Crest Nicholson Holdings (CRST) AI Stock Analysis

• Market Cap: £340.83M
• Dividend Yield: 1.79%
• Average Volume (3M): 844.40K
• Price to Earnings (P/E): 193.0
• Beta (1Y): 1.74
• Revenue Growth: -3.50%
• EPS Growth: -176.18%
• Country: UK
• Employees: 704
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Residential Construction
• EPS (TTM): -0.02
• Shares Outstanding: 256,947,330
• 10 Day Avg. Volume: 607,005
• 30 Day Avg. Volume: 844,401
• PEG Ratio: -1.89
• Price to Book (P/B): 0.59
• Price to Sales (P/S): 0.70
• P/FCF Ratio: -38.60
• 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: £202.25
• Price Target Upside: 52.30% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 4
• EPS Forecast (FY): 0.1
• Revenue Forecast (FY): £622.70M

• Rating: 47 Neutral
• Price Target: 131.00p ▼(-1.36% Downside)
• Action: Reiterated Date: 01/31/26
• Date: Action: Reiterated 01/31/26

The score is held down primarily by weak financial quality—especially three consecutive years of negative operating/free cash flow and only a fragile return to profitability—alongside a very high P/E that leaves little margin for error. Technicals are moderately supportive in the near term (price above short-term averages and positive momentum), but the longer-term trend remains below the 200-day average.

Positive Factors

Durable Business Model

Crest Nicholson’s core model—designing, building and selling new homes—is structurally stable: earnings come from completions, average selling price and unit margins. This creates predictable, project-driven revenue streams linked to a multi‑phase land pipeline and planning expertise over the medium term.

Serviceable Balance Sheet (Historically)

Historically moderate leverage gives the group financial flexibility to fund site build programs and absorb timing mismatches between spend and completions. That structural cushion helps withstand cyclical dips in demand and supports ongoing land investment and phased development strategies over several quarters.

Revenue Stabilisation and Return to Profit

An improving top line with 2025 sales growth and a return to slight profitability signals operational recovery and better sales execution. If sustained, this trend supports margin normalization and improves ability to convert project profits into cash and reinvestment across the housing pipeline over the coming 2–6 months.

Negative Factors

Weak Cash Generation

Consistent negative operating and free cash flow materially constrains financial flexibility. Ongoing cash absorption by working capital and build activity increases reliance on external funding, raises refinancing risk, and limits the company’s ability to self‑fund land acquisition or absorb cost inflation during the next several quarters.

Very Thin Profitability

Near‑breakeven margins leave little buffer against higher build costs or softer demand. Thin profitability reduces retained earnings available for reinvestment, constrains dividend capacity, and increases the chance that minor revenue or cost shocks will revert the company to losses within a medium‑term horizon.

Increased Debt in 2025

A material increase in debt raises leverage and servicing burdens just as cash generation remains weak. Higher indebtedness combined with low margins and negative cash flow heightens funding risk and reduces headroom to invest in land or complete sites if the housing cycle weakens over the next few quarters.

Crest Nicholson Holdings Business Overview & Revenue Model

Company Description

Crest Nicholson Holdings plc builds residential homes in the United Kingdom. The company develops and sells apartments, houses, and commercial properties. It serves first-time buyers, families, and investors. The company was founded in 1963 and is headquartered in Chertsey, the United Kingdom.

How the Company Makes Money

Crest Nicholson generates revenue primarily through the sale of residential properties, including both private homes and affordable housing units. The company's revenue model is driven by the delivery of new homes across its various developments, which are often pre-sold to customers before completion. Key revenue streams include the sale of freehold and leasehold properties, as well as income from land sales and joint ventures with other developers or local authorities. Additionally, Crest Nicholson may benefit from partnerships with housing associations and government schemes aimed at increasing housing supply, which can provide financial support and enhance its project pipeline. The company's ability to manage costs effectively and maintain a strong land bank is critical to its profitability, as it ensures a steady flow of projects and mitigates risks associated with market fluctuations.

