Tritax Big Box REIT plc (BBOX.L) stock analysis

In our weekly check, Tritax Big Box REIT plc is graded C (A to F). Of 23 checks on debt, profit, cash flow and trend: 12 pass, warnings: 5, red flags: 6.

About Tritax Big Box REIT plc

Tritax Big Box REIT plc is a Real Estate company (REIT - Industrial) based in the United Kingdom, listed on LSE as BBOX.L.

What our checks show for BBOX.L

Red flags

• Net debt is 5.8x a year of EBITDA (debt/equity 0.52). That limits room in a downturn and raises refinancing risk.
• The gross margin fell by 12.1 points, to 84.8%: costs are rising faster than prices.
• Analysts expect the net margin to shrink by 46.4 points from today's 106%.
• Beta 1.74: the stock usually moves more than the market, both up and down.
• The share count grew by 34.1% in 2 years: each shareholder owns a smaller slice.
• Return on capital (ROCE) is only 3.8%.

Warning signs

• Operating cash flow is only 0.7x net profit: part of the reported profit does not arrive as cash.
• Analysts expect earnings per share to shrink about 10.8% a year.
• Earnings per share fell 24.1% a year over the last 3 years.
• The stock has fallen as much as 50% from a peak. Would you have held through that?
• The stock is still below its previous peak.

Strengths

• The net margin rose by 7.8 points over 5 years, to 106%.
• The company keeps 106% of its revenue as net profit.
• Free cash flow is 74% of revenue: cash for dividends, buybacks or growth.
• The dividend takes 41% of profit: there is a cushion.
• The price is 13.9 times earnings (P/E), reasonable for its growth.
• Actively traded: about 8.4 million shares a day.

Similar companies

COLD · LMP.L · WDP.BR · LXP · STAG · TRNO

Questions

What grade does Tritax Big Box REIT plc (BBOX.L) have?

In our weekly check, Tritax Big Box REIT plc is graded C (A to F). Of 23 checks on debt, profit, cash flow and trend: 12 pass, warnings: 5, red flags: 6. The grade is a risk check, not a buy or sell recommendation.

What are the main risks of BBOX.L stock?

This week's biggest flags for Tritax Big Box REIT plc: High debt, Gross margin falling, Margins expected to shrink. In total 11 of 23 checks show a warning or a red flag.

What does Tritax Big Box REIT plc do?

Tritax Big Box REIT plc is a Real Estate company (REIT - Industrial) based in the United Kingdom, listed on LSE as BBOX.L.

The grade is a risk check, not a price forecast, and not investment advice. In our 10-year test (S&P 500, 2016-2026), stocks we graded A or B fell more than 30% 2-3 times less often than D or F, without a lower average return.

Updated 2026-10-31

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