Download PDF

1. Company Snapshot

1.a. Company Description

Tristel plc develops, manufactures, and sells infection prevention products in the United Kingdom and internationally.The company operates through three segments: Hospital Medical Device Decontamination, Hospital Environmental Surface Disinfection, and Other.It offers medical instrument disinfection products, including airway management, cardiology, ear, nose and throat, endoscopy, ophthalmology, phlebotomy, reproductive health/IVF, surface, ultrasound, urology, women's health, and other products under the Tristel brand; contamination control products, which include cleanroom, laboratory, pharmaceutical, cosmetic, and toiletry disinfectants under the Crystel brand; and airborne and veterinary device disinfectants under the Anistel brand.


The company was founded in 1993 and is headquartered in Snailwell, the United Kingdom.

Show Full description

1.b. Last Insights on TSTL

Tristel plc's recent performance has been driven by insider buying trends, which signal confidence in the company's potential. The recent European market challenges have not deterred investors from small-cap stocks, and Tristel's resilience in navigating fluctuating market conditions has garnered interest. Additionally, the company's strong fundamentals and strategic positioning make it an attractive pick for investors.

1.c. Company Highlights

2. Tristel plc's Strong Financial Performance and Growth Prospects

Tristel plc reported a robust financial performance for the year ending June 2025, with revenue growing by 11% to £46.5 million and gross margins expanding to 81%. The company's adjusted PBT reached £10.1 million, representing a year-over-year growth of 23%. The EBITDA margin remained high at 28%, and the company demonstrated strong cash generation. The earnings per share (EPS) figure was not disclosed, but the dividend per share was 14.2p, a 5% increase year-over-year. With a P/S Ratio of 4.01, the market appears to be pricing in moderate growth expectations.

Publication Date: Oct -28

📋 Highlights
  • Revenue & Profitability Growth:: Tristel achieved 11% revenue growth to £46.5M and 23% adjusted PBT growth to £10.1M, with gross margins at 81% and EBITDA margins at 28%.
  • U.S. Market Expansion:: 10% market share in medical device disinfection (£400M opportunity) and strong Q1 FY26 ultrasound sales exceeding the first 7 months of FY25.
  • Product & Innovation Momentum:: Launch of VISICLEAN foam solution and in-sourcing Trio wipes manufacturing saved £800K, with 15 sites adopting ophthalmology product in the U.S.
  • Strategic 5-Year Targets:: Aims for £70–100M revenue by FY2029 (CAGR 10–17%) through U.S. expansion, product innovation, and digital leadership.

Business Progress and U.S. Market Expansion

Tristel made significant progress in the U.S. market, achieving clearance for its second product, Tristel OPH, and publishing a study with Mayo Clinic demonstrating the effectiveness of its chlorine dioxide chemistry. The company has engaged with over 200 health systems in the U.S. and is focused on clinical leadership and investing in market entry strategies. As Matt Sassone, CEO, noted, "We're confident in our ability to execute in the U.S. market and are bullish about the opportunity." The U.S. market presents a huge opportunity for Tristel, with a total addressable market of £1 billion and £5 billion.

Geographic Expansion and Product Portfolio Development

Tristel's sales grew by 12.4% on a constant currency basis, driven by a strong presence in Europe, the Middle East, and Africa, as well as high growth in the Americas. The company's medical device decontamination product portfolio grew by 11%, while its surface disinfection product, Cache, grew by 9%. Tristel plans to expand its market share through geographic expansion, product portfolio development, clinical leadership, commercial model innovation, and strategic partnerships.

Valuation and Outlook

With a P/E Ratio of 28.7 and an EV/EBITDA of 15.94, the market appears to be pricing in a moderate to high growth expectation. The company's ROE is 19.22%, indicating a strong return on equity. Tristel's financial outlook includes a 5-year plan with a target revenue of between £70-100 million, representing a CAGR of 10-17%. Analysts estimate next year's revenue growth at 11.0%. The company's strong capital structure and working capital capacity position it well to pursue growth opportunities.

3. NewsRoom

Card image cap

We Wouldn't Be Too Quick To Buy Tristel plc (LON:TSTL) Before It Goes Ex-Dividend

Nov -24

Source:

Card image cap

AIUM Expands Guidelines to Include Chlorine Dioxide for High-Level Disinfection of Ultrasound Probes

Nov -19

Source:

Card image cap

Tristel plc's (LON:TSTL) Stock Has Shown A Decent Performance: Have Financials A Role To Play?

