olivLaw · European equity research
Porvair plc PRV.L
United Kingdom · London Stock Exchange · ISIN GB0006963689 · Vertical: Listed companies from United Kingdom
Porvair plc is a UK group making filters and foam and metal components for aerospace, industrial, laboratory and metal melt quality markets. In fiscal 2025 it improved its adjusted operating margin, and the January 2026 acquisition of German firm Drache extends its European footprint.
At the close of 05 Nov 2026, Porvair plc (PRV.L) stock was 8.66 GBP (−2.04% on the day), with market capitalisation 399.9 m GBP, P/E 22.0 on diluted EPS of 0.39 GBP over the last 12 months, dividend yield 7.74%, beta 0.36, 52-week range 6.90–9.06 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)
- 49.5
- neutral
- Bollinger (20, 2)
- 8.29 – 9.10
- in the lower half of the band · %B 0.46 · band width 9.4%
- SMA 50 / 200
- 8.69 / 8.19
- mixed trend
- MACD (12, 26, 9)
- -0.03 / -0.04
- MACD above 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 | −1.8% | −0.6% | −1.2 pp | — |
| 3 months | −3.6% | −4.2% | +0.6 pp | — |
| 6 months | +19.3% | +4.3% | +14.9 pp | — |
| Year to date | +2.4% | +7.5% | −5.1 pp | — |
| 1 year | +10.7% | +9.9% | +0.8 pp | +5.8% |
| 3 years | +58.0% | +49.8% | +8.2 pp | +26.3% |
| 5 years | +33.2% | +42.8% | −9.6 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 16.8, median 18.2, max 20.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 176.0 m | 192.6 m | 194.0 m |
| Revenue YoY | unavailable | +9.4% | +0.7% |
| Net income | 16.0 m | 16.5 m | 18.1 m |
| Net income YoY | unavailable | +3.2% | +10.1% |
| Diluted EPS | 0.35 | 0.36 | 0.39 |
| Diluted EPS YoY | unavailable | +2.9% | +9.8% |
| net % | 9.1% | 8.6% | 9.4% |
| Free cash flow | 15.9 m | 16.7 m | 16.3 m |
Balance sheet & financial health
Fiscal year 2025 · 30 Nov 2025
- Cash
- 22.9 m GBP
- Financial debt
- 0 GBP
- Net debt
- -22.9 m GBP
- Equity
- 167.7 m GBP
- Total assets
- unavailable GBP
- Debt / equity
- 0.00x
- Current ratio
- 2.54x
- ROE
- 11.3%
- ROA
- unavailable
- FCF margin
- 8.4%
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 176.0 m | 192.6 m | 194.0 m | esef· 18 Mar 2026verified |
| Cost of revenue | 113.7 m | 127.5 m | 125.3 m | esef· 18 Mar 2026verified |
| Gross profit | 62.3 m | 65.1 m | 68.7 m | esef· 18 Mar 2026verified |
| Operating income | 21.2 m | 22.8 m | 24.5 m | esef· 18 Mar 2026verified |
| Interest expense | 1.3 m | 1.9 m | 1.3 m | esef· 18 Mar 2026verified |
| Pre-tax income | 20.1 m | 20.9 m | 23.3 m | esef· 18 Mar 2026verified |
| Income tax | 4.1 m | 4.3 m | 5.1 m | esef· 18 Mar 2026verified |
| Net income | 16.0 m | 16.5 m | 18.1 m | esef· 18 Mar 2026verified |
| Diluted EPS | 0.35 | 0.36 | 0.39 | esef· 18 Mar 2026verified |
| Dividend per share | 6.00 | 0.63 | 0.67 | esef· 18 Mar 2026verified |
Balance sheet · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 16.8 m | 15.8 m | 22.9 m | esef· 18 Mar 2026verified |
| Receivables | 23.3 m | 31.7 m | 33.7 m | esef· 18 Mar 2026verified |
| Inventories | 31.9 m | 32.0 m | 33.0 m | esef· 18 Mar 2026verified |
| Current assets | 72.3 m | 79.5 m | 89.6 m | esef· 18 Mar 2026verified |
| Property, plant & equipment, net | 28.3 m | 29.3 m | 32.6 m | esef· 18 Mar 2026verified |
| Accounts payable | 23.8 m | 27.4 m | 29.5 m | esef· 18 Mar 2026verified |
| Long-term debt | 0 | 0 | 0 | esef· 18 Mar 2026verified |
| Current liabilities | 32.5 m | 36.9 m | 35.2 m | esef· 18 Mar 2026verified |
| Equity | 140.4 m | 153.3 m | 167.7 m | esef· 18 Mar 2026verified |
| Shares outstanding at year end | 45.9 m | 46.0 m | 46.2 m | esef· 18 Mar 2026derived |