Crest Nicholson Holdings Financial Statement Overview

Summary

Income statement is improving off a weak 2024 (2025 returned to a small profit), but profitability remains thin and well below prior peaks. Balance sheet is serviceable with historically moderate leverage, though debt increased materially in 2025. Cash flow is a key constraint: operating and free cash flow were negative in 2023–2025, including 2025, which increases funding and execution risk.

Income Statement

Revenue has stabilized recently (2025 up ~9.8% after a weak 2024 and a sharp 2023 decline), but profitability remains pressured. 2024 posted a significant loss with negative gross and operating margins, while 2025 returned to a small profit yet net margin is still very thin (~0.4%) and well below 2021–2022 levels. Overall, the income statement shows an improving trajectory off a trough, but earnings power is not yet convincingly restored.

Balance Sheet

Leverage is still moderate overall, with debt-to-equity staying relatively low in most years, supporting financial flexibility. However, 2025 debt stepped up materially versus prior years, and returns on equity have weakened sharply (near breakeven in 2025 following a deeply negative 2024). The balance sheet looks serviceable, but the recent increase in debt and depressed profitability reduce cushion if housing conditions soften.

Cash Flow

Cash generation is the weakest area: operating cash flow and free cash flow were negative in 2023–2025, including 2025 despite returning to slight profitability. Earlier years (2020–2022) showed positive cash flow, so the recent pattern points to working-capital/build activity consuming cash and adds funding risk. The sharp deterioration in free cash flow (notably in 2025) limits flexibility until cash conversion improves.

Breakdown	Oct 2025	Oct 2024	Oct 2023	Oct 2022	Oct 2021
Income Statement
Total Revenue	610.80M	618.20M	657.50M	913.60M	786.60M
Gross Profit	85.30M	-71.60M	100.60M	194.30M	166.70M
EBITDA	23.00M	-122.80M	39.50M	42.80M	100.20M
Net Income	2.20M	-103.50M	17.90M	26.40M	70.90M
Balance Sheet
Total Assets	1.42B	1.44B	1.53B	1.58B	1.61B
Cash, Cash Equivalents and Short-Term Investments	126.20M	74.80M	163.70M	374.90M	351.80M
Total Debt	173.40M	94.30M	104.10M	101.00M	102.50M
Total Liabilities	702.70M	713.30M	674.00M	696.10M	706.80M
Stockholders Equity	718.10M	728.90M	856.30M	883.10M	901.60M
Cash Flow
Free Cash Flow	-11.00M	-69.20M	-167.40M	54.10M	126.40M
Operating Cash Flow	-11.00M	-67.80M	-165.60M	54.20M	126.60M
Investing Cash Flow	-7.40M	25.00M	1.60M	11.90M	-700.00K
Financing Cash Flow	69.60M	-46.00M	-47.00M	-43.20M	-14.60M

Crest Nicholson Holdings Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 132.80
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:CRST, the sentiment is Negative. The current price of 132.8 is below the 20-day moving average (MA) of 155.31, below the 50-day MA of 147.17, and below the 200-day MA of 161.04, indicating a bearish trend. The MACD of -2.59 indicates Positive momentum. The RSI at 31.63 is Neutral, neither overbought nor oversold. The STOCH value of 6.77 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GB:CRST.

Crest Nicholson Holdings Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
PSN	78 Outperform	£4.23B	10.49	7.44%	4.54%	16.74%	-0.16%
BTRW	67 Neutral	£4.55B	13.20	2.80%	4.73%	33.83%	15.11%
BWY	65 Neutral	£2.84B	18.76	4.49%	2.62%	16.91%	20.93%
TW	63 Neutral	£3.56B	-17.00	1.97%	8.95%	4.21%	-65.57%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
VTY	54 Neutral	£1.50B	15.19	-0.31%	―	-0.57%	-104.08%
CRST	47 Neutral	£340.83M	192.98	-9.56%	1.79%	-3.50%	-176.18%

Crest Nicholson Holdings Corporate Events

Crest Nicholson CEO Exercises Incentive Shares and Increases Equity Holding

Crest Nicholson disclosed that its chief executive officer and director, Martyn Clark, exercised 97,544 share options under the company’s Long-Term Incentive Plan, which was granted to replace a forfeited award from his previous employer. The transaction, dated 2 March 2026, underscores the use of equity incentives to attract and retain senior leadership while linking compensation to Crest Nicholson’s share performance.

