olivLaw · European equity research
XP Power Limited XPP.L
United Kingdom · London Stock Exchange · Vertical: Listed companies from United Kingdom
XP Power designs and manufactures power supplies and converters for customers in industrial technology, healthcare and semiconductor equipment, holding a small share of a fragmented market. The year 2025 was shaped by customer destocking, but a stronger second half could support a recovery if demand improves.
At the close of 05 Nov 2026, XP Power Limited (XPP.L) stock was 16.00 GBP (−2.44% on the day), with market capitalisation 4.3 m GBP, beta 0.62, 52-week range 8.70–21.00 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)
- 32.6
- weak (30–45)
- Bollinger (20, 2)
- 15.61 – 20.25
- in the lower half of the band · %B 0.08 · band width 25.9%
- SMA 50 / 200
- 18.74 / 16.78
- mixed trend
- MACD (12, 26, 9)
- -0.68 / -0.52
- 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 | −21.8% | −0.6% | −21.1 pp | — |
| 3 months | −10.7% | −4.2% | −6.5 pp | — |
| 6 months | −16.0% | +4.3% | −20.3 pp | — |
| Year to date | +77.8% | +7.5% | +70.3 pp | — |
| 1 year | +56.6% | +9.9% | +46.6 pp | +5.8% |
| 3 years | +54.4% | +49.8% | +4.6 pp | +26.3% |
| 5 years | −70.6% | +42.8% | −113.4 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 | 316.4 m | 247.3 m | 230.1 m |
| Revenue YoY | unavailable | −21.8% | −7.0% |
| Net income | -9.2 m | -9.6 m | -11.4 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -45.30 | -40.40 | -42.00 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -2.9% | -3.9% | -5.0% |
| Free cash flow | 26.9 m | 45.6 m | 39.0 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- unavailable GBP
- Financial debt
- 77.0 m GBP
- Net debt
- unavailable GBP
- Equity
- 172.6 m GBP
- Total assets
- 423.7 m GBP
- Debt / equity
- 0.45x
- Current ratio
- 1.59x
- ROE
- -7.2%
- ROA
- -2.7%
- FCF margin
- 16.9%
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 316.4 m | 247.3 m | 230.1 m | esef· 29 Apr 2026verified |
| Cost of revenue | 185.1 m | 150.3 m | 133.8 m | esef· 29 Apr 2026verified |
| Gross profit | 131.3 m | 97.0 m | 96.3 m | esef· 29 Apr 2026verified |
| Research & development | 26.5 m | 19.9 m | 21.5 m | esef· 29 Apr 2026verified |
| Operating income | 24.5 m | 3.6 m | 700.0 k | esef· 29 Apr 2026verified |
| Pre-tax income | 11.2 m | -7.7 m | -7.3 m | esef· 29 Apr 2026verified |
| Income tax | 20.2 m | 1.7 m | 4.0 m | esef· 29 Apr 2026verified |
| Net income | -9.2 m | -9.6 m | -11.4 m | esef· 29 Apr 2026verified |
| Diluted EPS | -45.30 | -40.40 | -42.00 | esef· 29 Apr 2026verified |
Balance sheet · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Inventories | 91.6 m | 71.1 m | 57.0 m | esef· 29 Apr 2026verified |
| Current assets | 192.0 m | 160.7 m | 180.9 m | esef· 29 Apr 2026verified |
| Property, plant & equipment, net | 59.5 m | 64.4 m | 65.6 m | esef· 29 Apr 2026verified |
| Goodwill | 75.6 m | 73.2 m | 72.8 m | esef· 29 Apr 2026verified |
| Intangibles (excl. goodwill) | 63.1 m | 63.5 m | 54.2 m | esef· 29 Apr 2026verified |
| Total assets | 446.3 m | 416.2 m | 423.7 m | esef· 29 Apr 2026verified |
| Short-term debt | 400.0 k | 300.0 k | 300.0 k | esef· 29 Apr 2026verified |
| Long-term debt | 125.7 m | 108.6 m | 76.7 m | esef· 29 Apr 2026verified |
| Current liabilities | 100.0 m | 97.9 m | 114.0 m | esef· 29 Apr 2026verified |
| Total liabilities | 291.0 m | 270.3 m | 251.1 m | esef· 29 Apr 2026verified |
| Equity | 155.3 m | 145.9 m | 172.6 m | esef· 29 Apr 2026verified |
| Shares outstanding at year end | 202.6 k | 237.0 k | 271.4 k | esef· 29 Apr 2026derived |
Cash flow · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 57.5 m | 55.4 m | 46.1 m | esef· 29 Apr 2026verified |
| Capex | 30.6 m | 9.8 m | 7.1 m | esef· 29 Apr 2026verified |
| Free cash flow | 26.9 m ≈ | 45.6 m ≈ | 39.0 m ≈ | esef· 29 Apr 2026derived |
| Investing cash flow | -39.9 m | -20.0 m | -26.7 m | esef· 29 Apr 2026verified |
| Financing cash flow | -27.0 m | -33.5 m | 1.6 m | esef· 29 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
- indicators available: 3 of at least 6
