# Land Securities Group plc (LAND.L) fundamentals

Data as of 2026-09-08. LSE, United Kingdom. Sector: Real Estate / Equity Real Estate Investment Trusts (REITs). Price 661p, market value 4.9 billionp.

## Valuation
- **P/E (trailing): 14.4×** (5-yr avg 969.4×, 3-yr avg 1119.3×). Land Securities Group plc trades at 14.4× trailing earnings, well below its own five-year average of 969.4×: cheap by its own standards. The Real Estate median in the September 2026 study was 25.2×. Forward P/E is 11.9×, lower than trailing, so analysts expect earnings to grow.
- **Price / sales: 2.8×**. Each dollar of revenue is priced at 2.8×.
- **Price / book: 0.7×**. The shares trade below book value, which can signal a bargain or a balance sheet the market doubts.
- **EV / EBITDA: 9.7×**. Enterprise value is 9.7× operating earnings before depreciation, the multiple that ignores how the company is financed.
- **Free-cash-flow yield: 5.9%** (5-yr avg 0.0%). Free cash flow equals 5.9% of the market value, above its five-year average of 0.0%, so the shares are cheaper on cash than they have usually been. Above 5% is generally attractive.
- **Earnings yield: 7.0%**. The inverse of the P/E: 7.0% of the price is earned each year.

## Profitability
- **Gross margin: 59.5%**. Land Securities Group plc keeps 59.5% of revenue after the direct cost of what it sells.
- **Operating margin: 54.8%**. 54.8% of revenue is left after running the business, an exceptional level.
- **Net margin: 38.5%**. 38.5% of each dollar of sales reaches the bottom line.
- **Return on equity: 5.2%**. 5.2% on shareholders' equity is weak; the business earns little on the capital its owners have in it.
- **Return on invested capital: 8.7%**. Return on all capital, debt included, is 8.7%.
- **Return on assets: 6.4%**. Each dollar of assets produces 6.4% of profit.

## Growth
- **Revenue growth (1 yr): 7.2%** (3-yr 4.1%/yr, 5-yr 7.0%/yr). Revenue grew 7.2% over the last year, against 7.0% a year compounded over five years.
- **EPS growth (1 yr): -13.2%**. Earnings per share fell 13.2%, slower than revenue, so margins compressed.
- **Free-cash-flow growth (3 yr): -34.6%/yr**. Free cash flow has compounded at -34.6% a year over three years.

## Financial health
- **Debt to equity: 0.69**. Debt is 0.69 times equity, moderate leverage.
- **Net debt / EBITDA: 4.6×**. It would take 4.6 years of operating earnings to repay net borrowings, above the 3× level most lenders treat as comfortable.
- **Interest coverage: 5.9×**. Operating profit covers interest 5.9× over, a safe margin.
- **Current ratio: 1.04** (quick 0.97). Current assets cover the next year's liabilities 1.04 times.
- **Altman Z-score: 1.59**. A Z-score of 1.59 is in the distress zone, a signal to examine the balance sheet closely.
- **Piotroski F-score: 6/9**. 6 of 9 checks pass: mixed.

## Dividends
- **Dividend yield: 13.39%** (1p per share, trailing). Land Securities Group plc yields 13.39%, high enough to check carefully: yields this high often precede a cut.
- **Payout ratio: 85%** (206% of free cash flow). 85% of earnings goes out as dividends, leaving a thin cushion.
- **Consecutive years of increases: 5**. 5 straight years of increases.
- **Dividend growth (5 yr): 27.7%/yr** (1-yr 2.0%). The dividend has compounded at 27.7% a year over five years, doubling roughly every 3 years at that pace.
- **Shareholder yield: 13.9%**. Dividends plus net buybacks return 13.9% of the market value a year.

## Analyst view
- **Analyst consensus: buy** (16 analysts). 16 analysts cover Land Securities Group plc; the consensus is buy, with an average price target of 719p (+9% from the current price). Analyst opinion is shown for context; it is not part of the Fundamental Score.

## Price and momentum
- **Total return (1 yr): 22.1%** (YTD 5.9%, 3-mo 6.5%). The shares are up 22.1% over twelve months including dividends.
- **From 52-week high: -9.0%** (25.8% above the low). Trading 9% below its 52-week high.
- **200-day average: above**. The price sits above its 200-day moving average, the usual definition of an uptrend.
- **RSI (14-day): 35**. An RSI of 35 is neutral.
- **Beta (1 yr): 1.26** (volatility 24%). Beta of 1.26 against the FTSE All-Share: the shares move roughly with the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=LAND.L · Page: https://foliofundamentals.com/stocks/land.l

Not investment advice.