olivLaw · European equity research
Goodwin PLC GDWN.L
United Kingdom · London Stock Exchange · ISIN GB0003781050 · Vertical: Listed companies from United Kingdom
Goodwin PLC is a British industrial group with divisions in mechanical engineering, refractories and technology, serving the energy, defence and fire-safety industries. In fiscal 2026 its trading profit rose sharply, and the group is preparing to sell its mechanical engineering division, a shift that matters for investors and future strategy.
At the close of 05 Nov 2026, Goodwin PLC (GDWN.L) stock was 145.80 GBP (−0.68% on the day), with market capitalisation 1.1 bn GBP, P/E 19.7 on diluted EPS of 7.38 GBP over the last 12 months, dividend yield 5.57%, beta 0.83, 52-week range 111.00–276.00 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)
- 48.5
- neutral
- Bollinger (20, 2)
- 137.93 – 152.21
- in the upper half of the band · %B 0.55 · band width 9.8%
- SMA 50 / 200
- 150.01 / 173.09
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- 0.23 / -0.71
- 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 | +5.3% | −0.6% | +6.0 pp | — |
| 3 months | −22.4% | −4.2% | −18.3 pp | — |
| 6 months | +16.8% | +4.3% | +12.5 pp | — |
| Year to date | −31.5% | +7.5% | −39.1 pp | — |
| 1 year | −37.4% | +9.9% | −47.3 pp | +5.8% |
| 3 years | +182.6% | +49.8% | +132.7 pp | +26.3% |
| 5 years | +301.7% | +42.8% | +258.8 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.
Today's P/E sits at the 50 percentile of its own 2-quarter history (min 15.6, median 18.1, max 20.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2025 | 2026 |
|---|---|---|
| Revenue | 67.3 m | 68.9 m |
| Revenue YoY | unavailable | +2.3% |
| Net income | 24.6 m | 55.5 m |
| Net income YoY | unavailable | +125.7% |
| Diluted EPS | 3.27 | 7.38 |
| Diluted EPS YoY | unavailable | +125.7% |
| net % | 36.5% | 80.5% |
| Free cash flow | 45.0 m | 48.5 m |
Balance sheet & financial health
Fiscal year 2026 · 30 Apr 2026
- Cash
- 14.1 m GBP
- Financial debt
- 1.4 m GBP
- Net debt
- -12.7 m GBP
- Equity
- 136.0 m GBP
- Total assets
- 323.5 m GBP
- Debt / equity
- 0.01x
- Current ratio
- 2.70x
- ROE
- 39.9%
- ROA
- 18.2%
- FCF margin
- 70.4%
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2025 | 2026 | Source (latest year) |
|---|---|---|---|
| Revenue | 67.3 m | 68.9 m | esef· 02 Sept 2026verified |
| Cost of revenue | 36.3 m | 36.1 m | esef· 02 Sept 2026verified |
| Gross profit | 31.0 m | 32.7 m | esef· 02 Sept 2026verified |
| Operating income | 12.0 m | 9.9 m | esef· 02 Sept 2026verified |
| Interest expense | 1.1 m | 87.0 k | esef· 02 Sept 2026verified |
| Pre-tax income | 11.0 m | 10.9 m | esef· 02 Sept 2026verified |
| Income tax | 2.7 m | 2.9 m | esef· 02 Sept 2026verified |
| Net income | 24.6 m | 55.5 m | esef· 02 Sept 2026verified |
| Diluted EPS | 3.27 | 7.38 | esef· 02 Sept 2026verified |
| Dividend per share | 1.33 | 8.12 | esef· 02 Sept 2026derived |
Balance sheet · GBP
| Line | 2025 | 2026 | Source (latest year) |
|---|---|---|---|
| Cash | 16.6 m | 14.1 m | esef· 02 Sept 2026verified |
| Receivables | 42.4 m | 14.2 m | esef· 02 Sept 2026verified |
| Inventories | 39.1 m | 14.9 m | esef· 02 Sept 2026verified |
| Current assets | 128.5 m | 45.1 m | esef· 02 Sept 2026verified |
| Property, plant & equipment, net | 116.8 m | 50.9 m | esef· 02 Sept 2026verified |
| Total assets | 285.9 m | 323.5 m | esef· 02 Sept 2026verified |
| Accounts payable | 37.2 m | 12.5 m | esef· 02 Sept 2026verified |
| Short-term debt | 16.4 m | 348.0 k | esef· 02 Sept 2026verified |
| Long-term debt | 15.7 m | 1.1 m | esef· 02 Sept 2026verified |
| Current liabilities | 89.9 m | 16.7 m | esef· 02 Sept 2026verified |
| Total liabilities | 143.7 m | 187.5 m | esef· 02 Sept 2026verified |
| Equity | 142.2 m | 136.0 m | esef· 02 Sept 2026verified |
| Shares outstanding at year end | 7.5 m | 7.5 m | esef· 02 Sept 2026derived |
Cash flow · GBP
| Line | 2025 | 2026 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | 58.2 m | 61.8 m | esef· 02 Sept 2026verified |
| Capex | 13.2 m | 13.3 m | esef· 02 Sept 2026verified |
| Free cash flow | 45.0 m ≈ | 48.5 m ≈ | esef· 02 Sept 2026derived |
| Investing cash flow | -16.0 m | -14.7 m | esef· 02 Sept 2026verified |
| Financing cash flow | -55.9 m | -45.8 m | esef· 02 Sept 2026verified |
| Dividends paid | 10.0 m | 61.0 m | esef· 02 Sept 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: 59 / 100
A scoring methodology on indicators and valuation, not investment advice.
