olivLaw · European equity research
Spirax Group plc SPX.L
United Kingdom · London Stock Exchange · ISIN GB00BWFGQN14 · Vertical: Listed companies from United Kingdom
Spirax Group is a British industrial group specialised in steam systems, electric heating and fluid technology solutions, with more than 130 years of history. Its 2025 revenue was 1702.9 million GBP, and its 2026 outlook depends on global industrial production, which remains uncertain.
At the close of 05 Nov 2026, Spirax Group plc (SPX.L) stock was 73.50 GBP (+0.14% on the day), with market capitalisation 5.4 bn GBP, P/E 33.2 on diluted EPS of 2.21 GBP over the last 12 months, dividend yield 2.27%, beta 1.09, 52-week range 63.00–79.60 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)
- 51.2
- neutral
- Bollinger (20, 2)
- 71.71 – 75.65
- in the lower half of the band · %B 0.45 · band width 5.3%
- SMA 50 / 200
- 71.72 / 71.34
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.71 / 0.80
- 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 | −0.1% | −0.6% | +0.5 pp | — |
| 3 months | −0.3% | −4.2% | +3.8 pp | — |
| 6 months | −1.4% | +4.3% | −5.8 pp | — |
| Year to date | +7.8% | +7.5% | +0.3 pp | — |
| 1 year | +2.8% | +9.9% | −7.1 pp | +5.8% |
| 3 years | −12.4% | +49.8% | −62.2 pp | +26.3% |
| 5 years | −54.8% | +42.8% | −97.7 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 67 percentile of its own 3-quarter history (min 26.5, median 30.8, max 42.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 1.7 bn | 1.7 bn | 1.7 bn |
| Revenue YoY | unavailable | −1.0% | +2.3% |
| Net income | 183.6 m | 191.2 m | 163.4 m |
| Net income YoY | unavailable | +4.1% | −14.5% |
| Diluted EPS | 2.49 | 2.59 | 2.21 |
| Diluted EPS YoY | unavailable | +4.0% | −14.6% |
| net % | 10.9% | 11.5% | 9.6% |
| Free cash flow | 214.6 m | 238.5 m | 248.4 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 369.0 m GBP
- Financial debt
- 804.4 m GBP
- Net debt
- 435.4 m GBP
- Equity
- 1.2 bn GBP
- Total assets
- 2.7 bn GBP
- Debt / equity
- 0.66x
- Current ratio
- 1.85x
- ROE
- 13.4%
- ROA
- 6.2%
- FCF margin
- 14.6%
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 1.7 bn | 1.7 bn | 1.7 bn | esef· 09 Apr 2026verified |
| Operating income | 284.4 m | 304.6 m | 265.4 m | esef· 09 Apr 2026verified |
| Interest expense | 51.2 m | 56.7 m | 47.0 m | esef· 09 Apr 2026verified |
| Pre-tax income | 244.5 m | 258.9 m | 226.5 m | esef· 09 Apr 2026verified |
| Income tax | 60.5 m | 67.5 m | 62.9 m | esef· 09 Apr 2026verified |
| Net income | 183.6 m | 191.2 m | 163.4 m | esef· 09 Apr 2026verified |
| Diluted EPS | 2.49 | 2.59 | 2.21 | esef· 09 Apr 2026verified |
| Dividend per share | 1.60 | 1.65 | 1.67 | esef· 09 Apr 2026derived |
Balance sheet · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 359.7 m | 334.2 m | 369.0 m | esef· 09 Apr 2026verified |
| Inventories | 285.2 m | 253.2 m | 252.4 m | esef· 09 Apr 2026verified |
| Current assets | 1.0 bn | 986.9 m | 1.0 bn | esef· 09 Apr 2026verified |
| Property, plant & equipment, net | 415.1 m | 433.1 m | 425.8 m | esef· 09 Apr 2026verified |
| Goodwill | 680.5 m | 669.7 m | 663.3 m | esef· 09 Apr 2026verified |
| Intangibles (excl. goodwill) | 448.8 m | 420.4 m | 396.1 m | esef· 09 Apr 2026verified |
| Total assets | 2.7 bn | 2.6 bn | 2.7 bn | esef· 09 Apr 2026verified |
| Accounts payable | 251.2 m | 263.0 m | 268.9 m | esef· 09 Apr 2026verified |
| Short-term debt | 3.6 m | 123.9 m | 107.2 m | esef· 09 Apr 2026verified |
| Long-term debt | 875.9 m | 706.2 m | 697.2 m | esef· 09 Apr 2026verified |
| Current liabilities | 454.0 m | 533.1 m | 565.6 m | esef· 09 Apr 2026verified |
| Total liabilities | 1.6 bn | 1.4 bn | 1.4 bn | esef· 09 Apr 2026verified |
| Equity | 1.2 bn | 1.2 bn | 1.2 bn | esef· 09 Apr 2026verified |
| Shares outstanding at year end | 73.6 m | 73.7 m | 73.7 m | esef· 09 Apr 2026derived |
Cash flow · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 298.6 m | 312.8 m | 296.2 m | esef· 09 Apr 2026verified |
| Capex | 84.0 m | 74.3 m | 47.8 m | esef· 09 Apr 2026verified |