As part of the same transaction, Clark sold 46,077 ordinary shares at £1.5063 each to cover the associated tax liability and retained 51,467 shares, with trades executed partly outside a trading venue and on the London Stock Exchange’s Main Market. The net retention of shares increases his equity stake in the business, modestly strengthening the alignment of management and shareholder interests without indicating any wider change to the company’s capital structure or strategy.

The most recent analyst rating on (GB:CRST) stock is a Hold with a £167.00 price target. To see the full list of analyst forecasts on Crest Nicholson Holdings stock, see the GB:CRST Stock Forecast page.

Crest Nicholson Updates Total Voting Rights and Issued Share Capital

Crest Nicholson Holdings plc has confirmed that, as of 27 February 2026, its issued share capital stands at 256,947,314 ordinary shares of 5p each, with each share carrying one voting right and no shares held in treasury. This updated total voting rights figure serves as the new denominator for investors assessing whether they must disclose holdings or changes in holdings under the FCA’s Disclosure Guidance and Transparency Rules, clarifying the current equity base for regulatory and governance purposes.

The most recent analyst rating on (GB:CRST) stock is a Hold with a £167.00 price target. To see the full list of analyst forecasts on Crest Nicholson Holdings stock, see the GB:CRST Stock Forecast page.

Crest Nicholson Publishes 2025 Annual Report and Sets 2026 AGM Date

Crest Nicholson Holdings has published its 2025 Annual Report and Accounts and issued its 2026 Notice of Annual General Meeting, following the release of preliminary results for the year ended 31 October 2025. The AGM is scheduled for 25 March 2026 in Surrey, with digital and hard-copy materials made available to shareholders and filed with the National Storage Mechanism in line with U.K. listing and transparency requirements.

The move formalises the company’s reporting cycle and governance disclosures for the year, giving investors full access to audited financials and meeting documentation. This supports regulatory compliance and provides stakeholders with the information needed ahead of voting on corporate matters at the forthcoming AGM.

The most recent analyst rating on (GB:CRST) stock is a Hold with a £167.00 price target. To see the full list of analyst forecasts on Crest Nicholson Holdings stock, see the GB:CRST Stock Forecast page.

Crest Nicholson Executives Increase Holdings Through Share Incentive Plan

Crest Nicholson has disclosed that its chief executive officer, Martyn Clark, chief financial officer, Bill Floydd, and group company secretary, Penny Thomas have all acquired ordinary shares in the company through its Share Incentive Plan. The transactions, which include partnership, matching and in Thomas’s case dividend shares, modestly increase senior management’s equity exposure and further align leadership interests with those of shareholders.

The most recent analyst rating on (GB:CRST) stock is a Buy with a £230.00 price target. To see the full list of analyst forecasts on Crest Nicholson Holdings stock, see the GB:CRST Stock Forecast page.

Crest Nicholson Confirms Total Voting Rights of 256.9 Million Shares

Crest Nicholson Holdings plc has confirmed that, as of 30 January 2026, its issued share capital stands at 256,941,700 ordinary shares of 5p each, with each share carrying one voting right and no shares held in treasury. The updated total voting rights figure provides shareholders and market participants with the denominator needed to assess and report any notifiable shareholdings or changes in their interests under UK disclosure and transparency rules, ensuring continued compliance with regulatory requirements and clarity over the company’s equity structure.