(margin_of_safety <= -0.25 & agreement in ['high', 'medium'])
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 1.1 bn GBP
Key indicators
Coverage and freshness
Score by group
- Quality61
- Balance sheet100
- Valuation40
- Returns48
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
Unattractive profile · Score 59/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 5.2% | 25 (vs peers) | 17% |
| Net margin · Quality | 80.5% | 100 (vs peers) | 10% |
| FCF conversion · Quality | 87.4% | 82 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 114.2x | 100 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 2.7x | 100 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 19.7x | 28 (vs peers) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 4.4% | 55 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 5.6% | 80 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | 125.8% | 0 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality61/100 · 3/3 factors with a value
- Returns48/100 · 2/2 factors with a value
- Valuation40/100 · 2/3 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
GOODWIN PLC (GDWN.L). Latest full fiscal year: 2026; data up to 2026-04-30.
Figures computed from the financial statements: revenue 68.9 m GBP in 2026; YoY growth 2.3%; net margin 80.5%; ROE 41.3%.
The estimated value range is 79.65–98.40 GBP per share (median of 3 methods, agreement: high); assumptions are illustrative. Against the central value of 88.04 GBP, the price of 145.80 GBP leaves a potential of -39.6% (value / price − 1) and a margin of safety of -65.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 59/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 80.5%
- FCF conversion: 87.4%
- Interest coverage: 114.2x
- Current ratio: 2.7x
- Shareholder yield (distributions): 5.6%
What contradicts it
- ROIC: 5.2%
- P/E (TTM): 19.7x
- Payout ratio (FCF): 125.8%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, 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% |
| GDWN.LGoodwin PLC | 1.1 bn | 19.7 | 41.3% | 80.5% | +2.3% | −26% / +183% |
| 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% |
| 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 GDWN.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 | 84.31 Total return -38% · Per year -38% | 149.21 Total return 8% · Per year 8% | 224.97 Total return 61% · Per year 61% |
| 3 years | 78.31 Total return -35% · Per year -13% | 156.28 Total return 23% · Per year 7% | 259.21 Total return 98% · Per year 26% |
| 5 years | 72.74 Total return -32% · Per year -7% | 163.68 Total return 39% · Per year 7% | 298.67 Total return 141% · Per year 19% |
- Exit P/E± 39.07
- Net margin± 27.35
- Annual revenue growth± 22.92
- Annual dilution± 2.30
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
Goodwin PLC is a British industrial group with divisions in mechanical engineering, refractories and technology, serving the energy, defence and fire-safety industries. In fiscal 2026 its trading profit rose sharply, and the group is preparing to sell its mechanical engineering division, a shift that matters for investors and future strategy.
SWOT
Strengths
- Diversification across three divisions and several geographic regions, which softens the impact of a downturn in any one segment.
- Gross margin and trading profit grew strongly in fiscal 2026.
- Long-standing investment in productive assets and intellectual property that reduces future capital needs.
Weaknesses
- Dependence on industries linked to fossil fuels, exposed to the energy transition.
- The board consists mostly of executive directors and does not fully meet the diversity requirements of the listing rules.
- Gas consumption makes reaching the carbon neutrality goal dependent on government support.
Opportunities
- Selling the mechanical engineering division could generate significant distributions to shareholders.
- Rising demand for lithium-ion battery fire extinguishing agents linked to electrification.
- Major future projects that could be funded by customers, without large capital outlays.
Threats
- Carbon taxes and environmental standards could raise operating costs.
- Rising energy costs under stricter climate scenarios could weigh on margins.
- International trade tensions and armed conflicts could shift demand across regions.
Risks
- Market riskmedium
Demand for products can vary because of competitor actions, economic cycles or international trade conflicts.
- Technical and product riskmedium
Launching new products can lead to losses, customer claims or obsolescence, although the company aims to control these through testing.
- Supply chain riskmedium
The failure of a major supplier or essential equipment can disrupt production, especially during high inflation.
- Regulatory and climate riskhigh
Carbon taxes and rising energy costs could affect the group over the long term, particularly if neutrality is not supported by government.
- Acquisition and divestment riskmedium
Planned acquisitions or sales may not deliver the expected value, and completion of the mechanical engineering sale is not assured.
Investment thesis
What would need to be true (bull case)
- Strong growth in profit and gross margin in fiscal 2026, combined with a generous dividend policy, could support investor confidence.
