WH Smith - Public Comps and Valuation Multiples

WH Smith Overview

About WH Smith

WH Smith PLC is a travel retailer providing travel essentials through stores in high-footfall transport hubs, operating as a pure-play travel retail business following the sale of its High Street operations. The Company offers a broad portfolio of products and services, including books and magazines, food-to-go, beverages, health and beauty items, travel and technology accessories, and selected partner services. Its operations are organised into three segments: the UK, which generates the majority of revenue and operates stores across airports, hospitals, railway stations, and service areas; North America, with stores mainly in airports and a Resorts business in Las Vegas; and the Rest of the World.

Founded

2004

HQ

Employees

9.4K+

Website

whsmithplc.co.uk

Sectors

Specialty Stores

Financials

LTM Revenue $2.1B

LTM EBITDA $301M

EV

$2.2B

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WH Smith Financials

As of December 2025, WH Smith reported last 12-month revenue of $2.1B and EBITDA of $301M.

In the same period, WH Smith generated $1.3B in LTM gross profit and $86.3M in net income.

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WH Smith P&L

In the most recent fiscal year, WH Smith reported revenue of $2.1B and EBITDA of $245M.

WH Smith expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2026	FY 2027	FY 2028
Revenue	$2.1B	XXX	$2.1B	XXX	XXX	XXX
Gross Profit	$1.3B	XXX	$1.2B	XXX	XXX	XXX
Gross Margin	59%	XXX	57%	XXX	XXX	XXX
EBITDA	$301M	XXX	$245M	XXX	XXX	XXX
EBITDA Margin	14%	XXX	12%	XXX	XXX	XXX
EBIT	$189M	XXX	$195M	XXX	XXX	XXX
EBIT Margin	9%	XXX	9%	XXX	XXX	XXX
Net Profit	$86.3M	XXX	-$194M	XXX	XXX	XXX
Net Margin	4%	XXX	-9%	XXX	XXX	XXX
Net Debt	XXX	XXX	$525M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for WH Smith including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $2.1B. EBITDA for the last twelve months was $301M. In the most recent fiscal year, WH Smith achieved $2.1B in revenue and $245M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2026)	Next Fiscal Year (2027)	Two Years Forward (2028)
Total Revenue	$2.1B	Analyst estimates available to subscribers	$2.1B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$1.3B	Analyst estimates available to subscribers	$1.2B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	59.2% gross margin	Analyst estimates available to subscribers	57.2% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$301M	Analyst estimates available to subscribers	$245M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	14.2% EBITDA margin	Analyst estimates available to subscribers	11.7% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$189M	Analyst estimates available to subscribers	$195M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	8.9% EBIT margin	Analyst estimates available to subscribers	9.3% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$86.3M	Analyst estimates available to subscribers	-$194M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	4.1% net profit margin	Analyst estimates available to subscribers	-9.3% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$525M	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for WH Smith

This financial data table provides comprehensive performance metrics for WH Smith, a company based in United Kingdom of Great Britain and Northern Ireland. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

WH Smith generated $2.1B in revenue over the last twelve months.
The company achieved $301M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $1.3B.
Net income over the last twelve months reached $86.3M.

Fiscal Year Performance

In the most recent fiscal year, WH Smith reported $2.1B in total revenue.
Fiscal year EBITDA was $245M.
The company maintained a gross profit margin of 57.2% in the most recent fiscal year.
EBITDA margin for the fiscal year was 11.7%.
Net profit margin reached -9.3% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for WH Smith. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

WH Smith Stock Performance

WH Smith has current market cap of GBP 795M (or $1.1B), and EV of GBP 1.7B (or $2.2B).

Market Cap Evolution

WH Smith Stock Data

As of January 16, 2026, WH Smith's stock price is GBP 6 (or $9).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$2.2B	$1.1B	XXX	XXX	XXX	XXX	$0.67

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WH Smith Valuation Multiples

WH Smith's trades at 1.1x EV/Revenue multiple, and 8.2x EV/EBITDA.

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WH Smith Financial Valuation Multiples

As of January 16, 2026, WH Smith has market cap of $1.1B and EV of $2.2B.

Equity research analysts estimate WH Smith's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

WH Smith has a P/E ratio of 12.4x.

	LTM	NTM	Last FY	FY 2026	FY 2027	FY 2028
Market cap (current)	$1.1B	XXX	$1.1B	XXX	XXX	XXX
EV (current)	$2.2B	XXX	$2.2B	XXX	XXX	XXX
EV/Revenue	1.1x	XXX	1.1x	XXX	XXX	XXX
EV/EBITDA	7.5x	XXX	8.2x	XXX	XXX	XXX
EV/EBIT	11.9x	XXX	11.4x	XXX	XXX	XXX
EV/Gross Profit	1.8x	XXX	n/a	XXX	XXX	XXX
P/E	12.4x	XXX	-11.5x	XXX	XXX	XXX
EV/FCF	30.0x	XXX	11.9x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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WH Smith Margins & Growth Rates

WH Smith's last 12 month revenue growth is 5%

WH Smith's revenue per employee in the last FY averaged $0.2M, while opex per employee averaged $0.1M for the same period.

WH Smith's rule of 40 is 21% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

WH Smith's rule of X is 27% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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WH Smith Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2026	FY 2027	FY 2028
Revenue Growth	5%	XXX	5%	XXX	XXX	XXX
EBITDA Margin	14%	XXX	13%	XXX	XXX	XXX
EBITDA Growth	14%	XXX	-5%	XXX	XXX	XXX
Rule of 40	21%	XXX	18%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	27%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.2M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	39%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	48%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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