olivLaw · European equity research
Vesuvius plc VSVS.L
United Kingdom · London Stock Exchange · ISIN GB00B82YXW83 · Vertical: Listed companies from United Kingdom
Vesuvius plc is a global supplier of technology for molten steel and foundry processes, active in Steel, Foundry and Flow Control. In 2025 trading profit fell to £151.1m, in a context of price and volume pressure, while the company accelerated its savings programme and integrated acquisitions.
At the close of 05 Nov 2026, Vesuvius plc (VSVS.L) stock was 4.61 GBP (−1.66% on the day), with market capitalisation 1.1 bn GBP, P/E 22.1 on diluted EPS of 0.21 GBP over the last 12 months, beta 1.12, 52-week range 3.59–5.03 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)
- 55.5
- strong (55–70)
- Bollinger (20, 2)
- 4.47 – 4.79
- in the lower half of the band · %B 0.44 · band width 7.0%
- SMA 50 / 200
- 4.23 / 4.36
- mixed trend
- MACD (12, 26, 9)
- 0.11 / 0.13
- 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 | +3.4% | −0.6% | +4.1 pp | — |
| 3 months | +17.7% | −4.2% | +21.8 pp | — |
| 6 months | +1.2% | +4.3% | −3.1 pp | — |
| Year to date | +16.2% | +7.5% | +8.7 pp | — |
| 1 year | +22.5% | +9.9% | +12.5 pp | +5.8% |
| 3 years | +13.7% | +49.8% | −36.2 pp | +26.3% |
| 5 years | −2.0% | +42.8% | −44.8 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 100 percentile of its own 3-quarter history (min 11.0, median 12.8, max 19.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 1.9 bn | 1.8 bn | 1.8 bn |
| Revenue YoY | unavailable | −5.7% | −0.6% |
| Net income | 118.5 m | 87.2 m | 52.2 m |
| Net income YoY | unavailable | −26.4% | −40.1% |
| Diluted EPS | 0.44 | 0.33 | 0.21 |
| Diluted EPS YoY | unavailable | −24.1% | −36.9% |
| net % | 6.1% | 4.8% | 2.9% |
| Free cash flow | 131.9 m | 67.6 m | 38.5 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 190.6 m GBP
- Financial debt
- 641.9 m GBP
- Net debt
- 451.3 m GBP
- Equity
- 1.2 bn GBP
- Total assets
- 2.4 bn GBP
- Debt / equity
- 0.52x
- Current ratio
- 2.35x
- ROE
- 4.2%
- ROA
- 2.2%
- FCF margin
- 2.1%
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 1.9 bn | 1.8 bn | 1.8 bn | esef· 15 Apr 2026verified |
| Cost of revenue | — | 1.3 bn | 1.3 bn | esef· 15 Apr 2026verified |
| Gross profit | — | 503.7 m ≈ | 460.7 m ≈ | esef· 15 Apr 2026derived |
| Operating income | 190.1 m | 153.7 m | 114.6 m | esef· 15 Apr 2026verified |
| Interest expense | 28.2 m | 27.1 m | 26.6 m | esef· 15 Apr 2026verified |
| Pre-tax income | 179.4 m | 138.6 m | 97.2 m | esef· 15 Apr 2026verified |
| Income tax | 48.8 m | 38.3 m | 32.4 m | esef· 15 Apr 2026verified |
| Net income | 118.5 m | 87.2 m | 52.2 m | esef· 15 Apr 2026verified |
| Diluted EPS | 0.44 | 0.33 | 0.21 | esef· 15 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue.
