Balfour Beatty PLC BLFBY

IndustrialsConstruction & EngineeringUnited Kingdom

Last close 23.80 USD on Nov 3, 2026, +22.8% year to date

Quant rating

Quant rating B Rank 150 of 418 in Industrials

Growth B 147 of 418
Valuation A 42 of 418
Quality C 258 of 418
Revisions C 282 of 418
Momentum B 67 of 418

Wall Street consensus Buy (1.67)Average target 13.37 USD −43.8%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 5.5B
Enterprise value: 4.2B
52-week range: 16.55 – 27.84
3-year range: 9.15 – 27.84
Dividend yield: 1.67%
Beta (5 years): –
Shares outstanding: 472M
Next earnings: Mar 9, 2027

About the company

Balfour Beatty plc is a United Kingdom-based international infrastructure company. The Company finances, develops, builds, maintains, and operates the complex and critical infrastructure. It operates through three segments: Construction Services, Support Services, and Infrastructure Investments. The Construction Services segment includes activities resulting in the physical construction of an asset. The Support Services segment includes activities that support existing assets or functions, such as asset maintenance and refurbishment. The Infrastructure Investments segment is engaged in the acquisition, operation, and disposal of infrastructure assets, such as roads, hospitals, military housing, multifamily residences, offshore transmission networks, waste and biomass, and other concessions. This segment also includes the housing development division. Its projects include Swanswell Viaduct project, M60 Palatine Road Bridge project, Project Hercules, Security Futures Project and others.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	12,784	10,302	10,174	9,229	9,744	–
Revenue growth	24.1%	1.3%	10.2%	−5.3%	−2.6%	5.0%
EPS (basic, normalized)	0.63	0.56	0.47	0.57	0.38	–
EPS growth	13.1%	18.3%	−17.8%	49.0%	–	–
Gross margin	4.8%	5.1%	5.2%	5.6%	4.7%	5.1%
Net margin	2.8%	2.2%	2.5%	3.8%	1.9%	2.6%
ROE	23.2%	15.4%	15.3%	21.0%	10.4%	17.0%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	–
Net debt (mil)	–
Total equity (mil)	–
Net debt / equity	–
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	12,784	+24.1%	0.3x	503	+16.7%	8.3x	0.63	+13.1%	37.8x
2026	14,299	+11.8%	0.3x	524	+4.2%	8.0x	0.66	+4.7%	36.1x
2027	14,273	−0.2%	0.3x	570	+8.8%	7.3x	0.75	+13.1%	31.9x
2028	14,735	+3.2%	0.3x	603	+5.8%	6.9x	0.80	+6.7%	29.9x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	14,299	−3.3%	+0.2%	+0.1%	0.66	−2.6%	+0.4%	+0.8%
2027	14,273	−6.6%	−3.2%	−2.8%	0.75	−4.0%	−0.9%	0.0%
2028	14,735	−8.1%	−5.7%	−6.0%	0.80	−4.6%	−1.1%	+0.1%

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

Peer comparison Construction & Engineering

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
BLFBY Balfour Beatty PLC	5.5B	–	2.8%	3.84x	36.1x	31.9x	8.0x	7.3x
IBP Installed Building Products, Inc.	5.6B	1.31x	8.9%	8.83x	20.7x	19.7x	13.1x	12.7x
AMTM Amentum Holdings, Inc.	5.5B	3.13x	0.5%	1.16x	9.1x	8.4x	8.0x	7.7x
KGBMY Kongsberg Maritime ASA	5.5B	–	14.0%	5.79x	45.5x	35.4x	12.5x	10.3x
ROAD Construction Partners, Inc.	5.5B	3.99x	3.6%	5.23x	31.2x	25.5x	12.8x	11.3x
MWH Solv Energy Inc	5.4B	–	6.0%	10.92x	22.4x	15.7x	11.3x	10.7x
Mean		2.81x	6.0%	5.96x	27.5x	22.8x	11.0x	10.0x
Median		3.13x	4.8%	5.51x	26.8x	22.6x	11.9x	10.5x

