olivLaw · European equity research
IMI plc IMI.L
United Kingdom · London Stock Exchange · ISIN GB00BGLP8L22 · Vertical: Listed companies from United Kingdom
IMI plc is a UK maker of valves, actuators and control systems for climate control and industrial process automation. The company bases its growth on customer-led innovation and aftermarket services, with an expected mid-single digit organic growth rate for 2026. The key figures are set out in the records below.
At the close of 05 Nov 2026, IMI plc (IMI.L) stock was 28.12 GBP (−1.47% on the day), with market capitalisation 7.0 bn GBP, P/E 22.7 on diluted EPS of 1.24 GBP over the last 12 months, dividend yield 0.83%, beta 1.01, 52-week range 23.80–31.50 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)
- 35.8
- weak (30–45)
- Bollinger (20, 2)
- 27.57 – 30.92
- in the lower half of the band · %B 0.16 · band width 11.5%
- SMA 50 / 200
- 30.18 / 28.89
- mixed trend
- MACD (12, 26, 9)
- -0.52 / -0.48
- 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 | −10.7% | −0.6% | −10.0 pp | — |
| 3 months | −10.2% | −4.2% | −6.0 pp | — |
| 6 months | −1.5% | +4.3% | −5.8 pp | — |
| Year to date | +13.0% | +7.5% | +5.5 pp | — |
| 1 year | +17.1% | +9.9% | +7.1 pp | +5.8% |
| 3 years | +88.9% | +49.8% | +39.0 pp | +26.3% |
| 5 years | +58.0% | +42.8% | +15.2 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 100 percentile of its own 3-quarter history (min 18.5, median 19.0, max 20.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 2.2 bn | 2.2 bn | 2.3 bn |
| Revenue YoY | unavailable | +0.6% | +4.3% |
| Net income | 237.3 m | 248.5 m | 309.9 m |
| Net income YoY | unavailable | +4.7% | +24.7% |
| Diluted EPS | 0.91 | 0.96 | 1.24 |
| Diluted EPS YoY | unavailable | +4.8% | +29.5% |
| net % | 10.8% | 11.2% | 13.5% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 112.4 m GBP
- Financial debt
- 522.1 m GBP
- Net debt
- 409.7 m GBP
- Equity
- 1.1 bn GBP
- Total assets
- 2.5 bn GBP
- Debt / equity
- 0.47x
- Current ratio
- 1.50x
- ROE
- 28.2%
- ROA
- 12.5%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 2.2 bn | 2.2 bn | 2.3 bn | esef· 07 Apr 2026verified |
| Cost of revenue | 1.2 bn | 1.2 bn | 1.2 bn | esef· 07 Apr 2026verified |
| Gross profit | 1.0 bn | 1.0 bn | 1.1 bn | esef· 07 Apr 2026verified |
| Operating income | 318.6 m | 356.2 m | 422.4 m | esef· 07 Apr 2026verified |
| Interest expense | 30.8 m | 24.5 m | 28.1 m | esef· 07 Apr 2026verified |
| Pre-tax income | 302.4 m | 330.4 m | 418.5 m | esef· 07 Apr 2026verified |
| Income tax | 65.1 m | 81.9 m | 108.6 m | esef· 07 Apr 2026verified |
| Net income | 237.3 m | 248.5 m | 309.9 m | esef· 07 Apr 2026verified |
| Diluted EPS | 0.91 | 0.96 | 1.24 | esef· 07 Apr 2026verified |
| Dividend per share | 0.19 | 0.21 | 0.23 | esef· 07 Apr 2026verified |
Balance sheet · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 106.5 m | 147.8 m | 112.4 m | esef· 07 Apr 2026verified |
| Receivables | 523.9 m | 540.2 m | 562.3 m | esef· 07 Apr 2026verified |
| Inventories | 437.3 m | 447.8 m | 396.5 m | esef· 07 Apr 2026verified |
| Current assets | 1.1 bn | 1.1 bn | 1.2 bn | esef· 07 Apr 2026verified |
| Property, plant & equipment, net | 300.4 m | 301.2 m | 326.4 m | esef· 07 Apr 2026verified |
| Goodwill | 680.3 m | 670.9 m | 650.8 m | esef· 07 Apr 2026verified |
| Intangibles (excl. goodwill) | 277.4 m | 254.0 m | 221.3 m | esef· 07 Apr 2026verified |
| Total assets | 2.5 bn | 2.5 bn | 2.5 bn | esef· 07 Apr 2026verified |
| Accounts payable | 470.3 m | 495.9 m | 469.3 m | esef· 07 Apr 2026verified |
| Short-term debt | 47.2 m | 124.0 m | 92.6 m | esef· 07 Apr 2026verified |
| Long-term debt | 531.4 m | 391.4 m | 429.5 m | esef· 07 Apr 2026verified |
| Current liabilities | 721.6 m | 843.9 m | 777.5 m | esef· 07 Apr 2026verified |
| Total liabilities | 1.4 bn | 1.4 bn | 1.4 bn | esef· 07 Apr 2026verified |
| Equity | 1.0 bn | 1.1 bn | 1.1 bn | esef· 07 Apr 2026verified |
| Shares outstanding at year end | 259.3 m | 258.9 m | 249.3 m | esef· 07 Apr 2026derived |
Cash flow · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 363.2 m | 371.6 m | 415.3 m | esef· 07 Apr 2026verified |
