olivLaw · European equity research
Johnson Matthey PLC JMAT.L
United Kingdom · London Stock Exchange · ISIN GB00BTQHVY80 · Vertical: Listed companies from United Kingdom
Johnson Matthey is a UK company focused on emission-control catalysts, platinum group metal services and hydrogen technologies. In 2025/26 it advanced its transformation through the separation of Catalyst Technologies, whose sale is expected by the end of August 2026 for 1,325 million GBP, while revenue reached 12,573 million GBP.
At the close of 05 Nov 2026, Johnson Matthey PLC (JMAT.L) stock was 24.26 GBP (−1.38% on the day), with market capitalisation 4.1 bn GBP, dividend yield 2.27%, beta 0.81, 52-week range 22.18–31.84 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)
- 49.4
- neutral
- Bollinger (20, 2)
- 23.93 – 25.10
- in the lower half of the band · %B 0.28 · band width 4.8%
- SMA 50 / 200
- 23.78 / 26.42
- mixed trend
- MACD (12, 26, 9)
- 0.05 / 0.10
- 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 | −0.4% | −0.6% | +0.2 pp | — |
| 3 months | −15.5% | −4.2% | −11.3 pp | — |
| 6 months | −13.8% | +4.3% | −18.1 pp | — |
| Year to date | −14.7% | +7.5% | −22.2 pp | — |
| 1 year | −14.7% | +9.9% | −24.6 pp | +5.8% |
| 3 years | +18.7% | +49.8% | −31.2 pp | +26.3% |
| 5 years | −33.1% | +42.8% | −75.9 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.
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|
| Revenue | unavailable | 14.9 bn | 12.8 bn | 11.0 bn | 12.6 bn |
| Revenue YoY | unavailable | unavailable | −14.0% | −14.2% | +14.1% |
| Net income | unavailable | 276.0 m | 108.0 m | 373.0 m | -96.0 m |
| Net income YoY | unavailable | unavailable | −60.9% | +245.4% | −125.7% |
| Diluted EPS | unavailable | 1.50 | 0.58 | 2.11 | -0.57 |
| Diluted EPS YoY | unavailable | unavailable | −61.2% | +262.3% | −126.9% |
| net % | unavailable | 1.8% | 0.8% | 3.4% | -0.8% |
| Free cash flow | unavailable | 38.0 m | 291.0 m | 132.0 m | 248.0 m |
Balance sheet & financial health
Fiscal year 2026 · 31 Mar 2026
- Cash
- 536.0 m GBP
- Financial debt
- 1.3 bn GBP
- Net debt
- 806.0 m GBP
- Equity
- 2.0 bn GBP
- Total assets
- 6.0 bn GBP
- Debt / equity
- 0.67x
- Current ratio
- 1.56x
- ROE
- -4.5%
- ROA
- -1.6%
- FCF margin
- 2.0%
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|
| Revenue | — | 14.9 bn | 12.8 bn | 11.0 bn | 12.6 bn | esef· 11 Jun 2026verified |
| Cost of revenue | — | 13.9 bn | 11.9 bn | 10.3 bn | 11.9 bn | esef· 11 Jun 2026verified |
| Gross profit | — | 994.0 m | 927.0 m | 684.0 m | 629.0 m | esef· 11 Jun 2026verified |
| Operating income | — | 406.0 m | 249.0 m | 454.0 m | 161.0 m | esef· 11 Jun 2026verified |
| Interest expense | — | 110.0 m | 146.0 m | 141.0 m | 182.0 m | esef· 11 Jun 2026verified |
| Pre-tax income | — | — | — | 403.0 m | 91.0 m | esef· 11 Jun 2026verified |
| Income tax | — | 80.0 m | 56.0 m | 93.0 m | 182.0 m | esef· 11 Jun 2026verified |
| Net income | — | 276.0 m | 108.0 m | 373.0 m | -96.0 m | esef· 11 Jun 2026verified |
| Diluted EPS | — | 1.50 | 0.58 | 2.11 | -0.57 | esef· 11 Jun 2026verified |
| Dividend per share | 0.55 | 0.55 | — | — | — | esef· 11 Jun 2024verified |
Balance sheet · GBP
| Line | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|
| Cash | — | 650.0 m | 542.0 m | 898.0 m | 536.0 m | esef· 11 Jun 2026verified |
| Receivables | — | 1.9 bn | 1.7 bn | 1.5 bn | 1.4 bn | esef· 11 Jun 2026verified |
| Inventories | — | 1.7 bn | 1.2 bn | 1.0 bn | 865.0 m | esef· 11 Jun 2026verified |
| Current assets | — | 4.4 bn | 3.7 bn | 3.5 bn | 3.9 bn | esef· 11 Jun 2026verified |
| Property, plant & equipment, net | — | 1.3 bn | 1.4 bn | 1.4 bn | 1.1 bn | esef· 11 Jun 2026verified |
| Goodwill | — | 364.0 m | 353.0 m | 347.0 m | 86.0 m | esef· 11 Jun 2026verified |
| Intangibles (excl. goodwill) | — | 287.0 m | 301.0 m | 288.0 m | 206.0 m | esef· 11 Jun 2026verified |
| Total assets | — | 7.0 bn | 6.3 bn | 6.2 bn | 6.0 bn | esef· 11 Jun 2026verified |
| Accounts payable | — | 2.5 bn | 2.2 bn | 2.0 bn | 2.2 bn | esef· 11 Jun 2026verified |
| Short-term debt | — | — | — | 333.0 m | 20.0 m | esef· 11 Jun 2026verified |
| Long-term debt | — | — | — | 1.3 bn | 1.3 bn | esef· 11 Jun 2026verified |
