olivLaw · European equity research
Synthomer plc SYNT.L
United Kingdom · London Stock Exchange · ISIN GB00BNTVWJ75 · Vertical: Listed companies from United Kingdom
Synthomer is a speciality chemicals producer supplying water-based polymers and ingredients to business customers in coatings, construction, adhesives and health markets. The company is working through weak demand, but its specialisation strategy and cost programmes have lifted margins and cash flow, while debt remains a central focus, with revenue of £1,739.2m and net debt of £575.0m in fiscal 2025.
At the close of 05 Nov 2026, Synthomer plc (SYNT.L) stock was 1.09 GBP (−0.73% on the day), with market capitalisation 178.6 m GBP, dividend yield 0.00%, beta 1.08, 52-week range 0.18–1.22 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 47.6
- neutral
- Bollinger (20, 2)
- 1.05 – 1.20
- in the lower half of the band · %B 0.28 · band width 13.9%
- SMA 50 / 200
- 1.09 / 0.79
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.01 / 0.02
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +1.5% | −0.6% | +2.1 pp | — |
| 3 months | −7.1% | −4.2% | −3.0 pp | — |
| 6 months | +3.6% | +4.3% | −0.7 pp | — |
| Year to date | +72.5% | +7.5% | +65.0 pp | — |
| 1 year | +126.3% | +9.9% | +116.4 pp | +5.8% |
| 3 years | −47.0% | +49.8% | −96.8 pp | +26.3% |
| 5 years | −97.1% | +42.8% | −139.9 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 1.9 bn | 1.9 bn | 1.7 bn |
| Revenue YoY | unavailable | −0.4% | −10.0% |
| Net income | -67.0 m | -72.6 m | -157.0 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.79 | -0.44 | -0.96 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -3.5% | -3.8% | -9.0% |
| Free cash flow | 66.0 m | -124.1 m | 36.6 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 189.9 m GBP
- Financial debt
- 764.9 m GBP
- Net debt
- 575.0 m GBP
- Equity
- 914.5 m GBP
- Total assets
- 2.3 bn GBP
- Debt / equity
- 0.84x
- Current ratio
- 1.57x
- ROE
- -15.5%
- ROA
- -6.5%
- FCF margin
- 2.1%
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 1.9 bn | 1.9 bn | 1.7 bn | esef· 12 May 2026verified |
| Operating income | -39.5 m | -26.2 m | -50.2 m | esef· 12 May 2026verified |
| Pre-tax income | -110.9 m | -87.6 m | -114.1 m | esef· 12 May 2026verified |
| Income tax | -6.3 m | -18.6 m | 36.0 m | esef· 12 May 2026verified |
| Net income | -67.0 m | -72.6 m | -157.0 m | esef· 12 May 2026verified |
| Diluted EPS | -0.79 | -0.44 | -0.96 | esef· 12 May 2026verified |
| Dividend per share | 0.00 | 0.00 | — | esef· 15 Apr 2025derived |
Balance sheet · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 371.3 m | 225.8 m | 189.9 m | esef· 12 May 2026verified |
| Receivables | 213.0 m | 227.2 m | 153.8 m | esef· 12 May 2026verified |
| Inventories | 344.1 m | 348.2 m | 336.9 m | esef· 12 May 2026verified |
| Current assets | 950.9 m | 826.1 m | 689.8 m | esef· 12 May 2026verified |
| Property, plant & equipment, net | 705.7 m | 688.5 m | — | esef· 15 Apr 2025verified |
| Goodwill | 465.7 m | 455.1 m | 443.0 m | esef· 12 May 2026verified |
| Total assets | 2.7 bn | 2.5 bn | 2.3 bn | esef· 12 May 2026verified |
| Accounts payable | 431.3 m | 391.6 m | 397.7 m | esef· 12 May 2026verified |
| Short-term debt | 700.0 k | 124.2 m | 0 | esef· 12 May 2026verified |
| Long-term debt | 870.3 m | 698.6 m | 764.9 m | esef· 12 May 2026verified |
| Current liabilities | 488.1 m | 555.1 m | 438.1 m | esef· 12 May 2026verified |
| Total liabilities | 1.5 bn | 1.4 bn | 1.4 bn | esef· 12 May 2026verified |
| Equity | 1.2 bn | 1.1 bn | 914.5 m | esef· 12 May 2026verified |
| Shares outstanding at year end | 85.4 m | 163.5 m | 163.5 m | esef· 12 May 2026derived |
Cash flow · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 150.0 m | -33.5 m | 124.3 m | esef· 12 May 2026verified |
| Capex | 84.0 m | 90.6 m | 87.7 m | esef· 12 May 2026verified |
