olivLaw · European equity research
Xaar plc XAR.L
United Kingdom · London Stock Exchange · ISIN GB0001570810 · Vertical: Listed companies from United Kingdom
Xaar plc designs and manufactures industrial inkjet printheads, ink delivery systems and integrated printing equipment for OEMs and print-system integrators. Revenue in fiscal 2025 reached £60.1 million, up 12%, as the company tries to broaden its application base beyond the traditional ceramic tile and coding markets toward 3D printing, automotive coatings and EV batteries.
At the close of 05 Nov 2026, Xaar plc (XAR.L) stock was 1.41 GBP (−4.75% on the day), with market capitalisation 110.8 m GBP, beta 0.37, 52-week range 0.98–1.61 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)
- 43.3
- weak (30–45)
- Bollinger (20, 2)
- 1.40 – 1.61
- in the lower half of the band · %B 0.04 · band width 14.4%
- SMA 50 / 200
- 1.39 / 1.26
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.02 / 0.04
- 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 | −5.1% | −0.6% | −4.4 pp | — |
| 3 months | +19.1% | −4.2% | +23.2 pp | — |
| 6 months | +1.8% | +4.3% | −2.5 pp | — |
| Year to date | +32.5% | +7.5% | +25.0 pp | — |
| 1 year | +14.7% | +9.9% | +4.8 pp | +5.8% |
| 3 years | −20.6% | +49.8% | −70.5 pp | +26.3% |
| 5 years | −16.5% | +42.8% | −59.3 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.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 70.2 m | 53.8 m | 60.1 m |
| Revenue YoY | unavailable | −23.5% | +11.7% |
| Net income | -2.4 m | -10.8 m | -3.4 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.03 | -0.14 | -0.04 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -3.4% | -20.1% | -5.6% |
| Free cash flow | -2.0 m | 5.7 m | -173.0 k |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 5.3 m GBP
- Financial debt
- unavailable GBP
- Net debt
- unavailable GBP
- Equity
- 56.3 m GBP
- Total assets
- 78.3 m GBP
- Debt / equity
- unavailable
- Current ratio
- 2.55x
- ROE
- -5.8%
- ROA
- -4.3%
- FCF margin
- -0.3%
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 70.2 m | 53.8 m | 60.1 m | esef· 12 May 2026verified |
| Cost of revenue | 43.4 m | 34.1 m | 36.4 m | esef· 12 May 2026verified |
| Gross profit | 26.9 m | 19.6 m | 23.7 m | esef· 12 May 2026verified |
| Research & development | 5.5 m | 4.1 m | 4.1 m | esef· 12 May 2026verified |
| Operating income | -2.2 m | -9.0 m | -2.9 m | esef· 12 May 2026verified |
| Interest expense | 562.0 k | 439.0 k | 461.0 k | esef· 12 May 2026verified |
| Pre-tax income | -2.7 m | -9.4 m | -3.3 m | esef· 12 May 2026verified |
| Income tax | -309.0 k | -815.0 k | -242.0 k | esef· 12 May 2026verified |
| Net income | -2.4 m | -10.8 m | -3.4 m | esef· 12 May 2026verified |
| Diluted EPS | -0.03 | -0.14 | -0.04 | esef· 12 May 2026verified |
Balance sheet · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 7.1 m | 8.7 m | 5.3 m | esef· 12 May 2026verified |
| Receivables | 8.8 m | 8.1 m | 9.3 m | esef· 12 May 2026verified |
| Inventories | 31.0 m | 27.2 m | 26.6 m | esef· 12 May 2026verified |
| Current assets | 51.8 m | 47.2 m | 44.7 m | esef· 12 May 2026verified |
| Property, plant & equipment, net | 14.5 m | 12.5 m | 12.6 m | esef· 12 May 2026verified |
| Goodwill | 6.9 m | 7.0 m | 6.6 m | esef· 12 May 2026verified |
| Intangibles (excl. goodwill) | 7.4 m | 5.1 m | 5.7 m | esef· 12 May 2026verified |
| Total assets | 97.9 m | 81.3 m | 78.3 m | esef· 12 May 2026verified |
| Current liabilities | 21.3 m | 16.3 m | 17.5 m | esef· 12 May 2026verified |
| Total liabilities | 28.5 m | 21.3 m | 22.0 m | esef· 12 May 2026verified |
| Equity | 69.4 m | 59.9 m | 56.3 m | esef· 12 May 2026verified |
| Shares outstanding at year end | 80.3 m | 79.0 m | 78.9 m | esef· 12 May 2026derived |
Cash flow · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -449.0 k | 6.6 m | 1.8 m | esef· 12 May 2026verified |
| Capex | 1.5 m | 936.0 k | 2.0 m | esef· 12 May 2026verified |
| Free cash flow | -2.0 m ≈ | 5.7 m ≈ | -173.0 k ≈ | esef· 12 May 2026derived |
| Investing cash flow | 570.0 k | -768.0 k | -2.6 m | esef· 12 May 2026verified |
| Financing cash flow | -1.3 m | -4.3 m | -2.7 m | esef· 12 May 2026verified |
| Share repurchases | — | 0 | 900.0 k | 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: 5 of at least 6