- score weight coverage: 18.8% 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: 4.3 m GBP
Key indicators
Coverage and freshness
Score by group
19% · 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: 18.8% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -5.0% | 26 (vs peers) | 33% |
| 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 | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.6x | 66 (on a fixed band) | 22% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 898.0% | 100 (on a fixed band) | 44% |
| 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 sheet· partial66/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial26/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial100/100 · 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
XP POWER LIMITED (XPP.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 230.1 m GBP in 2025; YoY growth -7.0%; net margin -5.0%; ROE -7.2%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 18.8% 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
- FCF yield: 898.0%
What contradicts it
- Net margin: -5.0%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), 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% |
| 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% |
| XPP.LXp Power Limited | 4.3 m | — | -7.2% | -5.0% | −7.0% | +76% / +33% |
| 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 XPP.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
XP Power designs and manufactures power supplies and converters for customers in industrial technology, healthcare and semiconductor equipment, holding a small share of a fragmented market. The year 2025 was shaped by customer destocking, but a stronger second half could support a recovery if demand improves 1.
SWOT
Strengths
- The company has a broad product range, medical certifications and the ability to integrate complete solutions, which makes it hard to replace in complex projects 1.
- Cash generation was strong in 2025 and inventories fell substantially, which improved the balance sheet 1.
- Long-term customer relationships and engineering services support a stable customer base 1.
Weaknesses
- Revenue declined in 2025 and the company depends on industrial cycles and a few large semiconductor customers 1.
- Production is concentrated in a small number of Asian sites, which exposes the company to operational disruption 1.
- The company reports reliance on bank funding and related covenants, as well as currency risk from sterling reporting 1.
Opportunities
- Robotics, analytical instrumentation and 3D printing are identified as faster-growing niches where the company could gain share 1.
- If destocking ends, demand from industrial and healthcare customers could return and support revenue growth 1.
- Expanding the product range and deepening relationships with existing customers could increase the share of their spending the company captures 1.
Threats
- US trade restrictions and tariffs could limit access to some markets and reduce sales to China 1.
- An event affecting the Vietnam plant or the Malaysia commissioning could interrupt deliveries for a period 1.
- New products from competitors or disruptive technologies could reduce demand for existing products 1.
Risks
- Single manufacturing location dependencehigh
The company makes most of its products at a small number of Asian sites. A disruption could halt deliveries and affect customers 1.
- Semiconductor cyclicalityhigh
Demand for semiconductor equipment is cyclical, and losing large customers could significantly affect performance 1.
- International trademedium
Tariffs, export controls and import rules can change and limit sales or profitability in some countries 1.
- Bank covenantsmedium
The company relies on bank funding, and a covenant breach could limit access to funds 1.
- Currency risklow
Sterling reporting and sales in other currencies can produce adverse movements in reported results 1.
Investment thesis
What would need to be true (bull case)
- If destocking ends as the company signalled, revenue could recover and the margin gains seen in the second half of 2025 could continue 1.