Nov -18

Source:

Card image cap

Tristel (LON:TSTL) Will Pay A Larger Dividend Than Last Year At £0.0852

Oct -16

Source:

Card image cap

Top UK Dividend Stocks To Watch In October 2025

Oct -14

Source:

Card image cap

3 UK Stocks That Investors May Be Undervaluing By Up To 35.3%

Jul -24

Source:

Card image cap

Calculating The Fair Value Of Tristel plc (LON:TSTL)

Jul -18

Source:

Card image cap

European Small Caps With Insider Buying Highlight 3 Undervalued Picks

Jun -26

Source:

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (12.06%)

6. Segments

Hospital Medical Device Decontamination

Expected Growth: 12%

Tristel plc's Hospital Medical Device Decontamination segment growth of 12% is driven by increasing demand for infection prevention, rising regulatory requirements, and growing adoption of automated decontamination systems. Additionally, the company's expanding product portfolio, strategic partnerships, and geographic expansion into new markets contribute to its growth momentum.

Hospital Environmental Surface Disinfection

Expected Growth: 10%

Tristel plc's Hospital Environmental Surface Disinfection segment growth is driven by increasing concerns over hospital-acquired infections, rising demand for effective infection prevention, and growing adoption of eco-friendly disinfectants. Additionally, the COVID-19 pandemic has accelerated the need for enhanced surface disinfection protocols, further fueling growth.

Other

Expected Growth: 16%

Tristel plc's 16% growth is driven by increasing demand for infection prevention products, expansion into new geographies, and strategic partnerships. The company's focus on innovation, particularly in its proprietary chlorine dioxide technology, has also contributed to its growth. Additionally, the rising awareness of healthcare-associated infections and the need for effective disinfection solutions have fueled the demand for Tristel's products.

7. Detailed Products

Tristel Wipes

A range of disinfectant wipes used for surface disinfection and cleaning in healthcare settings.

Tristel Foam

A foam-based disinfectant used for hand hygiene and surface disinfection.

Tristel Duo

A combination of a disinfectant wipe and a cleaning wipe used for surface cleaning and disinfection.

Tristel Corona

A range of disinfectant products used for surface disinfection and cleaning in healthcare settings.

Tristel Sporicidal Wipes

A range of sporicidal wipes used for surface disinfection and cleaning in healthcare settings.

8. Tristel plc's Porter Forces

Forces Ranking

Threat Of Substitutes

Tristel plc's products are moderately susceptible to substitutes, as customers have some alternatives, but they are not easily accessible.

Bargaining Power Of Customers

Tristel plc's customers have limited bargaining power due to the company's strong brand reputation and limited availability of alternatives.

Bargaining Power Of Suppliers

Tristel plc's suppliers have moderate bargaining power, as the company relies on a few key suppliers, but has some flexibility to switch to alternative suppliers.

Threat Of New Entrants

The threat of new entrants is high in Tristel plc's industry, as the barriers to entry are relatively low, and new companies can easily enter the market.

Intensity Of Rivalry

The intensity of rivalry in Tristel plc's industry is high, as there are many competitors, and the market is highly competitive.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 14.45%
Debt Cost 3.96%
Equity Weight 85.55%
Equity Cost 5.25%
WACC 5.06%
Leverage 16.89%

11. Quality Control: Tristel plc passed 9 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Synsam

A-Score: 5.8/10

Value: 4.7

Growth: 6.8

Quality: 5.2

Yield: 5.6

Momentum: 8.0

Volatility: 4.7

1-Year Total Return ->

View Full Report
Stock-Card
IVF Hartmann Holding

A-Score: 5.6/10

Value: 4.4

Growth: 5.0

Quality: 7.0

Yield: 5.6

Momentum: 4.0

Volatility: 7.7

1-Year Total Return ->

View Full Report
Stock-Card
Tristel

A-Score: 4.8/10

Value: 2.3

Growth: 6.9

Quality: 8.2

Yield: 5.0

Momentum: 3.5

Volatility: 3.0

1-Year Total Return ->

View Full Report
Stock-Card
SKAN

A-Score: 3.6/10

Value: 0.6

Growth: 7.8

Quality: 5.8

Yield: 0.6

Momentum: 1.0

Volatility: 6.0

1-Year Total Return ->

View Full Report
Stock-Card
Biotage

A-Score: 3.4/10

Value: 1.3

Growth: 6.3

Quality: 7.0

Yield: 1.2

Momentum: 1.0

Volatility: 3.7

1-Year Total Return ->

View Full Report
Stock-Card
Tobii Dynavox

A-Score: 2.6/10

Value: 0.2

Growth: 5.2

Quality: 4.2

Yield: 0.0

Momentum: 4.0

Volatility: 2.0

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

3.57$

Current Price

3.57$

Potential

-0.00%

Expected Cash-Flows