Severn Trent Plc

Name: Severn Trent Plc financial statements and ratios
Creator: Annalist

SVT · LSE · Utilities, water · United Kingdom · IFRS · Fiscal year ends March

Latest report: FY2026, the fiscal year ended 31 March 2026. Snapshot FY2026_288ca1f0.

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Overview

Revenue, fiscal year

+16.6% year on year

Operating profit, fiscal year

+45.9% year on year

Net income, fiscal year

n/a

Diluted EPS, fiscal year

+61.1% year on year

Operating margin, fiscal year

+6.1pp year on year

Return on invested capital, fiscal year

+1.1pp year on year

Select a figure to see the document it came from.

Key Findings

Findings for the latest fiscal year, with their history over earlier years.

Revenue for the fiscal year ended 31 March 2026 was £2.8 billion, 16.6% higher than in the previous fiscal year.
Strengthenedin FY2026 · stated since FY2024
Rule: Revenue against the previous fiscal year · Sources Annual financial report 2026-03
History of this finding, 3 records
1. FY2026 StrengthenedRevenue for the fiscal year ended 31 March 2026 was £2.8 billion, 16.6% higher than in the previous fiscal year.Recorded from FY2026_288ca1f0 · data update
2. FY2025 WeakenedRevenue for the fiscal year ended 31 March 2025 was £2.4 billion, 3.8% higher than in the previous fiscal year.Reconstructed · data update
3. FY2024 NewRevenue for the fiscal year ended 31 March 2024 was £2.3 billion, 8.0% higher than in the previous fiscal year.Reconstructed · initial
The operating margin for fiscal 2026 was 30.4%, 6.1 percentage points higher than a year earlier.
Strengthenedin FY2026 · stated since FY2025
Rule: Operating margin against a year earlier · Sources Annual financial report 2026-03
History of this finding, 4 records
1. FY2026 StrengthenedThe operating margin for fiscal 2026 was 30.4%, 6.1 percentage points higher than a year earlier.Recorded from FY2026_288ca1f0 · data update
2. FY2025 NewThe operating margin for fiscal 2025 was 24.3%, 2.4 percentage points higher than a year earlier.Reconstructed · data update
3. FY2025 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
4. FY2024 NewThe operating margin for fiscal 2024 was 21.9%, 1.6 percentage points lower than a year earlier.Reconstructed · initial
Return on invested capital for fiscal 2026 was 5.0%, against 3.9% a year earlier.
Newin FY2026 · first stated
Rule: Return on invested capital against a year earlier · Sources Annual financial report 2026-03, Annual financial report 2025-03
History of this finding, 5 records
1. FY2026 NewReturn on invested capital for fiscal 2026 was 5.0%, against 3.9% a year earlier.Recorded from FY2026_288ca1f0 · data update
2. FY2026 RetiredThe finding changed to higher than a year earlier.Recorded from FY2026_288ca1f0 · data update
3. FY2025 NewReturn on invested capital for fiscal 2025 was 3.9%, against 3.9% a year earlier.Reconstructed · data update
4. FY2025 RetiredThe finding changed to unchanged from a year earlier.Reconstructed · data update
5. FY2024 NewReturn on invested capital for fiscal 2024 was 3.9%, against 4.9% a year earlier.Reconstructed · initial
Purchases of property, plant and equipment exceeded operating cash flow by £631 million in fiscal 2026.
Interpretation. The company spent more on capital expenditure than its operating cash flow, and paid the difference from cash, borrowing or asset sales.
Confirmedin FY2026 · stated since FY2024
Rule: Free cash flow · Sources Annual financial report 2026-03
History of this finding, 3 records
1. FY2026 ConfirmedPurchases of property, plant and equipment exceeded operating cash flow by £631 million in fiscal 2026.Recorded from FY2026_288ca1f0 · data update
2. FY2025 StrengthenedPurchases of property, plant and equipment exceeded operating cash flow by £640 million in fiscal 2025.Reconstructed · data update
3. FY2024 NewPurchases of property, plant and equipment exceeded operating cash flow by £356 million in fiscal 2024.Reconstructed · initial
Net debt was £10.2 billion at 31 March 2026.
Strengthenedin FY2026 · stated since FY2024
Rule: Net debt or net cash · Sources Annual financial report 2026-03
History of this finding, 3 records
1. FY2026 StrengthenedNet debt was £10.2 billion at 31 March 2026.Recorded from FY2026_288ca1f0 · data update
2. FY2025 StrengthenedNet debt was £8.6 billion at 31 March 2025.Reconstructed · data update
3. FY2024 NewNet debt was £7.3 billion at 31 March 2024.Reconstructed · initial

Records before FY2026 are reconstructed from the latest snapshot. Ledger: findings.json.

