Stocktoria

NEXT plc NXT.L

GB · London Stock Exchange · XLON · stock · Consumer Cyclical · website

NEXT plc statistics & valuation

Market cap£17.5B
P / E19.7×
P / S2.5×
P / B10.5×
P / FCF16.5×
Dividend yield1.64%
Net margin12.9%
Return on equity53.4%
FCF margin15.4%
Net debt£1.7B
Enterprise value USD$25.9B
Earnings yield EBIT/EV6.6%
Return on capital38%
Graham number -99.7%£49.42

Multiples are price-derived and refreshed daily; everything else from the latest financial reports. The Graham number is Benjamin Graham's rough maximum fair value (£49.42); a green figure means the price is below it.

Profitability & efficiency

Net margin (%)
14.10% 14.60% 12.00% 12.90% 2023202420252026
Gross margin (%)
43.20% 44.10% 43.20% 44.10% 2023202420252026
Operating margin (%)
18.40% 17.60% 17.90% 18.50% 2023202420252026
Return on equity (%)
61.30% 53.10% 45.00% 53.40% 2023202420252026
Shares outstanding
114.2M 114.2M 114.2M 114.2M 2023202420252026
Net debt (£)
£1.81B £1.73B £1.67B £1.71B 2023202420252026
Share buybacks (£)
£228.5M £177.3M £360.2M £552.9M 2023202420252026
Return on assets (%)
17.90% 17.00% 15.10% 18.10% 2023202420252026
Free cash flow margin (%)
11.00% 17.00% 16.00% 15.40% 2023202420252026
Debt / equity (×)
1.65× 1.27× 1.14× 1.09× 2023202420252026
EPS (£)
£5.71 £6.56 £6.05 £7.45 2023202420252026

Margins and returns computed from annual filings. Falling shares outstanding = buybacks; rising = dilution. Net debt = debt − cash (negative = net cash).

P / E vs its own history

NEXT plc trades at about 2055.9× earnings — above its 10-year norm (10-year range 1199.3×–1813.8×, median 1655.7×).

1199.3× 2055.9×

Shaded band = 10-year range (1199.3×–1813.8×); dot = today's 2055.9×.

Historical P/E = month-end price near each fiscal year-end ÷ that year's EPS. A read on whether the stock is cheap or dear relative to how it has typically been valued — not a forecast.

Key ratios (by fiscal year)

RatioFY2026FY2025FY2024FY2023
Gross margin44.1%43.2%44.1%43.2%
Operating margin18.5%17.9%17.6%18.4%
Net margin12.9%12.0%14.6%14.1%
FCF margin15.4%16.0%17.0%11.0%
Return on assets18.1%15.1%17.0%17.9%
Return on equity53.4%45.0%53.1%61.3%
Debt / equity0.36×0.33×0.54×0.68×
Current ratio1.761.691.962.04

Computed from company filings · GB · as of 2026-01-31. Figures in GBP. Facts plus Stocktoria's own computed scores — not investment advice.