- A position in niches such as robotics and analytical instrumentation could bring growth above the market average, especially if new products are well received 1.
- Strong cash generation and debt reduction could provide flexibility in uncertain periods 1.
What would break the thesis
- If the demand recovery is delayed, revenue could stay below earlier levels and restructuring costs could weigh on results 1.
- Trade restrictions and lost sales to China could slow growth and pressure margins 1.
- Dependence on a few large customers and semiconductor cycles could produce large swings in revenue 1.
What to watch
- Development of orders and revenue in the first half after destocking ends2026
- Commissioning of the Malaysia site and continuity of production2026
- Effect of US export restrictions on sales to China2026
- Development of adjusted gross margin and cash conversionnext 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
XP Power supplies power solutions from low voltage to high voltage, from standard products to customised and integrated solutions. The company operates across three continents, serves industrial, healthcare and semiconductor customers, and reported group revenue of GBP 230.1 million in 2025 1. Its model relies on certifications, application engineering and long-term customer relationships 1.
Most products are made in-house, and over 500 product families allow fast adaptation to customer needs. The company reported that it manufactures 80% of revenue, which makes operational stability essential 1.
In 2025 the company decided to exit the RF products market, where it had a small share and margins below the group average, to focus resources on its low voltage and high voltage divisions 1.
Segments
Industrial Technology
The industrial segment, with a market estimated at USD 2.8 billion, covers robotics, analytical instrumentation, 3D printing and smart grids. Revenue fell 5% in constant currency in 2025 due to OEM destocking, but distribution customers grew in the second half 1.
Semiconductor Manufacturing Equipment
The semiconductor segment has a market of about USD 1.1 billion and revenue fell 7% in constant currency in 2025 against a 2024 comparative boosted by backlog clearance. The company states the segment has long-term growth prospects 1.
Healthcare
The healthcare sector, with a market of about USD 0.5 billion, was the strongest in 2025, growing 2% in constant currency, supported by medical technology projects in the US 1.
Market context
The total power converter market is fragmented, valued at about USD 4.4 billion, and XP Power holds a share of around 6% 1. Long-term demand is supported by automation, AI and big data processing and the expansion of semiconductor fabs, although destocking weighed on 2025 1.
Energy efficiency requirements and regulatory certifications create barriers to entry for new competitors, which could support recurring revenue if markets recover 1.
Trends
- Customer destockingheadwind
Industrial and healthcare customers reduced their inventories in the first half of 2025, which hit sales. Orders later strengthened and the company said destocking appears to be ending 1.
- Automation and roboticstailwind
Rising labour costs support automation, and applications in robotics and analytical instrumentation could bring new demand for the company's products 1.
- US trade restrictionsmixed
Previously announced US export restrictions will reduce sales to China, and tariffs can affect costs and access to some markets, although the company passed tariff costs to customers without a material impact on demand 1.
- Energy efficiency and regulationtailwind
Tighter legislation on energy use and safety supports demand for efficient converters, but also adds certification and compliance costs 1.
Competitive position
The market has many producers of standard power supplies, but for customised solutions only a limited number of suppliers are capable. The company differentiates through its broad range, hardware and software integration and engineering services, according to its annual report 1.
Competition is stronger in standard segments, where customers choose among numerous regional and global manufacturers. The company aims to compete mainly where it can add value through complex solutions 1.
- Regional and global standard power supply manufacturers
Suppliers of standard products across broad markets that compete on price and availability; the report does not name specific companies 1.
- Power solution providers for semiconductor equipment
A limited number of equipment makers that may require customised solutions; the company notes few suppliers offer the full range 1.
- Analytical and medical instrument manufacturers
Companies with in-house supply chains or preferred suppliers, whose competitive position can shift with certifications and performance requirements 1.
- Distributors and regional networks
Channels that can serve customers with simpler requirements and influence price competition in standard segments 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202529 Apr 2026
- Annual report 202407 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / XP Power Limited · 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.