olivLaw · European equity research
James Fisher and Sons plc FSJ.L
United Kingdom · London Stock Exchange · ISIN GB0003395000 · Vertical: Listed companies from United Kingdom
James Fisher and Sons plc is a UK group providing services and technologies for the maritime, defence and energy sectors across several countries. The company is midway through a multi-year transformation programme, and its energy and decarbonisation business has become more central to its strategy. Revenue from low-carbon activities rose in 2025, reaching 17.6% of total revenue.
At the close of 05 Nov 2026, James Fisher and Sons plc (FSJ.L) stock was 4.58 GBP (−0.22% on the day), with market capitalisation 231.6 m GBP, beta 0.25, 52-week range 3.61–5.50 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)
- 58.8
- strong (55–70)
- Bollinger (20, 2)
- 4.30 – 4.64
- in the upper half of the band · %B 0.83 · band width 7.5%
- SMA 50 / 200
- 4.37 / 4.62
- mixed trend
- MACD (12, 26, 9)
- 0.06 / 0.05
- MACD above 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 | +8.0% | −0.6% | +8.7 pp | — |
| 3 months | −4.6% | −4.2% | −0.4 pp | — |
| 6 months | −4.2% | +4.3% | −8.5 pp | — |
| Year to date | +22.1% | +7.5% | +14.6 pp | — |
| 1 year | +14.5% | +9.9% | +4.6 pp | +5.8% |
| 3 years | +59.0% | +49.8% | +9.2 pp | +26.3% |
| 5 years | +9.0% | +42.8% | −33.8 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 | 496.2 m | 437.7 m | 394.4 m |
| Revenue YoY | unavailable | −11.8% | −9.9% |
| Net income | -62.4 m | 46.3 m | -4.4 m |
| Net income YoY | unavailable | unavailable | −109.5% |
| Diluted EPS | -1.24 | 0.90 | -0.09 |
| Diluted EPS YoY | unavailable | unavailable | −109.7% |
| net % | -12.6% | 10.6% | -1.1% |
| Free cash flow | 8.4 m | 20.0 m | 41.9 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 58.8 m GBP
- Financial debt
- 202.9 m GBP
- Net debt
- 144.1 m GBP
- Equity
- 187.3 m GBP
- Total assets
- unavailable GBP
- Debt / equity
- 1.08x
- Current ratio
- 1.16x
- ROE
- -2.3%
- ROA
- unavailable
- FCF margin
- 10.6%
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 496.2 m | 437.7 m | 394.4 m | esef· 09 Apr 2026verified |
| Cost of revenue | 360.3 m | 304.7 m | 266.0 m | esef· 09 Apr 2026verified |
| Gross profit | 135.9 m | 133.0 m | 128.4 m | esef· 09 Apr 2026verified |
| Operating income | -18.6 m | 73.1 m | 16.1 m | esef· 09 Apr 2026verified |
| Interest expense | 24.5 m | 21.2 m | 16.5 m | esef· 09 Apr 2026verified |
| Pre-tax income | -39.9 m | 54.0 m | 4.3 m | esef· 09 Apr 2026verified |
| Income tax | 11.0 m | 7.6 m | 8.6 m | esef· 09 Apr 2026verified |
| Net income | -62.4 m | 46.3 m | -4.4 m | esef· 09 Apr 2026verified |
| Diluted EPS | -1.24 | 0.90 | -0.09 | esef· 09 Apr 2026verified |
Balance sheet · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 77.5 m | 86.2 m | 58.8 m | esef· 09 Apr 2026verified |
| Receivables | 124.0 m | 114.5 m | 97.1 m | esef· 09 Apr 2026verified |
| Inventories | 46.7 m | 32.8 m | 36.1 m | esef· 09 Apr 2026verified |
| Current assets | 262.9 m | 239.4 m | 205.6 m | esef· 09 Apr 2026verified |
| Property, plant & equipment, net | 118.0 m | 111.4 m | 104.0 m | esef· 09 Apr 2026verified |
| Goodwill | 78.3 m | 64.5 m | 65.4 m | esef· 09 Apr 2026verified |
| Intangibles (excl. goodwill) | 6.3 m | 7.2 m | 14.5 m | esef· 09 Apr 2026verified |
| Accounts payable | 113.4 m | 111.3 m | 102.2 m | esef· 09 Apr 2026verified |
| Short-term debt | 64.1 m | 78.9 m | 61.6 m | esef· 09 Apr 2026verified |
| Long-term debt | 214.9 m | 115.3 m | 141.3 m | esef· 09 Apr 2026verified |
| Current liabilities | 188.7 m | 202.6 m | 177.5 m | esef· 09 Apr 2026verified |
| Equity | 148.6 m | 190.3 m | 187.3 m | esef· 09 Apr 2026verified |
| Shares outstanding at year end | 50.4 m | 50.3 m | 50.6 m | esef· 09 Apr 2026derived |