| Current liabilities | — | 2.9 bn | 2.5 bn | 2.5 bn | 2.5 bn | esef· 11 Jun 2026verified |
| Total liabilities | — | 4.5 bn | 4.0 bn | 3.9 bn | 4.0 bn | esef· 11 Jun 2026verified |
| Equity | 2.4 bn | 2.5 bn | 2.4 bn | 2.3 bn | 2.0 bn | esef· 11 Jun 2026verified |
| Shares outstanding at year end | — | 182.9 m | 184.3 m | 176.1 m | 167.8 m | esef· 11 Jun 2026derived |
Cash flow · GBP
| Line | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|
| Operating cash flow | — | 291.0 m | 592.0 m | 381.0 m | 465.0 m | esef· 11 Jun 2026verified |
| Capex | — | 253.0 m | 301.0 m | 249.0 m | 217.0 m | esef· 11 Jun 2026verified |
| Free cash flow | — | 38.0 m ≈ | 291.0 m ≈ | 132.0 m ≈ | 248.0 m ≈ | esef· 11 Jun 2026derived |
| Investing cash flow | — | -101.0 m | -255.0 m | 297.0 m | -184.0 m | esef· 11 Jun 2026verified |
| Financing cash flow | — | 97.0 m | -439.0 m | -333.0 m | -630.0 m | esef· 11 Jun 2026verified |
| Share repurchases | — | 45.0 m | 0 | 251.0 m | 0 | esef· 11 Jun 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: 50.0% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 4.1 bn GBP
Key indicators
Coverage and freshness
Score by group
50% · 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: 50.0% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 4.6% | 25 (vs peers) | 21% |
| Net margin · Quality | -0.8% | 26 (vs peers) | 13% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -5.6% | 0 (on a fixed band) | 17% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 0.9x | 0 (on a fixed band) | 13% |
| Current ratio · Balance sheet | 1.6x | 63 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 6.1% | 76 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 13% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet25/100 · 2/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality25/100 · 2/3 factors with a value
- Returns· partial0/100 · 1/2 factors with a value
- Valuation· partial76/100 · 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
JOHNSON MATTHEY PLC (JMAT.L). Latest full fiscal year: 2026; data up to 2026-03-31.
Figures computed from the financial statements: revenue 12.6 bn GBP in 2026; YoY growth 14.1%; net margin -0.8%; ROE -4.5%.
The estimated value range is 11.17–16.20 GBP per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 13.25 GBP, the price of 24.26 GBP leaves a potential of -45.4% (value / price − 1) and a margin of safety of -83.2% (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: 50.0% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF yield: 6.1%
What contradicts it
- ROIC: 4.6%
- Net margin: -0.8%
- Revenue CAGR 3Y: -5.6%
- Interest coverage: 0.9x
- Shareholder yield (distributions): 0.0%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, 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% |
| JMAT.LJohnson Matthey PLC | 4.1 bn | — | -4.5% | -0.8% | +14.1% | −9% / +17% |
| 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% |
1- and 3-year price returns: for JMAT.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
Johnson Matthey is a UK company focused on emission-control catalysts, platinum group metal services and hydrogen technologies. In 2025/26 it advanced its transformation through the separation of Catalyst Technologies, whose sale is expected by the end of August 2026 for 1,325 million GBP, while revenue reached 12,573 million GBP.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Delay in Catalyst Technologies salemedium
Completion is expected by the end of August 2026. Delays or extra conditions could change the timing of returns to shareholders 1.
- Metal losses in PGM Serviceshigh
The US inventory review identified operational metal losses, partly driven by high prices. If loss reduction is delayed, segment margins could remain under pressure 1.
- Further hydrogen impairmentshigh
The slowdown in the hydrogen market led to impairments. Further slowdowns could result in additional asset write-downs 1.
- Capex overrunmedium
Extra costs at the new UK refinery raised capex expectations for 2026/27, which could strain cash flow 1.
- Climate and water risklow
Several facilities are in high water-stress regions, which could raise costs or reduce water availability in future 1.