Technical analysis

1M−1.4%
3M+4.9%
1Y+35.9%
3Y+173.2%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Balfour Beatty PLC, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	12,784	10,302	10,174	9,229	9,744	10,006
Cost of revenue	12,170	9,780	9,650	8,712	9,284	9,679
Gross profit	614	522	524	517	460	327
Selling, general & administrative expenses	–	–	–	–	–	–
Research & development	–	–	–	–	–	–
Depreciation/amortization	4.0	5.0	6.4	7.3	6.8	8.2
Interest expense (income), operating	−86.2	−73.8	−67.5	−127	−77.1	−52.0
Unusual expense (income)	−87.6	17.5	−5.1	0	112	−9.6
Other operating expenses	404	339	332	306	306	309
Operating income	380	234	258	330	112	71.1
Net interest income (expense)	63.3	42.5	64.9	24.2	16.2	4.1
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−8.1	−8.8	−12.7	−7.3	−10.8	−9.6
Net income before taxes	435	268	311	347	118	65.6
Provision for taxes	79.5	45.0	63.6	0	−70.4	24.6
Minority interest	−1.3	0	3.8	1.2	1.4	0
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	354	223	251	348	189	41.0
Extraordinary items	–	–	–	–	–	–
Net income	354	223	251	348	189	41.0
EBIT, normalized	202	175	183	198	145	1.4
EBITDA, normalized	346	302	307	312	275	134
Basic EPS, normalized	0.63	0.56	0.47	0.57	0.38	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Balfour Beatty PLC, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	2,506	1,949	1,800	1,426	1,398	1,083
Receivables	1,816	1,590	1,468	1,368	1,412	1,492
Total inventory	209	198	158	138	141	156
Prepaid expenses	216	81.3	72.6	67.7	56.8	56.1
Other current assets	0	0	1.3	1.2	0	0
Total current assets	4,747	3,818	3,499	3,001	3,008	2,787
Property, plant & equipment	462	362	351	279	302	293
Goodwill	1,103	1,068	1,076	1,060	1,105	1,109
Intangibles	345	335	367	353	400	427
Long-term investments	678	664	645	628	808	1,046
Note receivable	606	494	392	346	337	342
Other long-term assets	268	304	372	530	597	403
Total assets	8,209	7,046	6,702	6,197	6,556	6,406
Liabilities
Accounts payable	953	784	766	732	1,012	1,043
Payable/accrued	–	–	–	–	–	–
Accrued expenses	1,355	1,152	1,170	986	957	871
Short-term debt	0	0	0	0	46.0	0
Current portion of long-term debt	236	317	207	305	66.3	72.5
Other current liabilities	2,129	1,475	1,317	1,270	1,165	1,019
Total current liabilities	4,672	3,728	3,461	3,293	3,246	3,005
Long-term debt	1,143	1,075	1,039	588	720	820
Minority interest	12.1	11.3	12.7	6.0	9.5	12.3
Other liabilities	842	829	664	644	729	741
Total liabilities	6,669	5,644	5,177	4,530	4,704	4,579
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	333	324	346	356	467	472
Additional paid-in capital	237	220	224	213	238	241
Retained earnings (accumulated deficit)	839	871	936	1,081	1,061	997
Treasury stock	–	–	–	–	–	–
Other equity	131	−12.5	19.1	16.9	86.6	118
Total equity	1,540	1,402	1,525	1,667	1,852	1,827
Total liabilities & shareholders' equity	8,209	7,046	6,702	6,197	6,556	6,406

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Balfour Beatty PLC, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	383	216	269	333	131	86.1
Depreciation, depletion & amortization	144	126	123	114	130	133
Deferred taxes	–	–	–	–	–	–
Non-cash items	−140	−120	−99.3	−157	−162	−69.7
Changes in working capital	497	109	70.0	−85.9	379	226
Cash from operations	884	332	363	203	478	375
Investing activities
Capital expenditures	−66.0	−35.0	−122	−38.7	−50.1	−90.2
Other investing cash flows	237	92.6	164	215	207	99.8
Cash from investing	171	57.6	42.0	177	157	9.6
Financing activities
Financing cash flow items	−49.8	−55.0	−42.0	−41.1	−47.4	−47.9
Cash dividends paid	−86.2	−76.3	−73.8	−70.2	−39.2	−8.2
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−314	−183	−85.3	−117	−273	−290
Cash from financing	−450	−314	−201	−229	−360	−346
Foreign exchange effects	−40.4	3.8	−36.9	66.5	5.4	−19.1
Net change in cash	565	78.8	167	218	280	19.1
Free cash flow	818	297	241	165	428	284

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 3, 2026 after market close.