Balance sheet · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 164.2 m | 186.4 m | 190.6 m | esef· 15 Apr 2026verified |
| Receivables | 460.5 m | 438.9 m | 451.0 m | esef· 15 Apr 2026verified |
| Inventories | 291.0 m | 295.4 m | 287.3 m | esef· 15 Apr 2026verified |
| Current assets | 927.2 m | 937.2 m | 947.8 m | esef· 15 Apr 2026verified |
| Property, plant & equipment, net | 460.8 m | 482.6 m | — | esef· 15 Apr 2025verified |
| Total assets | 2.3 bn | 2.3 bn | 2.4 bn | esef· 15 Apr 2026verified |
| Accounts payable | 377.8 m | 363.4 m | 359.7 m | esef· 15 Apr 2026verified |
| Short-term debt | 24.2 m | 80.4 m | 24.3 m | esef· 15 Apr 2026verified |
| Long-term debt | 378.0 m | 439.8 m | 617.6 m | esef· 15 Apr 2026verified |
| Current liabilities | 422.9 m | 460.8 m | 403.3 m | esef· 15 Apr 2026verified |
| Total liabilities | 962.0 m | 1.1 bn | 1.2 bn | esef· 15 Apr 2026verified |
| Equity | 1.3 bn | 1.2 bn | 1.2 bn | esef· 15 Apr 2026verified |
| Shares outstanding at year end | 269.3 m | 260.3 m | 247.4 m | esef· 15 Apr 2026derived |
Cash flow · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 216.5 m | 155.7 m | 116.6 m | esef· 15 Apr 2026verified |
| Capex | 84.6 m | 88.1 m | 78.1 m | esef· 15 Apr 2026verified |
| Free cash flow | 131.9 m ≈ | 67.6 m ≈ | 38.5 m ≈ | esef· 15 Apr 2026derived |
| Investing cash flow | -86.2 m | -95.4 m | -117.8 m | esef· 15 Apr 2026verified |
| Financing cash flow | -128.3 m | -37.5 m | 20.2 m | esef· 15 Apr 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 weight coverage: 52.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 1.1 bn GBP
Key indicators
Coverage and freshness
Score by group
52% · 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: 52.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 4.7% | 25 (vs peers) | 20% |
| Net margin · Quality | 2.9% | 31 (vs peers) | 12% |
| FCF conversion · Quality | 73.8% | 63 (on a fixed band) | 12% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 4.3x | 43 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 2.4x | 100 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 22.1x | 28 (vs peers) | 20% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 3.4% | 42 (on a fixed band) | 16% |
| 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 sheet66/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality37/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation34/100 · 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
VESUVIUS PLC (VSVS.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 1.8 bn GBP in 2025; YoY growth -0.6%; net margin 2.9%; ROE 4.6%.
The estimated value range is 1.57–2.86 GBP per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 2.15 GBP, the price of 4.61 GBP leaves a potential of -53.3% (value / price − 1) and a margin of safety of -114.2% (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: 52.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.4x
What contradicts it
- ROIC: 4.7%
- P/E (TTM): 22.1x
- 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, 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% |
| VSVS.LVesuvius PLC | 1.1 bn | 22.1 | 4.6% | 2.9% | −0.6% | +21% / +7% |
| 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 VSVS.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 | 2.61 Total return -43% · Per year -43% | 4.63 Total return 0% · Per year 0% | 6.99 Total return 52% · Per year 52% |
| 3 years | 2.28 Total return -51% · Per year -21% | 4.58 Total return -1% · Per year -0% | 7.62 Total return 65% · Per year 18% |
| 5 years | 1.99 Total return -57% · Per year -15% | 4.52 Total return -2% · Per year -0% | 8.31 Total return 80% · Per year 12% |
- Exit P/E± 1.14
- Net margin± 0.80
- Annual revenue growth± 0.69
- Annual dilution± 0.07
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
Vesuvius plc is a global supplier of technology for molten steel and foundry processes, active in Steel, Foundry and Flow Control. In 2025 trading profit fell to £151.1m 1, in a context of price and volume pressure, while the company accelerated its savings programme and integrated acquisitions.
SWOT
Strengths
- Solid market position in consumables and refractory technology, with market share gains in several regions.
- Good cash conversion in 2025 and a business model with recurring service and consumables components.
- A savings programme that delivered faster than initial estimates, strengthening operating efficiency.
Weaknesses
- Trading profit fell significantly in 2025, and Steel division margins were hit by costs not recovered through prices.
- Net debt rose in 2025, and the leverage ratio increased from the prior year.
- Exposure to cyclical industrial end markets, especially steel, makes revenue vulnerable to volume declines.
Opportunities
- Growth in Asia-Pacific and integration of the MMS acquisition could support a profit recovery in coming years.
- Savings scheduled through 2028 could lift margins if end markets stabilise.
- Growth potential in sensors and higher-value technical solutions with greater added value.
Threats
- Continued contraction in European and Chinese markets could keep weighing on volumes and prices.
- Currency volatility has already reduced reported revenue.
- Competitive pressure and customers switching to lower-margin products could limit profit recovery.
Risks
- Margin pressurehigh
If prices do not offset cost inflation, trading profit could fall again, as it did in the first half of 2025.
- Higher indebtednessmedium
Rising net debt and leverage could limit financial flexibility if profit does not recover.
- Exposure to European marketmedium
Declining volumes in Europe and the UK could continue to affect Flow Control and Foundry revenue.
- Legacy litigation provisionsmedium
Provisions for legacy claims and disposal costs are estimates; changes in assumptions could alter the amounts due.