- The sale of the mechanical engineering division could open the way to significant distributions to shareholders and simplify the group's profile.
- Past investment and demand in safety and electrification applications could support future growth without heavy capital spending.
What would break the thesis
- Exposure to oil and gas industries could become a burden if the energy transition accelerates.
- If carbon taxes are extended, operating costs for gas-intensive operations could rise significantly.
- Completion of the divestment is uncertain, and if it does not happen, dividend plans could change.
What to watch
- Completion of the strategic review and sale of the mechanical engineering division2027
- Board decision on an interim dividendApril 2027
- Evolution of carbon emissions and the neutrality plan after the salenext 10-K
- Approval of the 330 pence final dividend at the annual general meeting7 October 2026
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
The group is organised into three divisions: Mechanical Engineering, which makes valves, submersible pumps and marine propulsion and hull parts; Refractory Engineering, which sells vermiculite and perlite for insulation and fire prevention; and the Technological Division, which includes polyimide resin production, AVD Fire and the internet provider Internet Central. Its products serve the oil, LNG, mining, nuclear, power, defence and radar markets. According to the annual report, trading profit reached 77.5 million pounds in fiscal 2026, and the gross margin was 50.1%.
The capital structure is relatively conservative: gearing (excluding deferred consideration) was 22% at 30 April 2026, and part of the debt was fixed through a ten-year interest rate swap. The group reinvested over 200 million pounds in plant and intangibles over the past two decades, which, according to management, lets it sustain profitability with only modest future capital expenditure.
The dividend policy has been revised: the proposed final dividend for fiscal 2026 is 330 pence per share, against 280 pence a year earlier, and a special interim dividend of 532 pence was paid in November 2025. The board said that if the sale of the mechanical engineering division does not complete, it could consider an interim dividend payable in April 2027.
Segments
Mechanical Engineering
The division makes valves for the oil, LNG, chemical and water markets, marine propulsion parts and submersible pumps for mining. The board is running a strategic review of this division, which includes its possible disposal.
Refractory Engineering
The division sells vermiculite and perlite to the insulation and fire-prevention industry, along with refractory consumables for investment casting. It also includes AVD Fire, which makes extinguishing agents for lithium-ion battery fires.
Technological Division
The division includes Duvelco, a specialist polyimide resin maker for high-temperature parts, and the internet provider Internet Central. It targets critical applications where very few polymers can be used.
Market context
The group operates in the UK, Europe, the USA, the Pacific Basin and the rest of the world, which spreads market risk. Demand for its products depends on economic cycles, competitor actions and international trade friction or conflict.
Revenue per employee rose to 216 thousand pounds in fiscal 2026 from 175 thousand a year earlier, indicating better productivity. Energy costs and carbon requirements remain factors that could influence margins.
Trends
- Energy transitionheadwind
A lower reliance on fossil fuels could reduce demand for valves sold to the oil and gas industry, a risk the company itself identifies in its climate analysis.
- Climate rules and carbon pricingheadwind
A carbon border adjustment mechanism could raise operating costs, particularly for gas-intensive operations, if carbon taxes are extended.
- Electrification of transporttailwind
Growth in electric vehicles could support demand for AVD Fire's extinguishing agents for lithium-ion battery fires.
- Divestment strategymixed
Selling the mechanical engineering division could simplify the group and release significant distributions to shareholders, but it would change the group's risk profile.
Competitive position
Competition depends on the division: in mechanical engineering the group faces industrial valve and pump makers, and in refractories suppliers of insulation materials. The sources do not name competitors explicitly, so the analysis stays general.
Geographic and divisional diversification provides a margin of safety, but the competitive position in each market is not detailed in the annual report, which limits direct comparison with rivals.
- Industrial valve makers
Competitors for valves used in oil, LNG and water, referenced indirectly in the annual report.
- Submersible pump makers
Competition in pumps for the mining industry and disaster relief applications.
- Refractory material suppliers
Competition in vermiculite, perlite and investment casting consumables.
- Polyimide resin producers
Competition in high-temperature polymers, a market Duvelco aims to enter.
News & filings
In the press
- Outspent and unknown , Democrat Vikki Goodwin gives Lt . Gov . Dan Patrick his toughest race yetSurge — GDELT DOC · 16 Oct 2026 · RO
- Goodwin’s Defense Boom Comes With a For Sale SignYahoo Finance — News · 28 Aug 2026 · EN
- British Engineering Firm Goodwin Starts Strategic ReviewBloomberg Markets · 07 Aug 2026 · EN
- A PhD pivot, a stint in VC and a rumoured Anthropic deal: why Europe is watching Walter GoodwinSifted (EU startups) · 12 May 2026 · RO
Annual reports (ESEF)
- Annual report 202602 Sept 2026
- Annual report 202602 Sept 2026
Sources
- [1] Annual report, fiscal year ended 2026-04-30 (ESEF) · SEC / Goodwin PLC · 30 Apr 2026
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.