Cash flow Bellway p.l.c.

Equities

BWY

GB0000904986

Homebuilding

Market Closed - London S.E. Other stock markets 18:35:26 20/05/2026 +03			5-day change	1st Jan Change
1,859.00 ^GBX	+2.65%		-3.03%	-32.25%

05-19	Barclays Downgrades Bellway to Equalweight, Cuts PT	MT
05-19	Barclays cuts Barratt Redrow and Bellway	AN

7edbb6b7d5a6341.zvFyD2fZXf-SpaR6Wn8rhLPC-tihjxMYqMd170-K0Rw.pIRAQy2rJ6rDyMgyERd41euIg5_u-nJUzphNlijJslqMqStDJeAEhdf39Q

Published financial data: BELLWAY P.L.C.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: July	2021	2022	2023	2024	2025
Revenues	3.12B	3.54B	3.41B	2.38B	2.78B
Total Revenues	3.12B	3.54B	3.41B	2.38B	2.78B
Cost of Goods Sold, Total	2.47B	2.75B	2.72B	2B	2.33B
Gross Profit	652M	787M	687M	381M	457M
Selling General & Admin Expenses, Total	120M	134M	142M	142M	152M
Other Operating Expenses	300K	-200K	1.2M	1.2M	1.3M
Other Operating Expenses, Total	120M	134M	143M	143M	153M
Operating Income	532M	653M	544M	238M	304M
Interest Expense, Total	-11.7M	-13.7M	-19.8M	-19.2M	-22.5M
Interest And Investment Income	600K	1.5M	9.6M	9.5M	9.6M
Net Interest Expenses	-11.1M	-12.2M	-10.2M	-9.7M	-12.9M
Income (Loss) On Equity Invest.	10.4M	9.3M	-1.4M	-2.3M	-1.5M
EBT, Excl. Unusual Items	531M	650M	533M	226M	289M
Restructuring Charges	-	-	-	-	-
Merger & Related Restructuring Charges	-400K	-	-	-	-100K
Gain (Loss) On Sale Of Investments	-	-	-	-	-
Asset Writedown	-	-	-	-	-
Other Unusual Items	-51.8M	-346M	-49.6M	-42.4M	-67.2M
EBT, Incl. Unusual Items	479M	304M	483M	184M	222M
Income Tax Expense	88.3M	61.6M	118M	53.2M	64.4M
Earnings From Continuing Operations	391M	243M	365M	130M	158M
Net Income to Company	391M	243M	365M	130M	158M
Net Income - (IS)	391M	243M	365M	130M	158M
Net Income to Common Incl Extra Items	391M	243M	365M	130M	158M
Net Income to Common Excl. Extra Items	391M	243M	365M	130M	158M
Per Share Items
Net EPS - Basic	3.17	1.97	2.98	1.1	1.33
Basic EPS - Continuing Operations	3.17	1.97	2.98	1.1	1.33
Basic Weighted Average Shares Outstanding	123M	123M	123M	119M	119M
Net EPS - Diluted	3.16	1.96	2.96	1.09	1.32
Diluted EPS - Continuing Operations	3.16	1.96	2.96	1.09	1.32
Diluted Weighted Average Shares Outstanding	124M	124M	123M	120M	120M
Normalized Basic EPS	2.69	3.3	2.72	1.19	1.52
Normalized Diluted EPS	2.68	3.29	2.7	1.18	1.51
Dividend Per Share	1.18	1.4	1.4	0.54	0.7
Payout Ratio	26.8	64.8	47.04	100.92	44.44
American Depositary Receipts Ratio (ADR)	1	1	1	1	1
Supplemental Items
EBITDA	535M	656M	547M	240M	306M
EBITA	532M	653M	544M	238M	304M
EBIT	532M	653M	544M	238M	304M
EBITDAR	550M	673M	564M	255M	318M
Effective Tax Rate - (Ratio)	18.43	20.25	24.43	28.96	29.02
Current Domestic Taxes	87M	59.9M	121M	-	-
Total Current Taxes	87M	59.9M	121M	55.7M	68.4M
Deferred Domestic Taxes	-	-	-	-	-
Total Deferred Taxes	1.3M	1.7M	-2.9M	-2.5M	-4M
Normalized Net Income	332M	406M	333M	141M	181M
Interest on Long-Term Debt	500K	500K	500K	400K	800K
Non-Cash Pension Expense	-	-100K	-300K	-	-
Supplemental Operating Expense Items
General and Administrative Expenses	120M	134M	142M	142M	152M
Net Rental Expense, Total	15.2M	17.1M	17.6M	14.9M	12.6M
Imputed Operating Lease Interest Expense	13.28M	12.73M	19.08M	15.83M	15.42M
Imputed Operating Lease Depreciation	1.92M	4.37M	-1.48M	-933K	-2.82M
Stock-Based Comp., Other (Total)	2.6M	3.1M	4.5M	4.5M	4.6M
Total Stock-Based Compensation	2.6M	3.1M	4.5M	4.5M	4.6M

