olivLaw · US equity research
Luxfer Holdings PLC LXFR
Industrial Inorganic Chemicals · SIC 2810 · Vertical: Industrial Inorganic Chemicals (SIC 2810)
Luxfer is a UK-incorporated industrial company listed in New York that makes magnesium alloys, zirconium compounds and high-pressure gas cylinders for defense, healthcare, transport and industry. Net sales from continuing operations were 384.6 million USD in fiscal 2025, and in July 2026 the company agreed a deal under which shareholders would receive 17.37 USD in cash per share.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Luxfer Holdings PLC (LXFR) stock was 17.31 USD (+0.64% on the day), with market capitalisation 463.2 m USD, P/E 76.3 on diluted EPS of 0.23 USD over the last 12 months, dividend yield 3.01%, beta 1.10, 52-week range 11.51–19.08 USD. Latest reported quarter (Q3 2026): revenue of 91.7 m USD (−4.1% YoY), net income of 900.0 k USD (−66.7% YoY), diluted EPS 0.03 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 58.1
- strong (55–70)
- Bollinger (20, 2)
- 17.20 – 17.30
- above the upper band · %B 1.10 · band width 0.6%
- SMA 50 / 200
- 17.24 / 15.77
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.00 / 0.01
- 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 | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +0.3% | −1.1% | +1.4 pp | — |
| 3 months | +1.2% | −0.5% | +1.7 pp | — |
| 6 months | +9.4% | +4.4% | +5.0 pp | — |
| Year to date | +27.9% | +12.3% | +15.6 pp | — |
| 1 year | +40.0% | +13.5% | +26.5 pp | +20.0% |
| 3 years | +100.8% | +76.4% | +24.4 pp | +17.9% |
| 5 years | −21.4% | +63.7% | −85.1 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 27 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 103.4 m | 97.0 m | 106.6 m | 95.6 m | 83.9 m | 83.9 m | 95.7 m | 91.7 m |
| Cost of revenue | 80.5 m | 75.6 m | 81.9 m | 72.8 m | 63.7 m | 62.0 m | 71.2 m | 69.3 m |
| Gross profit | 22.9 m | 21.4 m | 24.7 m | 22.8 m | 20.2 m | 21.9 m | 24.5 m | 22.4 m |
| Research & development | 1.1 m | 1.1 m | 1.1 m | 900.0 k | 1.2 m | 1.4 m | 1.6 m | 1.4 m |
| SG&A | 13.2 m | 12.6 m | 13.5 m | 11.8 m | 10.8 m | 11.4 m | 12.3 m | 11.8 m |
| Operating income | 4.0 m | 7.6 m | 5.2 m | 5.6 m | 5.6 m | 6.2 m | 7.8 m | 2.8 m |
| Depreciation & amortisation | 2.6 m | 2.4 m | 2.5 m | 2.6 m | 2.4 m | — | — | — |
| Interest expense | 1.1 m | 800.0 k | 900.0 k | 700.0 k | 700.0 k | 700.0 k | 1.0 m | 1.0 m |
| Pre-tax income | 3.7 m | 7.4 m | 4.9 m | 5.5 m | 4.4 m | 5.5 m | 6.7 m | 1.7 m |
| Income tax | 400.0 k | 1.9 m | 2.3 m | 2.8 m | 2.1 m | 1.7 m | 1.9 m | 800.0 k |
| Net income | 3.5 m | 5.5 m | 2.6 m | 2.7 m | -3.1 m | 3.6 m | 4.8 m | 900.0 k |
| Diluted EPS | 0.13 ≈ | 0.20 | 0.10 | 0.10 | -0.11 ≈ | 0.13 | 0.18 | 0.03 |
| Operating cash flow | 25.5 m | 5.4 m | 1.2 m ≈ | 11.6 m ≈ | 15.8 m | -4.1 m | 2.7 m ≈ | 15.6 m ≈ |
| Capex | 3.0 m | 1.2 m | 2.1 m ≈ | 1.3 m ≈ | 3.2 m | 2.0 m | 2.7 m ≈ | 3.2 m ≈ |
| Dividends paid | 3.5 m | 3.5 m | 3.5 m ≈ | 3.5 m ≈ | 3.4 m | 3.5 m | 3.4 m ≈ | 3.4 m ≈ |
| Share repurchases | 700.0 k | 500.0 k | 600.0 k ≈ | 800.0 k ≈ | 1.2 m | 700.0 k | 700.0 k ≈ | 0 ≈ |
≈ derived quarter (cumulative difference / share-days average)
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.
