L 
Land Securities Group LAND.L · GBp
Real Estate · Equity Real Estate Investment Trusts (REITs) · LSE · 🇬🇧 United Kingdom
FTSE 100
678.50p
+0.07%
Close of 9 Nov 2026, in pence
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At a glance
Figures in GBP, from our data supplier.
Revenue
£892.0m
FY2017FY2026
Net income
£343.0m
FY2017FY2026
Free cash flow
£67.0m
FY2017FY2026
Shareholders' equity
£6.54bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | £892.0m | £832.0m | £824.0m | £791.0m | £679.0m | £635.0m | £741.0m | £757.0m | £830.0m | £787.0m |
| Operating income | £425.0m | £526.0m | −£227.0m | £414.0m | £385.0m | £306.0m | £472.0m | £500.0m | £509.0m | £521.0m |
| Net income | £343.0m | £396.0m | −£319.0m | −£619.0m | £869.0m | −£1.39bn | −£832.0m | −£119.0m | −£44.0m | £113.0m |
| Diluted earnings per share | 0.46 | 0.53 | -0.43 | -0.83 | 1.17 | -1.88 | -1.12 | -0.16 | -0.06 | 0.15 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £11.54bn | £11.62bn | £10.66bn | £10.97bn | £12.89bn | £10.99bn | £14.36bn | £14.03bn | £14.47bn | £14.84bn |
| Cash and short-term investments | £117.0m | £39.0m | £78.0m | £41.0m | £146.0m | £5.0m | £1.34bn | £14.0m | £62.0m | £30.0m |
| Total liabilities | £5.00bn | £5.09bn | £4.22bn | £3.89bn | £4.90bn | £3.78bn | £5.61bn | £4.11bn | £4.08bn | £3.33bn |
| Debt | £4.50bn | £4.55bn | £3.78bn | £3.54bn | £4.55bn | £3.52bn | £5.33bn | £3.78bn | £3.62bn | £2.95bn |
| Shareholders' equity | £6.54bn | £6.51bn | £6.40bn | £7.00bn | £7.92bn | £7.21bn | £8.75bn | £9.92bn | £10.39bn | £11.52bn |
| Shares outstanding | 747m | 749m | 746m | 744m | 740m | 741m | 740m | 740m | 740m | 741m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | £214.0m | £256.0m | £338.0m | £342.0m | £381.0m | £233.0m | £401.0m | £424.0m | £445.0m | £386.0m |
| Capital spending | −£147.0m | −£163.0m | −£126.0m | −£355.0m | −£344.0m | −£218.0m | −£172.0m | −£253.0m | −£690.0m | −£70.0m |
| Free cash flow | £67.0m | £93.0m | £212.0m | −£13.0m | £37.0m | £15.0m | £229.0m | £171.0m | −£245.0m | £316.0m |
| Dividends paid | −£290.0m | −£305.0m | −£291.0m | −£289.0m | −£190.0m | −£127.0m | −£342.0m | −£338.0m | −£314.0m | −£289.0m |
Latest quarters
By quarter end
| Mar 2026 | Sept 2025 | Mar 2025 | Sept 2024 | Mar 2024 | Sept 2023 | Jun 2023 | Mar 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | £461.0m | £431.0m | £459.0m | £383.0m | £412.0m | £412.0m | £206.0m | £397.0m |
| Operating income | £215.0m | £210.0m | £222.0m | £304.0m | −£74.0m | £228.0m | £91.0m | £203.0m |
| Net income | £246.0m | £97.0m | £152.0m | £244.0m | −£138.0m | −£181.0m | −£96.5m | −£429.0m |
| Diluted earnings per share | 0.33 | 0.13 | 0.20 | 0.33 | -0.18 | -0.24 | -0.12 | -0.58 |
| Cash from operations | £192.0m | £29.0m | £149.0m | £107.0m | £172.0m | £166.0m | — | £166.0m |
| Capital spending | −£192.0m | — | — | — | — | — | — | — |
| Free cash flow | £0 | — | — | — | — | — | — | — |
| Total assets | £11.54bn | £11.58bn | £11.62bn | £10.66bn | £10.66bn | £10.90bn | — | £10.97bn |
| Cash and short-term investments | £117.0m | £110.0m | £39.0m | £37.0m | £78.0m | £80.0m | £80.0m | £41.0m |
| Debt | £4.36bn | £4.52bn | £4.40bn | £3.63bn | £3.71bn | £3.71bn | £3.81bn | £3.44bn |
| Shareholders' equity | £6.54bn | £6.43bn | £6.51bn | £6.49bn | £6.40bn | £6.67bn | £6.73bn | £7.00bn |
Financial ratios
Data as of 18 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating margin | 52.7% | 60.9% | -28.8% | -67.6% | 56.7% | -207.6% |
| Net margin | 38.5% | 47.6% | -38.7% | -78.3% | 128.0% | -219.4% |
| Return on equity | 5.2% | 6.1% | -5.0% | -8.8% | 11.0% | -19.3% |
| Return on assets | 3.0% | 3.4% | -3.0% | -5.6% | 6.7% | -12.7% |
| Free cash flow yield | 0.0% | 0.1% | 0.1% | 0.1% | 0.1% | 0.0% |
| Revenue growth | 7.2% | 1.0% | 4.2% | 16.5% | 6.9% | -14.3% |
| Earnings growth | -13.4% | -224.1% | -48.5% | -171.2% | -162.4% | 67.4% |
| Current ratio | 1.04x | 0.60x | 0.42x | 0.82x | 0.77x | 0.34x |
| Debt to equity | 0.67x | 0.68x | 0.58x | 0.49x | 0.56x | 0.48x |
| Equity ratio | 56.6% | 56.1% | 60.0% | 63.9% | 61.4% | 65.6% |
| Interest coverage | 3.79x | 4.45x | -2.28x | -6.15x | 4.53x | -17.57x |
| Buybacks as a share of market value | 0.3% | -0.4% | -0.3% | -0.5% | 0.1% | -0.1% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 4.1% | 7.0% | -0.5% |
| Operating income | 0.9% | 6.8% | -2.3% |
| Net income | — | — | -12.7% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 55.2% | 34.1% | 39.3% | 50.2% |
| Net margin | 42.9% | -6.0% | -15.5% | -3.1% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 14.7 | 11.8 | -13.7 | -8.5 | 5.3 | -4.1 | -6.0 | -61.6 | -135.3 | 66.1 |
| Price to sales | 5.7 | 5.6 | 5.3 | 6.6 | 6.8 | 9.1 | 6.7 | 9.7 | 7.2 | 9.5 |
Dividends and splits
Per share, in the currency the company pays
Paid for 36 years. Last went ex-dividend on 18 Jun 2026.
| FY2027 | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.222 | 0.313 | 0.642 | 0.395 | 0.396 | 0.33 | 0.18 | 0.348 |
- 16-to-15 reverse split · 28 Sept 2017
- 1-to-1 reverse split · 4 Oct 2002
- 1.006-for-1 split · 6 Sept 2002
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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