LondonMetric Property

LMP.L

REIT - Industrial · Real Estate

Price

193.00 GBp

+2.20 (+1.15%)

Market Cap

£4.52B

Exchange

London Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Strong

Growth

Mixed

Cash Flow

Strong

Stability

Good

Valuation

Strong

Dividends

Good

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Share count rising — dilution

+143.2% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 936.3M (2022) → 2.28B (2026)

Winston Score History

The full picture

LondonMetric Property is a UK real estate investment trust (REIT) that owns and manages a large portfolio of commercial properties. It focuses mainly on logistics and distribution warehouses — the big buildings used by retailers and delivery companies to store and ship goods. Its tenants include major supermarkets, online retailers, and healthcare distributors across the United Kingdom.

The company makes money by collecting rent from long-term leases on its properties, which is the standard model for REITs. Its portfolio is heavily weighted toward logistics real estate, which has benefited from the growth of e-commerce and the need for faster delivery networks. LondonMetric merged with LXi REIT in 2024, making it one of the larger diversified REITs listed in London. Its long lease lengths and inflation-linked rent reviews provide relatively predictable income, but rising interest rates are a key risk because they increase borrowing costs and can push property valuations lower.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+16.7% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-21.1% YoY

YoY Growth Rate

Earnings declining

R&D Spend

£0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

11.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

£8.0B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

LondonMetric Property is a rare growth stock that's already generating positive cash flow while growing at 17%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

97.9%

Premium pricing power — 97.9% gross margin

Profit after running costs

Operating Margin

90.9%

Excellent — 90.9% operating margin

Return on the money invested

ROCE

5.4%

Weak — 5.4% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+15.3%

Fast-growing sales (+15.3% YoY)

Profit growth

EPS YoY

-23.4%

Earnings shrinking (-23.4% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

88%

Modest — 88% of profit becomes cash

Spare cash per sale

FCF Margin

50.9%

Converts sales into free cash efficiently (50.9%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

0.62

Moderate — manageable debt (0.62)

Covers its interest

Interest Cover

4.51x

Adequate interest coverage (4.5x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

14.8x

Attractive valuation — P/E 14.8

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+2.4

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend

Dividend Yield

6.45%

Healthy income — 6.45% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

+2.9%

Dividend flat

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