olivLaw · European equity research
Oxford Instruments PLC OXIG.L
United Kingdom · London Stock Exchange · ISIN GB0006650450 · Vertical: Listed companies from United Kingdom
At the close of 05 Nov 2026, Oxford Instruments PLC (OXIG.L) stock was 23.68 GBP (−6.70% on the day), with market capitalisation 1.3 bn GBP, P/E 28.3 on diluted EPS of 0.84 GBP over the last 12 months, dividend yield 1.00%, beta 1.18, 52-week range 17.86–33.02 GBP.
Data as of · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 30.1
- weak (30–45)
- Bollinger (20, 2)
- 23.55 – 30.03
- in the lower half of the band · %B 0.02 · band width 24.2%
- SMA 50 / 200
- 27.81 / 27.83
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.95 / -0.74
- 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 | −23.9% | −0.6% | −23.3 pp | — |
| 3 months | −18.3% | −4.2% | −14.1 pp | — |
| 6 months | −19.1% | +4.3% | −23.5 pp | — |
| Year to date | +15.5% | +7.5% | +8.0 pp | — |
| 1 year | +28.4% | +9.9% | +18.5 pp | +5.8% |
| 3 years | +25.4% | +49.8% | −24.4 pp | +26.3% |
| 5 years | −1.3% | +42.8% | −44.2 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 33 percentile of its own 3-quarter history (min 24.6, median 28.7, max 38.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2024 | 2025 | 2026 |
|---|---|---|---|
| Revenue | 470.4 m | 443.4 m | 423.2 m |
| Revenue YoY | unavailable | −5.7% | −4.6% |
| Net income | 50.7 m | 26.0 m | 48.2 m |
| Net income YoY | unavailable | −48.7% | +85.4% |
| Diluted EPS | 0.87 | 0.44 | 0.84 |
| Diluted EPS YoY | unavailable | −48.8% | +88.9% |
| net % | 10.8% | 5.9% | 11.4% |
| Free cash flow | 15.4 m | 36.1 m | 47.0 m |
Balance sheet & financial health
Fiscal year 2026 · 31 Mar 2026
- Cash
- 106.9 m GBP
- Financial debt
- 12.9 m GBP
- Net debt
- -94.0 m GBP
- Equity
- 340.2 m GBP
- Total assets
- 552.1 m GBP
- Debt / equity
- 0.04x
- Current ratio
- 1.83x
- ROE
- 13.5%
- ROA
- 8.3%
- FCF margin
- 11.1%
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 470.4 m | 443.4 m | 423.2 m | esef· 25 Jun 2026verified |
| Cost of revenue | 228.0 m | 199.1 m | 187.2 m | esef· 25 Jun 2026verified |
| Gross profit | 242.4 m | 244.3 m | 236.0 m | esef· 25 Jun 2026verified |
| Research & development | 39.1 m | 38.7 m | 37.1 m | esef· 25 Jun 2026verified |
| Operating income | 68.3 m | 37.6 m | 58.0 m | esef· 25 Jun 2026verified |
| Interest expense | 1.7 m | 2.0 m | 2.6 m | esef· 25 Jun 2026verified |
| Pre-tax income | 71.3 m | 38.2 m | 58.5 m | esef· 25 Jun 2026verified |
| Income tax | 20.6 m | 13.0 m | 14.0 m | esef· 25 Jun 2026verified |
| Net income | 50.7 m | 26.0 m | 48.2 m | esef· 25 Jun 2026verified |
| Diluted EPS | 0.87 | 0.44 | 0.84 | esef· 25 Jun 2026verified |
| Dividend per share | 0.21 | 0.22 | 0.24 | esef· 25 Jun 2026verified |
Balance sheet · GBP
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Cash | 97.8 m | 94.1 m | 106.9 m | esef· 25 Jun 2026verified |
| Receivables | 114.7 m | 126.2 m | 125.0 m | esef· 25 Jun 2026verified |
| Inventories | 108.1 m | 99.1 m | 72.5 m | esef· 25 Jun 2026verified |
| Current assets | 323.9 m | 330.7 m | 311.3 m | esef· 25 Jun 2026verified |
| Property, plant & equipment, net | 80.5 m | 85.6 m | 76.4 m | esef· 25 Jun 2026verified |
| Total assets | 606.3 m | 604.8 m | 552.1 m | esef· 25 Jun 2026verified |
| Accounts payable | 166.2 m | 153.7 m | 137.6 m | esef· 25 Jun 2026verified |
| Short-term debt | 13.1 m | 9.2 m | 12.7 m | esef· 25 Jun 2026verified |
| Long-term debt | 900.0 k | 500.0 k | 200.0 k | esef· 25 Jun 2026verified |
| Current liabilities | 198.2 m | 182.6 m | 170.2 m | esef· 25 Jun 2026verified |
| Total liabilities | 240.6 m | 228.7 m | 211.9 m | esef· 25 Jun 2026verified |
| Equity | 365.7 m | 376.1 m | 340.2 m | esef· 25 Jun 2026verified |