- Currency risklow
Exchange rate effects reduced reported revenue in 2025, and renewed volatility could have the same effect.
Investment thesis
What would need to be true (bull case)
- Volume growth in Asia-Pacific and market share gains could offset weakness in Europe and bring back revenue growth.
- The savings programme, delivered ahead of expectations, could support margins if prices stay positive in 2026.
- The Molten Metal Systems acquisition could bring synergies that support Foundry division profit.
What would break the thesis
- If inflation pressure returns and prices do not cover it, trading profit could fall again.
- Higher net debt could limit the company's ability to sustain dividends and buybacks.
- If European and Chinese markets remain weak, volumes could continue to decline.
What to watch
- Trading profit and net pricing trends in the Steel divisionQ1 2027
- Delivery of the c. £10m further savings announced for 20262026
- Net cash capex against the £70m-75m estimate2026
- Net debt to EBITDA ratio and MMS integration progressnext 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
Vesuvius designs and manufactures refractory solutions, molten metal flow control systems, sensors and probes, and consumables for foundries, serving customers in steel and iron. The group reports in two divisions, Steel and Foundry, and total group revenue in 2025 was £1,809.5m 1. Its financial reporting is in pounds sterling and covers operations across several continents.
The business model combines consumable products with technical services, so revenue depends more on customers' production volumes than on their capital spending. The Molten Metal Systems acquisition, completed in November 2025, extended the Foundry division 1.
The company reinvests part of its cash in capacity and research, with R&D spending of £35.3m in 2025 1, and returns cash to shareholders through dividends and share buybacks when no further investment is needed.
Segments
Market context
Vesuvius's end markets, particularly steel and iron, were difficult in 2025, with falling volumes in Europe and a contracting Chinese steel market 1. Cost inflation was not always covered by prices, and EMEA customers temporarily switched to lower-value, lower-margin products 1.
Growth came from Asia-Pacific, especially India and South East Asia, where the company gained market share 1. For 2026 management expects savings and acquisition synergies to support profit, but the outcome depends on end-market developments.
Trends
- Pricing and margin pressureheadwind
In the first half of 2025 cost inflation was not offset by prices, and net pricing only turned positive in the second half, which eroded trading profit 1.
- Accelerated efficiency savingstailwind
The savings programme delivered significant savings earlier than planned, and the target was extended to 2028; if these savings hold, they could support margins even in a weak market 1.
- Growth in Asia-Pacificmixed
Volume growth in India and South East Asia supported both divisions, while Europe remained in decline, making regional dynamics a key factor for future results 1.
- Consolidation through acquisitionsmixed
The PiroMET and Molten Metal Systems acquisitions added revenue but also increased net debt; their effect on margins will depend on successful integration and synergies 1.
Competitive position
The supplied sources do not explicitly name Vesuvius's competitors. Generally, the company competes with global suppliers of refractories, foundry consumables and flow control systems for steel and iron, a segment where it builds its edge on product technology and services.
The company's competitive advantage lies in market share gains in Asia-Pacific and the ability to keep prices positive, but competitive pressure showed in EMEA, where customers moved to lower-value products 1.
- Global refractory suppliers
General competitors implied by the market; the sources do not name them, so a US listing cannot be confirmed.
- Regional foundry consumables producers
Regional companies in Asia and Europe competing on price in the Foundry segment; not identified in the source.
- Steel sensor suppliers
Competitors in Sensors & Probes, where Vesuvius reported lower revenue; not named in the source.
- Flow control system suppliers
Competitors in Flow Control, where the company kept revenue stable through positive pricing; not identified in the source.
News & filings
In the press
- Pompeii cupboard opens window onto life before Vesuvius eruptedThe Japan Times · 01 Nov 2026 · EN
- Vesuvius Surges After Cash-and-Shares Bid From RHI MagnesitaBloomberg Markets · 29 Sept 2026 · EN
- We may soon be able to read long-lost ancient scrolls damaged by the eruption of Mount VesuviusPhys.org · 16 Sept 2026 · EN
- They've read the scroll thing! AI helps decipher ancient document charred by VesuviusThe Register · 25 Jun 2026 · RO
- They read the scroll thing! AI helps decipher ancient document charred by VesuviusThe Register · 25 Jun 2026 · RO
- AI helps read papyrus scroll burnt to crisp during Vesuvius eruptionThe Guardian World · 24 Jun 2026 · RO
Annual reports (ESEF)
- Annual report 202515 Apr 2026
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Vesuvius 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.