olivLaw · European equity research
Victrex plc VCT.L
United Kingdom · London Stock Exchange · ISIN GB0009292243 · Vertical: Listed companies from United Kingdom
Victrex plc makes high-performance PEEK and PAEK polymers used in aerospace, automotive, electronics, industrial and medical devices. In fiscal 2025 sales volumes grew 12%, but profitability fell, and the company launched a Profit Improvement Plan under a new CEO.
At the close of 05 Nov 2026, Victrex plc (VCT.L) stock was 9.11 GBP (+0.44% on the day), with market capitalisation 791.4 m GBP, P/E 28.6 on diluted EPS of 0.32 GBP over the last 12 months, dividend yield 6.55%, beta 0.77, 52-week range 5.39–10.10 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)
- 49.5
- neutral
- Bollinger (20, 2)
- 8.87 – 9.46
- in the lower half of the band · %B 0.41 · band width 6.4%
- SMA 50 / 200
- 9.16 / 7.26
- mixed trend
- MACD (12, 26, 9)
- -0.02 / -0.00
- 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 | −2.0% | −0.6% | −1.4 pp | — |
| 3 months | +11.6% | −4.2% | +15.8 pp | — |
| 6 months | +52.9% | +4.3% | +48.5 pp | — |
| Year to date | +39.1% | +7.5% | +31.6 pp | — |
| 1 year | +46.9% | +9.9% | +37.0 pp | +5.8% |
| 3 years | −38.4% | +49.8% | −88.3 pp | +26.3% |
| 5 years | −61.0% | +42.8% | −103.9 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 67 percentile of its own 3-quarter history (min 19.9, median 22.6, max 49.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 307.0 m | 291.0 m | 292.7 m |
| Revenue YoY | unavailable | −5.2% | +0.6% |
| Net income | 61.7 m | 17.2 m | 27.8 m |
| Net income YoY | unavailable | −72.1% | +61.6% |
| Diluted EPS | 0.71 | 0.20 | 0.32 |
| Diluted EPS YoY | unavailable | −72.1% | +61.4% |
| net % | 20.1% | 5.9% | 9.5% |
| Free cash flow | 3.2 m | 51.4 m | 49.3 m |
Balance sheet & financial health
Fiscal year 2025 · 30 Sept 2025
- Cash
- 24.2 m GBP
- Financial debt
- 40.1 m GBP
- Net debt
- 15.9 m GBP
- Equity
- 431.2 m GBP
- Total assets
- 566.9 m GBP
- Debt / equity
- 0.09x
- Current ratio
- 3.01x
- ROE
- 6.2%
- ROA
- 4.8%
- FCF margin
- 16.8%
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 307.0 m | 291.0 m | 292.7 m | esef· 08 Jan 2026verified |
| Cost of revenue | 136.8 m | 161.9 m | 163.8 m | esef· 08 Jan 2026verified |
| Gross profit | 162.6 m | 134.3 m | 132.6 m | esef· 08 Jan 2026verified |
| Research & development | 18.6 m | 17.5 m | 18.8 m | esef· 08 Jan 2026verified |
| Operating income | 73.2 m | 45.8 m | 39.8 m | esef· 08 Jan 2026verified |
| Interest expense | 700.0 k | 1.9 m | 2.4 m | esef· 08 Jan 2026verified |
| Pre-tax income | 72.5 m | 23.4 m | 33.8 m | esef· 08 Jan 2026verified |
| Income tax | 11.5 m | 7.6 m | 8.9 m | esef· 08 Jan 2026verified |
| Net income | 61.7 m | 17.2 m | 27.8 m | esef· 08 Jan 2026verified |
| Diluted EPS | 0.71 | 0.20 | 0.32 | esef· 08 Jan 2026verified |
| Dividend per share | 0.60 | 0.60 | 0.60 | esef· 08 Jan 2026derived |
Balance sheet · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 33.4 m | 29.3 m | 24.2 m | esef· 08 Jan 2026verified |
| Receivables | 47.2 m | 45.8 m | 46.5 m | esef· 08 Jan 2026verified |
| Inventories | 134.5 m | 115.1 m | 109.7 m | esef· 08 Jan 2026verified |
| Current assets | 218.5 m | 201.4 m | 185.4 m | esef· 08 Jan 2026verified |
| Property, plant & equipment, net | 351.2 m | 352.1 m | 348.7 m | esef· 08 Jan 2026verified |
| Total assets | 626.6 m | 592.0 m | 566.9 m | esef· 08 Jan 2026verified |
| Accounts payable | 34.1 m | 34.2 m | 40.0 m | esef· 08 Jan 2026verified |
| Short-term debt | 5.2 m | 7.5 m | 17.5 m | esef· 08 Jan 2026verified |
| Long-term debt | 34.5 m | 32.9 m | 22.6 m | esef· 08 Jan 2026verified |
| Current liabilities | 45.7 m | 45.9 m | 61.6 m | esef· 08 Jan 2026verified |
| Total liabilities | 125.6 m | 130.4 m | 135.7 m | esef· 08 Jan 2026verified |
| Equity | 501.0 m | 461.6 m | 431.2 m | esef· 08 Jan 2026verified |
| Shares outstanding at year end | 87.0 m | 86.9 m | 86.9 m | esef· 08 Jan 2026derived |
Cash flow · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 41.7 m | 84.0 m | 71.1 m | esef· 08 Jan 2026verified |
| Capex | 38.5 m | 32.6 m | 21.8 m | esef· 08 Jan 2026verified |
| Free cash flow | 3.2 m ≈ | 51.4 m ≈ | 49.3 m ≈ | esef· 08 Jan 2026derived |
