olivLaw · European equity research
Zotefoams PLC ZTF.L
United Kingdom · London Stock Exchange · ISIN GB0009896605 · Vertical: Listed companies from United Kingdom
Zotefoams PLC makes advanced foam materials used in footwear, transport, construction and high-performance industrial applications. The company is in its Expanding Beyond the Core phase, extending into engineered formats and Asian markets, while reliance on one key customer remains a point to watch.
At the close of 05 Nov 2026, Zotefoams PLC (ZTF.L) stock was 4.47 GBP (−1.22% on the day), with market capitalisation 218.0 m GBP, P/E 10.0 on diluted EPS of 0.45 GBP over the last 12 months, beta 0.81, 52-week range 3.36–5.00 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)
- 40.8
- weak (30–45)
- Bollinger (20, 2)
- 4.40 – 5.06
- in the lower half of the band · %B 0.09 · band width 13.9%
- SMA 50 / 200
- 4.54 / 4.24
- mixed trend
- MACD (12, 26, 9)
- 0.03 / 0.08
- 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 | +1.2% | −0.6% | +1.9 pp | — |
| 3 months | +4.6% | −4.2% | +8.7 pp | — |
| 6 months | +12.5% | +4.3% | +8.1 pp | — |
| Year to date | +10.8% | +7.5% | +3.3 pp | — |
| 1 year | +20.7% | +9.9% | +10.8 pp | +5.8% |
| 3 years | +60.0% | +49.8% | +10.2 pp | +26.3% |
| 5 years | +6.6% | +42.8% | −36.3 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 50 percentile of its own 2-quarter history (min 9.0, median 13.5, max 18.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 127.0 m | 147.8 m | 158.5 m |
| Revenue YoY | unavailable | +16.4% | +7.2% |
| Net income | 9.2 m | -2.8 m | 22.6 m |
| Net income YoY | unavailable | −129.8% | unavailable |
| Diluted EPS | 0.19 | -0.06 | 0.45 |
| Diluted EPS YoY | unavailable | −130.5% | unavailable |
| net % | 7.3% | -1.9% | 14.3% |
| Free cash flow | 2.0 m | 14.7 m | 21.2 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 14.0 m GBP
- Financial debt
- 45.5 m GBP
- Net debt
- 31.5 m GBP
- Equity
- 130.1 m GBP
- Total assets
- 227.1 m GBP
- Debt / equity
- 0.35x
- Current ratio
- 1.02x
- ROE
- 18.9%
- ROA
- 11.3%
- FCF margin
- 13.4%
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 127.0 m | 147.8 m | 158.5 m | esef· 29 Apr 2026verified |
| Cost of revenue | 85.9 m | 101.7 m | 105.6 m | esef· 29 Apr 2026verified |
| Gross profit | 41.1 m | 46.1 m | 52.9 m | esef· 29 Apr 2026verified |
| Operating income | 15.1 m | 3.0 m | 21.6 m | esef· 29 Apr 2026verified |
| Interest expense | 2.5 m | 3.1 m | 2.1 m | esef· 29 Apr 2026verified |
| Pre-tax income | 12.8 m | 153.0 k | 20.0 m | esef· 29 Apr 2026verified |
| Income tax | 3.6 m | 2.9 m | -2.7 m | esef· 29 Apr 2026verified |
| Net income | 9.2 m | -2.8 m | 22.6 m | esef· 29 Apr 2026verified |
| Diluted EPS | 0.19 | -0.06 | 0.45 | esef· 29 Apr 2026verified |
Balance sheet · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 6.3 m | 10.5 m | 14.0 m | esef· 29 Apr 2026verified |
| Receivables | 33.0 m | 31.5 m | 36.5 m | esef· 29 Apr 2026verified |
| Inventories | 31.9 m | 29.9 m | 27.3 m | esef· 29 Apr 2026verified |
| Current assets | 72.5 m | 72.0 m | 78.9 m | esef· 29 Apr 2026verified |
| Property, plant & equipment, net | 91.7 m | 92.1 m | 105.6 m | esef· 29 Apr 2026verified |
| Goodwill | — | 0 | 9.9 m | esef· 29 Apr 2026verified |
| Intangibles (excl. goodwill) | — | 438.0 k | 13.9 m | esef· 29 Apr 2026verified |
| Total assets | 175.6 m | 174.7 m | 227.1 m | esef· 29 Apr 2026verified |
| Short-term debt | 36.5 m | 34.6 m | 45.5 m | esef· 29 Apr 2026verified |
| Current liabilities | 51.1 m | 51.9 m | 77.7 m | esef· 29 Apr 2026verified |
| Total liabilities | 59.8 m | 65.4 m | 97.0 m | esef· 29 Apr 2026verified |
| Equity | 115.8 m | 109.4 m | 130.1 m | esef· 29 Apr 2026verified |
| Shares outstanding at year end | 48.6 m | 48.7 m | 48.8 m | esef· 29 Apr 2026derived |
Cash flow · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 7.8 m | 25.0 m | 35.1 m | esef· 29 Apr 2026verified |
| Capex | 5.7 m | 10.3 m | 14.0 m | esef· 29 Apr 2026verified |
| Free cash flow | 2.0 m ≈ | 14.7 m ≈ | 21.2 m ≈ | esef· 29 Apr 2026derived |
| Investing cash flow | -8.3 m | -13.3 m | -36.6 m | esef· 29 Apr 2026verified |
| Financing cash flow | -3.7 m | -7.4 m | 4.9 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
