95M	294.30M	228.80M	-573.50M	996.10M	487.30M
Gross Profit	223.55M	276.10M	222.50M	-607.70M	964.80M	464.70M
EBITDA	214.10M	266.00M	179.10M	0.00	0.00	0.00
Net Income	341.80M	445.50M	70.00M	-599.40M	972.60M	449.40M
Balance Sheet
Total Assets	6.99B	6.70B	5.10B	5.16B	5.59B	4.41B
Cash, Cash Equivalents and Short-Term Investments	53.10M	80.60M	36.40M	47.40M	70.90M	57.60M
Total Debt	2.16B	1.95B	1.62B	1.61B	1.35B	1.34B
Total Liabilities	2.35B	2.13B	1.77B	1.81B	1.52B	1.49B
Stockholders Equity	4.63B	4.57B	3.33B	3.35B	4.08B	2.92B
Cash Flow
Free Cash Flow	161.00M	195.40M	185.30M	177.40M	191.90M	7.60M
Operating Cash Flow	161.00M	195.40M	185.30M	177.40M	196.10M	137.60M
Investing Cash Flow	-183.00M	-82.30M	-67.20M	-302.10M	-327.30M	-150.20M
Financing Cash Flow	39.50M	-68.70M	-81.30M	101.20M	144.50M	49.00M

Tritax Big Box REIT Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 172.30
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:BBOX, the sentiment is Positive. The current price of 172.3 is above the 20-day moving average (MA) of 168.49, above the 50-day MA of 161.88, and above the 200-day MA of 147.33, indicating a bullish trend. The MACD of 2.82 indicates Positive momentum. The RSI at 62.54 is Neutral, neither overbought nor oversold. The STOCH value of 50.76 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:BBOX.

Tritax Big Box REIT Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
BBOX	83 Outperform	£4.66B	11.97	9.42%	5.30%	35.06%	127.62%
LMP	80 Outperform	£5.02B	14.39	7.22%	6.67%	43.70%	40.28%
SRE	77 Outperform	£1.77B	9.52	12.51%	5.71%	4.80%	37.75%
SGRO	75 Outperform	£11.38B	20.65	5.20%	4.25%	-4.77%	―
BLND	75 Outperform	£4.08B	9.01	6.14%	5.85%	-20.83%	―
LAND	73 Outperform	£4.80B	19.30	3.85%	6.34%	10.69%	135.58%
Sector *	55 Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%

Tritax Big Box REIT Corporate Events

Tritax Big Box Enters 2026 With Rental Growth, Data Centre Push and Strong Balance Sheet

Tritax Big Box REIT reported a strong operational performance for 2025, driven by active asset management, development progress and increasing exposure to data centres, leaving the business confident about entering 2026. The company grew contracted rent to £360.9 million, including £14.2 million from asset management initiatives and strong like-for-like rental growth, while integrating a £1.04 billion portfolio acquired in October and continuing to rotate capital, with £415.5 million of disposals, most of them from non-strategic UKCM assets. Its logistics development pipeline advanced with 1.8 million sq ft under construction—more than half pre-let—£8.9 million of rent under offer and further lettings in advanced talks, alongside new planning consents and development starts targeting 7–8% yields on cost. Tritax also accelerated its entry into data centres, negotiating a major 107MW pre-let at Manor Farm near Heathrow with a projected 9.3% yield on cost and holding rights over a wider UK pipeline of around 1GW of potential capacity. With a 28% embedded rental reversion, modest 5.6% total vacancy, a WAULT of 10.2 years, a Loan to Value ratio of 33% and an upgraded A3 credit rating, the company says its balance sheet and structural tailwinds in logistics and data centres support its ambition to grow adjusted earnings by 50% by 2030.

The most recent analyst rating on (GB:BBOX) stock is a Buy with a £183.00 price target. To see the full list of analyst forecasts on Tritax Big Box REIT stock, see the GB:BBOX Stock Forecast page.

Tritax Big Box REIT Announces Successful Tender Offer Results

Tritax Big Box REIT plc announced the results of its tender offer for its £250 million 2.625% Notes due in December 2026, receiving valid tenders totaling £184.4 million. The purchase price for the tendered notes was set at 98.644%, with the settlement date expected on 13 November 2025. Following the settlement and cancellation of the purchased notes, £65.6 million in notes will remain outstanding. This move reflects Tritax Big Box’s strategic financial management and may impact its liquidity and debt profile, potentially influencing stakeholder confidence and market positioning.

The most recent analyst rating on (GB:BBOX) stock is a Buy with a £175.00 price target. To see the full list of analyst forecasts on Tritax Big Box REIT stock, see the GB:BBOX Stock Forecast page.

Tritax Big Box REIT Strengthens Financial Position with £300 Million Bond Issuance

Tritax Big Box REIT plc has successfully priced £300 million of unsecured bonds maturing in 2032, under its £1.5 billion Euro Medium Term Note Programme, following strong institutional demand. This move, alongside a tender offer to repurchase existing bonds, strengthens the company’s balance sheet, extends its debt maturity profile, and enhances financial flexibility, reflecting confidence in its growth strategy.

The most recent analyst rating on (GB:BBOX) stock is a Buy with a £175.00 price target. To see the full list of analyst forecasts on Tritax Big Box REIT stock, see the GB:BBOX Stock Forecast page.