Investment thesis
What would need to be true (bull case)
- If Clean Air maintains its efficiency and margins and the Catalyst Technologies sale completes as planned, the company could return substantial capital to shareholders and reduce debt 1.
- Long-term hydrogen contracts and rising customer satisfaction could provide visibility for future sales 1.
- If PGM Services reduces metal losses and reaches target margins after 2027/28, group profitability could improve considerably 1.
What would break the thesis
- If electrification continues to reduce combustion engine output, Clean Air could see lower sales over the long term 1.
- The hydrogen market remains uncertain, and further impairments could reduce profit and asset value in the segment 1.
- Higher capex and elevated net debt could limit the company's ability to return capital in 2026/27 1.
What to watch
- Completion of the Catalyst Technologies sale and distribution of proceeds to shareholdersAugust 2026
- Positive cash flow from Hydrogen Technologies2026/27
- Reduction in metal losses in PGM Services and return to high margins2027/28
- Net debt to EBITDA against the target range of 1.0 to 1.531 March 2029
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
Johnson Matthey (JM) focuses on materials and technologies that support the energy transition and emissions control, under its new purpose 'metals that matter, for a healthier world' 1. In the year ended 31 March 2026, revenue was 12,573 million GBP, up on the prior year mainly due to higher metal prices 1. The company employs around 9,500 people, including the Catalyst Technologies business 1.
The reporting structure includes distinct operating segments, and underlying operating profit from continuing operations was 340 million GBP, up 14% 1. Net debt stood at 880 million GBP at 31 March 2026 1. After completing the Catalyst Technologies sale, the company plans to return 1 billion GBP to shareholders, of which 800 million GBP via special dividends and 200 million GBP via share buybacks 1.
Management kept a cash flow positive target for Hydrogen Technologies in 2026/27 while cost restructuring continues 1. The company also aims to bring net debt to between 1.0 and 1.5 times EBITDA by 31 March 2029, taking into account the CORMETECH Inc. acquisition 1.
Segments
Clean Air
Clean Air supplies catalysts for exhaust after-treatment in light and heavy duty vehicles with internal combustion engines. Sales fell 8% to 2,123 million GBP in 2025/26, but underlying operating profit rose 12% and the margin reached 14.5% 1.
PGM Services
PGM Services handles platinum group metals, including refining and Precious Metals Management. Underlying operating profit fell 21%, partly due to a 48 million GBP operational metal loss found in the US refinery stocktake, and management expects margins above 30% once the business leaves its transition phase in 2027/28 1.
Hydrogen Technologies
Hydrogen Technologies develops electrolyser and fuel cell products. Growth in the segment has slowed and the company recorded impairments, but it reached near-breakeven operating profit in the fourth quarter, with long-term supply agreements running into 2028/29 1.
Market context
Global production of internal combustion engine vehicles declined slightly in 2025/26, with Europe and China affected by battery electric vehicle penetration and North America by tariffs and uncertainty over EPA27 rules 1. Demand could recover in 2026/27 if trade dynamics and legislation become clearer 1.
The hydrogen market remains uncertain: automotive fuel cell demand is no longer growing outside China, and near-term prospects for green hydrogen in the US are difficult 1. Medium-term electrolyser markets in Europe and China remain positive if the required legislative frameworks are finalised 1.
Trends
- Vehicle electrificationheadwind
Growing battery electric vehicle penetration reduces combustion engine production, affecting Clean Air volumes. The company could need further efficiency to protect margins 1.
- Tighter emission standardstailwind
Regulations in China and the US, including EPA27, could support catalyst demand for heavy vehicles if the legislative framework becomes clear 1.
- Slower hydrogen market developmentheadwind
Development of the hydrogen market has slowed and investment in sustainability technology has been withdrawn in the US, leading to asset impairments 1.
- Precious metal pricesmixed
Higher platinum and other metal prices raised revenue and profit but also increased operational metal losses if not controlled 1.
Competitive position
Johnson Matthey competes in automotive catalysts and precious metals refining with other global producers. The supplied sources do not name competitors in detail, so the analysis is limited to the annual report 1.
In hydrogen, the company must maintain relationships with electrolyser and fuel cell manufacturers in a market with intense competition and volatile demand 1.
- Global automotive catalyst producers
Competitors in European and Asian emission-control technologies, not named in the source.
- Platinum group metal refiners
Operators competing for feedstock flows and refining services.
- Electrolyser manufacturers
Suppliers of electrolysis systems with which the company holds long-term contracts.
- Fuel cell manufacturers
Companies in the automotive and stationary hydrogen markets, where demand has slowed.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202611 Jun 2026
- Annual report 202411 Jun 2024
Sources
- [1] Annual report, fiscal year ended 2026-03-31 (ESEF) · SEC / Johnson Matthey PLC · 31 Mar 2026
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.