Cash flow · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 20.6 m | 21.5 m | 23.8 m | esef· 18 Mar 2026verified |
| Capex | 4.7 m | 4.8 m | 7.5 m | esef· 18 Mar 2026verified |
| Free cash flow | 15.9 m ≈ | 16.7 m ≈ | 16.3 m ≈ | esef· 18 Mar 2026derived |
| Investing cash flow | -18.6 m | -15.3 m | -7.6 m | esef· 18 Mar 2026verified |
| Financing cash flow | -5.8 m | -6.4 m | -7.1 m | esef· 18 Mar 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: 399.9 m 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 | 13.5% | 50 (vs peers) | 20% |
| Net margin · Quality | 9.4% | 46 (vs peers) | 12% |
| FCF conversion · Quality | 89.9% | 86 (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 | 19.3x | 100 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 2.5x | 100 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 22.0x | 28 (vs peers) | 20% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 4.1% | 51 (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 sheet100/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality59/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation38/100 · 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
PORVAIR PLC (PRV.L). Latest full fiscal year: 2025; data up to 2025-11-30.
Figures computed from the financial statements: revenue 194.0 m GBP in 2025; YoY growth 0.7%; net margin 9.4%; ROE 11.3%.
The estimated value range is 4.44–6.84 GBP per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 5.67 GBP, the price of 8.66 GBP leaves a potential of -34.5% (value / price − 1) and a margin of safety of -52.8% (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
- FCF conversion: 89.9%
- Interest coverage: 19.3x
- Current ratio: 2.5x
What contradicts it
- P/E (TTM): 22.0x
- The price is above the estimated value range
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% |
| 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% |
| PRV.LPorvair PLC | 399.9 m | 22.0 | 11.3% | 9.4% | +0.7% | +7% / +48% |
| 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 PRV.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 | 4.92 Total return -40% · Per year -40% | 8.72 Total return 5% · Per year 5% | 13.16 Total return 57% · Per year 57% |
| 3 years | 4.42 Total return -39% · Per year -15% | 8.84 Total return 16% · Per year 5% | 14.70 Total return 87% · Per year 23% |
| 5 years | 3.97 Total return -39% · Per year -9% | 8.96 Total return 27% · Per year 5% | 16.42 Total return 121% · Per year 17% |
- Exit P/E± 2.21
- Net margin± 1.55
- Annual revenue growth± 1.32
- Annual dilution± 0.13
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
Porvair plc is a UK group making filters and foam and metal components for aerospace, industrial, laboratory and metal melt quality markets. In fiscal 2025 it improved its adjusted operating margin, and the January 2026 acquisition of German firm Drache extends its European footprint.
SWOT
Strengths
- Solid cash generation and no bank borrowings provide financial flexibility.
- Operating margins rose in every division, supported by productivity and cost discipline.
- Products with recurring replacement demand support revenue predictability.
Weaknesses
- Organic revenue growth was modest, and the Aerospace & Industrial division was flat in 2025.
- Sterling-reported results are sensitive to currency movements.
- Return on capital employed eased slightly due to assets under construction.
Opportunities
- The Drache acquisition could open new European markets and add technical capabilities.
- The US capacity project, due to complete in 2026, could support growth in aluminium production.
- Automation investment could improve productivity and margins over the longer term.
