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Trustpilot Group Plc
(LSE:TRST)
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Rating:69Neutral
Price Target:
311.00 p
▲(5.50% Upside)
Action:Reiterated
Date:10/21/26
The score is primarily supported by improving fundamentals and strong cash generation, reinforced by a technically strong uptrend. The main constraints are balance-sheet weakness (negative equity) and a very high valuation, while the latest earnings call was broadly positive with reaffirmed guidance but highlighted cash-flow and retention headwinds.
Positive Factors
Enterprise Growth
Rapid growth among larger customers indicates improving enterprise penetration and a stronger revenue mix. Enterprise expansion can support recurring subscription growth, broader account opportunities, and more durable monetization as Trustpilot scales its platform.
Negative Factors
Negative Shareholders’ Equity
Negative equity weakens the balance-sheet cushion available to absorb setbacks or fund strategic initiatives. Even with manageable debt, this position can constrain financial flexibility and increase perceived risk until equity strength is restored.
Read all positive and negative factors
Positive Factors
Negative Factors
Enterprise Growth
Rapid growth among larger customers indicates improving enterprise penetration and a stronger revenue mix. Enterprise expansion can support recurring subscription growth, broader account opportunities, and more durable monetization as Trustpilot scales its platform.
Read all positive factors
Trustpilot Group Plc (TRST) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£945.66M
Dividend YieldN/A
Average Volume (3M)2.00M
Price to Earnings (P/E)311.6
Beta (1Y)0.88
Revenue Growth19.39%
EPS Growth275.00%
CountryUK
Employees1,108
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)0.01
Shares Outstanding384,385,160
10 Day Avg. Volume1,729,317
30 Day Avg. Volume2,004,800
Financial Highlights & Ratios
PEG Ratio3.89
Price to Book (P/B)-134.28
Price to Sales (P/S)3.39
P/FCF Ratio15.11
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£336.43Price Target Upside14.12% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering7
EPS Forecast (FY)0.07
Revenue Forecast (FY)£311.40M
Trustpilot Group Plc Business Overview & Revenue Model
Company Description
Trustpilot Group plc operates a worldwide online review platform, connecting businesses with individual consumers across the United Kingdom, North America, Europe, and other international markets. The platform's primary function is to empower cons...
How the Company Makes Money
Trustpilot primarily makes money by selling subscription-based products and services to businesses that want to actively manage and leverage their presence on the Trustpilot platform. Its core revenue model is B2B: companies pay recurring fees for...
Trustpilot Group Plc Earnings Call Summary
Earnings Call Date:Sep 15, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Mar 23, 2027
Earnings Call Sentiment Positive
The call was strongly positive overall. Trustpilot reported robust bookings, enterprise growth, adjusted EBITDA expansion, improving gross margin, strong platform engagement, and significant AI-related momentum, while reaffirming full-year and long-term guidance. The main challenges were slower free cash flow growth, a decline in net dollar retention, higher stock-based compensation, historical tax and reserve-related technical issues, and the transition associated with the sales reorganization.Positive Updates
Strong Bookings and Profit Growth
H1 bookings grew 18% in constant currency to $171 million. Adjusted EBITDA increased 46% year-on-year to a record $26.3 million, with adjusted EBITDA margin rising 2.8 percentage points to a record 17.4%.
Negative Updates
Net Dollar Retention Declined
LTM net dollar retention declined to 101% from 103% in the LTM period ending H1 2025, due to the annualization of previously flagged package migrations. Management continues to target NRR of 100% or higher.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Bookings and Profit Growth
H1 bookings grew 18% in constant currency to $171 million. Adjusted EBITDA increased 46% year-on-year to a record $26.3 million, with adjusted EBITDA margin rising 2.8 percentage points to a record 17.4%.