| Free cash flow | 66.0 m ≈ | -124.1 m ≈ | 36.6 m ≈ | esef· 12 May 2026derived |
| Investing cash flow | 107.7 m | -61.7 m | -65.0 m | esef· 12 May 2026verified |
| Financing cash flow | -90.9 m | -45.9 m | -96.8 m | esef· 12 May 2026verified |
| Dividends paid | 0 | 0 | — | esef· 15 Apr 2025verified |
| Share repurchases | 400.0 k | 200.0 k | 0 | esef· 12 May 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 39.6% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 178.6 m GBP
Key indicators
Coverage and freshness
Score by group
40% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 39.6% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -2.6% | 17 (vs peers) | 26% |
| Net margin · Quality | -9.0% | 23 (vs peers) | 16% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.6x | 65 (on a fixed band) | 11% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 20.5% | 100 (on a fixed band) | 21% |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 16% |
| Payout ratio (FCF) · Returns | 0.0% | 100 (on a fixed band) | 11% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial65/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality19/100 · 2/3 factors with a value
- Returns40/100 · 2/2 factors with a value
- Valuation· partial100/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
SYNTHOMER PLC (SYNT.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 1.7 bn GBP in 2025; YoY growth -10.0%; net margin -9.0%; ROE -15.8%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (score weight coverage: 39.6% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF yield: 20.5%
- Payout ratio (FCF): 0.0%
What contradicts it
- ROIC: -2.6%
- Net margin: -9.0%
- Shareholder yield (distributions): 0.0%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA.
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| SYNT.LSynthomer PLC | 178.6 m | — | -15.8% | -9.0% | −10.0% | +73% / −37% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
1- and 3-year price returns: for SYNT.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (GBP)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Synthomer is a speciality chemicals producer supplying water-based polymers and ingredients to business customers in coatings, construction, adhesives and health markets. The company is working through weak demand, but its specialisation strategy and cost programmes have lifted margins and cash flow, while debt remains a central focus, with revenue of £1,739.2m and net debt of £575.0m in fiscal 2025 1.
SWOT
Strengths
Weaknesses
Opportunities
- A rising share of speciality and sustainability-led products could improve margins if customer adoption grows 1.
- Technology and commercial partnerships, including in China and bio-based polymers, could open new markets 1.
- A recovery in end-market demand could support volume growth and operating leverage 1.
Risks
- Failure to deliver strategic initiativesmedium
Missing transformation targets, talent management and M&A activity could delay the strategic plan 1.
- Demand and competitive dynamicshigh
Growth in existing markets and entry into new ones is uncertain in a volatile environment with pressure from new capacity 1.
- Innovation and intellectual propertymedium
Adapting products and protecting intellectual property are essential to keeping competitive advantage 1.
- Supply chain disruptionmedium
Security of energy, raw materials and logistics can be affected by external factors, which could disrupt deliveries 1.
- Financial position and debthigh
Reducing net debt remains a priority, and financial markets and the balance sheet may limit the company's room for manoeuvre 1.
Investment thesis
What would need to be true (bull case)
- If end-market demand recovers, operating leverage in speciality activities could support a significant improvement in margins and cash flow 1.
