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Tristel
(LSE:TSTL)
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Rating:74Outperform
Price Target:
476.00 p
▲(14.01% Upside)
Action:Reiterated
Date:03/03/26
The score is driven primarily by strong financial performance and a constructive earnings update with reiterated growth/margin targets and solid H1 results. Offsetting factors are weak near-term technical momentum (below key moving averages with negative MACD) and a relatively high P/E, partially balanced by the ~3.6% dividend yield.
Positive Factors
High and sustainable margins
Tristel’s persistently high gross margin and elevated adjusted EBITDA reflect proprietary disinfectant chemistry and a consumables-heavy model that drives durable unit economics. These margins support reinvestment in commercial expansion, fund dividends, and provide resilience to modest pricing or input cost swings.
Negative Factors
China and APAC demand weakness
Exposure to APAC and China creates structural revenue volatility when local healthcare financing, private hospital stability, or regulatory trends change. Prolonged weakness could slow group growth, force re-prioritisation of resources, and constrain margin recovery in affected markets over several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
High and sustainable margins
Tristel’s persistently high gross margin and elevated adjusted EBITDA reflect proprietary disinfectant chemistry and a consumables-heavy model that drives durable unit economics. These margins support reinvestment in commercial expansion, fund dividends, and provide resilience to modest pricing or input cost swings.
Read all positive factors
Tristel (TSTL) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£194.70M
Dividend Yield3.57%
Average Volume (3M)138.80K
Price to Earnings (P/E)24.1
Beta (1Y)0.64
Revenue Growth13.71%
EPS Growth27.65%
CountryUK
Employees270
SectorHealthcare
Sector Strength45
IndustryMedical - Instruments & Supplies
Share Statistics
EPS (TTM)0.16
Shares Outstanding48,073,494
10 Day Avg. Volume85,178
30 Day Avg. Volume138,804
Financial Highlights & Ratios
PEG Ratio0.00
Price to Book (P/B)5.93
Price to Sales (P/S)4.21
P/FCF Ratio20.67
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.2
Revenue Forecast (FY)£56.27M
Tristel Business Overview & Revenue Model
Company Description
Tristel plc is a company specializing in the creation, production, and global distribution of products designed to prevent infections, serving both its home market in the UK and international clients. Its operations are structured around three cor...
How the Company Makes Money
Tristel makes money primarily by selling infection prevention and decontamination consumables to healthcare providers and related customers. Its core revenue stream is the recurring sale of single‑use or frequently replenished disinfectant product...
Tristel Earnings Call Summary
Earnings Call Date:Mar 02, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 19, 2026
Earnings Call Sentiment Positive
The call presented a strong financial and operational performance: record revenue (14% growth), expanding adjusted EBITDA (up 17%) and robust cash generation with a debt-free balance sheet. Management highlighted meaningful U.S. commercial progress (rapidly growing procedures, product launches, distributor and OEM partnerships) and continued European expansion. Near-term headwinds include a slowdown in China/APAC, a small gross margin dip driven by in-sourcing costs and a GBP 300k intangible write-off, plus higher operating spend to fund accelerated commercial and clinical investment. Overall, the positive drivers (broad-based revenue growth, margin outperformance versus targets, strong cash and clear execution plans) materially outweigh the contained lowlights, supporting a constructive outlook.Positive Updates
Record Revenue Growth
Group revenue increased 14% year-on-year to a record GBP 25.6m in H1 FY2026 (constant-currency group growth 12.4%), driven by both UK (nearly 13% growth) and international expansion.
Negative Updates
China and APAC Weakness
APAC overall grew only 0.3% in H1 with notable weakness in China attributed to market slowdown, customer bankruptcies and local policy/healthcare financing changes, reducing demand from the private hospital segment.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Revenue Growth
Group revenue increased 14% year-on-year to a record GBP 25.6m in H1 FY2026 (constant-currency group growth 12.4%), driven by both UK (nearly 13% growth) and international expansion.
