Tristel PLC (GB:TSTL)
LSE:TSTL
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Tristel
(LSE:TSTL)
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Rating:74Outperform
Price Target:
462.00 p
▲(8.71% Upside)
Action:Reiterated
Date:03/03/26
The score is driven primarily by strong financial performance and a constructive earnings update with reiterated growth/margin targets and solid H1 results. Offsetting factors are weak near-term technical momentum (below key moving averages with negative MACD) and a relatively high P/E, partially balanced by the ~3.6% dividend yield.
Positive Factors
High gross & EBITDA margins
Sustained high gross margins (~81.6%) and a 29% adjusted EBITDA margin reflect durable pricing power from proprietary chlorine dioxide chemistry and efficient operations. This margin base supports reinvestment, dividend policy and buffers against cyclical volume swings over a multi‑year horizon.
Negative Factors
Free cash flow growth decline
A 12.7% decline in free cash flow growth signals early softening in cash conversion that could constrain discretionary spending, dividend increases or acquisitions if it persists. Monitoring is needed to ensure investment and dividend plans remain sustainable over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
High gross & EBITDA margins
Sustained high gross margins (~81.6%) and a 29% adjusted EBITDA margin reflect durable pricing power from proprietary chlorine dioxide chemistry and efficient operations. This margin base supports reinvestment, dividend policy and buffers against cyclical volume swings over a multi‑year horizon.
Read all positive factors
Tristel (TSTL) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£184.75M
Dividend Yield3.48%
Average Volume (3M)75.90K
Price to Earnings (P/E)12.6
Beta (1Y)0.64
Revenue Growth13.71%
EPS Growth27.65%
CountryUK
Employees233
SectorHealthcare
Sector Strength45
IndustryMedical - Instruments & Supplies
Share Statistics
EPS (TTM)0.16
Shares Outstanding47,986,294
10 Day Avg. Volume83,961
30 Day Avg. Volume75,902
Financial Highlights & Ratios
PEG Ratio0.00
Price to Book (P/B)5.93
Price to Sales (P/S)4.21
P/FCF Ratio20.67
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)0.17
Revenue Forecast (FY)£51.18M
Tristel Business Overview & Revenue Model
Company Description
Tristel plc (TSTL) is a UK-based company that specializes in infection prevention and control, primarily serving the healthcare sector. The company focuses on developing and manufacturing infection control products, particularly in the areas of su...
How the Company Makes Money
Tristel makes money primarily by selling its proprietary chlorine dioxide–based decontamination products and associated consumables to healthcare providers and related end markets. Revenue is generated from: (1) product sales of high-level disinfe...
Tristel Earnings Call Summary
Earnings Call Date:Mar 02, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 19, 2026
Earnings Call Sentiment Positive
The call presented a strong financial and operational performance: record revenue (14% growth), expanding adjusted EBITDA (up 17%) and robust cash generation with a debt-free balance sheet. Management highlighted meaningful U.S. commercial progress (rapidly growing procedures, product launches, distributor and OEM partnerships) and continued European expansion. Near-term headwinds include a slowdown in China/APAC, a small gross margin dip driven by in-sourcing costs and a GBP 300k intangible write-off, plus higher operating spend to fund accelerated commercial and clinical investment. Overall, the positive drivers (broad-based revenue growth, margin outperformance versus targets, strong cash and clear execution plans) materially outweigh the contained lowlights, supporting a constructive outlook.Positive Updates
Record Revenue Growth
Group revenue increased 14% year-on-year to a record GBP 25.6m in H1 FY2026 (constant-currency group growth 12.4%), driven by both UK (nearly 13% growth) and international expansion.
Negative Updates
China and APAC Weakness
APAC overall grew only 0.3% in H1 with notable weakness in China attributed to market slowdown, customer bankruptcies and local policy/healthcare financing changes, reducing demand from the private hospital segment.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Revenue Growth
Group revenue increased 14% year-on-year to a record GBP 25.6m in H1 FY2026 (constant-currency group growth 12.4%), driven by both UK (nearly 13% growth) and international expansion.