Today's P/E sits at the 91 percentile of its own 33-quarter history (min 13.6, median 23.4, max 2,520.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 401.9 m | 373.4 m | 324.8 m | 374.1 m | 423.4 m | 405.0 m | 391.9 m | 384.6 m |
| Revenue YoY | −8.9% | −7.1% | −13.0% | +15.2% | +13.2% | −4.3% | −3.2% | −1.9% |
| Net income | 25.0 m | 3.1 m | 20.0 m | 29.9 m | 26.9 m | -1.9 m | 18.4 m | 7.7 m |
| Net income YoY | +50.6% | −87.6% | +545.2% | +49.5% | −10.0% | −107.1% | unavailable | −58.2% |
| Diluted EPS | 0.90 | 0.11 | 0.72 | 1.07 | 0.98 | -0.07 | 0.68 | 0.28 |
| Diluted EPS YoY | +45.2% | −87.8% | +554.5% | +48.6% | −8.4% | −107.1% | unavailable | −58.8% |
| net % | 6.2% | 0.8% | 6.2% | 8.0% | 6.4% | -0.5% | 4.7% | 2.0% |
| Free cash flow | 50.0 m | -7.3 m | 41.6 m | 17.0 m | 7.6 m | 16.9 m | 40.8 m | 26.2 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 8.3 m USD
- Financial debt
- 39.4 m USD
- Net debt
- 31.1 m USD
- Equity
- 226.4 m USD
- Total assets
- 369.7 m USD
- Debt / equity
- 0.17x
- Current ratio
- 1.67x
- ROE
- 3.5%
- ROA
- 2.0%
- FCF margin
- 6.8%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 324.8 m | 374.1 m | 423.4 m | 405.0 m | 391.9 m | 384.6 m | SEC (XBRL)· 24 Feb 2026verified |
| Cost of revenue | 243.9 m | 278.1 m | 328.4 m | 328.4 m | 306.2 m | 295.4 m | SEC (XBRL)· 24 Feb 2026verified |
| Gross profit | 80.9 m | 96.0 m | 95.0 m | 76.6 m | 85.7 m | 89.2 m | SEC (XBRL)· 24 Feb 2026verified |
| Research & development | 3.3 m | 3.9 m | 4.9 m | 4.6 m | 4.4 m | 4.3 m | SEC (XBRL)· 24 Feb 2026verified |
| SG&A | 39.8 m | 47.3 m | 43.1 m | 48.7 m | 48.1 m | 49.1 m | SEC (XBRL)· 24 Feb 2026verified |
| Operating income | 28.5 m | 36.2 m | 44.8 m | 4.2 m | 30.1 m | 24.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Depreciation & amortisation | 13.3 m | 15.6 m | 13.6 m | 12.7 m | 10.1 m | 9.9 m | SEC (XBRL)· 24 Feb 2026verified |
| EBITDA | 41.8 m ≈ | 51.8 m ≈ | 58.4 m ≈ | 16.9 m ≈ | 40.2 m ≈ | 33.9 m ≈ | SEC (XBRL)· 24 Feb 2026derived |
| Interest expense | 5.0 m | 3.1 m | 3.9 m | 6.3 m | 5.2 m | 3.1 m | SEC (XBRL)· 24 Feb 2026verified |
| Pre-tax income | 27.8 m | 35.4 m | 41.0 m | -9.7 m | 26.5 m | 22.2 m | SEC (XBRL)· 24 Feb 2026verified |
| Income tax | 6.9 m | 5.4 m | 9.0 m | -7.1 m | 8.2 m | 9.1 m | SEC (XBRL)· 24 Feb 2026verified |
| Net income | 20.0 m | 29.9 m | 26.9 m | -1.9 m | 18.4 m | 7.7 m | SEC (XBRL)· 24 Feb 2026verified |
| Diluted EPS | 0.72 | 1.07 | 0.98 | -0.07 | 0.68 | 0.28 | SEC (XBRL)· 24 Feb 2026verified |
| Weighted average diluted shares | 28.0 m | 28.0 m | 27.5 m | 27.0 m | 27.1 m | 27.2 m | SEC (XBRL)· 24 Feb 2026verified |
