Tristel (TSTL) AI Stock Analysis

• Market Cap: £186.93M
• Dividend Yield: 3.48%
• Average Volume (3M): 75.90K
• Price to Earnings (P/E): 12.6
• Beta (1Y): 0.74
• Revenue Growth: 10.80%
• EPS Growth: 1.75%
• Country: UK
• Employees: 233
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Instruments & Supplies
• EPS (TTM): 0.09
• Shares Outstanding: 47,931,540
• 10 Day Avg. Volume: 83,961
• 30 Day Avg. Volume: 75,902
• PEG Ratio: 0.00
• Price to Book (P/B): 5.93
• Price to Sales (P/S): 4.21
• P/FCF Ratio: 20.67
• 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: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 0.17
• Revenue Forecast (FY): £51.14M

• Rating: 74 Outperform
• Price Target: 445.00 p ▲(4.71% Upside)
• Action: Reiterated Date: 03/03/26
• Date: Action: Reiterated 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.

Strong balance sheet and cash generation

A debt-free position with material cash reserves and robust operating cash generation gives lasting financial flexibility. This strengthens capacity to fund international rollouts, clinical studies and M&A, while supporting a progressive dividend policy through economic cycles.

U.S. commercial traction and clinical validation

Early U.S. scale, growing procedures and distributor/OEM partnerships plus guideline inclusions create a structural growth runway. Clinical validation and expanding channel coverage increase adoption potential and recurring revenues as the business builds commercial scale.

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.

Declining free cash flow growth

A notable drop in free cash flow growth, if persistent, can constrain funding for commercial expansion, clinical trials and dividends. Even with positive operating cash, weaker FCF growth reduces financial optionality and raises sensitivity to higher capex or working capital needs.

Rising operating costs from investment/in-sourcing

Elevated operating spend tied to hires, in-sourcing production and succession costs pressures near-term margins and cash conversion. These are strategic but raise execution risk: if commercial scaling or expected H2 savings lag, margin and ROCE targets could be harder to sustain.

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 surface disinfection and medical device decontamination. Tristel's core offerings include its proprietary chlorine dioxide-based disinfectant products, which are designed to provide effective and safe disinfection solutions across various healthcare environments.

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 licensing agreements. Key revenue streams include the sale of its proprietary disinfectant products, which are sold in various forms such as sprays and wipes, as well as its contract services for disinfecting equipment. Significant partnerships with healthcare providers and distribution channels enhance its market reach, while the growing emphasis on infection control in healthcare settings contributes to an increasing demand for its products.

Tristel Financial Statement Overview

Summary

Strong profitability and revenue growth (gross margin ~81.6%, net margin 14.3%) with low leverage (debt-to-equity 0.18) and solid ROE (20.1%). Main offset is the decline in free cash flow growth (-12.7%), which warrants monitoring.

Income Statement

Tristel has demonstrated consistent revenue growth with a 6.66% increase in the latest year. The company maintains strong profitability with a gross profit margin of approximately 81.6% and a net profit margin of 14.3% in 2025. EBIT and EBITDA margins have also shown improvement, indicating efficient operations. Overall, the income statement reflects robust growth and profitability.

Balance Sheet

The balance sheet shows a healthy debt-to-equity ratio of 0.18, indicating low leverage and financial stability. Return on equity is strong at 20.1%, reflecting effective use of equity to generate profits. The equity ratio stands at 72.8%, suggesting a solid equity base. Overall, the balance sheet is stable, with low financial risk.

Cash Flow

Operating cash flow remains strong, with a high operating cash flow to net income ratio. However, free cash flow growth has declined by 12.7%, which could be a concern if it continues. The free cash flow to net income ratio is robust, indicating good cash conversion. Overall, cash flow is healthy but shows some signs of slowing growth.

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

• Technical Analysis Sentiment: Neutral
• Last Price: 425.00
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:TSTL, the sentiment is Neutral. The current price of 425 is above the 20-day moving average (MA) of 397.75, above the 50-day MA of 410.26, and above the 200-day MA of 378.13, indicating a neutral trend. The MACD of -7.79 indicates Positive momentum. The RSI at 42.44 is Neutral, neither overbought nor oversold. The STOCH value of 45.93 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for GB:TSTL.

Tristel Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TSTL	74 Outperform	£186.93M	12.60	23.64%	3.48%	10.80%	1.75%
SN	70 Outperform	£10.54B	22.64	9.30%	2.35%	2.51%	56.56%
AMS	69 Neutral	£419.80M	19.10	3.69%	1.25%	68.03%	-18.27%
CTEC	67 Neutral	£4.56B	37.08	10.53%	2.11%	4.18%	37.65%
CVSG	66 Neutral	£872.75M	29.48	5.35%	0.67%	4.00%	-6.98%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
SUN	43 Neutral	£4.20M	77.73	-16.78%	―	-4.98%	-114.29%

Tristel Corporate Events

Tristel Director’s Associate Increases Stake in Infection Prevention Specialist

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 plastic‑based wipes. Operating from its Cambridge‑area headquarters, it has built a global footprint across 16 subsidiaries serving hospitals in over 40 countries.

The company reported that Glenn Stephens, a person closely associated with non‑executive director Caroline Stephens, bought 2,310 Tristel shares at 389 pence each on 3 March 2026. Following this insider dealing, Caroline Stephens’ beneficial holding, including shares held by her associate, stands at 4,281 shares, a small fraction of the company’s issued share capital but a signal of board‑level confidence in the stock.