- score weight coverage: 31.2% 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: 110.8 m GBP
Key indicators
Coverage and freshness
Score by group
31% · 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: 5 of at least 6; score weight coverage: 31.2% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -5.6% | 26 (vs peers) | 20% |
| 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 | -6.2x | 0 (on a fixed band) | 20% |
| Current ratio · Balance sheet | 2.6x | 100 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -0.2% | 0 (on a fixed band) | 27% |
| Shareholder yield (distributions) · Returns | 0.8% | 12 (on a fixed band) | 20% |
| 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· partial26/100 · 1/3 factors with a value
- Returns· partial12/100 · 1/2 factors with a value
- Valuation· partial0/100 · 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
XAAR PLC (XAR.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 60.1 m GBP in 2025; YoY growth 11.7%; net margin -5.6%; ROE -5.8%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 31.2% 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: 2.6x
What contradicts it
- Net margin: -5.6%
- Interest coverage: -6.2x
- FCF yield: -0.2%
- Shareholder yield (distributions): 0.8%
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, 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% |
| XAR.LXaar PLC | 110.8 m | — | -5.8% | -5.6% | +11.7% | +20% / +10% |
| 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 XAR.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 | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
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
Xaar plc designs and manufactures industrial inkjet printheads, ink delivery systems and integrated printing equipment for OEMs and print-system integrators. Revenue in fiscal 2025 reached £60.1 million, up 12%, as the company tries to broaden its application base beyond the traditional ceramic tile and coding markets toward 3D printing, automotive coatings and EV batteries.
SWOT
Strengths
- Proprietary, patent-protected technology allows printing of high-viscosity fluids, an advantage management emphasises.
- Recurring revenue from printhead replacement offers a more predictable base than one-off equipment sales.
- Printhead growth in 2025 shows that new applications are beginning to contribute to results.
Weaknesses
- Dependence on traditional markets such as ceramics has long put pressure on revenue.
- The EPS division declined and needed restructuring and a change of management.
- Adjusted operating profit remains very small and net cash fell from the prior year.
Opportunities
- Applications in EV battery coating and automotive coating could become significant if OEM adoption accelerates.
- Functional 3D printing and digital jewellery wax offer expanding markets for the existing technology.
- Expansion in Asia through the Dongguan facility could improve access to regional customers and shorten supply chains.
Threats
- The long qualification cycle for new applications may delay expected revenue.
- Global economic conditions and geopolitical tensions could reduce investment by industrial customers.
- Competition from traditional coating technologies and plastic film remains present in the targeted markets.
Risks
- Supply chain continuitymedium
The board actively monitored supply chain continuity risk, in the context of production transfers and the opening of a new facility in Asia.
- Customer project timinghigh
Qualification by several customer layers can postpone orders for new applications, making revenue harder to forecast.
- Macroeconomic conditionsmedium
Economic and geopolitical uncertainty can affect industrial investment, and the board included it among the principal risks it monitors.
- Performance of the EPS divisionmedium
Continued decline or a delayed recovery at EPS could limit overall group growth.
- Cyber securitylow
The board regularly monitored cyber security risk, a common operational risk for digitised industrial businesses.
Investment thesis
What would need to be true (bull case)
- If new applications in batteries, automotive coating and 3D printing reach commercial adoption, recurring printhead revenue could become more predictable and larger.
- Gross margin gains and cost reduction from restructuring could improve profitability if volumes grow.