Read all positive updates
Company Guidance
Management reiterated guidance to deliver double‑digit annual revenue growth over FY2025–FY2030, to maintain a minimum adjusted EBITDA margin of 25% (on track for FY2026 market expectations), and to continue a progressive dividend policy (interim 5.68p with a planned full‑year increase). They backed this with H1 metrics: revenue £25.6m (+14%, group +12.4% cc), adjusted PBT £5.5m (+11%, ~21% PBT margin), adjusted EBITDA +17% (29% EBITDA margin), adjusted EPS 9.36p, cash generated £6.7m, cash/deposits £13.3m, debt‑free, NWC/revenue ~15% and ROCE 25%. U.S. targets: Tristel ULT in‑market ≈$1m (320k procedures, royalties $153k) with >$2m expected by year‑end, OPH H1 revenue $88k (43 active users, ~160 opportunities), >1,200 compatible probes, 4 guideline inclusions, plans to add 13 commercial hires (9 sales/4 clinical) plus a CMO and 3 clinical leads, and anticipated H2 savings ~£300k from insourcing wipes; VISICLEAN opportunity cited at ~15m procedures.Tristel Financial Statement Overview
Summary
Income Statement
85
Very Positive
Balance Sheet
78
Positive
Cash Flow
70
Positive
| Breakdown | TTM | Jun 2025 | Jun 2023 | Jun 2022 | Jun 2021 | Jun 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 49.54M | 46.46M | 41.93M | 36.01M | 31.12M | 31.00M |
| Gross Profit | 38.96M | 37.94M | 33.58M | 29.18M | 24.66M | 24.74M |
| EBITDA | 12.51M | 11.47M | 10.01M | 7.90M | 4.46M | 6.70M |
| Net Income | 7.86M | 6.64M | 6.49M | 4.46M | 987.00K | 3.66M |
Balance Sheet | ||||||
| Total Assets | 45.43M | 45.33M | 44.11M | 41.37M | 38.74M | 39.93M |
| Cash, Cash Equivalents and Short-Term Investments | 13.29M | 12.84M | 11.79M | 9.54M | 8.88M | 8.09M |
| Total Debt | 5.82M | 5.88M | 5.86M | 5.18M | 5.81M | 5.91M |
| Total Liabilities | 11.88M | 12.34M | 11.70M | 10.68M | 9.75M | 9.85M |
| Stockholders Equity | 33.55M | 32.99M | 32.41M | 30.68M | 28.98M | 30.08M |
Cash Flow | ||||||
| Free Cash Flow | 9.97M | 9.46M | 10.06M | 6.07M | 4.35M | 4.71M |
| Operating Cash Flow | 10.76M | 10.32M | 10.89M | 8.49M | 5.55M | 6.48M |
| Investing Cash Flow | -7.66M | -254.00K | -5.08M | -4.84M | -1.20M | -1.77M |
| Financing Cash Flow | -7.73M | -7.30M | -6.57M | -5.44M | -3.62M | -2.83M |
Tristel Technical Analysis
Negative
425.00
Price Trends
385.44
Negative
395.89
Negative
376.00
Positive
Market Momentum
1.18
Positive
43.72
Neutral
8.33
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:TSTL, the sentiment is Negative. The current price of 425 is above the 20-day moving average (MA) of 396.60, above the 50-day MA of 385.44, and above the 200-day MA of 376.00, indicating a neutral trend. The MACD of 1.18 indicates Positive momentum. The RSI at 43.72 is Neutral, neither overbought nor oversold. The STOCH value of 8.33 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GB:TSTL.
Tristel Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | £184.75M | 12.60 | 23.64% | 3.48% | 13.71% | 27.65% | |
70 Outperform | £9.68B | 22.64 | 11.79% | 2.35% | 2.84% | 47.82% | |
67 Neutral | £3.84B | 37.08 | 10.53% | 2.11% | 3.29% | -10.58% | |
60 Neutral | £841.18M | 29.48 | 5.35% | 0.67% | 4.41% | -8.04% | |
58 Neutral | £481.50M | 31.50 | 3.87% | 1.25% | 28.96% | 39.58% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | £4.43M | -1.13 | -16.78% | ― | -2.87% | 52.38% |
* Healthcare Sector Average
GB:TSTL
Tristel
385.00
14.62
3.95%
GB:AMS
Advanced Medical Solutions
222.50
30.54
15.91%
GB:CTEC
ConvaTec
197.00
-82.09
-29.41%
GB:CVSG
CVS Group plc
1,199.00
-26.47
-2.16%
GB:SUN
Surgical Innovations
0.48
-0.22
-32.14%
GB:SN
Smith & Nephew
1,138.00
99.57
9.59%
Tristel Corporate Events
Business Operations and StrategyRegulatory Filings and Compliance
Tristel Increases Share Capital After Employee Option Exercise
Neutral
May 13, 2026
Tristel plc, the AIM‑quoted manufacturer of infection prevention products for medical device decontamination and surface disinfection, has issued 34,750 new ordinary shares following the exercise of employee share options. Application has be...
Business Operations and StrategyRegulatory Filings and Compliance
Tristel Updates Share Capital After Employee Option Exercise
Neutral
May 5, 2026
Tristel has issued and allotted 20,000 new ordinary shares following the exercise of employee share options, with the new stock scheduled to be admitted to trading on AIM on 11 May 2026. After admission, the company’s total share capital wil...
Business Operations and Strategy
Artemis Takes 3% Stake in Infection Prevention Group Tristel
Positive
Apr 20, 2026
Tristel plc, a UK-based infection prevention specialist, develops and manufactures chlorine dioxide-based disinfection products for the manual decontamination of medical devices and hospital surfaces. The company has a global footprint through mul...
Other
Tristel Non-Executive Director Increases Stake in Infection Prevention Group
Positive
Mar 23, 2026
Tristel plc, the AIM-listed infection prevention specialist, has disclosed that Non-Executive Director Caroline Stephens has increased her stake in the company with the purchase of 2,597 ordinary shares at 382.47 pence each. Following this transac...
Business Operations and Strategy
Tristel to Outline Strategy at ShareSoc Growth Event in Leeds
Positive
Mar 18, 2026
Tristel plc, the AIM-listed infection prevention company headquartered near Cambridge, develops and manufactures chlorine dioxide-based disinfection products for medical devices and hospital surfaces, employing around 250 staff across 14 subsidiar...
Other
Tristel Director’s Associate Increases Stake in Infection Prevention Specialist
Positive
Mar 3, 2026
Tristel plc, the AIM‑quoted infection prevention specialist, develops chlorine dioxide‑based disinfection products for medical device decontamination and surface cleaning, positioning itself as a sustainable alternative to plastic̴...
Business Operations and StrategyExecutive/Board ChangesDividendsFinancial Disclosures
Tristel Delivers Double-Digit Growth as US Business Surges and Product Portfolio Expands
Positive
Mar 2, 2026
Tristel reported a strong first half to 31 December 2025, with revenue up 14% to £25.65m, adjusted EBITDA up 17% and adjusted profit before tax up 11%, supported by robust gross margins of 81% and continued cash generation with no debt. The c...
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.