| Investing cash flow | -32.3 m | -35.4 m | -21.8 m | esef· 08 Jan 2026verified |
| Financing cash flow | -33.7 m | -51.9 m | -54.6 m | esef· 08 Jan 2026verified |
| Dividends paid | 51.8 m | 51.8 m | 51.8 m | esef· 08 Jan 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: 57 / 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: 791.4 m GBP
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
- Quality51
- Returns65
- Balance sheet100
- Valuation38
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 57/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 6.4% | 25 (vs peers) | 17% |
| Net margin · Quality | 9.5% | 46 (vs peers) | 10% |
| FCF conversion · Quality | 177.3% | 100 (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 | 16.6x | 100 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 3.0x | 100 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 28.6x | 6 (vs peers) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 6.2% | 78 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 6.5% | 94 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | 105.1% | 21 (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
- Quality51/100 · 3/3 factors with a value
- Returns65/100 · 2/2 factors with a value
- Valuation38/100 · 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
VICTREX PLC (VCT.L). Latest full fiscal year: 2025; data up to 2025-09-30.
Figures computed from the financial statements: revenue 292.7 m GBP in 2025; YoY growth 0.6%; net margin 9.5%; ROE 6.2%.
The estimated value range is 5.27–7.16 GBP per share (median of 3 methods, agreement: high); assumptions are illustrative. Against the central value of 6.06 GBP, the price of 9.11 GBP leaves a potential of -33.5% (value / price − 1) and a margin of safety of -50.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 57/100, 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
- FCF conversion: 177.3%
- Interest coverage: 16.6x
- Current ratio: 3.0x
- FCF yield: 6.2%
- Shareholder yield (distributions): 6.5%
What contradicts it
- ROIC: 6.4%
- P/E (TTM): 28.6x
- Payout ratio (FCF): 105.1%
- 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% |
| VCT.LVictrex PLC | 791.4 m | 28.6 | 6.2% | 9.5% | +0.6% | +44% / −38% |
| 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 VCT.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 | 5.21 Total return -40% · Per year -40% | 9.22 Total return 5% · Per year 5% | 13.91 Total return 57% · Per year 57% |
| 3 years | 4.66 Total return -41% · Per year -16% | 9.33 Total return 13% · Per year 4% | 15.51 Total return 84% · Per year 22% |
| 5 years | 4.18 Total return -42% · Per year -10% | 9.44 Total return 21% · Per year 4% | 17.29 Total return 114% · Per year 16% |
- Exit P/E± 2.33
- Net margin± 1.63
- Annual revenue growth± 1.39
- Annual dilution± 0.14
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
Victrex plc makes high-performance PEEK and PAEK polymers used in aerospace, automotive, electronics, industrial and medical devices. In fiscal 2025 sales volumes grew 12%, but profitability fell, and the company launched a Profit Improvement Plan under a new CEO 1.
SWOT
Strengths
- Differentiated products, an in-house manufacturing process and a patent portfolio support its leadership position in PEEK.
- Backward integration into key raw materials and well-invested production assets, including the China facility.
- A balance sheet the board regards as a priority under its capital allocation policy, and a commitment to sustainable solutions.
Weaknesses
- Profitability declined in fiscal 2025, partly because of external factors and company-specific costs.
- The change of CEO and the Profit Improvement Plan introduce a transitional period.
- Reliance on the VAR channel limits direct control over end customers.
Opportunities
- If automotive electrification and aerospace modernisation accelerate, PEEK demand could grow significantly.
- Expansion into medical and metal-replacement applications could open new revenue segments.
- Cost reduction through the improvement plan could lift margins if its targets are met.
Threats
- Rising competition in Europe and some segments could press selling prices.
- Geopolitical tensions and tariffs could disrupt supply chains and customer demand.