Fiscal Period: July	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	460M	375M	362M	120M	172M
Total Cash And Short Term Investments	460M	375M	362M	120M	172M
Accounts Receivable, Total	17M	47.5M	34.6M	27M	26.3M
Other Receivables	58.1M	59.2M	45.3M	35M	39.9M
Total Receivables	75.1M	107M	79.9M	62M	66.2M
Inventory	4.03B	4.42B	4.58B	4.71B	4.84B
Prepaid Expenses	7.1M	7.9M	17.2M	14.8M	15.2M
Total Current Assets	4.57B	4.91B	5.03B	4.91B	5.09B
Gross Property Plant And Equipment	57.6M	58.1M	59M	59.7M	77.8M
Accumulated Depreciation	-21.9M	-23.9M	-27.3M	-29.5M	-32.3M
Net Property Plant And Equipment	35.7M	34.2M	31.7M	30.2M	45.5M
Long-term Investments	15.7M	9.3M	4.9M	9.8M	100K
Loans Receivable Long-Term	39.6M	20.9M	38.6M	47.7M	54M
Deferred Tax Assets Long-Term	900K	100K	1.7M	-	2.7M
Other Long-Term Assets, Total	10.2M	7.1M	2.5M	900K	900K
Total Assets	4.68B	4.99B	5.11B	5B	5.19B
Liabilities
Accounts Payable, Total	324M	284M	306M	285M	306M
Accrued Expenses, Total	139M	155M	155M	200M	170M
Short-term Borrowings	-	-	-	-	-
Current Portion of Long-Term Debt	-	-	-	-	-
Current Portion of Leases	2.9M	2.9M	3.1M	3.1M	2.9M
Current Income Taxes Payable	4M	100K	-	7.9M	-
Unearned Revenue Current, Total	185M	178M	124M	157M	157M
Other Current Liabilities	417M	351M	418M	281M	432M
Total Current Liabilities	1.07B	971M	1.01B	934M	1.07B
Long-Term Debt	130M	130M	130M	130M	130M
Long-Term Leases	14.3M	14.3M	11.9M	11M	17.2M
Pension & Other Post Retirement Benefits	-	-	-	-	-
Deferred Tax Liability Non Current	8.2M	8.9M	6.2M	700K	-
Other Non Current Liabilities	164M	493M	499M	459M	424M
Total Liabilities	1.39B	1.62B	1.65B	1.53B	1.64B
Common Stock, Total	15.4M	15.4M	15M	14.8M	14.8M
Additional Paid In Capital	180M	182M	182M	183M	184M
Retained Earnings	3.07B	3.15B	3.24B	3.25B	3.34B
Comprehensive Income and Other	21.5M	21.5M	21.9M	22.1M	22.1M
Total Common Equity	3.29B	3.37B	3.46B	3.47B	3.56B
Minority Interest	-	-	-	-	-
Total Equity	3.29B	3.37B	3.46B	3.47B	3.56B
Total Liabilities And Equity	4.68B	4.99B	5.11B	5B	5.19B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	123M	123M	120M	119M	119M
ECS Total Common Shares Outstanding	123M	123M	120M	119M	119M
Book Value / Share	26.67	27.35	28.79	29.21	29.98
Tangible Book Value	3.29B	3.37B	3.46B	3.47B	3.56B
Tangible Book Value Per Share	26.67	27.35	28.79	29.21	29.98
Total Debt	147M	147M	145M	144M	150M
Net Debt	-313M	-228M	-217M	24.6M	-21.7M
Debt Equivalent of Unfunded Proj. Benefit Obligation	-10.2M	-7.1M	-2.5M	-900K	-900K
Debt Equivalent Oper. Leases	122M	137M	141M	119M	101M
Minority Interest, Total (Incl. Fin. Div)	-	-	-	-	-
Equity Method Investments, Total	15.7M	9.3M	4.9M	9.8M	100K
Account Code - Inventory Valuation	3	3	-	3	3
Inventories - Raw Materials, Total	2.48B	2.79B	2.58B	2.43B	2.5B
Inventories - Work In Process, Total	1.43B	1.52B	1.86B	2.12B	2.16B
Inventories - Finished Goods, Total	117M	112M	135M	160M	170M
Land - (BS)	16.6M	16.9M	18.2M	18.3M	18.3M
Machinery, Total	17.3M	16M	16.1M	15.9M	16.4M
Full Time Employees	2.91K	3.04K	2.98K	2.66K	2.72K
Order Backlog	2.02B	2.11B	1.19B	1.41B	1.52B