Read all positive updates
Company Guidance
Management reiterated guidance to deliver double‑digit annual revenue growth over FY2025–FY2030, to maintain a minimum adjusted EBITDA margin of 25% (on track for FY2026 market expectations), and to continue a progressive dividend policy (interim 5.68p with a planned full‑year increase). They backed this with H1 metrics: revenue £25.6m (+14%, group +12.4% cc), adjusted PBT £5.5m (+11%, ~21% PBT margin), adjusted EBITDA +17% (29% EBITDA margin), adjusted EPS 9.36p, cash generated £6.7m, cash/deposits £13.3m, debt‑free, NWC/revenue ~15% and ROCE 25%. U.S. targets: Tristel ULT in‑market ≈$1m (320k procedures, royalties $153k) with >$2m expected by year‑end, OPH H1 revenue $88k (43 active users, ~160 opportunities), >1,200 compatible probes, 4 guideline inclusions, plans to add 13 commercial hires (9 sales/4 clinical) plus a CMO and 3 clinical leads, and anticipated H2 savings ~£300k from insourcing wipes; VISICLEAN opportunity cited at ~15m procedures.Tristel Financial Statement Overview
Summary
Income Statement
85
Very Positive
Balance Sheet
78
Positive
Cash Flow
70
Positive
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 49.54M | 46.46M | 41.93M | 36.01M | 31.12M | 31.00M |
| Gross Profit | 38.96M | 37.94M | 33.58M | 29.18M | 24.66M | 24.74M |
| EBITDA | 12.51M | 11.47M | 10.01M | 7.90M | 4.46M | 6.70M |
| Net Income | 7.86M | 6.64M | 6.49M | 4.46M | 987.00K | 3.66M |
Balance Sheet | ||||||
| Total Assets | 45.43M | 45.33M | 44.11M | 41.37M | 38.74M | 39.93M |
| Cash, Cash Equivalents and Short-Term Investments | 13.29M | 12.84M | 11.79M | 9.54M | 8.88M | 8.09M |
| Total Debt | 5.82M | 5.88M | 5.86M | 5.18M | 5.81M | 5.91M |
| Total Liabilities | 11.88M | 12.34M | 11.70M | 10.68M | 9.75M | 9.85M |
| Stockholders Equity | 33.55M | 32.99M | 32.41M | 30.68M | 28.98M | 30.08M |
Cash Flow | ||||||
| Free Cash Flow | 9.97M | 9.46M | 10.06M | 6.07M | 4.35M | 4.71M |
| Operating Cash Flow | 10.76M | 10.32M | 10.89M | 8.49M | 5.55M | 6.48M |
| Investing Cash Flow | -7.66M | -254.00K | -5.08M | -4.84M | -1.20M | -1.77M |
| Financing Cash Flow | -7.73M | -7.30M | -6.57M | -5.44M | -3.62M | -2.83M |
Tristel Technical Analysis
Negative
417.50
Price Trends
408.71
Negative
399.45
Positive
395.63
Positive
Market Momentum
-0.81
Positive
43.76
Neutral
41.00
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:TSTL, the sentiment is Negative. The current price of 417.5 is above the 20-day moving average (MA) of 417.25, above the 50-day MA of 408.71, and above the 200-day MA of 395.63, indicating a neutral trend. The MACD of -0.81 indicates Positive momentum. The RSI at 43.76 is Neutral, neither overbought nor oversold. The STOCH value of 41.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GB:TSTL.
Tristel Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | £194.70M | 24.12 | 23.64% | 3.57% | 13.71% | 27.65% | |
70 Outperform | £4.21B | 46.03 | 8.40% | 2.59% | 1.94% | -43.71% | |
68 Neutral | £8.58B | 17.94 | 12.25% | 2.91% | 2.17% | 27.33% | |
63 Neutral | £607.01M | 60.71 | 3.87% | 1.67% | 28.96% | 39.58% | |
60 Neutral | £875.43M | 58.86 | 5.35% | 0.66% | 4.41% | -8.04% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
40 Underperform | £3.96M | -4.25 | -11.04% | ― | -2.87% | 52.38% |
* Healthcare Sector Average
GB:TSTL
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Tristel Corporate Events
Private Placements and FinancingRegulatory Filings and Compliance
Tristel Issues New Shares After Employee Option Exercise, Lifts Voting Rights Total
Neutral
Jul 31, 2026
Tristel plc, the AIM-listed infection prevention specialist using proprietary chlorine dioxide technology, supplies hospitals worldwide with manual medical device decontamination and sporicidal surface disinfection products, and aims for double-di...
Business Operations and StrategyProduct-Related Announcements
Tristel launches premium paid tier of 3T compliance platform
Positive
Jul 27, 2026
Tristel plc, a specialist in infection prevention solutions for hospitals, has expanded its offering with the commercial launch of 3T Pro, a premium tier of its 3T digital compliance platform. The company, known for chlorine dioxide-based medical ...
Business Operations and StrategyExecutive/Board ChangesFinancial Disclosures
Tristel posts double‑digit growth and boosts cash ahead of new CEO arrival
Positive
Jul 22, 2026
Tristel has reported another year of strong trading, with revenues for the year to 30 June 2026 rising 10% to £51.1m and adjusted profit before tax expected to grow 14% to at least £11.5m, slightly ahead of market forecasts. The company&...
Business Operations and StrategyProduct-Related AnnouncementsRegulatory Filings and Compliance
Tristel deepens U.S. infection prevention footprint with APIC showcase and new digital offering
Positive
Jul 7, 2026
Tristel plc highlighted growing clinical engagement in the U.S. after its participation at APIC 2026, the country’s largest infection prevention conference, where it co‑sponsored a session showcasing real‑world benefits of its FD...
Business Operations and StrategyExecutive/Board Changes
Tristel Names Medical Technology Veteran Chris Lee as New CEO to Drive Global Growth
Positive
Jun 17, 2026
Tristel, a specialist in infection prevention products for medical devices and surfaces, has appointed industry veteran Christopher (Chris) Lee as its new chief executive officer, effective 1 August 2026, following a competitive selection process....
Business Operations and StrategyRegulatory Filings and Compliance
Tristel Updates Share Capital After Employee Option Exercise
Neutral
Jun 10, 2026
Tristel plc, a specialist in chlorine dioxide-based infection prevention products for medical device decontamination and surface disinfection, operates globally from its base near Cambridge with around 270 employees across 16 subsidiaries and a pr...
Business Operations and StrategyRegulatory Filings and Compliance
Tristel Increases Share Capital After Employee Option Exercise
Neutral
May 13, 2026
Tristel plc, the AIM‑quoted manufacturer of infection prevention products for medical device decontamination and surface disinfection, has issued 34,750 new ordinary shares following the exercise of employee share options. Application has be...
Business Operations and StrategyRegulatory Filings and Compliance
Tristel Updates Share Capital After Employee Option Exercise
Neutral
May 5, 2026
Tristel has issued and allotted 20,000 new ordinary shares following the exercise of employee share options, with the new stock scheduled to be admitted to trading on AIM on 11 May 2026. After admission, the company’s total share capital wil...
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.