| Shares outstanding at year end | 57.8 m | 58.0 m | 57.0 m | esef· 25 Jun 2026derived |
Cash flow · GBP
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 42.4 m | 49.7 m | 54.4 m | esef· 25 Jun 2026verified |
| Capex | 27.0 m | 13.6 m | 7.4 m | esef· 25 Jun 2026verified |
| Free cash flow | 15.4 m ≈ | 36.1 m ≈ | 47.0 m ≈ | esef· 25 Jun 2026derived |
| Investing cash flow | -37.5 m | -27.4 m | 37.0 m | esef· 25 Jun 2026verified |
| Financing cash flow | -18.0 m | -19.0 m | -81.9 m | esef· 25 Jun 2026verified |
| Dividends paid | 11.4 m | 12.1 m | 13.0 m | esef· 25 Jun 2026verified |
| Share repurchases | — | 0 | 62.2 m | esef· 25 Jun 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: 63 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 1.3 bn GBP
Key indicators
Coverage and freshness
Score by group
- Quality69
- Returns88
- Balance sheet94
- Valuation26
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
Neutral profile · Score 63/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 16.4% | 63 (vs peers) | 17% |
| Net margin · Quality | 11.4% | 51 (vs peers) | 10% |
| FCF conversion · Quality | 97.5% | 96 (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 | 22.3x | 100 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 1.8x | 86 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 28.3x | 11 (vs peers) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 3.5% | 44 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 5.6% | 80 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | 27.7% | 100 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet94/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality69/100 · 3/3 factors with a value
- Returns88/100 · 2/2 factors with a value
- Valuation26/100 · 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
OXFORD INSTRUMENTS PLC (OXIG.L). Latest full fiscal year: 2026; data up to 2026-03-31.
Figures computed from the financial statements: revenue 423.2 m GBP in 2026; YoY growth -4.6%; net margin 11.4%; ROE 13.5%.
The estimated value range is 8.58–10.86 GBP per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 9.54 GBP, the price of 23.68 GBP leaves a potential of -59.7% (value / price − 1) and a margin of safety of -148.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 63/100, methodological classification: neutral 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
- FCF conversion: 97.5%
- Interest coverage: 22.3x
- Current ratio: 1.8x
- Shareholder yield (distributions): 5.6%
- Payout ratio (FCF): 27.7%
What contradicts it
- P/E (TTM): 28.3x
- The price is above the estimated value range
- The valuation methods diverge
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% |
| OXIG.LOxford Instruments PLC | 1.3 bn | 28.3 | 13.5% | 11.4% | −4.6% | +20% / +12% |
| 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 OXIG.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 | 12.86 Total return -45% · Per year -45% | 22.84 Total return -3% · Per year -3% | 34.56 Total return 47% · Per year 47% |
| 3 years | 10.31 Total return -55% · Per year -23% | 20.81 Total return -9% · Per year -3% | 34.87 Total return 51% · Per year 15% |
| 5 years | 8.27 Total return -62% · Per year -18% | 18.96 Total return -16% · Per year -3% | 35.18 Total return 54% · Per year 9% |
- Exit P/E± 5.20
- Net margin± 3.64
- Annual revenue growth± 3.27
- Annual dilution± 0.31
AI analysis
The qualitative analysis has not been written for this company yet.
Products, market & competition
The qualitative analysis has not been written for this company yet.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202625 Jun 2026
- Annual report 202501 Jul 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.