Fiscal Period: July	2021	2022	2023	2024	2025
Net Income	391M	243M	365M	130M	158M
Depreciation & Amortization - CF	6.5M	6.1M	6M	5.1M	5.5M
Depreciation & Amortization, Total	6.5M	6.1M	6M	5.1M	5.5M
(Gain) Loss From Sale Of Asset	-700K	-	-	-	-
(Gain) Loss on Sale of Investments - (CF)	-	-	-	-	-
(Income) Loss On Equity Investments - (CF)	-10.4M	-9.3M	1.4M	2.3M	1.5M
Stock-Based Compensation (CF)	2.6M	3.1M	4.5M	4.5M	4.6M
Other Operating Activities, Total	12.3M	6.1M	2.2M	34.7M	8.9M
Change In Accounts Receivable	-12M	-33.2M	28.7M	11.5M	-4.4M
Change In Inventories	-160M	-391M	-152M	-139M	-102M
Change In Accounts Payable	158M	-104M	-75.3M	-98.8M	74.7M
Change in Other Net Operating Assets	45.7M	326M	55.7M	-16.1M	-7.2M
Cash from Operations	432M	45M	236M	-65.5M	139M
Capital Expenditure	-3.3M	-500K	-2.7M	-1.4M	-11.9M
Sale of Property, Plant, and Equipment	1.5M	100K	100K	-	-
Cash Acquisitions	-8.9M	-	-	-	-4.6M
Sale (Purchase) of Real Estate properties	-	-	-	-	-
Investment in Marketable and Equity Securities, Total	-	-	-	-	-
Other Investing Activities, Total	16.3M	35.7M	-5.7M	-6.6M	3.6M
Cash from Investing	5.6M	35.3M	-8.3M	-8M	-12.9M
Short Term Debt Issued, Total	-	-	-	-	-
Long-Term Debt Issued, Total	130M	-	-	-	-
Total Debt Issued	130M	-	-	-	-
Short Term Debt Repaid, Total	-50M	-	-	-	-
Long-Term Debt Repaid, Total	-3.4M	-2.9M	-3.5M	-3.6M	-3.3M
Total Debt Repaid	-53.4M	-2.9M	-3.5M	-3.6M	-3.3M
Issuance of Common Stock	1.4M	2.2M	-	1.2M	300K
Repurchase of Common Stock	-2.5M	-7.4M	-66M	-34.9M	-1M
Common Dividends Paid	-105M	-157M	-172M	-132M	-70M
Common & Preferred Stock Dividends Paid	-105M	-157M	-172M	-132M	-70M
Cash from Financing	-29.2M	-165M	-241M	-169M	-74M
Net Change in Cash	409M	-85M	-13.3M	-242M	52.3M
Supplemental Items
Cash Interest Paid	3M	5.8M	6.9M	6.8M	6.7M
Cash Income Tax Paid (Refund)	84.1M	63.8M	130M	38.5M	76.1M
Levered Free Cash Flow	316M	-116M	235M	-45.89M	180M
Unlevered Free Cash Flow	323M	-108M	248M	-33.89M	194M
Change In Net Working Capital	15.1M	525M	100M	191M	-6.1M
Net Debt Issued / Repaid	76.6M	-2.9M	-3.5M	-3.6M	-3.3M