The most recent analyst rating on (GB:TSTL) stock is a Buy with a £478.00 price target. To see the full list of analyst forecasts on Tristel stock, see the GB:TSTL Stock Forecast page.

Tristel Delivers Double-Digit Growth as US Business Surges and Product Portfolio Expands

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 company maintained its interim dividend, grew both UK and overseas sales, and saw particularly strong gains from its medical device and Cache surface product lines.

Growth in the United States was a standout, with US revenues rising more than sixfold on the back of accelerating sales of its ULT ultrasound disinfection product, strong royalty income and updated American clinical guidelines that now endorse chlorine dioxide for high-level disinfection. Tristel also launched its OPH ophthalmic disinfectant in the US, introduced the VISICLEAN cleaning product, completed in-house wipe manufacture and appointed a new CFO, while CEO Matt Sassone confirmed he will step down at year-end, a leadership transition the company says will not derail its strategic trajectory.

The most recent analyst rating on (GB:TSTL) stock is a Buy with a £478.00 price target. To see the full list of analyst forecasts on Tristel stock, see the GB:TSTL Stock Forecast page.

Tristel Issues New Shares Following Employee Option Exercise

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 supplies hospitals worldwide under the Tristel and Cache brands through 14 subsidiaries across 40 countries.

Tristel has issued 10,000 new ordinary shares following the exercise of employee share options, with admission to trading on AIM expected on 18 February 2026. Following this issue, the company’s share capital will comprise 47,931,543 ordinary shares and voting rights, a figure shareholders can use to assess disclosure obligations under FCA transparency rules.

The most recent analyst rating on (GB:TSTL) stock is a Buy with a £478.00 price target. To see the full list of analyst forecasts on Tristel stock, see the GB:TSTL Stock Forecast page.

Tristel Issues New Shares After Employee Option Exercise

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 total share count and voting rights will rise to 47,921,543, a new baseline figure for investors monitoring their holdings under UK disclosure and transparency rules and a modest dilution that reflects ongoing use of equity-based employee incentives.

The most recent analyst rating on (GB:TSTL) stock is a Buy with a £478.00 price target. To see the full list of analyst forecasts on Tristel stock, see the GB:TSTL Stock Forecast page.

Tristel Sets 2 March Date for Interim Results and Investor Briefings

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 host both a live online presentation via the Investor Meet Company platform and an in-person session in the City of London, signalling an active engagement with shareholders and the market as it updates on trading performance and execution of its growth strategy in the infection prevention sector.

The most recent analyst rating on (GB:TSTL) stock is a Buy with a £478.00 price target. To see the full list of analyst forecasts on Tristel stock, see the GB:TSTL Stock Forecast page.

Tristel Delivers Strong First Half as CEO Plans Exit for US Role

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 cash and US revenue growth tracking internal forecasts. Alongside the upbeat trading update, the company announced the planned departure of Chief Executive Officer Matt Sassone at the end of the financial year as he moves to a senior role at a large US multinational, with the board emphasizing management depth, an unchanged growth strategy and an active search for a new CEO to sustain operational momentum and support its investment case.

The most recent analyst rating on (GB:TSTL) stock is a Buy with a £478.00 price target. To see the full list of analyst forecasts on Tristel stock, see the GB:TSTL Stock Forecast page.

Tristel Increases Share Capital After Employee Option Exercise

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 in issue and total voting rights will rise to 47,850,043, a new baseline figure for shareholders assessing whether they must disclose holdings or changes in their interest under UK transparency rules.

The most recent analyst rating on (GB:TSTL) stock is a Buy with a £482.00 price target. To see the full list of analyst forecasts on Tristel stock, see the GB:TSTL Stock Forecast page.

Tristel Director Increases Shareholding, Signaling Confidence in Company Growth

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 share capital. This transaction highlights the confidence of the company’s leadership in its market position and future prospects, potentially reassuring stakeholders about the company’s stability and growth trajectory.

The most recent analyst rating on (GB:TSTL) stock is a Buy with a £420.00 price target. To see the full list of analyst forecasts on Tristel stock, see the GB:TSTL Stock Forecast page.

Tristel Announces New Share Issuance Following Employee Option Exercise

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 the total number of voting rights to 47,765,543. This development allows shareholders to reassess their interests in the company’s share capital under regulatory guidelines.

The most recent analyst rating on (GB:TSTL) stock is a Buy with a £420.00 price target. To see the full list of analyst forecasts on Tristel stock, see the GB:TSTL Stock Forecast page.

Tristel plc AGM Resolutions Passed Amid Governance Commitments

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 and aligning future practices with best governance standards. This commitment reflects Tristel’s focus on governance best practices and sustainable growth, which is crucial for maintaining shareholder confidence and industry leadership.

The most recent analyst rating on (GB:TSTL) stock is a Buy with a £420.00 price target. To see the full list of analyst forecasts on Tristel stock, see the GB:TSTL Stock Forecast page.

Tristel plc Reports Strong Start to Financial Year with Significant US Growth

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 in the US market, where sales have increased by 510% compared to the previous year. This growth is driven by the adoption of Tristel’s chlorine dioxide technologies and the launch of new products, positioning the company for further expansion in the healthcare market.

The most recent analyst rating on (GB:TSTL) stock is a Buy with a £420.00 price target. To see the full list of analyst forecasts on Tristel stock, see the GB:TSTL Stock Forecast page.