- A patent-protected technology position may limit competition in applications using high-viscosity fluids.
What would break the thesis
- Traditional ceramic and coding markets remain weak, and growth still relies on a few new applications with uncertain timing.
- Very small adjusted operating profit and reduced net cash leave limited room for errors or delayed investments.
- The EPS restructuring and leadership change suggest execution problems that are not yet fully resolved.
What to watch
- Trajectory of Printhead revenue and new order intakeQ1 2027
- Progress of battery and automotive coating applications toward OEM adoption2027
- EPS division results after restructuringnext 10-K
- Stability of gross margin and net cash position2027
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
Xaar builds its business on proprietary inkjet technology able to deposit high-viscosity fluids or fluids with high pigment loading precisely, which the company presents as an advantage over competitors. The model pairs printhead sales, whose periodic replacement generates recurring revenue, with ink delivery systems, integration and application expertise for industrial customers. Management says the strategy targets applications with structural long-term growth drivers, funded from free cash flow and modest borrowing facilities 1.
During 2025 the company continued restructuring: it opened a facility in Dongguan to be closer to Asian customers, moved FFEI manufacturing to Huntingdon and closed the Hemel Hempstead site to reduce costs and simplify its footprint 1. The board also approved a restructuring programme for the EPS division after weaker demand in US end markets 1.
The group has three main lines: Printhead, Megnajet (fluid management and delivery systems) and EPS (integrated print systems). Printhead drove most of the growth in 2025, while EPS declined and limited total revenue growth 1.
Segments
Printhead
The printhead division was the main growth driver in 2025, with revenue up 22%, all from new business, mostly from OEMs adopting Xaar technology for the first time 1. Ceramics stabilised, while growth came from digital jewellery wax printing and new applications.
Megnajet
Megnajet, which specialises in fluid management and high-precision ink delivery systems, grew 2% in 2025, helped by greater uptake of modular platforms that simplify customer integration 1.
EPS
The Engineered Print Systems division declined in 2025, reflecting difficult US end markets, the end of a multi-year project and a refocus under new management. The company says its new product and application pipeline is healthier and the outlook for 2026 is stronger 1.
Market context
The company operates in industrial digital printing markets, where inkjet technology replaces processes such as spray painting, masking or plastic film. Management ties its outlook to global trends toward digital manufacturing and reduced process waste, while noting that its traditional ceramic tile and coding markets were weak for several years 1.
Adoption cycles for new applications are long, because each solution needs qualification by several layers of customers before commercial use, which makes project timing hard to predict. The company nevertheless argues this complexity creates durable competitive advantage and barriers to entry 1.
Trends
- Digitalisation of industrial manufacturingtailwind
Moves from analogue to digital processes, such as inkjet printing for automotive and battery coatings, could open new markets for Xaar technology if OEM adoption expands.
- Reduction of waste and energy usetailwind
Pressure for energy efficiency and less material waste favours digital printing, which the company says can cut energy use and emissions compared with analogue alternatives, based on its own research.
- Weakness in ceramics demandheadwind
The ceramic tile market is affected by structural changes in Chinese domestic property activity, a long-running headwind for Xaar, although sales stabilised in 2025.
- Macroeconomic and geopolitical conditionsmixed
Global economic uncertainty and geopolitical tensions can affect the investment timing of industrial customers and growth, a risk the board tracks closely.
Competitive position
The company attributes its advantage to patent-protected printhead architecture able to handle higher-viscosity fluids and higher pigment loading than competitors. The supplied documents do not name direct competitors in detail, so the competitive analysis rests largely on the company's own statements 1.
According to the company, barriers to entry are high because application development needs cooperation between the printhead maker, the fluid maker and the printing machine maker, and regular printhead replacement creates recurring revenue 1.
- Industrial printhead manufacturers (unnamed in source)
The source does not name specific competitors; the company refers generically to rivals unable to handle high-viscosity fluids.
- Spray-painting coating equipment providers
Competition in automotive and battery coating comes from traditional spray-painting processes that Xaar aims to replace.
- Plastic film producers for battery packs
The company argues inkjet coating offers a cheaper and safer alternative to PET film in battery coating.
- Other integrated print-system suppliers
The EPS division competes with print-system integrators; the source does not identify them.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202512 May 2026
- Annual report 202407 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Xaar 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.