Fiscal Period: July	2021	2022	2023	2024	2025
Profitability
Return on Assets	7.59	8.45	6.74	2.94	3.72
Return on Total Capital	10.23	11.75	9.55	4.12	5.19
Return On Equity %	12.44	7.29	10.69	3.77	4.49
Return on Common Equity	12.44	7.29	10.69	3.77	4.49
Margin Analysis
Gross Profit Margin %	20.89	22.25	20.18	16.01	16.42
SG&A Margin	3.85	3.79	4.17	5.96	5.46
EBITDA Margin %	17.13	18.55	16.05	10.1	10.99
EBITA Margin %	17.03	18.47	15.97	10	10.91
EBIT Margin %	17.03	18.47	15.97	10	10.91
Income From Continuing Operations Margin %	12.51	6.86	10.71	5.48	5.66
Net Income Margin %	12.51	6.86	10.71	5.48	5.66
Net Avail. For Common Margin %	12.51	6.86	10.71	5.48	5.66
Normalized Net Income Margin	10.63	11.49	9.77	5.94	6.5
Levered Free Cash Flow Margin	10.11	-3.29	6.91	-1.93	6.47
Unlevered Free Cash Flow Margin	10.35	-3.05	7.27	-1.42	6.97
Asset Turnover
Asset Turnover	0.71	0.73	0.67	0.47	0.55
Fixed Assets Turnover	86.26	101.2	103.39	76.9	73.52
Receivables Turnover (Average Receivables)	126.67	109.67	82.99	77.28	104.42
Inventory Turnover (Average Inventory)	0.63	0.65	0.6	0.43	0.49
Short Term Liquidity
Current Ratio	4.27	5.06	5.01	5.26	4.77
Quick Ratio	0.5	0.5	0.44	0.19	0.22
Operating Cash Flow to Current Liabilities	0.4	0.05	0.23	-0.07	0.13
Days Sales Outstanding (Average Receivables)	2.88	3.33	4.4	4.74	3.5
Days Outstanding Inventory (Average Inventory)	583.3	561.2	603.96	850.45	749.53
Average Days Payable Outstanding	41.3	35.34	37.51	50.6	44.05
Cash Conversion Cycle (Average Days)	544.88	529.19	570.85	804.59	708.97
Long Term Solvency
Total Debt/Equity	4.48	4.37	4.19	4.16	4.22
Total Debt / Total Capital	4.29	4.19	4.02	3.99	4.05
LT Debt/Equity	4.39	4.28	4.1	4.07	4.14
Long-Term Debt / Total Capital	4.2	4.11	3.93	3.91	3.97
Total Liabilities / Total Assets	29.7	32.44	32.31	30.69	31.54
EBIT / Interest Expense	45.46	47.69	27.48	12.4	13.49
EBITDA / Interest Expense	46.02	48.13	27.79	12.67	13.74
(EBITDA - Capex) / Interest Expense	45.74	48.09	27.65	12.59	13.21
Total Debt / EBITDA	0.27	0.22	0.26	0.59	0.49
Net Debt / EBITDA	-0.58	-0.35	-0.39	0.1	-0.07
Total Debt / (EBITDA - Capex)	0.28	0.22	0.26	0.6	0.51
Net Debt / (EBITDA - Capex)	-0.59	-0.35	-0.4	0.1	-0.07
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	40.31	13.27	-3.68	-30.13	16.91
Gross Profit, 1 Yr. Growth %	54.5	20.72	-12.67	-44.55	19.86
EBITDA, 1 Yr. Growth %	64.84	22.75	-16.64	-56.04	27.2
EBITA, 1 Yr. Growth %	65.34	22.92	-16.7	-56.25	27.51