Credit, liquidity, earnings quality and score findings: Analysis.

Data

Source documents5 documents, latest Annual financial report for the year to 31 March 2026List

DownloadsExcel workbook · JSON

SnapshotFY2026_288ca1f0

Corporate Events

Corporate events are listed for companies whose figures come from 10-K and 10-Q filings; none are listed for this company.

Earnings, Returns and Balance Sheet

Revenue

By fiscal year, pounds sterling

Operating Profit

By fiscal year, pounds sterling

Margins

By fiscal year, per cent

Returns

By fiscal year, per cent

Free Cash Flow

Operating cash flow less capital expenditure, by fiscal year, pounds sterling

Net Debt

Total debt less cash and short-term investments, at fiscal year end, pounds sterling

Diluted Earnings per Share

By fiscal year, as reported

Financial Statements

Figures as filed. Select a figure for its source document and method; a small d marks a figure derived from other figures of the same report.

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Ratios

Select a ratio for its formula and the figures it uses, each with its document; (i) gives its definition.

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Analysis

Credit update

FY2026

Annual financial report for the year to 31 March 2026. Changes are against the previous report, and each figure shows its period.

0changes3thresholds crossed

Changes in This Report 0

No finding changed its state in the latest report.

Thresholds Crossed 3

ConfirmedFree Cash Flow
Purchases of property, plant and equipment exceeded operating cash flow by £631 million in fiscal 2026.
Interpretation. The company spent more on capital expenditure than its operating cash flow, and paid the difference from cash, borrowing or asset sales.
ConfirmedLiquidity Cover
Cash, short-term investments and operating cash flow for fiscal 2026 equalled 0.8 times the sum of debt due within 12 months, capital expenditure and dividends.
Interpretation. Cash on hand and 1 year of operating cash flow fall short of the debt due in the next 12 months, capital expenditure and dividends. The company pays the difference with new borrowing, its undrawn credit lines, asset sales or lower spending.
ConfirmedAltman Z'' Zone
The Altman Z'' score for fiscal 2026 was 0.63, below the distress threshold of 1.10.
Interpretation. By this model, the balance sheet and earnings look like those of companies that went bankrupt in its original study: below 1.10 means distress, above 2.60 safe. Large share buybacks lower book equity and so lower the score.

Fiscal years, with balances at each fiscal year end. Select a value for its formula and the figures it uses.

Credit MetricsLease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.

Lease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.

By Fiscal Year

Ratio	FY202231 Mar 2022	FY202331 Mar 2023	FY202431 Mar 2024	FY202531 Mar 2025	FY202631 Mar 2026
Lease-adjusted debtBorrowings plus the obligations of long-term leases, such as rents of stores, offices and warehouses, which credit analysts count as debt.Total debt: borrowings + lease liabilities, or the lines that present them together; IFRS 16 puts every lease on the balance sheet
Operating cash flow to debtOperating cash flow after interest paid, as a share of debt with lease liabilities. A higher share means the debt could be repaid sooner from operating cash.Operating cash flow after interest paid / lease-adjusted debt; interest paid that the company classifies as financing activities is deducted
Free operating cash flow to debtOperating cash flow less capital spending, as a share of lease-adjusted debt: the cash left for the debt after the company maintains and expands its assets.(Operating cash flow after interest paid - capital expenditure) / lease-adjusted debt
Discretionary cash flow to debtCash left after capital spending, dividends and share repurchases, as a share of lease-adjusted debt. A negative figure means the company paid out more than it generated.(Operating cash flow after interest paid - capital expenditure - dividends - purchases of own shares) / lease-adjusted debt
Liquid assets to debtCash and short-term investments as a share of lease-adjusted debt: the part of the debt that cash on hand could repay at once.(Cash + short-term investments) / lease-adjusted debt

Reconciliation of the Credit Figures

Item	FY202231 Mar 2022	FY202331 Mar 2023	FY202431 Mar 2024	FY202531 Mar 2025	FY202631 Mar 2026
Borrowings	£0	£0	£0	£0	£0
Lease liabilities	£0	£0	£0	£0	£0
Borrowings and lease liabilities presented as one line	£6.7bn	£7.3bn	£8.3bn	£9.7bn	£11.0bn
Lease-adjusted debt	£6.7bn	£7.3bn	£8.3bn	£9.7bn	£11.0bn

Method

Total debt is borrowings and lease liabilities, current and non-current, before the deduction of cash. Under IFRS 16 every lease is on the balance sheet, depreciation includes that of right-of-use assets and finance costs include the interest on lease liabilities, so no lease cost or lease interest is added.
Adjusted EBITDA adds share-based payments, and the impairment that the company reports with depreciation and amortisation, to EBIT and depreciation and amortisation. FFO deducts cash interest and cash taxes.
S&P applies its table to its own adjusted figures, which also deduct surplus cash and adjust for pensions and other items, so the band of an S&P calculation can differ.