| Dividend per share | 0.49 | 0.49 | 0.53 | 0.52 | 0.52 | 0.52 | SEC (XBRL)· 24 Feb 2026derived |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 1.5 m | 6.2 m | 12.6 m | 2.3 m | 4.1 m | 8.3 m | SEC (XBRL)· 24 Feb 2026verified |
| Receivables | 33.6 m | 45.8 m | 56.4 m | 52.3 m | 45.8 m | 44.6 m | SEC (XBRL)· 24 Feb 2026verified |
| Inventories | 68.8 m | 90.5 m | 111.1 m | 95.9 m | 83.6 m | 92.4 m | SEC (XBRL)· 24 Feb 2026verified |
| Current assets | 150.9 m | 163.2 m | 201.1 m | 168.8 m | 175.8 m | 164.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Property, plant & equipment, net | 86.0 m | 87.5 m | 77.7 m | 63.8 m | 62.8 m | 60.2 m | SEC (XBRL)· 24 Feb 2026verified |
| Goodwill | 70.2 m | 69.7 m | 65.6 m | 67.5 m | 67.0 m | 69.6 m | SEC (XBRL)· 24 Feb 2026verified |
| Intangibles (excl. goodwill) | 12.8 m | 13.7 m | 12.5 m | 12.0 m | 11.5 m | 10.9 m | SEC (XBRL)· 24 Feb 2026verified |
| Total assets | 346.4 m | 368.8 m | 407.1 m | 372.1 m | 382.4 m | 369.7 m | SEC (XBRL)· 24 Feb 2026verified |
| Accounts payable | 18.6 m | 31.7 m | 37.8 m | 26.5 m | 29.6 m | 24.6 m | SEC (XBRL)· 24 Feb 2026verified |
| Short-term debt | 0 | 0 | 25.0 m | 4.6 m | 3.1 m | 25.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Long-term debt | 53.4 m | 59.6 m | 56.2 m | 67.6 m | 42.0 m | 14.4 m | SEC (XBRL)· 24 Feb 2026verified |
| Current liabilities | 65.4 m | 83.9 m | 110.2 m | 64.8 m | 93.7 m | 98.2 m | SEC (XBRL)· 24 Feb 2026verified |
| Total liabilities | 179.3 m | 159.7 m | 199.8 m | 159.5 m | 162.9 m | 143.3 m | SEC (XBRL)· 24 Feb 2026verified |
| Equity | 167.1 m † | 209.1 m † | 207.3 m † | 212.6 m † | 219.5 m † | 226.4 m † | SEC (XBRL)· 24 Feb 2026verified |
| Shares outstanding at year end | 27.6 m | 27.5 m | 26.9 m | 26.8 m | 26.7 m | 26.6 m | SEC (XBRL)· 24 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 49.6 m | 26.1 m | 15.9 m | 26.3 m | 51.1 m | 34.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Capex | 8.0 m | 9.1 m | 8.3 m | 9.4 m | 10.3 m | 7.8 m | SEC (XBRL)· 24 Feb 2026verified |
| Free cash flow | 41.6 m ≈ | 17.0 m ≈ | 7.6 m ≈ | 16.9 m ≈ | 40.8 m ≈ | 26.2 m ≈ | SEC (XBRL)· 24 Feb 2026derived |
| Investing cash flow | -6.8 m | -5.1 m | -5.7 m | -9.5 m | -3.4 m | -5.1 m | SEC (XBRL)· 24 Feb 2026verified |
| Financing cash flow | -52.5 m | -16.1 m | -2.0 m | -27.5 m | -44.0 m | -25.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Dividends paid | 13.6 m | 13.6 m | 14.2 m | 14.0 m | 14.0 m | 13.9 m | SEC (XBRL)· 24 Feb 2026verified |
| Share repurchases | 0 | 6.4 m | 11.1 m | 2.7 m | 2.3 m | 3.1 m | SEC (XBRL)· 24 Feb 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
Risk
Valuation
olivLaw classification
Score: 46 / 100
A scoring methodology on indicators and valuation, not investment advice.
