olivLaw · European equity research
Hunting PLC HTG.L
United Kingdom · London Stock Exchange · ISIN GB0004478896 · Vertical: Listed companies from United Kingdom
Hunting PLC is a global supplier of equipment and technologies for oil and gas wells, focused on premium OCTG connections, subsea systems and perforating systems. In fiscal 2025 the group reported revenue of $1,018.8m, slightly lower, but with a 13% EBITDA margin, showing efficiency gains in a difficult energy market.
At the close of 05 Nov 2026, Hunting PLC (HTG.L) stock was 3.80 GBP (+1.60% on the day), with beta 0.58, 52-week range 3.51–5.31 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)
- 43.6
- weak (30–45)
- Bollinger (20, 2)
- 3.67 – 4.26
- in the lower half of the band · %B 0.21 · band width 14.8%
- SMA 50 / 200
- 3.96 / 4.56
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.06 / -0.03
- 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 | −1.7% | −0.6% | −1.0 pp | — |
| 3 months | −15.0% | −4.2% | −10.8 pp | — |
| 6 months | −21.7% | +4.3% | −26.1 pp | — |
| Year to date | +2.6% | +7.5% | −4.9 pp | — |
| 1 year | +5.3% | +9.9% | −4.7 pp | +5.8% |
| 3 years | +28.2% | +49.8% | −21.7 pp | +26.3% |
| 5 years | +122.7% | +42.8% | +79.9 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
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 | 929.1 m | 1.0 bn | 1.0 bn |
| Revenue YoY | unavailable | +12.9% | −2.9% |
| Net income | 110.3 m | -28.0 m | 41.1 m |
| Net income YoY | unavailable | −125.4% | unavailable |
| Diluted EPS | 0.66 | -0.18 | 0.25 |
| Diluted EPS YoY | unavailable | −126.7% | unavailable |
| net % | 11.9% | -2.7% | 4.0% |
| Free cash flow | 26.2 m | 164.9 m | 112.0 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 145.5 m USD
- Financial debt
- 86.5 m USD
- Net debt
- -59.0 m USD
- Equity
- 885.3 m USD
- Total assets
- unavailable USD
- Debt / equity
- 0.10x
- Current ratio
- 2.97x
- ROE
- 4.6%
- ROA
- unavailable
- FCF margin
- 11.0%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 929.1 m | 1.0 bn | 1.0 bn | esef· 07 Apr 2026verified |
| Cost of revenue | 701.4 m | 777.0 m | 739.0 m | esef· 07 Apr 2026verified |
| Gross profit | 227.7 m | 271.9 m | 279.8 m | esef· 07 Apr 2026verified |
| Research & development | — | 6.6 m | 5.9 m | esef· 07 Apr 2026verified |
| Operating income | 51.5 m | -21.1 m | 76.3 m | esef· 07 Apr 2026verified |
| Interest expense | 11.3 m | 15.6 m | 19.3 m | esef· 07 Apr 2026verified |
| Pre-tax income | 41.1 m | -33.5 m | 65.5 m | esef· 07 Apr 2026verified |
| Income tax | -71.1 m | -8.0 m | 22.7 m | esef· 07 Apr 2026verified |
| Net income | 110.3 m | -28.0 m | 41.1 m | esef· 07 Apr 2026verified |
| Diluted EPS | 0.66 | -0.18 | 0.25 | esef· 07 Apr 2026verified |
| Dividend per share | 0.10 | 0.11 | 0.12 | esef· 07 Apr 2026verified |
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 45.5 m | 206.6 m | 145.5 m | esef· 07 Apr 2026verified |
| Receivables | 251.4 m | 261.5 m | 238.5 m | esef· 07 Apr 2026verified |
| Inventories | 328.4 m | 303.3 m | 237.5 m | esef· 07 Apr 2026verified |
| Current assets | 626.6 m | 785.7 m | 623.5 m | esef· 07 Apr 2026verified |
| Property, plant & equipment, net | 254.5 m | 252.8 m | 250.9 m | esef· 07 Apr 2026verified |
| Goodwill | 154.4 m | 45.1 m | 65.1 m | esef· 07 Apr 2026verified |
| Intangibles (excl. goodwill) | 40.8 m | 39.4 m | 100.6 m | esef· 07 Apr 2026verified |
| Accounts payable | 163.4 m | 208.5 m | 139.3 m | esef· 07 Apr 2026verified |
| Short-term debt | 46.3 m | 11.3 m | 38.9 m | esef· 07 Apr 2026verified |
| Long-term debt | 3.9 m | 94.5 m | 47.6 m | esef· 07 Apr 2026verified |
| Current liabilities | 234.9 m | 248.8 m | 210.1 m | esef· 07 Apr 2026verified |
| Equity | 950.1 m | 902.3 m | 885.3 m | esef· 07 Apr 2026verified |
| Shares outstanding at year end | 158.7 m | 159.1 m | 156.9 m | esef· 07 Apr 2026derived |
Cash flow · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 49.3 m | 188.5 m | 138.9 m | esef· 07 Apr 2026verified |
| Capex | 23.1 m | 23.6 m | 26.9 m | esef· 07 Apr 2026verified |
| Free cash flow | 26.2 m ≈ | 164.9 m ≈ | 112.0 m ≈ | esef· 07 Apr 2026derived |
| Investing cash flow | -32.4 m | -25.5 m | -90.2 m | esef· 07 Apr 2026verified |
| Financing cash flow | 0 | 700.0 k | -115.6 m | esef· 07 Apr 2026verified |
| Share repurchases | 9.0 m | 14.2 m | 19.3 m | esef· 07 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: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
33% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 1.60 – 4.28 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E2.78 – 4.28 (Mid 3.55)17 companies used · median multiple 14.4x · quartiles 11.3x – 17.4x0EV1.L, ABDN.L, ABF.L, AIRE.L, AJB.L, ALFA.L, AMIF.L, APTD.L, ASHM.L, AUTO.L, BAB.L, BAG.L, BATS.L, BBY.L, BCG.L, BKG.L, BME.L
- Dividend discount (DDM)1.60 – 2.16 (Mid 1.84)
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 6.1% | 25 (vs peers) | 31% |
| Net margin · Quality | 4.0% | 34 (vs peers) | 19% |
| FCF conversion · Quality | 272.5% | 100 (on a fixed band) | 19% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 4.0x | 38 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 3.0x | 100 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| 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 sheet63/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality48/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 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
HUNTING PLC (HTG.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 1.0 bn USD in 2025; YoY growth -2.9%; net margin 4.0%; ROE 4.6%.