Read all positive updates
Company Guidance
Trustpilot maintained guidance for high teens constant currency revenue growth for the full year, alongside a 2 to 3 percentage point increase in adjusted EBITDA margin; bookings growth is mid-teens guidance, the free cash flow margin is expected to be slightly below the adjusted EBITDA margin, with adjusted EBITDA margin and then taking a point off of that as a proxy for free cash flow for the full-year described as a good starting point, and the implied H2 margin and free cash flow are expected to be materially higher than the H1 margin and free cash flow; the company reaffirmed its 25% adjusted EBITDA margin target in 2028 and 30% in 2030, and anticipates a similar SBC charge in H2.Trustpilot Group Plc Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
38
Negative
Cash Flow
86
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 287.24M | 266.53M | 210.75M | 176.36M | 148.93M | 131.44M |
| Gross Profit | 225.62M | 207.95M | 171.63M | 145.45M | 122.00M | 106.79M |
| EBITDA | 26.88M | 27.81M | 17.70M | 8.92M | -6.67M | -16.12M |
| Net Income | 4.17M | 7.92M | 6.23M | 7.11M | -14.64M | -25.89M |
Balance Sheet | ||||||
| Total Assets | 102.43M | 127.55M | 144.52M | 156.37M | 124.78M | 129.04M |
| Cash, Cash Equivalents and Short-Term Investments | 22.57M | 47.64M | 68.94M | 91.52M | 73.46M | 93.18M |
| Total Debt | 18.18M | 18.14M | 20.11M | 22.86M | 24.68M | 13.06M |
| Total Liabilities | 142.41M | 134.29M | 103.13M | 93.26M | 78.95M | 69.59M |
| Stockholders Equity | -39.97M | -6.73M | 41.39M | 63.11M | 45.84M | 59.45M |
Cash Flow | ||||||
| Free Cash Flow | 60.14M | 59.85M | 19.74M | 17.32M | -10.10M | -9.66M |
| Operating Cash Flow | 60.46M | 60.45M | 29.36M | 20.88M | -2.70M | -5.44M |
| Investing Cash Flow | -8.79M | -8.51M | -9.62M | -3.56M | -7.40M | -4.22M |
| Financing Cash Flow | -92.67M | -76.90M | -40.77M | -2.95M | -1.90M | 56.39M |
Trustpilot Group Plc Technical Analysis
Negative
294.80
Price Trends
252.82
Negative
258.90
Negative
232.95
Positive
Market Momentum
5.94
Negative
47.36
Neutral
27.02
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:TRST, the sentiment is Negative. The current price of 294.8 is above the 20-day moving average (MA) of 251.61, above the 50-day MA of 252.82, and above the 200-day MA of 232.95, indicating a neutral trend. The MACD of 5.94 indicates Negative momentum. The RSI at 47.36 is Neutral, neither overbought nor oversold. The STOCH value of 27.02 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GB:TRST.
Trustpilot Group Plc Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | £1.02B | 12.78 | 37.46% | 6.32% | 1.61% | 1.95% | |
69 Neutral | £945.66M | 311.64 | -17.84% | ― | 19.39% | 275.00% | |
68 Neutral | £216.66M | 136.56 | 3.23% | 0.74% | 20.24% | -62.04% | |
64 Neutral | £164.50M | 18.01 | 8.80% | 2.23% | 3.82% | -18.43% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
56 Neutral | £139.04M | 489.36 | 0.81% | ― | -3.16% | -82.91% | |
54 Neutral | £368.18M | -5.00 | -14.39% | 2.73% | 0.82% | -997.08% |
* Technology Sector Average
GB:TRST
Trustpilot Group Plc
248.20
27.60
12.51%
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GB:MONY
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GB:NET
Netcall
127.00
4.05
3.29%
Trustpilot Group Plc Corporate Events
Business Operations and StrategyStock Buyback
Trustpilot cancels additional shares as buyback programme tops £15.7m
Positive
Oct 19, 2026
Trustpilot Group Plc has continued execution of its share buyback programme, repurchasing 40,996 ordinary shares on the London Stock Exchange between 12 and 16 October 2026 from Deutsche Bank’s Deutsche Numis arm. The company intends to canc...
