olivLaw · European equity research
Oxford Nanopore Technologies plc ONT.L
United Kingdom · London Stock Exchange · ISIN GB00BP6S8Z30 · Vertical: Listed companies from United Kingdom
Oxford Nanopore Technologies is a UK company that develops nanopore sequencing platforms for DNA and RNA analysis, used in research, healthcare, biopharma and industrial applications. The company is in a leadership transition after its former chief executive stepped down in March 2026, and its relevance grows as laboratories adopt large-scale sequencing.
At the close of 05 Nov 2026, Oxford Nanopore Technologies plc (ONT.L) stock was 2.05 GBP (−2.66% on the day), with beta 0.96, 52-week range 1.05–2.35 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)
- 47.5
- neutral
- Bollinger (20, 2)
- 1.97 – 2.32
- in the lower half of the band · %B 0.21 · band width 15.9%
- SMA 50 / 200
- 1.94 / 1.43
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.05 / 0.08
- 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 | −11.3% | −0.6% | −10.6 pp | — |
| 3 months | +73.0% | −4.2% | +77.1 pp | — |
| 6 months | +77.5% | +4.3% | +73.1 pp | — |
| Year to date | +59.5% | +7.5% | +52.0 pp | — |
| 1 year | +51.5% | +9.9% | +41.6 pp | +5.8% |
| 3 years | −6.0% | +49.8% | −55.8 pp | +26.3% |
| 5 years | −61.7% | +42.8% | −104.5 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
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 | 169.7 m | 183.2 m | 223.9 m |
| Revenue YoY | unavailable | +8.0% | +22.2% |
| Net income | -154.5 m | -146.2 m | -145.2 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -91.1% | -79.8% | -64.9% |
| Free cash flow | -143.2 m | -123.8 m | -74.1 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 181.1 m GBP
- Financial debt
- unavailable GBP
- Net debt
- unavailable GBP
- Equity
- 463.3 m GBP
- Total assets
- 622.5 m GBP
- Debt / equity
- unavailable
- Current ratio
- 3.56x
- ROE
- -27.7%
- ROA
- -21.3%
- FCF margin
- -33.1%
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 169.7 m | 183.2 m | 223.9 m | esef· 12 May 2026verified |
| Cost of revenue | 79.2 m | 77.8 m | 92.6 m | esef· 12 May 2026verified |
| Gross profit | 90.5 m | 105.4 m | 131.3 m | esef· 12 May 2026verified |
| Research & development | 103.8 m | 98.9 m | 97.7 m | esef· 12 May 2026verified |
| Operating income | -168.6 m | -152.3 m | -155.3 m | esef· 12 May 2026verified |
| Interest expense | 2.2 m | 3.6 m | 2.8 m | esef· 12 May 2026verified |
| Pre-tax income | -149.8 m | -140.0 m | -139.9 m | esef· 12 May 2026verified |
| Income tax | 4.7 m | 6.2 m | 5.3 m | esef· 12 May 2026verified |
| Net income | -154.5 m | -146.2 m | -145.2 m | esef· 12 May 2026verified |
Balance sheet · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 220.5 m | 199.5 m | 181.1 m | esef· 12 May 2026verified |
| Receivables | 61.5 m | 62.7 m | 72.4 m | esef· 12 May 2026verified |
| Inventories | 101.5 m | 99.5 m | 81.5 m | esef· 12 May 2026verified |
| Current assets | 447.2 m | 520.1 m | 420.0 m | esef· 12 May 2026verified |
| Property, plant & equipment, net | 49.9 m | 66.3 m | 61.9 m | esef· 12 May 2026verified |
| Intangibles (excl. goodwill) | 32.9 m | 43.8 m | 55.8 m | esef· 12 May 2026verified |
| Total assets | 777.1 m | 742.0 m | 622.5 m | esef· 12 May 2026verified |
| Accounts payable | 78.4 m | 102.3 m | 108.9 m | esef· 12 May 2026verified |
| Current liabilities | 89.2 m | 111.5 m | 118.0 m | esef· 12 May 2026verified |
| Total liabilities | 133.2 m | 155.7 m | 159.2 m | esef· 12 May 2026verified |
| Equity | 643.9 m | 586.3 m | 463.3 m | esef· 12 May 2026verified |
Cash flow · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -137.3 m | -109.9 m | -70.6 m | esef· 12 May 2026verified |
| Capex | 5.9 m | 13.9 m | 3.5 m | esef· 12 May 2026verified |
| Free cash flow | -143.2 m ≈ | -123.8 m ≈ | -74.1 m ≈ | esef· 12 May 2026derived |
| Investing cash flow | -61.8 m | 15.0 m | 56.3 m | esef· 12 May 2026verified |
| Financing cash flow | 64.7 m | 73.6 m | -2.1 m | 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
- indicators available: 3 of at least 6
- score weight coverage: 16.7% 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: unavailable
Key indicators
Coverage and freshness
Score by group