The estimated value range is 2.19–3.22 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 272.5%
- Current ratio: 3.0x
What contradicts it
- ROIC: 6.1%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, 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% |
| 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% |
| AEP.LAnglo-Eastern Plantations PLC | — | — | 16.1% | 19.5% | +25.0% | +5% / +113% |
1- and 3-year price returns: for HTG.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
Scenarios are not available. input data missing
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
Hunting PLC is a global supplier of equipment and technologies for oil and gas wells, focused on premium OCTG connections, subsea systems and perforating systems. In fiscal 2025 the group reported revenue of $1,018.8m, slightly lower, but with a 13% EBITDA margin, showing efficiency gains in a difficult energy market 1.
SWOT
Strengths
- Proprietary OCTG connection technology and patents in perforating give a clear technical advantage.
- The company improved operating efficiency and margins, allowing EBITDA to grow despite a weak market.
- Diversified exposure across regions and products reduces dependence on North America.
Weaknesses
- Revenue fell in 2025 and the OCTG order book shrank significantly.
- EMEA and Subsea posted weaker results, and restructuring generated significant costs.
- Some large contracts, such as those with KOC, create uneven half-year profiles and concentration risk.
Opportunities
- Natural gas demand linked to data centres could boost activity in North America in coming years.
- Development of the Middle East and South America could bring new contracts for completion technologies.
- Expanding non-oil and gas products in aviation and space could reduce dependence on the energy cycle.
Threats
- A further fall in the oil price could reduce client investment across the industry.
- A prolonged conflict in the Middle East could delay important orders and tenders.
- Larger competitors and government tariff measures could affect margins and market access.
Risks
- Dependence on oil investmenthigh
Revenue depends on capital budgets of oil and gas operators, which can fall when the oil price declines.
- Concentration of large contractsmedium
A few large contracts, such as those in Asia Pacific, can create sharp swings between periods.
- Geopolitical risk in the Middle Eastmedium
A prolonged conflict could delay tenders and orders, even though direct exposure appears limited.
- Restructuring and costsmedium
Facility closures in EMEA and restructuring costs could weigh on short-term profitability.
- Workplace safetylow
A fatal incident at a China facility showed that safety procedures must be applied consistently.
Investment thesis
What would need to be true (bull case)
- The group grew EBITDA and margin, showing good execution in difficult market conditions 1.
- The portfolio of proprietary technologies and patents can support its position in completion and subsea markets.
- If demand in the Middle East and South America materialises, the company could benefit from new contracts.
What would break the thesis
- Revenue fell in 2025 and OCTG orders shrank, raising questions about the sustainability of growth.
- Dependence on oil budgets remains high, and a further price decline could weigh on demand.
- Restructuring and adjusting costs suggest profitability still relies on efficiency measures.
What to watch
- Development of OCTG orders and the Middle East tender pipeline2026
- Effect of the proposed second share buybacknext 10-K
- Results of the EMEA and Subsea segments after restructuring2026
- Trend in the WTI price and North American operator capital budgets2026
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
Hunting PLC operates through operating segments grouped by region and product line, including Hunting Titan, North America, Subsea Technologies, EMEA and Asia Pacific. Main products include OCTG tubulars with proprietary SEAL-LOCK, WEDGE-LOCK and TEC-LOCK connections, perforating systems for well completions and subsea components 1. The group has also moved towards higher-margin products and non-oil and gas sales, especially in aviation and space 1.
The 2025 report shows a group that grew EBITDA, adjusted profit and shareholder returns despite a weak North American market. The company proposed a second share buyback and expanded its partnerships with Asian steel mills, including in India through a joint venture with Jindal SAW 1.