- Cost programmes and divestments could strengthen the balance sheet and reduce debt, supporting greater financial flexibility 1.
- A higher share of speciality and sustainability-led products could lead to a stronger position in higher value-added markets 1.
What would break the thesis
- If demand stays weak and tariffs keep discouraging customers, revenue and volumes could remain under pressure 1.
- High net debt and financial covenants may limit the company's ability to invest and respond to market changes 1.
- Capacity expansion in Asia could intensify competition and press prices, affecting margins 1.
What to watch
- Progress in reducing net debt towards the medium-term leverage target2026
- Delivery of the additional cost benefits announced for 20262026
- Progress of the four divestment processes under way2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Synthomer creates high-performance water-based polymers and ingredients for customers across several end markets, organised in the Coatings & Construction Solutions, Adhesive Solutions and Health & Protection and Performance Materials divisions 1. The company describes itself as a speciality chemicals producer focused on selected end markets and says its innovation and technical service support long-standing relationships with more than 6,000 customers 1. In fiscal 2025 it operates 29 manufacturing sites across the Americas, EMEA and Asia, with a target of 25 or fewer 1.
Since 2022 Synthomer has been reshaping its portfolio towards more speciality products, a more balanced geographic mix and a simpler structure. Divestments and plant closures have reduced complexity, and speciality businesses reached 55% of revenues 1. The company reported positive Free Cash Flow in fiscal 2025 after an outflow in the prior year 1.
The corporate centre remains small and focuses on business excellence, risk management, capital allocation and portfolio management 1. If the reduction of debt towards the medium-term target is achieved, financial flexibility could improve, although the plans depend on end-market volume growth 1.
Segments
Coatings & Construction Solutions
The CCS division serves coatings, construction, energy and consumer sub-segments, and demand varied in fiscal 2025 after global tariff changes 1. The company noted a slightly improved coatings trend towards year-end, offset by weaker construction and consumer demand 1.
Market context
Synthomer's end markets are affected by prolonged weak demand in the chemicals sector, and trade and geopolitical uncertainty led customers to delay decisions in fiscal 2025 1. The company says capacity expansion in China and Asia may intensify competition 1. Speciality products and those with sustainability benefits are seen as the main long-term growth drivers 1.
The company links its long-term markets to megatrends such as urbanisation, demographic change and sustainability, but the pace of demand recovery remains uncertain 1. If end-market volumes grow, Synthomer could benefit from operating leverage in its most specialised activities 1.
Trends
- Weak demand and tariff uncertaintyheadwind
Volumes fell in fiscal 2025 due to soft demand and customer caution over tariffs and geopolitics, which weighed on revenue 1.
- Cost reduction through self-help programmestailwind
Self-help programmes and the removal of around 250 roles can support margins if demand stays weak 1.
- Shift towards speciality and sustainable productstailwind
A higher share of speciality and sustainability-led products could add value, but it requires investment and time 1.
- Balance sheet strengtheningmixed
Reducing debt through divestments and cash generation is a priority, but progress depends on market conditions and transactions not yet completed 1.
Competitive position
Synthomer faces competition in speciality chemicals, where growing capacity in China and Asia could pressure prices and share 1. The company also points to structural changes in base chemicals that are reshaping the competitive landscape 1.
Synthomer's stated advantages are innovation, technical service, supply chain flexibility and production close to customer markets, which could support its position in speciality segments 1.
- Speciality and polymer chemicals producers (not named in source)
The source does not name specific competitors; the company refers only to general competitive pressure from Asia and changes in base chemicals 1.
- Capacity producers in China and Asia
Capacity expansion in the region is cited as a competitive pressure factor, without naming companies 1.
- Base chemicals producers
The company mentions structural shifts in base chemicals that change competition, without naming firms in the given source 1.
- Glove and medical polymer suppliers
The medical glove market is affected by weaker volumes and margins, and competitors are not identified in the source 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202512 May 2026
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Synthomer plc · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.