Bellway completions rose 10.8% to 9,695 homes in fiscal 2026, but management indicated volumes and margins will be lower in fiscal 2027, without providing a margin range. Volumes are expected to be down about 5% at the midpoint, with average selling prices in line with fiscal 2026.
Bellway’s sizable land bank—including 48,000 strategic land plots—should allow it to capitalize on the coming housing cycle, especially if the planning system is reformed in the UK.
The prior goldilocks cycle inflated homebuilder margins and ROICs. Any recovery is likely to be gradual and not as profitable.
Metric | BWY | BTRW | TW. |
|---|---|---|---|
Price/Earnings (Normalized) | 12.17 | 12.36 | 11.36 |
Price/Book Value | 0.73 | 0.59 | 0.69 |
Price/Sales | 0.85 | 0.78 | 0.75 |
Price/Cash Flow | 12.53 | 13.11 | 12.03 |
Metric | BWY | BTRW | TW. |
|---|---|---|---|
Quick Ratio | 0.38 | 0.70 | 0.44 |
Current Ratio | 5.08 | 5.03 | 4.99 |
Interest Coverage | 8.13 | 4.88 | 9.60 |
Metric | BWY | BTRW | TW. |
|---|---|---|---|
Return on Assets (Normalized) | 4.27% | 3.28% | 4.22% |
Return on Equity (Normalized) | 6.19% | 4.76% | 6.16% |
Return on Invested Capital (Normalized) | 6.46% | 5.19% | 6.49% |
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