Cash flow · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 37.8 m | 49.3 m | 66.9 m | esef· 09 Apr 2026verified |
| Capex | 29.4 m | 29.3 m | 25.0 m | esef· 09 Apr 2026verified |
| Free cash flow | 8.4 m ≈ | 20.0 m ≈ | 41.9 m ≈ | esef· 09 Apr 2026derived |
| Investing cash flow | -4.7 m | 79.7 m | -25.0 m | esef· 09 Apr 2026verified |
| Financing cash flow | -27.4 m | -131.6 m | -39.1 m | esef· 09 Apr 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
- indicators available: 5 of at least 6
- score weight coverage: 35.4% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 231.6 m GBP
Key indicators
Coverage and freshness
Score by group
35% · 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: indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 4.3% | 21 (vs peers) | 29% |
| Net margin · Quality | -1.1% | 26 (vs peers) | 18% |
| 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 | 1.0x | 0 (on a fixed band) | 18% |
| Current ratio · Balance sheet | 1.2x | 30 (on a fixed band) | 12% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 18.1% | 100 (on a fixed band) | 24% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet12/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality23/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 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
JAMES FISHER AND SONS PUBLIC LIMITED COMPANY (FSJ.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 394.4 m GBP in 2025; YoY growth -9.9%; net margin -1.1%; ROE -2.3%.
The estimated value range is 8.70–14.56 GBP per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 10.99 GBP, the price of 4.58 GBP leaves a potential of 140.0% (value / price − 1) and a margin of safety of 58.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF yield: 18.1%
- The price is below the estimated value range
What contradicts it
- ROIC: 4.3%
- Net margin: -1.1%
- Interest coverage: 1.0x
- Current ratio: 1.2x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
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% |
| FSJ.LJames Fisher And Sons Public Limited Company | 231.6 m | — | -2.3% | -1.1% | −9.9% | +17% / +61% |
| 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 FSJ.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
James Fisher and Sons plc is a UK group providing services and technologies for the maritime, defence and energy sectors across several countries. The company is midway through a multi-year transformation programme, and its energy and decarbonisation business has become more central to its strategy. Revenue from low-carbon activities rose in 2025, reaching 17.6% of total revenue 1.
SWOT
Strengths
- Established position in specialised niches such as submarine rescue and offshore wind services, with long-standing relationships with navies 1.
- Proprietary technologies developed through the new product process, such as fire detection and cable monitoring systems 1.
- Formal commitments to safety and decarbonisation, including an internal carbon price framework 1.
Weaknesses
- The safety performance indicator in Energy declined in 2025, pointing to operational vulnerabilities 1.
- The multi-year transformation programme may produce organisational misalignment and lower productivity during periods of change 1.
- Decarbonisation targets have not been formally validated and are still being refined 1.
Opportunities
Risks
- Organisational transformationhigh
The multi-year transformation programme could cause misalignment, disruption to core activities and staff attrition if not managed effectively 1.
- Employee safetyhigh
Serious incidents could lead to regulatory investigations, loss of operating licences and reputational damage 1.
- Product qualitymedium
Products or services that fail to meet customer requirements could lead to rework costs, claims and regulatory penalties 1.