Liquidity and MaturitiesUses above sourcesLiquidity cover 0.78x, Debt due within 12 months £366m · FY2026

Cash and operating cash flow against debt due within 12 months, capital expenditure and dividends.

Cash, short-term investments and operating cash flow for fiscal 2026 equalled 0.8 times the sum of debt due within 12 months, capital expenditure and dividends.
Interpretation. Cash on hand and 1 year of operating cash flow fall short of the debt due in the next 12 months, capital expenditure and dividends. The company pays the difference with new borrowing, its undrawn credit lines, asset sales or lower spending.
Confirmedin FY2026 · stated since FY2025
Rule: Liquidity cover · Sources Annual financial report 2026-03
History of this finding, 4 records
1. FY2026 ConfirmedCash, short-term investments and operating cash flow for fiscal 2026 equalled 0.8 times the sum of debt due within 12 months, capital expenditure and dividends.Recorded from FY2026_288ca1f0 · data update
2. FY2025 NewCash, short-term investments and operating cash flow for fiscal 2025 equalled 0.8 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
3. FY2025 RetiredThe finding changed to sources of cash that fall short of the uses.Reconstructed · data update
4. FY2024 NewCash, short-term investments and operating cash flow for fiscal 2024 equalled 1.1 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · initial

Sources and Uses, Fiscal 2026

Sources	Amount
Cash and short-term investments	£796m
Operating cash flow	£1.3bn
Sources	£2.1bn

Uses	Amount
Debt due within 12 months	£366m
Capital expenditure	£1.9bn
Dividends paid	£371m
Uses	£2.6bn

Liquidity cover 0.78x

By Fiscal Year

Ratio	FY202231 Mar 2022	FY202331 Mar 2023	FY202431 Mar 2024	FY202531 Mar 2025	FY202631 Mar 2026
Liquidity coverCash on hand plus a year of operating cash flow, against the cash needed in the next 12 months for maturing debt, capital spending and dividends. Above 1, these sources cover the uses without new borrowing.(Cash + short-term investments + operating cash flow) / (debt due within 12 months + capital expenditure + dividends); the flows of the fiscal year or of the last 4 quarters are taken as those of the next 12 months, and undrawn facilities are not included
Debt due within 12 monthsBorrowings and lease liabilities due within the next 12 months, which the company must repay or refinance.Current borrowings + current lease liabilities, or the current line that presents them together

Method

Debt due within 12 months is current borrowings and current lease liabilities.
Capital expenditure and dividends of the fiscal year are taken as those of the next 12 months. Undrawn credit facilities are not included.

Earnings QualityAccruals and the cash backing of reported earnings.

Accruals and the cash backing of reported earnings.

By Fiscal Year

Ratio	FY202231 Mar 2022	FY202331 Mar 2023	FY202431 Mar 2024	FY202531 Mar 2025	FY202631 Mar 2026
Total accrualsAccruals that also cover long-term operating and financial assets and liabilities (Richardson, Sloan, Soliman and Tuna, 2005). Acquisitions raise the figure.Change in net operating working capital, net non-current operating assets and net financial assets / average total assets (Richardson, Sloan, Soliman and Tuna, 2005)

Method

Cash-flow accruals are net income attributable to the company less operating cash flow, over average total assets. Balance sheet accruals follow Sloan (1996) and total accruals Richardson, Sloan, Soliman and Tuna (2005).
Balance sheet and total accruals include the assets and liabilities that acquisitions bring in and disposals take out; cash-flow accruals exclude them.

Forensic and Distress ScoresDistress zoneAltman Z'' 0.63 · FY2026

Published distress and misstatement models, with their original coefficients and thresholds.