Business Operations and StrategyStock Buyback
Trustpilot Continues Share Buyback, Cancels Additional Shares
Positive
Oct 12, 2026
Trustpilot Group Plc has continued executing its previously announced share buyback programme, purchasing 42,000 ordinary shares on the London Stock Exchange between 5 and 8 October 2026 from Deutsche Bank’s Deutsche Numis unit. The company ...
Business Operations and StrategyStock Buyback
Trustpilot Advances £15.5m Share Buyback with Latest Share Purchases
Positive
Oct 5, 2026
Trustpilot Group plc has continued to execute its previously announced share buyback programme, purchasing a total of 45,200 ordinary shares on the London Stock Exchange between 28 September and 1 October 2026. The repurchases, conducted via Deuts...
Regulatory Filings and Compliance
Trustpilot CEO boosts equity stake with share purchase
Positive
Oct 2, 2026
Trustpilot Group Plc has disclosed share transactions involving its chief executive officer, Adrian Blair, under UK Market Abuse Regulation reporting requirements. The CEO purchased 17,139.1128 ordinary shares on the London Stock Exchange, signall...
Executive/Board Changes
Trustpilot Grants Performance-Linked Share Awards to CFO
Positive
Oct 2, 2026
Trustpilot Group Plc has granted its chief financial officer, Marcus Roy, a substantial long term incentive plan award covering 227,146 ordinary shares, alongside a restricted share plan award over 185,269 shares. The LTIP vests in 2029 subject to...
Regulatory Filings and Compliance
Trustpilot Updates Total Voting Rights Following Share Capital Review
Neutral
Sep 30, 2026
Trustpilot Group Plc has confirmed that its issued ordinary share capital currently consists of 384,540,554 ordinary shares of £0.01 each, with every share carrying one vote at the company’s general meetings. The company holds no shares...
Business Operations and StrategyStock Buyback
Trustpilot Cancels New Tranche of Shares Under Ongoing Buyback Programme
Positive
Sep 28, 2026
Trustpilot Group plc has continued its ongoing share buyback programme, repurchasing 57,650 ordinary shares on the London Stock Exchange between 21 and 25 September 2026. The transactions were executed through Deutsche Bank AG’s London branc...
Business Operations and StrategyExecutive/Board Changes
Trustpilot CEO’s LTIP Award Vests After Strong TSR and Trust Metrics
Positive
Sep 23, 2026
Trustpilot Group plc has reported the partial vesting of 2023 Long Term Incentive Plan awards for chief executive Adrian Blair, following strong performance against total shareholder return and trust-based metrics. The award was satisfied entirely...
Business Operations and StrategyStock Buyback
Trustpilot Cancels Further Shares Under £15m Buyback Programme
Positive
Sep 21, 2026
Trustpilot Group plc has continued to execute its share buyback programme, purchasing 120,360 ordinary shares on the London Stock Exchange between 14 and 18 September 2026 through Deutsche Numis. The company intends to cancel these shares, as part...
Other
Trustpilot Chair and CFO Increase Stakes with London Stock Purchases
Positive
Sep 18, 2026
Trustpilot Group plc has reported share purchases by senior board members, underscoring internal confidence in the company’s prospects and aligning leadership interests with those of shareholders. The transactions involve ordinary shares lis...
Other
Trustpilot CEO Adrian Blair Buys Additional Shares on LSE
Positive
Sep 16, 2026
Trustpilot’s chief executive officer Adrian Blair has purchased 45,432 ordinary shares in the company on the London Stock Exchange, signalling personal investment in the business. The shares were acquired at an average price of about GBP 2.1...
Business Operations and StrategyFinancial Disclosures
Trustpilot leverages AI and enterprise demand to drive strong H1 2026 growth
Positive
Sep 15, 2026
Trustpilot reported strong first-half 2026 results, with bookings rising 18% at constant currency to $171 million and revenue up 19% to $151 million, driven by robust U.S. and enterprise demand. Adjusted EBITDA jumped 46% to a record $26.3 million...