EBIT, 1 Yr. Growth %	65.34	22.92	-16.7	-56.25	27.51
Earnings From Cont. Operations, 1 Yr. Growth %	102.54	-37.91	50.45	-64.25	20.69
Net Income, 1 Yr. Growth %	102.54	-37.91	50.45	-64.25	20.69
Normalized Net Income, 1 Yr. Growth %	71.74	22.53	-18.11	-57.55	27.91
Diluted EPS Before Extra, 1 Yr. Growth %	102.31	-37.87	51.02	-63.21	20.92
Accounts Receivable, 1 Yr. Growth %	-47.37	179.41	-27.16	-21.97	-2.59
Inventory, 1 Yr. Growth %	4.38	9.71	3.44	3.04	2.62
Net Property, Plant and Equip., 1 Yr. Growth %	-2.72	-4.2	-7.31	-4.73	50.66
Total Assets, 1 Yr. Growth %	14.53	6.59	2.59	-2.24	3.9
Tangible Book Value, 1 Yr. Growth %	9.81	2.43	2.79	0.11	2.62
Common Equity, 1 Yr. Growth %	9.81	2.43	2.79	0.11	2.62
Cash From Operations, 1 Yr. Growth %	-846.98	-89.6	424.89	-127.73	-312.52
Capital Expenditures, 1 Yr. Growth %	-60.24	-84.85	440	-48.15	750
Levered Free Cash Flow, 1 Yr. Growth %	-421.49	-136.9	-302.1	-119.5	-492.24
Unlevered Free Cash Flow, 1 Yr. Growth %	-460.09	-133.41	-329.61	-113.68	-672.63
Dividend Per Share, 1 Yr. Growth %	135	19.15	0	-61.43	29.63
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-1.42	26.07	4.45	-17.96	-9.62
Gross Profit, 2 Yr. CAGR %	-9.14	36.53	2.68	-30.41	-18.48
EBITDA, 2 Yr. CAGR %	-11.13	42.19	1.15	-39.47	-25.22
EBITA, 2 Yr. CAGR %	-11.22	42.51	1.19	-39.63	-25.31
EBIT, 2 Yr. CAGR %	-11.22	42.51	1.19	-39.63	-25.31
Earnings From Cont. Operations, 2 Yr. CAGR %	-14.83	12.14	-3.34	-26.66	-34.31
Net Income, 2 Yr. CAGR %	-14.83	12.14	-3.34	-26.66	-34.31
Normalized Net Income, 2 Yr. CAGR %	-10.46	45.01	0.17	-41.04	-26.31
Diluted EPS Before Extra, 2 Yr. CAGR %	-14.93	12.11	-3.14	-25.46	-33.31
Accounts Receivable, 2 Yr. CAGR %	-47.21	21.27	42.66	-24.61	-12.82
Inventory, 2 Yr. CAGR %	7.68	7.01	6.53	3.24	2.83
Net Property, Plant and Equip., 2 Yr. CAGR %	9.45	-3.47	-5.77	-6.03	19.81
Total Assets, 2 Yr. CAGR %	9.65	10.49	4.57	0.15	0.78
Tangible Book Value, 2 Yr. CAGR %	6.09	6.06	2.61	1.44	1.36
Common Equity, 2 Yr. CAGR %	6.09	6.06	2.61	1.44	1.36
Cash From Operations, 2 Yr. CAGR %	21.72	-11.84	-26.1	20.65	-23.23
Capital Expenditures, 2 Yr. CAGR %	-19.56	-75.46	-9.55	67.33	109.94
Levered Free Cash Flow, 2 Yr. CAGR %	40.66	8.88	-13.64	-37.23	-12.55
Unlevered Free Cash Flow, 2 Yr. CAGR %	38.28	9.65	-12.41	-43.96	-11.49
Dividend Per Share, 2 Yr. CAGR %	-11.61	67.33	9.16	-37.89	-29.29
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	1.82	3.25	15.25	-8.65	-7.68