- Cybersecuritymedium
Ransomware attacks could severely disrupt business systems and impair the company's reporting ability 1.
- Retention of skilled staffmedium
Difficulty attracting and keeping specialist staff could raise costs and reduce the ability to deliver services 1.
Investment thesis
What would need to be true (bull case)
- The company could benefit if demand for decarbonisation and offshore wind services keeps growing and the order pipeline converts into executed contracts 1.
- Gross margin improvement, supported by innovation and tighter cost management, could lift profitability 1.
- A position in defence and submarine services niches could give a lasting advantage over competitors 1.
What would break the thesis
What to watch
- Development of revenue from low-carbon activities as a share of total revenue2026
- Progress toward the 42% reduction target for Scope 1 and 2 emissions by 20302026
- Safety indicators in the Energy Division following the training programme2026
- Conversion of the Defence pipeline and order book into executed contractsnext 10-K
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
According to the annual report for the year ended 31 December 2025, the group operates through several divisions, including Defence and Energy, and through specialised product lines handling technically complex projects 1. The three-year strategy, labelled focus, simplify and deliver, aims to align the organisation, adopt a common operating model and expand international presence 1. Stated priorities include exceptional safety, new product development and digital innovation 1.
The group manages its principal risks with periodic review by the Audit and Risk Committee of the Board 1. From 2025 product risk was split into product quality and product innovation, and contractual exposure was folded into project delivery 1. Regulatory compliance, cybersecurity and retention of skilled staff remain high-priority areas 1.
The company publishes decarbonisation metrics, including a target to cut Scope 1 and 2 emissions by 42% by 2030 against a 2021 baseline, aligned with SBTi methodology though not formally validated 1. Scope 1 and 2 emissions excluding tankers were 8,978 tCO2e in 2025 1.
Segments
Energy
The Energy Division covers offshore wind services such as blade inspection and repair and cable services, as well as offshore oil and gas services including well testing and decommissioning 1. The company expanded into Japan, Guyana and Brazil and introduced new technologies such as PyroSentry and Cable Guardian 1.
Market context
The report points to continuing demand for energy-sector services driven by decarbonisation, security of supply and the need for efficient operations, alongside persistent market uncertainty 1. In defence, the company describes a strong market in which growth may be supported by its order book and pipeline 1.
Demand for deepwater oil and gas could support well testing and intervention revenue, while offshore wind build-out could create further opportunities in inspection and decommissioning 1. How these markets develop depends on customers' investment decisions 1.
Trends
- Decarbonisation of the economytailwind
The shift to lower-carbon energy creates demand for specialised services, and the company reported growth in revenue from low-carbon activities 1.
- Digitalisation of operationsmixed
Investment in CRM, ERP and predictive monitoring tools could improve efficiency, although implementation involves organisational change 1.
- Uncertainty in oil and gasheadwind
Demand for offshore oil and gas services depends on customer investment, which can be affected by market conditions 1.
- Climate regulationmixed
Climate policy and IMO carbon intensity requirements could create compliance costs but also opportunities for low-emission solutions 1.
Competitive position
The annual report does not explicitly name competitors, but notes that a rival could develop a product that makes current offerings less effective 1. Competition turns on innovation, quality and the ability to deliver complex projects 1.
In offshore services and the wind sector, competition includes global marine service providers and decommissioning specialists, and the company stresses technological advance and long-standing customer relationships as differentiators 1.
- Global marine service providers
Companies offering similar services for offshore and wind projects, referred to only generically in the report 1.
- Offshore decommissioning contractors
Competitors in decommissioning, where the company reports new projects in 2025 1.
- Submarine rescue system providers
Competitors in the defence niche, where the company is a recognised partner at international exercises 1.
- Well testing service providers
Competitors in high-specification well testing for oil and gas in regions such as Guyana and Brazil 1.
News & filings
In the press
- James Fisher and Sons H1 Earnings Call HighlightsYahoo Finance — News · 08 Sept 2026 · EN
Annual reports (ESEF)
- Annual report 202509 Apr 2026
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / James Fisher and Sons 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.