Executive/Board Changes
Trustpilot Names Marcus Roy as New Chief Financial Officer
Positive
Sep 15, 2026
Trustpilot Group plc has appointed Marcus Roy as Chief Financial Officer, with his role and board membership becoming effective on 14 September 2026. The move marks a key leadership transition for the global reviews platform as it continues to ref...
Business Operations and StrategyStock Buyback
Trustpilot Advances Share Buyback, Cancels 5.8 Million Shares
Positive
Sep 14, 2026
Trustpilot Group Plc has continued its previously announced share buyback programme, acquiring 375,000 ordinary shares on the London Stock Exchange between 7 and 11 September 2026 through Deutsche Numis. The purchases were made at prices broadly i...
Business Operations and StrategyStock Buyback
Trustpilot Advances Share Buyback, Cancels More Shares
Positive
Sep 7, 2026
Trustpilot Group plc has continued executing its previously announced share buyback programme, purchasing a total of 115,020 ordinary shares on the London Stock Exchange between 3 and 4 September 2026. The transactions were conducted via Deutsche ...
Business Operations and StrategyStock Buyback
Trustpilot Expands Buyback Programme with Further Share Purchases
Positive
Sep 1, 2026
Trustpilot Group plc has continued its previously announced share buyback programme, repurchasing 277,250 ordinary shares between 24 and 27 August 2026 on the London Stock Exchange through Deutsche Numis. The company plans to cancel all of these s...
Regulatory Filings and Compliance
Trustpilot Confirms Total Voting Rights at 385.4 Million Shares
Neutral
Sep 1, 2026
Trustpilot Group plc reported that its issued ordinary share capital now comprises 385,449,271 ordinary shares of £0.01 each, with every share carrying one vote at general meetings. The company confirmed it holds no shares in treasury, meanin...
Business Operations and StrategyStock Buyback
Trustpilot advances £12.9m share buyback, cancels over 5m shares
Positive
Aug 24, 2026
Trustpilot Group plc has continued to execute on its share buyback programme, repurchasing a total of 355,000 ordinary shares between 17 and 21 August 2026 on the London Stock Exchange through Deutsche Numis. The purchases were made at volume-weig...
Business Operations and StrategyStock Buyback
Trustpilot Advances Capital Return with Continued Share Buybacks
Positive
Aug 17, 2026
Trustpilot Group plc has continued executing its previously announced share buyback programme, repurchasing 348,000 ordinary shares on the London Stock Exchange between 10 and 14 August 2026 at volume-weighted average prices ranging from about 279...
Business Operations and StrategyStock Buyback
Trustpilot Cancels Further Shares Under £10.9m Buyback Programme
Positive
Aug 10, 2026
Trustpilot Group Plc, a London-listed operator of a global online review platform, provides tools for businesses to manage reputations and analyse customer feedback while helping consumers make informed purchasing decisions. Its digital marketplac...
Business Operations and StrategyStock Buyback
Trustpilot advances £10m share buyback with further share cancellations
Positive
Aug 3, 2026
Trustpilot Group plc has continued executing its previously announced share buyback programme, acquiring 280,486 ordinary shares on the London Stock Exchange between 27 July and 31 July 2026 through Deutsche Numis. The company intends to cancel th...
Regulatory Filings and Compliance
Trustpilot Confirms Total Voting Rights at 386.5 Million Shares
Neutral
Jul 31, 2026
Trustpilot Group plc has confirmed that its issued ordinary share capital stands at 386,518,150 shares, each with a nominal value of £0.01 and carrying one voting right at company general meetings. The company holds no shares in treasury, mea...
Business Operations and StrategyStock Buyback
Trustpilot Advances £9.6m Share Buyback with Further Share Cancellations
Positive
Jul 27, 2026
Trustpilot Group Plc has continued executing its previously announced share buyback programme, repurchasing 378,500 ordinary shares on the London Stock Exchange between 20 and 24 July 2026 at prices ranging from 243.80p to 272.00p per share. The c...
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.