(margin_of_safety <= -0.25 & agreement in ['high', 'medium'])
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 463.2 m USD
Key indicators
Coverage and freshness
Score by group
- Valuation29
- Returns57
- Quality80
- Balance sheet63
- Growth0
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 3.53 – 13.36 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)7.94 – 13.36 (Mid 10.00)WACC 8.7% · starting FCFF 21.1 m USD · terminal value share of EV 74%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 19.1%
- Peers: EV/EBITDA3.53 – 11.26 (Mid 5.97)4 companies used · median multiple 6.1x · quartiles 4.1x – 10.5xLIN, LXU, TROX, VHI
- Peers: P/Eunavailable · not enough peers
- Dividend discount (DDM)6.86 – 9.22 (Mid 7.86)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 46/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 5.5% | 71 (vs peers) | 10% |
| Net margin · Quality | 1.7% | 75 (vs peers) | 6% |
| FCF conversion · Quality | 304.8% | 100 (on a fixed band) | 6% |
| Revenue CAGR 3Y · Growth | -3.2% | 0 (on a fixed band) | 8% |
| EPS CAGR 3Y · Growth | -34.1% | 0 (on a fixed band) | 8% |
| Net debt / EBITDA · Balance sheet | 1.2x | 40 (vs peers) | 10% |
| Interest coverage · Balance sheet | 6.6x | 78 (on a fixed band) | 6% |
| Current ratio · Balance sheet | 2.5x | 100 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 76.3x | 0 (on a fixed band) | 10% |
| EV/EBITDA · Valuation | 15.5x | 40 (vs peers) | 10% |
| FCF yield · Valuation | 4.1% | 51 (on a fixed band) | 8% |
| Shareholder yield (distributions) · Returns | 3.5% | 50 (on a fixed band) | 6% |
| Payout ratio (FCF) · Returns | 72.5% | 68 (on a fixed band) | 4% |
Score groups
- Balance sheet63/100 · 3/3 factors with a value
- Growth0/100 · 2/2 factors with a value
- Quality80/100 · 3/3 factors with a value
- Returns57/100 · 2/2 factors with a value
- Valuation29/100 · 3/3 factors with a value
Memo
LUXFER HOLDINGS PLC (LXFR). Latest full fiscal year: 2025; data up to 2026-09-27.
Figures computed from the financial statements: revenue 384.6 m USD in 2025; YoY growth -1.9%; net margin 1.7%; ROE 2.7%; net debt/EBITDA 1.2x.
The estimated value range is 6.86–11.26 USD per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 7.86 USD, the price of 17.31 USD leaves a potential of -54.6% (value / price − 1) and a margin of safety of -120.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 46/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 5.5%
- Net margin: 1.7%
- FCF conversion: 304.8%
- Interest coverage: 6.6x
- Current ratio: 2.5x
What contradicts it
- Revenue CAGR 3Y: -3.2%
- EPS CAGR 3Y: -34.1%
- P/E (TTM): 76.3x
- The price is above the estimated value range
Versus the vertical median
Industrial Inorganic Chemicals (SIC 2810) · same industry (4-digit SIC) · compared with 9 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 | |
|---|---|---|---|---|---|---|
| LINLinde plc | 240.9 bn | 34.9 | 18.0% | 19.3% | +3.0% | +28% / +27% |
| APDAir Products And Chemicals, Inc. | 71.0 bn | — | -0.3% | -0.4% | −0.5% | +22% / +18% |
| MTXMinerals Technologies Inc. | 2.0 bn | — | -4.1% | -3.1% | −2.2% | +12% / +5% |
| KROKronos Worldwide, Inc. | 890.9 m | — | -13.7% | -5.6% | −1.5% | +53% / −11% |
| LXULSB Industries, Inc. | 766.1 m | 17.1 | 8.7% | 7.0% | +17.8% | +19% / +24% |
| TROXTronox Holdings PLC | 566.9 m | — | -39.1% | -18.0% | −5.7% | −14% / −72% |
| LXFRLuxfer Holdings PLC | 463.2 m | 76.3 | 2.7% | 1.7% | −1.9% | +40% / +101% |
| VHIValhi, Inc. | 430.8 m | — | -4.8% | -2.4% | −1.3% | +20% / +12% |
| NLNli Holdings, Inc. | 359.9 m | — | -6.7% | -15.8% | +8.5% | +30% / +44% |
| LTBRLightbridge Corporation | 172.9 m | — | -14.1% | — | unavailable | −73% / +39% |
1- and 3-year price returns: for LXFR 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 (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 9.64 Total return -43% · Per year -43% | 17.12 Total return 0% · Per year 0% | 25.88 Total return 51% · Per year 51% |
| 3 years | 7.98 Total return -51% · Per year -21% | 16.06 Total return -3% · Per year -1% | 26.84 Total return 60% · Per year 17% |