In 2025 the company also went through restructuring, including closing facilities in EMEA, which temporarily weighed on revenue and generated adjusting costs 1.
Segments
Perforating Systems
Perforating Systems had revenue of $221.1m in fiscal 2025, broadly flat, with EBITDA of $13.9m against $1.4m in 2024, while international markets in South America and the Middle East grew 1.
Hunting Titan
The Hunting Titan segment generated revenue of $228.7m and EBITDA of $13.1m against $0.6m in 2024, following restructuring that began in 2024 1.
Market context
The WTI oil price fell about 20% in 2025, to an average of $65 per barrel against $76 in 2024, and global industry capital expenditure declined about 4% to $184.5bn 1. North American spending fell more, while international markets were relatively resilient 1.
Management's outlook points to further earnings growth in 2026, with a strong tender pipeline in the Middle East, but if a conflict is prolonged, order slippage could become significant 1.
Trends
- Lower oil priceheadwind
The lower oil price reduced industry investment, which slowed demand for North American well services 1.
- Growth in offshore and subsea activitytailwind
Deepwater projects in Guyana and the Black Sea, and orders for stress joints and connections, support demand for subsea products 1.
- International unconventional resource developmenttailwind
Growing natural gas development in Saudi Arabia and South America could open opportunities for US completion technologies 1.
- Energy demand linked to data centresmixed
Demand for natural gas to power data centres and artificial intelligence could return to North America in the coming years 1.
Competitive position
Hunting competes with much larger players in OCTG, where it aims to stand out through its proprietary connection technology and a flexible supply model with partner mills 1.
In perforating and subsea, the company's edge rests on innovation, such as the new Ballistic Release Tool and Gyroscopic Orientation Tool, but the market still depends on the oil investment cycle 1.
- Larger OCTG tubular producers
The source refers to much larger competitors in OCTG tubulars without naming them.
- Premium connection providers
The company competes with other premium connection makers for drilling, not named in the source.
- Perforating equipment manufacturers
International makers of well completion technology exist in the perforating market, not identified in the source.
- Subsea equipment suppliers
In subsea, companies supplying trees and systems for offshore platforms compete, not named in the source.
News & filings
In the press
- Hunting for a Cooking Oil Replacement in Pennsylvania’s ForestsInside Climate News · 05 Nov 2026 · EN
- Australia preps Bluebottle USV for submarine-hunting roleDefense News (US, EN) · 03 Nov 2026 · EN
- Thales selected to deliver next-generation mine-hunting capability for the U.S. Navy European Defence Review · 02 Nov 2026 · RO
- (2nd LD) Seoul stocks rebound over 2 pct on bargain huntingYonhap News (KR, EN) · 02 Nov 2026 · EN
- (LEAD) Seoul stocks rebound over 2 pct on bargain huntingYonhap News (KR, EN) · 02 Nov 2026 · EN
- Seoul stocks rebound over 2 pct on bargain huntingYonhap News (KR, EN) · 02 Nov 2026 · EN
- (URGENT) Seoul stocks rebound over 2 pct on bargain huntingYonhap News (KR, EN) · 02 Nov 2026 · EN
- Seoul stocks turn up late Mon. morning on bargain huntingYonhap News (KR, EN) · 02 Nov 2026 · EN
- Did a secret book fuel a witch-hunting frenzy in Europe?Al Jazeera — World · 01 Nov 2026 · EN
- Netflix în noiembrie, lista completă a noutăților. Al doilea sezon Black Doves, filmele A Dog's Perfect Christmas și Allen, precum și continuarea The Hunting WivesProfit.ro · 01 Nov 2026 · RO
- Hunting 'Zombie Accounts' in Active DirectoryHacker News · 29 Oct 2026 · EN
- Museum specimens reveal shrinking flying foxes in Madagascar, with commercial hunting suspectedPhys.org · 29 Oct 2026 · EN
- Why You Might Find Yourself Fishing, Foraging—Or Even Hunting—On Your Next VacationConde Nast Traveler · 28 Oct 2026 · EN
- Donald Trump Jr. went hunting in Mongolia with a Kremlin-linked Russian businessman who helped bankroll his weddingMeduza English (independent RU/exile) · 27 Oct 2026 · EN
- Trump's son spent two days hunting in Mongolia with a Russian oligarchUkrainska Pravda (UA, EN) · 27 Oct 2026 · EN
- (2nd LD) Seoul stocks end tad higher on bargain huntingYonhap News (KR, EN) · 23 Oct 2026 · EN
- (LEAD) Seoul stocks end tad higher on bargain huntingYonhap News (KR, EN) · 23 Oct 2026 · EN
- Seoul stocks end tad higher on bargain huntingYonhap News (KR, EN) · 23 Oct 2026 · EN
- (URGENT) Seoul stocks end tad higher on bargain huntingYonhap News (KR, EN) · 23 Oct 2026 · EN
- China's humanoids go job hunting amid Korea's bets on physical AIKorea Times — Business · 22 Oct 2026 · EN
Annual reports (ESEF)
- Annual report 202507 Apr 2026
- Annual report 202407 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Hunting 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.