17% · 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: 3 of at least 6; score weight coverage: 16.7% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -64.9% | 11 (vs peers) | 38% |
| 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 | -55.5x | 0 (on a fixed band) | 38% |
| Current ratio · Balance sheet | 3.6x | 100 (on a fixed band) | 25% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| 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 sheet40/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial11/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 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
OXFORD NANOPORE TECHNOLOGIES PLC (ONT.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 223.9 m GBP in 2025; YoY growth 22.2%; net margin -64.9%; ROE -27.7%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 16.7% 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
- Current ratio: 3.6x
What contradicts it
- Net margin: -64.9%
- Interest coverage: -55.5x
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, 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% |
| 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% |
| AEP.LAnglo-Eastern Plantations PLC | — | — | 16.1% | 19.5% | +25.0% | +5% / +113% |
1- and 3-year price returns: for ONT.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
Scenarios are not available. input data missing
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
Oxford Nanopore Technologies is a UK company that develops nanopore sequencing platforms for DNA and RNA analysis, used in research, healthcare, biopharma and industrial applications. The company is in a leadership transition after its former chief executive stepped down in March 2026, and its relevance grows as laboratories adopt large-scale sequencing 1.
SWOT
Strengths
- Differentiated technology platform with proprietary sensing and a broad user base across many countries.
- Large volume of publications citing the platform, which supports scientific credibility.
- Partnerships with healthcare, diagnostics and biopharma players that extend product use.
Weaknesses
- The change of chief executive in 2026 could introduce a transition period in strategy.
- Staff attrition rose in 2025 following a targeted restructuring.
- Dependence on suppliers exposed to climate hazards could affect supply-chain continuity.
Opportunities
- Clinical approvals could open diagnostic markets larger than research.
- Consolidating legacy assays into one sequencing workflow in biopharma could increase adoption.
- National genomics programmes could extend platform use to population scale.
Threats
- Regulatory pressure on dual-use products could limit certain exports.
- Carbon costs passed through the supply chain could pressure margins.
- Competition from alternative sequencing platforms and diagnostics providers could slow adoption.
Risks
- Chief executive transitionmedium
The departure of the former chief executive and the appointment of a successor in 2026 could affect strategic continuity and near-term execution.
- Dual-use product regulationmedium
Strict export requirements and end-user checks could limit sales in certain countries or to certain customers.
- Climate risks in the supply chainmedium
Eight key suppliers are exposed to hazards such as flooding and water scarcity, which could disrupt deliveries if backup measures prove insufficient.
- Carbon costs in the supply chainlow
Carbon pricing could be passed through to the company via prices or logistics contracts, which could reduce margins.
- Regulatory approvals for clinical applicationshigh
Delays or refusals of diagnostic approvals could postpone expansion into the clinical sector.
Investment thesis
What would need to be true (bull case)
- If adoption in healthcare and biopharma grows, the platform could benefit from an existing broad user base built in research.
- The large volume of publications and population-scale programmes could support long-term demand.
- The partner ecosystem and workflow automation could lower adoption barriers for industrial customers.
What would break the thesis
- If clinical approvals are delayed, growth beyond research could remain limited.
- The leadership change and staff restructuring could slow strategy execution.
- Competition and regulatory pressure on dual-use products could reduce margins or volumes.