| 5 years | 6.60 Total return -58% · Per year -16% | 15.06 Total return -7% · Per year -1% | 27.85 Total return 69% · Per year 11% |
- Exit P/E± 4.01
- Net margin± 2.81
- Annual revenue growth± 2.49
- Annual dilution± 0.24
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.
Possibly outdated: the newest document it read is from 28 Jul 2026; since then the company filed 10-Q (28 Oct 2026).
In brief
Luxfer is a UK-incorporated industrial company listed in New York that makes magnesium alloys, zirconium compounds and high-pressure gas cylinders for defense, healthcare, transport and industry. Net sales from continuing operations were 384.6 million USD in fiscal 2025 1, and in July 2026 the company agreed a deal under which shareholders would receive 17.37 USD in cash per share 2.
SWOT
Strengths
- The company holds declared leading positions in several niche markets, such as magnesium powders for countermeasures and cylinders for breathing apparatus 1.
- Its technical know-how and proprietary manufacturing processes support higher value-added products 1.
- The customer base is geographically diversified and includes long-standing relationships in defense and emergency response 1.
Weaknesses
- Dependence on a small number of large customers and certain suppliers means losing one contract could have significant effects 1.
- Net income from continuing operations declined in 2025 compared with the prior year, while restructuring costs rose 1.
- Exposure to exchange rate movements between sterling and the dollar affects reported results 1.
Opportunities
Risks
- Dependence on large customershigh
A small number of customers account for a significant share of sales, and losing or reducing orders from one of them could affect results 1.
- Tariffs and trade restrictionshigh
Trade measures between the United States and China can raise input costs and disrupt supply of rare materials 1.
- The proposed takeovermedium
Completion depends on conditions that are not assured, and if the deal fails or is delayed, the company could be left with costs and uncertainty 2.
- Pension obligationsmedium
The UK Pensions Regulator has wide powers that could create additional obligations for the group 1.
- Currency movementslow
Revenue and costs in different currencies can change reported dollar results, and hedging does not fully offset them 1.
Investment thesis
What would need to be true (bull case)
- If demand from defense and aerospace remains solid, the company's niche products could support margins over the medium term 1.
- The takeover agreement sets a fixed cash value per share, which reduces uncertainty for shareholders if the deal completes 2.
- Efficiency and margin programs, if carried through, could support profitability even with lower volumes 2.
What would break the thesis
- Sales fell in the second quarter of 2026, and if the trend persists, results could stay below the prior year 2.
- Trade tensions and restrictions on rare materials may raise costs by more than can be passed on to customers 1.
- If the takeover does not complete, the company could bear transaction costs and face an uncertain outlook 2.
What to watch
- Completion of the takeover agreement and shareholder vote2026
- Gross margin and sales trends in the Elektron segmentQ3 2026
- Impact of tariffs and restrictions on rare materialsnext 10-K
- Completion of the planned sale of the Superform U.S. business2027
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.
Possibly outdated: the newest document it read is from 28 Jul 2026; since then the company filed 10-Q (28 Oct 2026).
The business
Luxfer Holdings PLC describes itself as a global industrial company focused on niche applications in advanced materials engineering, with products including magnesium alloys and powders, zirconium-based chemicals, aluminum and composite cylinders and carbon composite technologies 1. It sold its Graphic Arts business in July 2025 and now reports two segments: Elektron and Gas Cylinders 1.