| Investing cash flow | -69.1 m | -58.0 m | -69.5 m | esef· 07 Apr 2026verified |
| Financing cash flow | -276.4 m | -276.2 m | -336.7 m | esef· 07 Apr 2026verified |
| Dividends paid | 68.8 m | 76.0 m | 80.6 m | esef· 07 Apr 2026verified |
| Share repurchases | 0 | 100.4 m | 201.4 m | esef· 07 Apr 2026verified |
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: 43.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 7.0 bn GBP
Key indicators
Coverage and freshness
Score by group
44% · 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: 43.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 21.1% | 75 (vs peers) | 24% |
| Net margin · Quality | 13.5% | 57 (vs peers) | 14% |
| 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 | 15.0x | 100 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 1.5x | 58 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | 22.7x | 28 (vs peers) | 24% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 4.0% | 57 (on a fixed band) | 14% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet83/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality68/100 · 2/3 factors with a value
- Returns· partial57/100 · 1/2 factors with a value
- Valuation· partial28/100 · 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
IMI PLC (IMI.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 2.3 bn GBP in 2025; YoY growth 4.3%; net margin 13.5%; ROE 28.2%.
The estimated value range is 13.98–21.55 GBP per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 17.86 GBP, the price of 28.12 GBP leaves a potential of -36.5% (value / price − 1) and a margin of safety of -57.5% (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 (score weight coverage: 43.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 21.1%
- Interest coverage: 15.0x
What contradicts it
- P/E (TTM): 22.7x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, 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% |
| IMI.LImi PLC | 7.0 bn | 22.7 | 28.2% | 13.5% | +4.3% | +16% / +80% |
| 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% |
| 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 IMI.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 | 16.65 Total return -40% · Per year -40% | 29.43 Total return 6% · Per year 6% | 44.34 Total return 59% · Per year 59% |
| 3 years | 16.08 Total return -41% · Per year -16% | 31.99 Total return 16% · Per year 5% | 52.93 Total return 92% · Per year 24% |
| 5 years | 15.53 Total return -42% · Per year -10% | 34.77 Total return 28% · Per year 5% | 63.18 Total return 131% · Per year 18% |
- Exit P/E± 8.00
- Net margin± 5.60
- Annual revenue growth± 4.61
- Annual dilution± 0.47
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
IMI plc is a UK maker of valves, actuators and control systems for climate control and industrial process automation. The company bases its growth on customer-led innovation and aftermarket services, with an expected mid-single digit organic growth rate for 2026. The key figures are set out in the records below.1
SWOT
Strengths
- The company has a base of applied engineering and close customer relationships from the design phase.
- The One IMI model allows practices that work in one sector to be transferred to others.
- A large share of aftermarket activity brings more stable and recurring revenue.
Weaknesses
- A lack of innovation remains a main risk, according to the company.
- Dependence on industrial and automotive sectors can expose revenue to economic cycles.
- The complexity of the supply chain raises the risk of delays and higher costs.
Opportunities
- Growth in aftermarket services and predictive maintenance could deepen customer relationships.
- Solutions for green hydrogen and clean energy could open new markets.
- Low-carbon products could win customers who ask for environmental transparency.
Threats
- Changing climate regulation may alter costs and compliance requirements.
- Physical climate risks could disrupt sites and suppliers.
- Product quality or compliance problems could lead to recalls and damages.