The Altman Z'' score for fiscal 2026 was 0.63, below the distress threshold of 1.10.
Interpretation. By this model, the balance sheet and earnings look like those of companies that went bankrupt in its original study: below 1.10 means distress, above 2.60 safe. Large share buybacks lower book equity and so lower the score.
Confirmedin FY2026 · stated since FY2024
Rule: Altman Z'' zone · Sources Annual financial report 2026-03
History of this finding, 3 records
1. FY2026 ConfirmedThe Altman Z'' score for fiscal 2026 was 0.63, below the distress threshold of 1.10.Recorded from FY2026_288ca1f0 · data update
2. FY2025 StrengthenedThe Altman Z'' score for fiscal 2025 was 0.58, below the distress threshold of 1.10.Reconstructed · data update
3. FY2024 NewThe Altman Z'' score for fiscal 2024 was 0.84, below the distress threshold of 1.10.Reconstructed · initial

By Fiscal Year

Ratio	FY202231 Mar 2022	FY202331 Mar 2023	FY202431 Mar 2024	FY202531 Mar 2025	FY202631 Mar 2026
Altman Z'' scoreA measure of the risk of financial distress, built from working capital, retained earnings, operating profit and equity. Above 2.60 the model counts a company as safe and below 1.10 as in distress; between the 2 is a grey zone.6.56 x working capital / total assets + 3.26 x retained earnings / total assets + 6.72 x EBIT / total assets + 1.05 x total equity / total liabilities (Altman, 1995); distress zone below 1.10, safe zone above 2.60	distress zone	distress zone	distress zone	distress zone	distress zone

Altman Z'' Score

fiscal 2026

A measure of the risk of financial distress, built from working capital, retained earnings, operating profit and equity. Above 2.60 the model counts a company as safe and below 1.10 as in distress; between the 2 is a grey zone.

0.63Distress zone, below 1.10

Grey zone, 1.10 to 2.60

Safe zone, above 2.60

The score of 0.63 is in the distress zone of the model, below 1.10. The largest part is operating profit, at 0.33; an accumulated deficit lowers the score by 0.01.

Part	Value	Coefficient	Contribution
Working capital / total assetsCurrent assets less current liabilities, against total assets: the short-term funds available for operations.	0.029	6.560	0.188
Retained earnings / total assetsProfits kept in the business over its life, against total assets.	−0.002	3.260	−0.006
EBIT / total assetsOperating profit against total assets: the earning power of the assets.	0.049	6.720	0.329
Total equity / total liabilitiesBook equity against liabilities: how far the assets could fall in value before liabilities exceed them.	0.117	1.050	0.123
Score			0.634

Altman, Hartzell and Peck (1995), for non-manufacturing companies. The model omits the ratio of sales to total assets of the 1968 model and uses book equity. Working capital below zero and equity reduced by share repurchases lower the score.

Source Documents

Documents of this snapshot, latest first. A report that states no date of publication carries the date on which the public index of structured annual reports added it.

Document	Date	Id
Annual financial report for the year to 31 March 2026 Search page of the FCA National Storage Mechanism	21 Jul 2026, added to the index	AFR:213800RPBXRETY4A4C59-2026-03-31-0
Annual financial report for the year to 31 March 2025 Search page of the FCA National Storage Mechanism	22 Jul 2025, added to the index	AFR:213800RPBXRETY4A4C59-2025-03-31-0
Annual financial report for the year to 31 March 2024 Search page of the FCA National Storage Mechanism	16 Jul 2024, added to the index	AFR:213800RPBXRETY4A4C59-2024-03-31-0
Annual financial report for the year to 31 March 2023 Search page of the FCA National Storage Mechanism	1 Aug 2023, added to the index	AFR:213800RPBXRETY4A4C59-2023-03-31-0
Annual financial report for the year to 31 March 2022 Search page of the FCA National Storage Mechanism	27 Jul 2022, added to the index	AFR:213800RPBXRETY4A4C59-2022-03-31-0

Checks

1919 checks, all passed

Fiscal calendar11 passedFiscal years last 350 to 380 days, and each starts on the day after the one before. Checked at error level.

Coverage2 passedThe latest fiscal year gives total assets and a profit figure. Checked at error level.

Balance sheet identity6 passedTotal assets equal total liabilities and equity at each balance sheet date. Checked at error level.

Data Quality

How many values of this snapshot the checks prove, and how many Annalist derives, withholds and tracks as restated. Every company.

Values published	213
Proven by a check	8.5%, 18 values
Confirmed by a second document	0.0%, 0 values
Derived from reported figures	5.6%, 12 values
Values withheld	0
Restated figures tracked	29
Changes compared on one basis	4
Company lines mapped	0 of 0 reviewed

Citation

Annalist, Severn Trent Plc, snapshot severn-trent/FY2026_288ca1f0 (as of FY2026); <item label>, <period>; source <document id> (<document url>)

Snapshot FY2026_288ca1f0 · dataset SHA-256 288ca1f0efa32d372c291b7aae2a171b1b1733ac32ac022527e0e94fa60e7c9e · findings rules 0.4

Data: info.json · dataset.json · validation.json · documents.json