Production is global, with the company operating 13 facilities in 2025 in the United States, the United Kingdom, Canada and China, plus a joint venture in Japan 1. The annual report shows Elektron generating a larger share of sales than Gas Cylinders, and dependence on a few large customers and on suppliers of carbon fiber and aluminum remains central to the model 1.
Second-quarter 2026 results show lower sales but higher operating income, suggesting that efficiency measures can partly offset lower volumes 2. With the announced deal, the future of the ownership structure is central to any long-term view of the company 2.
Segments
Elektron
The Elektron segment develops and manufactures specialty materials based on magnesium and zirconium for defense, aerospace, transport, energy and industry. It represented 51% of consolidated net sales from continuing operations in 2025 1. The range includes aerospace magnesium alloys, powders for military countermeasures and zirconium chemicals for automotive catalytic converters 1.
Gas Cylinders
The Gas Cylinders segment makes high-pressure containers from aluminum and carbon composite for self-contained breathing apparatus, compressed natural gas and hydrogen vehicles, aviation, space and medical oxygen 1. It represented 45% of consolidated net sales in 2025, and its ten largest customers accounted for about 57% of segment sales 1.
Market context
Luxfer's end markets fall into three groups: defense, first response and healthcare; transportation; and specialty industrial 1. Demand in these sectors depends on defense budgets, emissions rules and the pace of alternative fuel adoption, which can evolve differently from year to year 1.
Primary magnesium production is dominated by China, but meaningful capacity exists in Israel, Brazil, Turkey and Russia, which opens alternative sourcing options 1. Raw material markets remain volatile, and aluminum prices have generally stayed above pre-2021 historical averages 1.
Trends
- Trade tensions and tariffsheadwind
Tariffs between the US and China and restrictions on metals and rare materials have raised input costs and created supply uncertainty, as the company notes 1. If measures expand, costs could rise further and the company may need to change sourcing 1.
- Stronger defense and aerospace demandtailwind
Sales of aerospace magnesium alloys, powders and aviation and space cylinders increased in 2025, supported by military activity and space programs 1. If this demand holds, it could offset weakness in other segments 1.
- The proposed takeovermixed
On July 26, 2026 the company entered into an agreement with a buyer under which shareholders would receive 17.37 USD in cash per share through a scheme of arrangement 2. Completion depends on shareholder and court approvals, and if the deal does not close, the company's standalone outlook would remain in place 2.
Competitive position
In its markets Luxfer faces competitors producing related materials and gas cylinders, with competition shaped mainly by technology, product quality and customer relationships 1. The company argues its position rests on proprietary know-how and long-standing customer ties 1.
Competition in aluminum and composite cylinders and in zirconium-based materials can pressure prices and margins 1. Success factors include the ability to deliver quickly and to innovate jointly with customers 1.
- Producers of composite and high-pressure gas cylinders
Competitors in the Gas Cylinders segment, referred to generically in the annual report without named companies.
- Producers of magnesium alloys and powders
Competitors in the Elektron segment, including producers outside China, referred to in the sources without names.
- Producers of zirconium compounds
Competitors in auto catalysts and advanced ceramics, not named in the analyzed sources.
- Carbon fiber suppliers
Not direct competitors, but key suppliers whose pricing affects the Gas Cylinders segment's costs.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report04 Nov 2026Shareholder vote · Other events · Financial statements and exhibits
- Quarterly report28 Oct 2026
- Current report28 Oct 2026Financial statements and exhibits
- Current report26 Oct 2026Other events
- Current report09 Sept 2026Other events
- Current report28 Jul 2026Financial statements and exhibits
- Quarterly report28 Jul 2026
- Current report27 Jul 2026Material agreement · Other events · Financial statements and exhibits
- Current report23 Jul 2026Other events · Financial statements and exhibits
- Current report12 Jun 2026Shareholder vote · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Luxfer Holdings PLC · 24 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-28 · SEC / Luxfer Holdings PLC · 28 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Luxfer Holdings PLC · 30 Jul 2024
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.