Topps Tiles PLC (GB:TPT)
LSE:TPT
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Topps Tiles
(LSE:TPT)
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Rating:68Neutral
Price Target:
35.00 p
▼(-2.78% Downside)
Action:ReiteratedDate:03/11/26
The score is driven primarily by improving fundamentals and strong cash flow, supported by an attractive valuation (moderate P/E and high yield). These positives are tempered by high leverage and weak technical momentum (price below major moving averages with bearish indicators), while the earnings call adds a moderately positive outlook with execution and cost risks.
Positive Factors
Free cash flow strength
Topps Tiles' 56% free cash flow growth and operating cashflow-to-net-income of ~3.96 demonstrate durable cash generation. Strong FCF supports reinvestment, debt reduction, and funding of strategic initiatives (digital, Fired Earth), improving financial flexibility over the medium term.
Negative Factors
Very high leverage
A debt-to-equity of 14.34 and low equity ratio (4.11%) indicate heavy reliance on debt financing. High leverage limits flexibility for further M&A or cyclical stress, increases financial risk if earnings slip, and constrains the balance sheet's ability to absorb shocks over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Free cash flow strength
Topps Tiles' 56% free cash flow growth and operating cashflow-to-net-income of ~3.96 demonstrate durable cash generation. Strong FCF supports reinvestment, debt reduction, and funding of strategic initiatives (digital, Fired Earth), improving financial flexibility over the medium term.
Read all positive factors
Topps Tiles (TPT) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£63.60M
Dividend Yield6.86%
Average Volume (3M)625.29K
Price to Earnings (P/E)11.5
Beta (1Y)0.54
Revenue Growth17.48%
EPS GrowthN/A
CountryUK
Employees1,854
SectorConsumer Cyclical
Sector Strength84
IndustryHome Improvement
Share Statistics
EPS (TTM)0.02
Shares Outstanding196,283,400
10 Day Avg. Volume789,180
30 Day Avg. Volume625,290
Financial Highlights & Ratios
PEG Ratio-0.08
Price to Book (P/B)8.93
Price to Sales (P/S)0.23
P/FCF Ratio3.79
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.04
Revenue Forecast (FY)£310.53M
Topps Tiles Business Overview & Revenue Model
Company Description
Topps Tiles Plc engages in the retail and wholesale distribution of ceramic and porcelain tiles, natural stone, and related products for residential and commercial markets in the United Kingdom. The company offers bathroom, kitchen, floor, wall, a...
How the Company Makes Money
TPT makes money primarily by selling tiles and tile-related products to customers through its retail stores and e-commerce operations. Its main revenue stream is product sales, including (1) tiles (e.g., ceramic/porcelain/natural stone or other ti...
Topps Tiles Earnings Call Summary
Earnings Call Date:Dec 02, 2025
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 26, 2026
Earnings Call Sentiment Positive
The earnings call reveals strong financial and strategic progress, particularly in digital and trade sales, with significant achievements like the Fired Earth acquisition. However, challenges remain in the CTD acquisition and increased operating costs. Overall, the highlights outweigh the lowlights, presenting a positive outlook.Positive Updates
Mission 365 Progress
Topps Tiles has achieved 40% of its Mission 365 goal, aiming for GBP 365 million in sales with an 8-10% net margin. Sales growth is supported by five clear areas of opportunity, including strong performance in trade and digital sales.
Negative Updates
CTD Acquisition Challenges
Challenges with the CMA investigation required the disposal of 4 stores, impacting CTD's financial performance with GBP 2 million in advisory costs and GBP 3.2 million in one-off expenses.
Read all updates
Q4-2025 Updates
Positive
Negative
Mission 365 Progress
Topps Tiles has achieved 40% of its Mission 365 goal, aiming for GBP 365 million in sales with an 8-10% net margin. Sales growth is supported by five clear areas of opportunity, including strong performance in trade and digital sales.
