Tritax Big Box REIT

BBOX.L

REIT - Industrial · Real Estate

Price

158.40 GBp

+0.40 (+0.25%)

Market Cap

£4.30B

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

Strong

Stability

Good

Valuation

Mixed

Dividends

Strong

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Share count rising — dilution

+42.8% over 4y

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

Diluted shares outstanding: 1.77B (2021) → 2.53B (2025)

Winston Score History

The full picture

Tritax Big Box REIT owns and rents out very large warehouses across the United Kingdom. These buildings — called "big boxes" — are used by major retailers, supermarkets, and logistics companies like Amazon, Ocado, and Tesco to store and ship goods to customers. It is one of the largest owners of logistics real estate in the UK.

The company makes money by collecting rent from long-term leases, often lasting 10 to 20 years, which creates steady and predictable income. It operates entirely in the UK and has a portfolio worth several billion pounds, giving it significant scale in a market with limited supply of large, modern warehouse space. The main growth driver is continued demand for e-commerce fulfillment, but rising interest rates are a key risk, as higher borrowing costs can reduce property values and make it more expensive for the company to finance new acquisitions.

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

+132.9% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

-16.7% 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

13.6%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

£7.7B cash & investments

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

Revenue accelerating

Tritax Big Box REIT grew revenue 133% 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.

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Quality

Profit per sale

Gross Margin

85.3%

Premium pricing power — 85.3% gross margin

Profit after running costs

Operating Margin

80.8%

Excellent — 80.8% operating margin

Return on the money invested

ROCE

3.8%

Weak — 3.8% return on capital

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

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Growth

Sales growth

Sales YoY

+46.1%

Fast-growing sales (+46.1% YoY)

Profit growth

EPS YoY

-21.6%

Earnings shrinking (-21.6% 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

86%

Modest — 86% of profit becomes cash

Spare cash per sale

FCF Margin

65.8%

Converts sales into free cash efficiently (65.8%)

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

0.52

Conservative — low debt load (0.52)

Covers its interest

Interest Cover

3.24x

Tight — interest eats into profit (3.2x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

15.1x

Fair value — P/E 15.1

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

-0.0

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend

Dividend Yield

5.16%

Healthy income — 5.16% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record

Dividend Growth

+4.2%

Dividend growing modestly (4.2% YoY)

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