Trustpilot Group Plc (TRST) AI Stock Analysis

• Market Cap: £644.58M
• Dividend Yield: N/A
• Average Volume (3M): 2.36M
• Price to Earnings (P/E): 820.0
• Beta (1Y): 2.02
• Revenue Growth: 18.75%
• EPS Growth: -93.75%
• Country: UK
• Employees: 988
• Sector: Technology
• Sector Strength: 88
• Industry: Software - Application
• EPS (TTM): 0.02
• Shares Outstanding: 393,186,680
• 10 Day Avg. Volume: 2,349,160
• 30 Day Avg. Volume: 2,357,596
• PEG Ratio: -21.78
• Price to Book (P/B): 38.59
• Price to Sales (P/S): 7.58
• P/FCF Ratio: 80.92
• 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: £306.40
• Price Target Upside: 94.54% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 5
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 65 Neutral
• Price Target: 189.00p ▲(20.00% Upside)

The score is primarily driven by improving financial performance (strong growth and solid cash generation). This is tempered by very expensive valuation (P/E 1051) and overbought technical signals (RSI 72.86, Stoch 93.63) despite an overall positive trend.

Positive Factors

Sustained Revenue Growth

Nearly 20% top-line growth indicates durable demand for Trustpilot's services and expanding customer adoption. Over a 2-6 month horizon this supports recurring subscription upsell, larger customer cohorts, and a stronger revenue base to fund product development and market expansion.

Subscription-based Recurring Model

A subscription-heavy model creates predictable, recurring cash flows and higher customer lifetime value. This structural revenue profile supports steady cash conversion, facilitates retention-focused product improvements, and enables scaling of analytics and reputation management services.

Improving Margins and Cash Generation

Improving EBIT/EBITDA margins alongside strong free cash flow indicates operational leverage is taking hold. Sustainable cash generation enhances reinvestment capacity, funds strategic initiatives, and provides buffer for debt service without relying on external financing.

Negative Factors

Low Net Profit Margin

A sub-3% net margin constrains internal reinvestment and increases sensitivity to cost inflation or pricing pressure. Despite revenue growth, low bottom-line profitability limits retained earnings, constrains return on capital, and may slow margin expansion absent structural cost improvements.

Decreased Equity & Moderate Leverage

Reduced equity weakens the balance sheet cushion, and a 0.49 debt-to-equity ratio represents moderate leverage. If growth or cash flows weaken, this combination raises refinancing and solvency risk, limiting flexibility for M&A or large product investments over the medium term.

Volatile EPS / Earnings Decline

A near-94% EPS decline signals volatile earnings or material one-off impacts that have eroded per-share profitability. Persistent EPS volatility can impair investor confidence, limit retained capital for growth, and reflect margin or cost structure challenges that must be resolved for durable shareholder returns.

Trustpilot Group Plc Business Overview & Revenue Model

Company Description

Trustpilot Group plc operates an online review platform for businesses and consumers in the United Kingdom, North America, Europe, and internationally. Its online review platform enables consumers to make purchasing decisions, as well as provides consumers with the opportunity to recommend businesses, products, services, and locations based on their experiences; and businesses to showcase their trustscore. The company also offers software modules for businesses on a software-as-a-service (SaaS) basis. Trustpilot Group plc was founded in 2007 and is based in Copenhagen, Denmark.

How the Company Makes Money

Trustpilot generates revenue primarily through a subscription-based model, offering different tiers of services to businesses that wish to manage their online reputation effectively. Key revenue streams include premium subscription plans that provide enhanced features such as review analytics, response capabilities, and customized branding options. Additionally, Trustpilot earns revenue from advertising services and partnerships with various companies that integrate Trustpilot reviews into their platforms or services. The company benefits from a growing demand for online reviews as a critical component of consumer decision-making, coupled with strategic partnerships that expand its reach and enhance its service offerings.

Trustpilot Group Plc Financial Statement Overview

Summary

Strong revenue growth (+19.48% from 2023 to 2024) and improving EBIT/EBITDA margins support a solid operating trajectory. Cash flow quality is strong with healthy free cash flow generation, while profitability remains modest (net margin 2.96%) and leverage is moderate (debt-to-equity 0.49).

Income Statement

Trustpilot Group Plc demonstrates strong revenue growth with a 19.48% increase from 2023 to 2024. Gross profit margin is robust, indicating effective cost control. However, net profit margin is moderate at 2.96%, suggesting room for improvement in profitability. The positive trend in EBIT and EBITDA margins from negative values in prior years shows improving operational efficiency.

Balance Sheet

The company's debt-to-equity ratio of 0.49 indicates a moderate level of leverage, which is manageable. Stockholders' equity has decreased, impacting the equity ratio. Return on equity is modest at 15.07%, reflecting steady use of equity capital. Overall, the balance sheet shows stability with a healthy cash position.

Cash Flow

Operating cash flow to net income ratio is strong, indicating efficient cash conversion. Free cash flow growth rate is positive, reflecting improved cash management and operational efficiency. The company is generating healthy free cash flow relative to net income, supporting future investments and debt servicing.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	233.80M	210.75M	176.36M	148.93M	131.44M	101.98M
Gross Profit	191.46M	171.63M	145.45M	122.00M	106.79M	83.92M
EBITDA	22.57M	17.70M	8.92M	-6.67M	-16.16M	-5.42M
Net Income	1.08M	6.23M	7.11M	-14.64M	-25.89M	-12.28M
Balance Sheet
Total Assets	148.37M	144.52M	156.37M	124.78M	129.04M	85.23M
Cash, Cash Equivalents and Short-Term Investments	67.67M	68.94M	91.52M	73.46M	93.18M	50.39M
Total Debt	20.18M	20.11M	22.86M	24.68M	13.06M	29.55M
Total Liabilities	117.35M	103.13M	93.26M	78.95M	69.59M	78.23M
Stockholders Equity	31.01M	41.39M	63.11M	45.84M	59.45M	7.00M
Cash Flow
Free Cash Flow	29.24M	19.74M	17.32M	-10.10M	-9.66M	2.13M
Operating Cash Flow	38.86M	29.36M	20.88M	-2.70M	-5.44M	7.18M
Investing Cash Flow	-9.98M	-9.62M	-3.56M	-7.40M	-4.22M	-4.98M
Financing Cash Flow	-42.26M	-40.77M	-2.95M	-1.90M	56.39M	9.14M

Trustpilot Group Plc Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 157.50
• 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:TRST, the sentiment is Negative. The current price of 157.5 is below the 20-day moving average (MA) of 200.11, below the 50-day MA of 181.11, and below the 200-day MA of 213.28, indicating a bearish trend. The MACD of -1.20 indicates Positive momentum. The RSI at 34.47 is Neutral, neither overbought nor oversold. The STOCH value of 6.07 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GB:TRST.

Trustpilot Group Plc Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MONY	75 Outperform	£886.00M	11.69	37.18%	6.83%	-0.18%	8.24%
DOTD	73 Outperform	£200.75M	19.34	11.31%	1.68%	6.27%	0.83%
GBG	70 Outperform	£519.49M	63.09	1.56%	1.73%	-0.18%	11.49%
EYE	69 Neutral	£112.91M	68.55	4.88%	―	0.97%	-71.58%
NET	68 Neutral	£215.66M	51.02	9.59%	0.80%	22.80%	-32.13%
TRST	65 Neutral	£644.58M	820.00	2.53%	―	18.75%	-93.75%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%