Tristel PLC (GB:TSTL)
LSE:TSTL
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Tristel
(LSE:TSTL)
Select Model
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Rating:74Outperform
Price Target:
445.00 p
▲(4.71% Upside)
Action:ReiteratedDate: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 profitability and margin profile
Sustained high gross and EBITDA margins indicate a durable product-level advantage and pricing power in infection-control consumables. Strong margins support reinvestment in commercial and clinical programs, fund dividends and absorb near-term operating investment without structural margin erosion.
Negative Factors
China / APAC weakness
Exposure to APAC, especially China, creates durable regional demand risk when local policy, hospital financing and private provider solvency change. Slower recovery or structural private market contraction could limit international growth against otherwise strong European and U.S. progress.
Read all positive and negative factors
Positive Factors
Negative Factors
High profitability and margin profile
Sustained high gross and EBITDA margins indicate a durable product-level advantage and pricing power in infection-control consumables. Strong margins support reinvestment in commercial and clinical programs, fund dividends and absorb near-term operating investment without structural margin erosion.
Read all positive factors
Tristel (TSTL) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£180.94M
Dividend Yield3.48%
Average Volume (3M)75.90K
Price to Earnings (P/E)12.6
Beta (1Y)0.73
Revenue Growth10.80%
EPS Growth1.75%
CountryUK
Employees233
SectorHealthcare
Sector Strength45
IndustryMedical - Instruments & Supplies
Share Statistics
EPS (TTM)0.09
Shares Outstanding47,931,540
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)£51.14M
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 generates revenue primarily through the sale of its disinfection products to healthcare facilities, including hospitals, clinics, and laboratories. The company's revenue model is based on direct sales, distribution partnerships, and licens...
Tristel Earnings Call Summary
Earnings Call Date:Mar 02, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 26, 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
Positive
425.00
Price Trends
393.16
Negative
388.79
Negative
374.32
Positive
Market Momentum
-6.47
Negative
48.81
Neutral
60.05
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:TSTL, the sentiment is Positive. The current price of 425 is above the 20-day moving average (MA) of 374.81, above the 50-day MA of 393.16, and above the 200-day MA of 374.32, indicating a neutral trend. The MACD of -6.47 indicates Negative momentum. The RSI at 48.81 is Neutral, neither overbought nor oversold. The STOCH value of 60.05 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 | £180.94M | 12.60 | 23.64% | 3.48% | 10.80% | 1.75% | |
70 Outperform | £10.18B | 22.64 | 11.79% | 2.35% | 2.51% | 56.56% | |
67 Neutral | £4.18B | 37.08 | 10.53% | 2.11% | 4.18% | 37.65% | |
60 Neutral | £787.16M | 29.48 | 5.35% | 0.67% | 4.00% | -6.98% | |
56 Neutral | £426.75M | 47.21 | 3.87% | 1.25% | 68.03% | -18.27% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
43 Neutral | £4.20M | 77.73 | -16.78% | ― | -4.98% | -114.29% |
* Healthcare Sector Average
GB:TSTL
Tristel
377.50
96.11
34.15%
GB:AMS
Advanced Medical Solutions
197.20
21.44
12.20%
GB:CTEC
ConvaTec
214.40
-12.22
-5.39%
GB:CVSG
CVS Group plc
1,122.00
192.47
20.71%
GB:SUN
Surgical Innovations
0.45
-0.05
-10.00%
GB:SN
Smith & Nephew
1,193.00
276.88
30.22%
Tristel Corporate Events
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...
Private Placements and FinancingRegulatory Filings and Compliance
Tristel Issues New Shares Following Employee Option Exercise
Neutral
Feb 12, 2026
Tristel plc, the AIM-listed infection prevention specialist focused on chlorine dioxide-based decontamination products for medical devices and healthcare surfaces, operates globally from its Snailwell, near Cambridge, headquarters. The company sup...
Other
Tristel Issues New Shares After Employee Option Exercise
Neutral
Feb 6, 2026
Tristel plc has issued and allotted 71,500 new ordinary shares following the exercise of employee share options, with the new stock expected to begin trading on AIM on 12 February 2026. Following the admission of these shares, Tristel’s tota...
Business Operations and StrategyFinancial Disclosures
Tristel Sets 2 March Date for Interim Results and Investor Briefings
Neutral
Feb 6, 2026
Tristel plc has announced that it will publish its interim results for the six months to 31 December 2025 on 2 March 2026, and has scheduled a series of briefings for analysts and investors in London and online on the same day. Management will hos...
Business Operations and StrategyExecutive/Board ChangesFinancial Disclosures
Tristel Delivers Strong First Half as CEO Plans Exit for US Role
Positive
Jan 22, 2026
Tristel reported a strong first half to the financial year ended 31 December 2025, with revenues up 14%, adjusted EBITDA rising 17%, gross margins maintained at 81% and EBITDA margins reaching 28%, while remaining debt-free with £13.3m in cas...
Delistings and Listing ChangesRegulatory Filings and Compliance
Tristel Increases Share Capital After Employee Option Exercise
Neutral
Jan 8, 2026
Tristel plc has issued and allotted 84,500 new ordinary shares following the exercise of employee share options, with the shares expected to be admitted to trading on AIM on 15 January 2026. Following this admission, Tristel’s total shares i...
Other
Tristel Director Increases Shareholding, Signaling Confidence in Company Growth
Positive
Dec 12, 2025
Tristel plc announced that Tom Jenkins, a Non-Executive Director, purchased 5,400 ordinary shares in the company at a price of 368 pence per share, increasing his beneficial interest to 13,400 shares, which represents 0.03% of the total issued sha...
Private Placements and FinancingRegulatory Filings and Compliance
Tristel Announces New Share Issuance Following Employee Option Exercise
Neutral
Dec 12, 2025
Tristel plc has announced the issuance of 18,500 new ordinary shares following the exercise of employee share options. These shares are set to be admitted to trading on the AIM market of the London Stock Exchange on December 18, 2025, increasing t...
Business Operations and StrategyShareholder Meetings
Tristel plc AGM Resolutions Passed Amid Governance Commitments
Positive
Dec 11, 2025
At Tristel plc’s recent Annual General Meeting, all resolutions were passed, including the adoption of the company’s annual accounts, despite some opposition from proxy voting advisers. The board has committed to improving transparency...
Business Operations and StrategyFinancial Disclosures
Tristel plc Reports Strong Start to Financial Year with Significant US Growth
Positive
Dec 11, 2025
Tristel plc announced a strong start to the financial year with trading aligning with expectations and a projected revenue growth of at least 10% year-on-year. The company is experiencing robust demand in the UK and Europe, with significant growth...
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.