Threats
- Competitive risk and pressure on large contracts could reduce revenue.
- Tariffs and environmental regulation are identified as evolving risks.
- If foreign currencies weaken, reported revenue and profit in sterling could decline.
Risks
- Existing market riskmedium
Falling demand in current markets could affect revenue, given that Aerospace & Industrial was flat.
- Currency riskhigh
Movements in the US dollar and euro against sterling can change reported revenue and capital, and the group does not hedge overseas profit translation.
- Tariff riskmedium
Trade tariffs are identified as an evolving risk that could raise costs or limit access to certain markets.
- Integration riskmedium
Integrating Drache and other acquisitions may face operational or cultural difficulties.
- Cyber-attack risklow
Cyber attacks on IT systems and facilities could interrupt production and affect results.
Investment thesis
What would need to be true (bull case)
- If margins keep rising in all divisions, group profitability could advance even with modest revenue growth.
- Solid cash generation and a balance sheet without bank debt leave room for investment and acquisitions.
- The Drache acquisition could add capabilities and customers in Europe, supporting longer-term growth.
What would break the thesis
- If organic growth stays low, improved margins may not offset the lack of volume.
- Currency exposure could reduce sterling-reported results even if operations are stable.
- Acquisition integration and large capacity investments carry execution risk and possible unforeseen costs.
What to watch
- Completion of the Hendersonville capacity projectfirst half 2026
- Contribution of the Drache acquisition to results2026
- Review of pension funding at the triennial valuation31 March 2027
- Organic constant currency growth in Aerospace & Industrial and Laboratorynext 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
Porvair plc operates through three divisions: Aerospace & Industrial, Laboratory and Metal Melt Quality. The company builds filtration and technical products shaped by customer-led innovation and recurring replacement demand, according to its annual report 1. Revenue reached £194.0m in fiscal 2025 1, and adjusted operating profit rose 7% 1.
The business model rests on cash generation: cash generated from operations was £29.2m 1, and the group had no bank borrowings at 30 November 2025 1. Capital is allocated across organic growth, automation investment and acquisitions.
The acquisition of Drache Umwelttechnik GmbH, completed on 12 January 2026 on a cash free, debt free basis, marks an important step in the group's acquisition strategy 1. The company describes this approach as disciplined and focused on businesses that complement its core activities.
Segments
Market context
The company operates in markets with regular replacement demand, where product use is often mandated by standards, such as aerospace, laboratories and metal production 1. Fiscal 2025 revenue was £194.0m 1, nearly flat year on year, suggesting profit growth has come more from margins than volume.
Currency translation reduced reported revenue by £2.4m in 2025 1, so sterling-reported results are sensitive to the US dollar and the euro. The group does not hedge the translation of overseas profits and losses 1.
Trends
- Margin improvementtailwind
Margins improved across all three divisions, supported by productivity investments and careful management of input costs and pricing 1. If this continues, it could support profitability even with modest organic growth.
- Automation and capacity investmentmixed
Capital expenditure rose to £7.7m in 2025 1, with emphasis on automation, productivity and capacity. The Hendersonville project is expected to complete in the first half of 2026 1.
- European acquisitionstailwind
The Drache acquisition, paid in full in January 2026, extends the group's geographic presence 1. Integrating acquired businesses efficiently remains a stated objective.
- Currency volatilityheadwind
Exchange rate movements reduced reported revenue and generated losses on retranslating overseas net assets 1. The impact could persist if foreign currencies weaken against sterling.
Competitive position
The supplied sources do not name direct competitors. The annual report does list competitive risk among its principal risks, alongside existing market risk and large contracts risk 1.
The company states it maintains its position through customer-led innovation and geographic presence where end-markets require it 1. New product and market risk and large contracts risk are assessed as relevant to competitiveness 1.
- No competitors named in the supplied sources
The annual report does not name direct competitors; competition information is limited to the general competitive risk.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202518 Mar 2026
- Annual report 202417 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-11-30 (ESEF) · SEC / Porvair plc · 30 Nov 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.