SEGRO

SGRO.L

REIT - Industrial · Real Estate

Price

957.40 GBp

+0.40 (+0.04%)

Market Cap

£12.95B

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 Jun 30, 2026

How the score breaks down

Quality

Strong

Growth

Mixed

Cash Flow

Exceptional

Stability

Strong

Valuation

Good

Dividends

Mixed

Track this stock — start free trial

Share count rising — dilution

+12.8% over 4y

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

Diluted shares outstanding: 1.20B (2021) → 1.36B (2025)

Winston Score History

The full picture

SEGRO is a British real estate company that owns and rents out warehouses and industrial buildings across Europe. Its customers include e-commerce companies, logistics firms, data center operators, and manufacturers who need space to store goods, move packages, or run operations. SEGRO is one of the largest owners of industrial and warehouse property in Europe, with a particularly strong presence in and around major cities and airports.

The company makes money by collecting rent from the businesses that lease its properties, which is the standard model for a real estate investment trust (REIT). SEGRO operates mainly in the UK, Germany, France, Poland, and several other European countries, and its large portfolio of well-located urban warehouses gives it a durable competitive position. The key growth driver is continued demand for last-mile delivery space as online shopping grows, but rising interest rates remain a significant 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

+110.8% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

-104.8% 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

9.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

£17.7B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue accelerating

SEGRO grew revenue 111% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

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.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

76.2%

Premium pricing power — 76.2% gross margin

Profit after running costs

Operating Margin

74.9%

Excellent — 74.9% operating margin

Return on the money invested

ROCE

3.0%

Weak — 3.0% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Growth

Sales growth

Sales YoY

+42.3%

Fast-growing sales (+42.3% YoY)

Profit growth

EPS YoY

-41.9%

Earnings shrinking (-41.9% 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

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Cash Flow

Profit that turns into cash

Cash Conversion

152%

Turns 152% of profit into real cash

Spare cash per sale

FCF Margin

56.8%

Converts sales into free cash efficiently (56.8%)

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

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Stability

What it owes vs what it owns

Debt / Equity

0.43

Conservative — low debt load (0.43)

Covers its interest

Interest Cover

5.50x

Adequate interest coverage (5.5x)

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

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Valuation

Price vs profit

P/E Ratio (TTM)

44.4x

Pricey — P/E 44.4

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+21.3

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (44.4 → 23.1)

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Dividends

Dividend

Dividend Yield

2.07%

Moderate income — 2.07% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record

Dividend Growth

-16.6%

Dividend cut (-16.6% YoY) — warning sign

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

🔒 See full fundamentals and if they are improving or declining — click here for your free trial now.

Start free trial