What to watch
- Progress of the new chief executive in executing strategy and any change to financial targets2026
- Outcome of approvals for diagnostic tests developed with partners2027
- Trend in staff attrition and restructuring costsnext annual report
- Progress toward planned ISO 45001 certification for health and safetyQ4 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
Oxford Nanopore designs and sells sequencing devices and consumables based on its proprietary sensing technology, used in research laboratories, clinics and industrial settings. The technology is used in laboratories across more than 125 countries, according to the annual report for 2025 1. The company also operates through collaborations with partners in clinical, biopharma and public health settings.
The business model combines device sales or leases with recurring consumables such as flow cells and reagent kits. The annual report notes that devices can be returned for recycling, and that packaging and logistics are part of operations 1. This makes in-field device use an important indicator for the company.
The long-term strategy rests on five pillars, including sustainable innovation, employee wellbeing and responsible scaling. The company aims to embed its technology in clinical, biopharma and quality-control workflows, not only in academic research 1.
Segments
Research and discovery
The platform is used in genomics, oncology, infectious disease and environmental science research. The report cites around 20,000 peer-reviewed publications that reference the platform, and the research market is estimated at 8 to 10 billion USD 1.
Healthcare and clinical applications
The company is working on metagenomics services, carrier screening and tuberculosis tests with healthcare bodies and diagnostics makers. Some products are intended for regulated clinical use, which could extend diagnostic adoption if approvals follow 1.
Biopharma and industrial
Biopharma and industrial customers are starting to consolidate several legacy assays into one sequencing workflow for quality control in GMP environments. The company is building an ecosystem with automation, validated workflows and real-time analytics 1.
Market context
The annual report indicates a research market of 8 to 10 billion USD, in which the platform competes for adoption in academic and commercial laboratories. Growth beyond research depends on clinical approvals and expansion into biopharma, areas where adoption is still under way 1.
Demand could benefit from large population-scale programmes such as those using methylomes and large genomic analyses, but the available sources provide no revenue or market-share figures. Any projection would require additional data from financial reports 1.
Trends
- Large-scale sequencing in healthcaretailwind
National genomics and metagenomics programmes could increase demand for sequencing platforms if these services expand. The report mentions a national service in development 1.
- Carbon cost pressure in the supply chainheadwind
Carbon pricing in supplier jurisdictions could raise input and logistics costs, although the company rates the impact as minor. The report warns that such costs could be partly passed through 1.
- Dual-use product regulationmixed
The company's products are treated as dual-use, requiring strict export controls and end-user due diligence. These requirements add administrative work but may also restrict certain markets 1.
- Clinical and regulated application adoptiontailwind
Products approved for diagnostic use, such as tests developed with diagnostics partners, could accelerate clinical sales if approvals are obtained. The timing remains uncertain 1.
Competitive position
The sources analysed do not provide a full list of competitors or comparative market-share data. The company mentions partnerships with diagnostics and biotechnology providers, which suggests competition particularly from alternative sequencing platforms and clinical testing producers 1.
The company's differentiation rests on its proprietary sensing technology, its partner ecosystem and its adoption across more than 125 countries, according to the report 1. The competitive position still depends on execution of the strategy and on regulatory approvals.
- DNA sequencing platform providers
The sources do not name direct competitors. The company operates in a market where alternative sequencing platforms compete for the same research and clinical customers.
- Molecular diagnostics producers
Partnerships with diagnostics entities indicate that clinical tests may compete with existing molecular diagnostic solutions.
- Biopharma instrument suppliers
In GMP quality control, customers could compare sequencing workflows with traditional analytical solutions.
- Large-scale genomic analysis platforms
Population programmes cited in the report may also attract other technology providers for similar projects.
News & filings
In the press
- The revised diploid genome sequence of an individual human: A workflow for near telomere-to-telomere assemblies using only Oxford Nanopore Technologies Simplex-readsPNAS · 23 Oct 2026 · EN
- Oxford Nanopore’s Beaten-Down Shares Stage a ComebackBloomberg Markets · 27 Aug 2026 · EN
Annual reports (ESEF)
- Annual report 202512 May 2026
- Annual report 202307 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Oxford Nanopore Technologies 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.