- Cyber attacks and process safety events could affect operations.
Risks
- Safety, health and environmenthigh
An operational disruption could affect the safety of people and the company's production capacity, although the company reports a low injury frequency rate.
- Supply chainhigh
Capacity, quality or raw material access problems could cause lost earnings and reputational damage.
- Competitive pressuremedium
Competition in Europe and in some end markets could reduce prices and margins in the short term.
- Cyber securitymedium
A rise in ransomware attacks could disrupt IT systems and operations.
- Product liabilitylow
Product defects could lead to claims and strain relationships with major customers.
Investment thesis
What would need to be true (bull case)
- If the profit improvement plan succeeds, margins could recover, and volumes already growing could translate into higher revenue.
- The addressable market the company estimates at at least five times current levels offers long-term growth potential.
- Its differentiated position and patents could support better pricing in niche segments.
What would break the thesis
- Profitability fell in fiscal 2025, and if cost reduction is delayed, results could remain below expectations.
- Rising competition could prevent price recovery, especially in Europe.
- The change of CEO and the transition period could slow implementation of the strategy.
What to watch
- Half-year results for fiscal 2026, especially delivery of the improvement plan savings2026
- Net debt to EBITDA against the target range and payment of the final dividendFebruary 2026
- Pricing and competitive dynamics in PEEK segments in Europe2026
- Progress in aerospace and automotive, including new electric vehicle programme winsnext 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
Victrex develops and manufactures PEEK and PAEK materials, with a differentiated position based on its own manufacturing process, more than 200 patents in place or pending, and backward integration into key raw materials 1. It sells VICTREX PEEK polymers as well as semi-finished products such as APTIV film, composite tape and pipe 1. Strategy centres on solutions aligned to megatrends such as CO2 reduction and energy efficiency 1.
In fiscal 2025 the group faced currency pressure, more intense competition in certain end markets and start-up costs at its China facility 1. Management announced incremental cost actions and a Profit Improvement Plan for fiscal 2026 1.
Victrex named a new CEO starting 1 January 2026 and revised its capital allocation policy, with a net debt to EBITDA target of 0.5x to 1.0x 1. Dividends are to be maintained at fiscal 2024 levels provided that range is not exceeded 1.
Segments
Sustainable Solutions
This business area generates 80% of revenues and covers aerospace, automotive, electronics and energy and industrial applications, where PEEK helps reduce weight and fuel use 1.
Medical
The medical business accounts for 20% of revenues and 5% of sales volume, with uses in implants and devices where PEEK replaces metals 1.
Value Added Resellers
The VAR channel, which compounds PEEK into stock shapes for further processing, is a key part of distribution and accounts for 43% of sales volume 1.
Market context
Demand however depends on industrial cycles and competitive pressure; Victrex flagged increasing competition in Europe, which puts pressure on selling prices 1.
Trends
- Automotive electrificationtailwind
The move to electric vehicles could increase PEEK content per car over time if the 800V platforms the company describes gain traction 1.
- CO2 reduction in aerospacetailwind
Lighter aircraft with composite structures could raise long-term PEEK demand, in line with the delivery pipeline the industry expects 1.
- Competitive pressure in PEEKheadwind
Competition increased in certain end markets in fiscal 2025, which could limit pricing and margins 1.
- Geopolitical and tariff uncertaintymixed
Geopolitical tensions and import-export tariffs may change supply chains and customer demand, with mixed effects by region 1.
Competitive position
Victrex acknowledges that competition in PEEK has been evident for over 20 years, but pressure rose in specific end markets in fiscal 2025 1. The company responds through differentiation in strategy, go-to-market approach, product range, technical service and patents 1.
Differentiation rests on its own manufacturing process and backward integration into raw materials, an advantage that is hard to replicate but does not remove price risk in more standardised segments 1.
- European and Asian PEEK polymer producers
The source cites rising competition from Europe and resulting price pressure without naming individual firms.
- Composite and other high-performance polymer makers
Indirect competition in aerospace and automotive, where alternative materials can replace PEEK.
- Medical metal and alloy producers
Substitution competition in medical applications where metals are replaced by PEEK.
- VAR distributors and processors
Channel partners that can influence pricing and access to end customers.
News & filings
In the press
- Victrex Finds Its High-Performance Groove AgainYahoo Finance — News · 09 Sept 2026 · EN
Annual reports (ESEF)
- Annual report 202508 Jan 2026
- Annual report 202508 Jan 2026
- Annual report 202414 Jan 2025
- Annual report 202414 Jan 2025
Sources
- [1] Annual report, fiscal year ended 2025-09-30 (ESEF) · SEC / Victrex plc · 30 Sept 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.