- 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: 218.0 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 | 12.3% | 46 (vs peers) | 20% |
| Net margin · Quality | 14.3% | 57 (vs peers) | 12% |
| FCF conversion · Quality | 93.6% | 91 (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 | 10.5x | 100 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 1.0x | 18 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 10.0x | 83 (vs peers) | 20% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 9.7% | 100 (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 sheet67/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality61/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation91/100 · 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
ZOTEFOAMS PLC (ZTF.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 158.5 m GBP in 2025; YoY growth 7.2%; net margin 14.3%; ROE 18.9%.
The estimated value range is 4.90–7.32 GBP per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 6.04 GBP, the price of 4.46 GBP leaves a potential of 35.2% (value / price − 1) and a margin of safety of 26.0% (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: 93.6%
- Interest coverage: 10.5x
- P/E (TTM): 10.0x
- FCF yield: 9.7%
- The price is below the estimated value range
What contradicts it
- Current ratio: 1.0x
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% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| ZTF.LZotefoams PLC | 218.0 m | 10.0 | 18.9% | 14.3% | +7.2% | +4% / +44% |
| 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 ZTF.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 | 2.80 Total return -37% · Per year -37% | 4.95 Total return 11% · Per year 11% | 7.44 Total return 67% · Per year 67% |
| 3 years | 2.87 Total return -36% · Per year -14% | 5.69 Total return 27% · Per year 8% | 9.38 Total return 110% · Per year 28% |
| 5 years | 2.94 Total return -34% · Per year -8% | 6.54 Total return 47% · Per year 8% | 11.82 Total return 165% · Per year 21% |
- Exit P/E± 1.42
- Net margin± 1.00
- Annual revenue growth± 0.80
- Annual dilution± 0.08
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
Zotefoams PLC makes advanced foam materials used in footwear, transport, construction and high-performance industrial applications. The company is in its Expanding Beyond the Core phase, extending into engineered formats and Asian markets, while reliance on one key customer remains a point to watch 1.
SWOT
Strengths
- The company has deep foam materials expertise, strong intellectual property and long-standing customer relationships supported by extended product lifecycles 1.
- Its manufacturing and innovation footprint is geographically distributed, supporting proximity to customers and operational resilience 1.
- The company reported record financial performance in 2025 and further strengthened its financing platform 1.
Weaknesses
- Manufacturing is capital-intensive, and operating across several regions adds organisational complexity 1.
- Demand in some end markets is cyclical, and reliance on footwear has increased customer concentration 1.
- High utilisation at core sites means that any disruption could have a large effect on deliveries 1.
Opportunities
- Developing higher-value engineered formats and applications could improve margins and customer ties 1.
- Closer presence to customers in Asia, including investments in Vietnam and South Korea, could open new growth opportunities 1.
- Selective acquisitions and alignment with customer requirements on sustainability and lifecycle performance could support expansion 1.
Threats
- Macroeconomic volatility, shareholder concentration and geopolitical uncertainty could affect demand and costs 1.
- Fluctuations in raw material and energy prices could reduce margins, particularly at UK and Polish facilities 1.
- Chemical regulation and competitor innovation could affect the company's long-term position 1.
Risks
- Operational disruptionhigh
A major problem at a key manufacturing site, failure of critical equipment or disruption of supplies could reduce capacity and delay deliveries 1.
- Customer concentrationhigh
Loss or deterioration of a key customer relationship, particularly in footwear, could significantly affect financial results 1.