The most recent analyst rating on (GB:CRST) stock is a Hold with a £2.04 price target. To see the full list of analyst forecasts on Crest Nicholson Holdings stock, see the GB:CRST Stock Forecast page.

Crest Nicholson Delivers Profit Growth and Strengthens Balance Sheet Amid Market Slowdown

Crest Nicholson reported full-year 2025 results broadly in line with expectations, delivering modest profit growth despite a subdued housing market as it continues its strategic shift towards the mid-premium segment. Adjusted revenue was broadly flat at £610.8m, but adjusted operating profit rose 18.8% and adjusted profit before tax increased 30.5%, helped by tighter cost control, land sales and operational improvements, even as home completions fell nearly 10%. The Group sharpened its balance sheet focus by reducing inventory by £73m, cutting land creditors to £73.2m, and ending the year with net debt of £38.2m, better than guidance, while renewing its £250m revolving credit facility to 2029, reinforcing financial flexibility. Operationally, Crest Nicholson advanced its “Project Elevate” transformation, reconfiguring the land bank for higher-margin mid-premium schemes, closing a divisional office and making around 50 redundancies, enhancing build quality and customer service, and finalising a new house type portfolio to be used in planning from 2026 with production from 2027. The Group also made substantial progress on fire remediation under the Developer Remediation Programme, with surveys completed and remediation works underway on affected buildings, and confirmed a legal claim settlement related to a 2021 fire-damaged apartment block in line with provisions. While early 2026 trading remains muted, management reports improving lead indicators and expects new, margin-accretive site launches in the second half of 2026 to support gross margin gains, guiding to higher adjusted profit before tax of £32m–£40m and signalling confidence that easing interest rates and better affordability will underpin a return to profitable growth.

The most recent analyst rating on (GB:CRST) stock is a Buy with a £230.00 price target. To see the full list of analyst forecasts on Crest Nicholson Holdings stock, see the GB:CRST Stock Forecast page.

Crest Nicholson Executives Acquire Shares Under Company Incentive Plan

Crest Nicholson has disclosed a series of share transactions by senior management under its Share Incentive Plan, involving the chief executive, chief financial officer and group company secretary. On 12 January 2026, CEO Martyn Clark, CFO Bill Floydd and Group Company Secretary Penny Thomas each acquired partnership shares and received free matching shares in Crest Nicholson ordinary stock, with Thomas also receiving additional dividend shares; the transactions, partly executed outside a trading venue and on the London Stock Exchange’s main market, underline continued executive participation in the company’s equity schemes and incremental alignment of management with shareholder outcomes.

The most recent analyst rating on (GB:CRST) stock is a Buy with a £230.00 price target. To see the full list of analyst forecasts on Crest Nicholson Holdings stock, see the GB:CRST Stock Forecast page.

Crest Nicholson Confirms Total Voting Rights and Issued Share Capital

Crest Nicholson Holdings plc has confirmed that, as at 23 December 2025, its issued share capital comprises 256,939,115 ordinary shares of 5p each, all carrying one vote per share, with no shares held in treasury. The disclosed total voting rights figure serves as the reference denominator for shareholders and market participants when assessing and notifying any interests or changes in interests in the company’s shares under UK regulatory transparency rules, supporting clear oversight of the company’s ownership structure.

The most recent analyst rating on (GB:CRST) stock is a Buy with a £230.00 price target. To see the full list of analyst forecasts on Crest Nicholson Holdings stock, see the GB:CRST Stock Forecast page.

Crest Nicholson Executives Acquire Shares Under Incentive Plan

Crest Nicholson Holdings PLC announced the acquisition of partnership and matching shares by key executives under the company’s Share Incentive Plan. This move, involving the CEO, CFO, and Group Company Secretary, reflects the company’s strategy to align management interests with shareholder value, potentially impacting stakeholder confidence and market perception.

The most recent analyst rating on (GB:CRST) stock is a Buy with a £230.00 price target. To see the full list of analyst forecasts on Crest Nicholson Holdings stock, see the GB:CRST Stock Forecast page.