Read all positive updates
Company Guidance
In the investor call for Topps Tiles Plc, CEO Rob Parker outlined the company's significant progress towards its strategic goal, Mission 365, which aims to achieve GBP 365 million in sales with a net margin of 8% to 10%. The company is currently 40% towards its sales target following a year marked by a 46% increase in adjusted pretax profit, reaching GBP 9.2 million. The gross margin improved by 50 basis points, reaching 53.8%, while trade now accounts for 75% of total sales, with digital sales penetration increasing to over 21%. Operating costs rose by 4.7%, and the business maintained a net cash position of GBP 7.4 million. The newly acquired CTD business, despite challenges, is expected to move into profit in FY '26, contributing to a diversified sales strategy alongside strong performances from Pro Tiler and Tile Warehouse. The acquisition of the Fired Earth brand aims to expand the company's premium market reach. New CEO Alex Jensen outlined her priorities, emphasizing sustainable profitability for CTD and Tile Warehouse, accelerating digital capabilities, and reinforcing Topps Tiles as a destination of choice for hard surface projects.Topps Tiles Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
65
Positive
Cash Flow
78
Positive
| Breakdown | Sep 2025 | Sep 2024 | Sep 2023 | Sep 2022 | Sep 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 295.75M | 251.76M | 262.71M | 247.24M | 228.00M |
| Gross Profit | 153.41M | 134.32M | 139.25M | 126.57M | 122.17M |
| EBITDA | 33.27M | 12.23M | 35.46M | 39.28M | 45.08M |
| Net Income | 5.99M | -13.03M | 3.21M | 9.01M | 10.65M |
Balance Sheet | |||||
| Total Assets | 187.89M | 167.40M | 174.40M | 180.82M | 188.07M |
| Cash, Cash Equivalents and Short-Term Investments | 18.43M | 23.68M | 23.37M | 16.24M | 27.79M |
| Total Debt | 110.79M | 100.96M | 94.50M | 102.93M | 111.34M |
| Total Liabilities | 180.17M | 161.82M | 148.01M | 151.78M | 163.11M |
| Stockholders Equity | 7.73M | 5.58M | 23.21M | 26.58M | 24.96M |
Cash Flow | |||||
| Free Cash Flow | 18.22M | 19.30M | 32.98M | 19.71M | 22.09M |
| Operating Cash Flow | 23.72M | 23.77M | 37.23M | 22.92M | 26.50M |
| Investing Cash Flow | -4.72M | -12.95M | -3.61M | -6.50M | -1.84M |
| Financing Cash Flow | -24.24M | -10.51M | -26.50M | -27.97M | -27.89M |
Topps Tiles Technical Analysis
Negative
36.00
Price Trends
40.66
Negative
41.13
Negative
37.98
Negative
Market Momentum
-1.85
Positive
39.46
Neutral
8.93
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:TPT, the sentiment is Negative. The current price of 36 is below the 20-day moving average (MA) of 37.37, below the 50-day MA of 40.66, and below the 200-day MA of 37.98, indicating a bearish trend. The MACD of -1.85 indicates Positive momentum. The RSI at 39.46 is Neutral, neither overbought nor oversold. The STOCH value of 8.93 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GB:TPT.
Topps Tiles Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | £4.20B | 16.92 | 23.58% | 2.57% | 0.13% | -0.06% | |
70 Outperform | £216.69M | 18.52 | 22.57% | 2.49% | 4.84% | 103.78% | |
68 Neutral | £63.60M | 11.52 | 99.37% | 6.86% | 17.48% | ― | |
66 Neutral | £4.66B | 24.08 | 3.91% | 3.99% | -0.13% | -43.71% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
56 Neutral | £459.29M | 13.99 | 29.52% | 3.83% | 3.98% | -22.94% | |
42 Neutral | £32.10M | -0.46 | -26.39% | ― | -11.65% | -273.57% |
* Consumer Cyclical Sector Average
GB:TPT
Topps Tiles
34.60
2.80
8.81%
GB:HEAD
Headlam
37.50
-50.50
-57.39%
GB:HWDN
Howden Joinery
791.00
94.99
13.65%
GB:KGF
Kingfisher
283.80
37.13
15.05%
GB:WIX
Wickes Group
209.00
36.94
21.47%
GB:VIC
Victorian Plumbing Group Plc
64.40
-28.57
-30.73%
Topps Tiles Corporate Events
Business Operations and StrategyDelistings and Listing Changes
Topps Tiles Seeks Admission of Shares for Employee Option Scheme
Positive
Mar 25, 2026
Topps Tiles has applied to the London Stock Exchange for the admission to trading of 1,900,000 new ordinary shares of 3.33 pence each on the main market. These shares will be issued over time to satisfy options exercised under the company’s ...
Executive/Board Changes
Topps Tiles Audit Chair Martin Payne Joins Ibstock Board
Positive
Mar 5, 2026
Topps Tiles has announced that independent non‑executive director Martin Payne, who also chairs its audit committee, will take on an additional role at building materials group Ibstock. Payne will become an independent non‑executive di...
Regulatory Filings and Compliance
Topps Tiles Updates Issued Share Capital and Voting Rights
Neutral
Jan 30, 2026
Topps Tiles plc has confirmed that its total issued share capital comprises 196,681,818 ordinary shares, and, after accounting for shares held in the company’s Employee Benefit Trust (EBT), the total number of voting rights stands at 196,283...
Business Operations and StrategyDividendsShareholder Meetings
Topps Tiles AGM Resolutions Passed as Share Allotment Authority Draws Investor Scrutiny
Neutral
Jan 15, 2026
Topps Tiles Plc reported that all 13 resolutions at its Annual General Meeting were approved by shareholders on a poll, including the annual report and accounts, the final dividend, the directors’ remuneration report and policy, the re-elect...
Business Operations and StrategyExecutive/Board ChangesFinancial Disclosures
Topps Tiles Extends Like-for-Like Growth and Boosts Digital Sales in Q1
Positive
Jan 7, 2026
Topps Tiles reported a solid start to its 2026 financial year, with group revenue excluding CTD up 3.7% year-on-year and the core Topps Tiles brand delivering its fifth consecutive quarter of like-for-like growth, up 2.0% and outperforming a weake...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.