- PFAS and climate regulationmedium
Restrictions on PFAS and climate requirements could raise compliance costs and affect demand for some products 1.
- Global capacity managementmedium
If capacity is not created in the right place and at the right time, growth could be constrained and execution of large projects could suffer 1.
- External, currency and tariff factorsmedium
Exchange rates, tariffs and geopolitical conflicts could increase costs and disrupt supply chains 1.
Investment thesis
What would need to be true (bull case)
- If footwear growth and expansion in Asia are sustained, the company could strengthen its position in markets with demanding technical requirements 1.
- Long customer relationships and high barriers to entry could support stable margins if engineered products grow as a share of sales 1.
- If the January 2026 refinancing and capital discipline hold, the company could fund investment without excessive pressure on its balance sheet 1.
What would break the thesis
- Dependence on one major customer could become a vulnerability if the relationship changes or if exclusivity is not renewed 1.
- Chemical restrictions could raise costs and reduce demand for products that lack clear substitutes 1.
- Rapid expansion across several countries could create governance and control problems if systems are not integrated effectively 1.
What to watch
- Development of footwear sales and its share of total sales2026
- Start of operations of the Vietnam investmentearly 2027
- Progress toward compliance with Provision 29 on internal controls2026
- Evolution of PFAS regulation and any technological substitutesnext 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
Zotefoams combines foam materials expertise with advanced manufacturing and close customer collaboration, from design stage through product launch. The business model rests on high barriers to entry, including capital intensity, process know-how and lengthy customer qualification cycles 1.
The company earns revenue mainly from selling advanced foam materials and engineered solutions, in moulded, laminated or fabricated formats. Margins depend on product mix, manufacturing efficiency and the level of content delivered, rather than material volume alone 1.
Its market verticals are Consumer & Lifestyle, Transport & Smart Technologies and Construction & Other Industrial. Customers range from global original equipment manufacturers to specialist converters, and footwear made up the largest share of sales in 2025 1.
Segments
Consumer & Lifestyle (including footwear)
This segment includes footwear, where the company has an exclusive partnership with Nike running to 31 December 2029. Footwear grew in 2025 and became the largest source of sales, which also concentrates risk 1.
Transport & Smart Technologies
This vertical covers transport and smart technology applications, where lightweighting, durability and energy efficiency matter. The source gives no separate sales figures for this segment 1.
Construction & Other Industrial
This vertical includes construction and other industrial uses, among them industrial packaging, medical, defence and security applications. The source gives no separate sales figures for this segment 1.
Market context
The company operates in specialised materials markets with demanding technical requirements, long product lifecycles and demand that can vary with end sectors. Expansion in Asia, including the planned Vietnam investment, is linked to footwear demand growth and to reducing supply chain complexity 1.
Market risks include macroeconomic volatility, currency movements and tariffs, but the company reported record financial performance in 2025 and completed a refinancing in January 2026 that increased financing headroom 1.
Trends
- Footwear growthmixed
Footwear continued to grow and represents a rising share of sales. This growth supports volumes but makes the company more dependent on a single customer 1.
- International expansion in Asiamixed
Investments in Vietnam and an innovation centre in South Korea could bring the company closer to customers in the region, but they also raise operational and governance complexity 1.
- Sustainability and chemical regulationheadwind
Climate rules and scrutiny of substances such as PFAS could raise compliance costs. The company has not yet identified substitutes that meet required performance standards for some polymeric products 1.
- Lightweighting and energy efficiencytailwind
In many applications, lightweight and durable materials can reduce material use and improve energy efficiency in use, which could support demand from customers pursuing decarbonisation 1.
Competitive position
The source refers to existing competitors and new entrants, particularly in footwear, where innovation and capacity expansion could reduce the company's technology advantage. Protecting know-how and intellectual property is presented as the main line of defence 1.
The company also cites its 2024 alliance with Suzhou Shincell New Materials as part of its expansion strategy. The source does not identify US-listed competitors, so no US tickers are given 1.
- Suzhou Shincell New Materials Co., Ltd
Alliance partner rather than a declared direct competitor; mentioned in the context of expansion in Asia 1.
- Existing foam materials competitors
The source refers to existing competitors that may expand capacity and innovate, without naming them 1.
- New entrants in advanced materials
The source refers to new entrants that may innovate quickly in footwear, without identifying them 1.
- Producers of alternative technologies
The source mentions alternative processes that could open market opportunities, without specific names 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 202423 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Zotefoams 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.