Risks
- Product quality and compliancehigh
Product defects or failure to meet standards could lead to recalls, warranty claims and customer damages.1
- Lack of innovationhigh
Without new products that solve customer problems, growth could be limited.1
- Climate policy and customer pressuremedium
Changes in regulation and customer requirements can affect costs and competitiveness.1
- Physical climate risksmedium
Climate events could disrupt sites and suppliers, requiring adaptation to keep operations running.1
- Supply chain and conflict mineralsmedium
Risks linked to mineral origin and suppliers with weak practices could affect reputation and deliveries.1
Investment thesis
What would need to be true (bull case)
- If the aftermarket model keeps growing, recurring revenue could become a larger part of the business.
- If clean energy and climate control innovation converts into orders, the company could benefit from demand for decarbonisation.
- If margins and cash conversion stay solid, growth could be backed by real results.
What would break the thesis
- If industrial demand slows, the expected organic growth could come in below estimates.
- If a key product has quality problems, warranty costs and reputation could be affected.
- If climate regulation or customer requirements raise costs faster than prices, margins could fall.
What to watch
- Delivery of the organic growth expected for 20262026
- Pace of growth in aftermarket salesnext 10-K
- Progress on reducing Scope 1 and 2 emissions against target2030
- Trend in R&D spending relative to revenue2026
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
IMI designs and manufactures engineered solutions for applications with specific operating conditions, from valves and actuators to control systems. Its One IMI operating model rests on commercial excellence, market-led innovation and continuous improvement.1 The company reports that around 45% of Group sales come from aftermarket activity.1 Customers are involved from the design phase, and IMI keeps R&D spending at a minimum of 3% of revenue.1
Sales are organised by sector, and the company works with engineering firms, procurement bodies and end customers, mainly in process industries and transport.1 A notable focus is clean energy, such as green hydrogen, where a VIVO PEM electrolyser captures waste heat for district heating networks.1
In residential heating, the neo-K smart radiator head combines app-based control with analogue temperature regulation and is designed for simple installation.1 These product lines show the company's innovation direction, but their share of revenue is not detailed in the source.1
Segments
Climate Control
Climate Control covers solutions for heating and air conditioning, with an emphasis on products with lower carbon footprints and environmental product declarations (EPD).1 For Climate Control, the company has published EPDs and life cycle assessments, supporting its position with customers who ask for environmental transparency.1
Market context
IMI operates in the market for industrial fluid and energy control equipment, where demand is linked to efficiency, reliability and decarbonisation.1 The company bases its growth on the view that customers' demand for performance and lifecycle service will support sales.1 The source notes that decarbonisation needs and climate regulation shape customer decisions.1
Management anticipates, under current market conditions, mid-single digit organic growth for 2026, which is an estimate rather than a certainty.1 If economic conditions in process or automotive industries deteriorate, demand could slow.1
Trends
- Decarbonisation and climate regulationmixed
Climate policy pressure and customer demand for low-impact products can create costs but also opportunities for more energy-efficient products.1 The company notes that regulation favouring low-carbon innovation shapes product design.1
- Aftermarket services and datatailwind
Demand for predictive maintenance and lifecycle services supports recurring sales.1 Using data and AI to find under-serviced assets could accelerate this trend.1
- Supply chain pressuresheadwind
Conflict mineral rules, transport emissions and physical climate risks can raise costs and disrupt deliveries.1 The company monitors over 300 suppliers each year, which shows the scale of the effort required.1
- Digitalisation and artificial intelligencetailwind
Adoption of generative tools and AI training among staff can raise productivity and innovation.1 The effect depends on how well these tools turn into products and services that add value for customers.1
Competitive position
The source analysed does not name direct competitors of IMI, so these positions cannot be confirmed from the texts provided. The company describes its edge as applied engineering, application knowledge and closeness to customers.1
The differentiation the company cites comes from the One IMI model, which lets it transfer practices that work from one sector to another.1 If other control equipment makers offer similar solutions, the advantage could depend on service quality and speed of innovation.1
- Competitors named in the source
The source analysed names no competitors, so no attribution is made from outside knowledge.
- Valve and actuator manufacturers
General category of competitors in fluid control, not named in the source.
- Climate control system suppliers
General category for the Climate Control segment, without names from the source.
- Process automation firms
General category for Process Automation, without names from the source.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202507 Apr 2026
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / IMI 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.