Raspberry PI Holdings plc (RPI) AI Stock Analysis

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Raspberry PI Holdings plc

(LSE:RPI)

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Rating:68Neutral

Price Target:GBX 578.00▲(8.95% Upside)

Action:reiterated

Date:10/01/26

The score is driven primarily by strong financial performance (rapid TTM revenue growth and a very low-leverage balance sheet), partially offset by weak cash-flow conversion and prior cash-flow volatility. Technicals are supportive in the near term (above 20/50DMA with positive MACD), while valuation is a key headwind due to the high P/E and no indicated dividend yield.

Positive Factors

Strong revenue growthRapid TTM revenue growth indicates expanding demand across Raspberry Pi’s education, hobbyist, embedded, and industrial customer base. If this momentum persists, greater scale can support ecosystem adoption, broaden commercial relevance, and provide a stronger foundation for future earnings growth.

Negative Factors

Weak cash conversionOperating cash flow remains low relative to reported net income, indicating that accounting earnings are not consistently converting into cash. This can constrain internally funded investment and makes results more dependent on working-capital timing, even though TTM free cash flow is positive.

Raspberry PI Holdings plc (RPI) vs. iShares MSCI United Kingdom ETF (EWC)

Market Cap: GBP 1.03B
Dividend Yield: ―
Average Volume (3M): 502.69K
Price to Earnings (P/E): 31.5
Beta (1Y): 2.19
Revenue Growth: 70.72%
EPS Growth: 238.42%
Country: UK
Employees: 144
Sector: General
Sector Strength: 55
Industry: Computer Hardware

Raspberry PI Holdings plc Business Overview & Revenue Model

Company Description

Raspberry Pi Holdings plc is an international firm specializing in the design and development of single-board computers and compute modules. Its extensive product portfolio encompasses various computers and microcontrollers, alongside critical access...

Raspberry PI Holdings plc Financial Statement Overview

Summary

Strong revenue growth in TTM (+39.7%) and healthy profitability (TTM net margin ~7.5%, EBIT margin ~8.9%) supported by a very low-debt balance sheet (TTM D/E ~0.07) and solid TTM ROE (~19.3%). Offsetting this, profitability has been cyclical versus the 2023 peak and cash-flow quality is the main weakness: operating cash flow is low relative to net income (coverage ~0.08) and cash flows were negative in 2024, indicating inconsistent conversion.

Income Statement

78Positive

Balance Sheet

86Very Positive

Cash Flow

62Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	497.98M	245.24M	202.75M	213.83M	152.51M	102.22M
Gross Profit	109.48M	51.07M	50.48M	48.11M	30.14M	27.71M
EBITDA	63.34M	28.72M	29.40M	36.27M	20.67M	16.43M
Net Income	37.40M	16.47M	9.16M	25.42M	13.86M	10.80M
Balance Sheet
Total Assets	359.47M	246.53M	331.40M	208.15M	122.54M	93.61M
Cash, Cash Equivalents and Short-Term Investments	21.40M	20.89M	45.80M	33.10M	27.30M	25.42M
Total Debt	14.16M	6.62M	7.32M	5.57M	1.34M	1.73M
Total Liabilities	150.99M	67.51M	121.00M	83.26M	33.46M	23.08M
Stockholders Equity	208.48M	179.03M	168.13M	124.89M	89.08M	70.52M
Cash Flow
Free Cash Flow	7.06M	2.58M	-26.30M	13.49M	2.83M	-5.17M
Operating Cash Flow	9.85M	3.95M	-3.20M	16.55M	11.55M	200.68K
Investing Cash Flow	-22.62M	-13.81M	-23.10M	-23.10M	-8.72M	-5.37M
Financing Cash Flow	6.24M	-3.64M	29.80M	15.84M	-4.38M	29.44M

Raspberry PI Holdings plc Technical Analysis

Technical Analysis SentimentNegative

Last Price530.50

Price Trends

50DMA601.46Negative

100DMA674.12Negative

200DMA583.44Negative

Market Momentum

MACD-21.77Positive

RSI38.58Neutral

STOCH46.15Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:RPI, the sentiment is Negative. The current price of 530.50 is below the 20-day moving average (MA) of 602.38, below the 50-day MA of 601.46, and below the 200-day MA of 583.44, indicating a bearish trend. The MACD of -21.77 indicates Positive momentum. The RSI at 38.58 is Neutral, neither overbought nor oversold. The STOCH value of 46.15 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GB:RPI.

Raspberry PI Holdings plc Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

GB:RPI against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
GB:QTX	75Outperform	GBP 107.81M	16.88	19.61%	4.58%	10.31%	21.25%
GB:DSCV	69Neutral	GBP 793.96M	27.53	9.04%	1.57%	4.82%	17.80%
GB:RPI	68Neutral	GBP 1.03B	31.48	19.29%	―	70.72%	238.42%
GB:SDI	65Neutral	GBP 99.30M	20.11	9.24%	―	12.56%	23.36%
GB:TTG	58Neutral	GBP 347.99M	-9.73	-24.38%	―	-2.68%	47.33%
GB:SOLI	56Neutral	GBP 96.83M	23.61	6.51%	1.62%	23.25%	700.00%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%

* General Sector Average

Performance Comparison

GB:RPI and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
GB:RPI	Raspberry PI Holdings plc	530.50	162.90	44.31%
GB:QTX	Quartix Holdings	222.50	-41.14	-15.60%
GB:SDI	Sdi Group Plc	94.50	11.00	13.17%
GB:SOLI	Solid State	170.00	29.78	21.24%
GB:TTG	TT Electronics	195.00	43.60	28.80%
GB:DSCV	Discoverie Group	826.00	250.52	43.53%

Raspberry PI Holdings plc Corporate Events

Business Operations and StrategyFinancial Disclosures

Raspberry Pi posts record H1 as demand and strategic inventory drive surge in revenue and profit

Positive

Sep 24, 2026

Raspberry Pi Holdings reported a record first half for 2026, with revenue surging 90% year-on-year to $256.9 million and adjusted EBITDA more than doubling to $40.3 million, driven by strong OEM and reseller demand, higher unit shipments and a favour...

Financial Disclosures

Raspberry Pi Sets Date for Half-Year Results and Investor Briefings

Neutral

Sep 8, 2026

Raspberry Pi Holdings plc, a Cambridge-based leader in low-cost, high-performance computing platforms, serves industrial and embedded users, enthusiasts and educational institutions, and semiconductor customers worldwide. The company leverages full-s...

Business Operations and StrategyRegulatory Filings and Compliance

Raspberry Pi updates share capital after LTIP share admission

Neutral

Aug 3, 2026

Raspberry Pi Holdings plc, the Cambridge-based maker of low-cost, high-performance computing platforms, designs and develops hardware and software across the semiconductor value chain. Its products target industrial and embedded customers, hobbyists...

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Oct 01, 2026

Raspberry PI Holdings plc AI Stock Analysis

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