| Free cash flow | 214.6 m ≈ | 238.5 m ≈ | 248.4 m ≈ | esef· 09 Apr 2026derived |
| Investing cash flow | -95.7 m | -65.3 m | -66.6 m | esef· 09 Apr 2026verified |
| Financing cash flow | -219.2 m | -215.0 m | -223.3 m | esef· 09 Apr 2026verified |
| Dividends paid | 114.9 m | 119.3 m | 122.8 m | esef· 09 Apr 2026verified |
| Share repurchases | 12.8 m | 0 | — | esef· 15 Apr 2025verified |
≈ 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: 53 / 100
A scoring methodology on indicators and valuation, not investment advice.
(margin_of_safety <= -0.25 & agreement in ['high', 'medium'])
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 5.4 bn GBP
Key indicators
Coverage and freshness
Score by group
- Quality61
- Returns59
- Balance sheet73
- Valuation29
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
Unattractive profile · Score 53/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 11.4% | 46 (vs peers) | 17% |
| Net margin · Quality | 9.6% | 46 (vs peers) | 10% |
| FCF conversion · Quality | 152.0% | 100 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 5.6x | 64 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 1.9x | 88 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 33.2x | 6 (vs peers) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 4.6% | 57 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 2.3% | 32 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | 49.4% | 100 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet73/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality61/100 · 3/3 factors with a value
- Returns59/100 · 2/2 factors with a value
- Valuation29/100 · 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
SPIRAX GROUP PLC (SPX.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 1.7 bn GBP in 2025; YoY growth 2.3%; net margin 9.6%; ROE 13.4%.
The estimated value range is 24.97–38.51 GBP per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 31.91 GBP, the price of 73.50 GBP leaves a potential of -56.6% (value / price − 1) and a margin of safety of -130.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 53/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 152.0%
- Current ratio: 1.9x
- Payout ratio (FCF): 49.4%
What contradicts it
- P/E (TTM): 33.2x
- 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.
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 |
| SPX.LSpirax Group PLC | 5.4 bn | 33.2 | 13.4% | 9.6% | +2.3% | +10% / −21% |
| 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% |
1- and 3-year price returns: for SPX.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 | 42.56 Total return -40% · Per year -40% | 75.33 Total return 5% · Per year 5% | 113.59 Total return 57% · Per year 57% |
| 3 years | 39.47 Total return -41% · Per year -16% | 78.78 Total return 14% · Per year 5% | 130.69 Total return 87% · Per year 23% |
| 5 years | 36.61 Total return -42% · Per year -10% | 82.39 Total return 24% · Per year 4% | 150.36 Total return 121% · Per year 17% |
- Exit P/E± 19.70
- Net margin± 13.79
- Annual revenue growth± 11.57
- Annual dilution± 1.16
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
Spirax Group is a British industrial group specialised in steam systems, electric heating and fluid technology solutions, with more than 130 years of history. Its 2025 revenue was 1702.9 million GBP 1, and its 2026 outlook depends on global industrial production, which remains uncertain 1.
SWOT
Strengths
- A long track record of adapting to macroeconomic change and an extensive installed base that generates recurring maintenance revenue 1.
- Local manufacturing presence in the USA and a direct sales approach supported by well-structured distribution partners 1.
- Specialised technical knowledge in electric heating and steam solutions, valued by customers in niches such as semiconductors 1.
Weaknesses
- Operating margins have declined from earlier years, and adjusted profit depends on the level of activity in large projects 1.
- High exposure to a few mature markets and to China could amplify the effects of a local economic slowdown 1.