Gross Profit, 3 Yr. CAGR %	-4.86	-0.14	17.64	-16.38	-16.58
EBITDA, 3 Yr. CAGR %	-6.51	-1.05	19	-23.38	-22.47
EBITA, 3 Yr. CAGR %	-6.6	-1.08	19.15	-23.48	-22.54
EBIT, 3 Yr. CAGR %	-6.6	-1.08	19.15	-23.48	-22.54
Earnings From Cont. Operations, 3 Yr. CAGR %	-9.08	-23.34	23.69	-30.62	-13.41
Net Income, 3 Yr. CAGR %	-9.08	-23.34	23.69	-30.62	-13.41
Normalized Net Income, 3 Yr. CAGR %	-6.07	-0.62	19.86	-24.76	-23.67
Diluted EPS Before Extra, 3 Yr. CAGR %	-9.18	-23.39	23.82	-29.85	-12.42
Accounts Receivable, 3 Yr. CAGR %	-24.47	-8	2.32	16.67	-17.89
Inventory, 3 Yr. CAGR %	7.22	8.35	5.81	5.35	3.03
Net Property, Plant and Equip., 3 Yr. CAGR %	39.7	4.7	-4.76	-5.42	9.98
Total Assets, 3 Yr. CAGR %	9.68	8.62	7.79	2.25	1.38
Tangible Book Value, 3 Yr. CAGR %	8.74	4.86	4.96	1.77	1.83
Common Equity, 3 Yr. CAGR %	8.74	4.86	4.96	1.77	1.83
Cash From Operations, 3 Yr. CAGR %	19.41	-46.38	59.78	-46.7	45.71
Capital Expenditures, 3 Yr. CAGR %	-5.59	-53.89	-31.23	-24.86	187.65
Levered Free Cash Flow, 3 Yr. CAGR %	25.11	-9.98	33.81	-47.41	15.62
Unlevered Free Cash Flow, 3 Yr. CAGR %	23.84	-13.9	40.28	-52.83	21.61
Dividend Per Share, 3 Yr. CAGR %	-6.34	-2.36	40.95	-22.83	-20.63
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	6.86	6.69	2.87	-5.83	4.57
Gross Profit, 5 Yr. CAGR %	2.56	3.53	-1.93	-13.57	1.59
EBITDA, 5 Yr. CAGR %	1.57	2.71	-3.53	-18.71	-1.18
EBITA, 5 Yr. CAGR %	1.58	2.72	-3.57	-18.81	-1.15
EBIT, 5 Yr. CAGR %	1.58	2.72	-3.57	-18.81	-1.15
Earnings From Cont. Operations, 5 Yr. CAGR %	-0.61	-11.78	-6.83	-24.69	-3.97
Net Income, 5 Yr. CAGR %	-0.61	-11.78	-6.83	-24.69	-3.97
Normalized Net Income, 5 Yr. CAGR %	2.02	3.01	-3.64	-19.35	-1.33
Diluted EPS Before Extra, 5 Yr. CAGR %	-0.76	-11.87	-6.81	-24.23	-3.33
Accounts Receivable, 5 Yr. CAGR %	-6.96	6.87	-2.59	-15.04	-4.03
Inventory, 5 Yr. CAGR %	9.61	8.31	6.94	6.28	4.6
Net Property, Plant and Equip., 5 Yr. CAGR %	19.09	24.89	19.34	0.27	4.39
Total Assets, 5 Yr. CAGR %	11.44	9.63	7.61	5.15	4.93
Tangible Book Value, 5 Yr. CAGR %	11.98	8.97	6.24	3.48	3.5
Common Equity, 5 Yr. CAGR %	11.98	8.97	6.24	3.48	3.5
Cash From Operations, 5 Yr. CAGR %	21.6	-21.72	-1.44	-25.83	19.18
Capital Expenditures, 5 Yr. CAGR %	-0.44	-25.01	-7.19	-22.78	7.47
Levered Free Cash Flow, 5 Yr. CAGR %	67.09	64.07	7.85	-22.07	12.87
Unlevered Free Cash Flow, 5 Yr. CAGR %	58.99	43.9	7.8	-27.48	16.68
Dividend Per Share, 5 Yr. CAGR %	1.7	2.79	-0.42	-18.52	6.96