- Ageing enterprise systems are identified in the risk report as an operational vulnerability 1.
Opportunities
- Growing demand from data centres, the nuclear industry and defence could support the ETS segment over the long term 1.
- Expanding collaboration with US distributors could bring access to a much wider customer base 1.
- Industrial decarbonisation could create demand for sustainable products and electrification solutions 1.
Risks
- Manufacturing output lossmedium
Loss of production capacity at any group factory could affect deliveries and margins 1.
- Ageing enterprise systemsmedium
Outdated ERP platforms could limit the ability to respond quickly to customer demands 1.
- Cybersecurityhigh
A ransomware attack could halt operations and temporarily reduce sales 1.
- Acquisition objectives not realisedmedium
If acquired businesses fail to meet their plans, goodwill impairment could follow 1.
- Anti-bribery and legal compliancehigh
A breach of anti-bribery rules could bring fines and damage the group's reputation 1.
Investment thesis
What would need to be true (bull case)
- If demand from data centres and the energy transition stays solid, the ETS segment could keep growing organically above the group average 1.
- The guided margin improvement for 2026 could show that cost discipline and operating leverage are working 1.
- Maintenance and solution sales in STS could provide a steadier revenue base when large investment demand is weak 1.
What would break the thesis
- If global industrial production stays weak, demand for large STS projects could remain subdued for longer 1.
- Adjusted operating profit has fallen from earlier years, and margin pressure could persist if growth investments raise costs 1.
- Exposure to exchange rates and trade tariffs could affect reported results even if operations remain stable 1.
What to watch
- Organic growth in STS and the recovery of demand in China2026
- Delivery of the guided 2026 adjusted operating margin2026
- Contribution of the new Ogden medium voltage facility to ETS margins2026
- Effect of exchange rates on reported results2026
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
Spirax Group plc, headquartered in Cheltenham, is organised into three businesses: Steam Thermal Solutions (STS), Electric Thermal Solutions (ETS) and Watson-Marlow Fluid Technology Solutions (WMFTS) 1. The company designs, manufactures and supplies thermal and fluid management products and solutions, with emphasis on energy efficiency and decarbonisation 1. STS has around 5,000 colleagues across more than 60 operating units 1.
The company notes that if February exchange rates prevailed for the rest of the year, 2025 sales could be adversely affected by approximately 2%, a relevant point when reading figures reported in GBP 1.
Segments
Steam Thermal Solutions (STS)
STS, the largest business, designs and supplies industrial and commercial steam systems, including condensate management and thermal energy controls, with 2025 revenue of 853.4 million GBP 1. Large project demand was weak, particularly in China, while MRO and solution sales supported growth 1.
Electric Thermal Solutions (ETS)
ETS provides process heating, equipment heating and heat tracing solutions, with 2025 revenue of 441.3 million GBP and 11% organic growth 1. The company reported solid demand from data centres and semiconductor customers, and the new medium voltage facility in Ogden, USA, supports expansion 1.
Market context
Global industrial production grew 2.1% in 2025, or 1.7% excluding China, below the early-year forecast, and the CHR forecast for 2026 is also 2.1% 1. The company remains cautious, citing uncertainty around trade tariffs and the Middle East conflict, which could disrupt supply chains 1.
The USA, Germany, France, Italy and the UK represent around 50% of group revenues, so developments in these markets directly shape results 1. The company says its local US manufacturing helps limit direct exposure to trade tariffs 1.
Trends
- Weak global industrial productionheadwind
Weak industrial production growth has reduced customer investment in large projects, especially in STS, which could limit growth if uncertainty persists 1.
- Data centre demandtailwind
The rapid expansion of the data centre sector creates opportunities for ETS heating and temperature control solutions 1.
- Energy transition and decarbonisationtailwind
Net zero targets could create an additional source of long-term growth for electrification and energy efficiency products 1.
- Exchange rate effectsmixed
Exchange rate movements affect figures reported in GBP, and unfavourable rates could reduce reported revenue and adjusted profit 1.
Competitive position
The company does not name its direct competitors in the analysed sources, so they cannot be assessed from the available documents. Its position as a leader in steam systems and its technical expertise in distributor partnerships are presented as competitive advantages 1.
- Competitors not named in source
The analysed source does not identify direct competitors of the group.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202509 Apr 2026
- Annual report 202509 Apr 2026
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Spirax Group 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.