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Bodycote
(LSE:BOY)
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Rating:67Neutral
Price Target:
1,001.00 p
▲(43.51% Upside)
Action:Reiterated
Date:08/06/26
The score is driven mainly by mid-range financial quality: a strong 2025 profitability rebound and a solid balance sheet are offset by volatile earnings and inconsistent free cash flow. Technicals add support due to a strong uptrend, though very elevated momentum signals increase near-term risk. Valuation is reasonable but not cheap, with the dividend providing some support.
Positive Factors
Strong aerospace & defence market position
Bodycote’s entrenched position in aerospace and defence creates durable revenue streams because parts and processes are often qualified and repeated across multi-year programmes. High qualification barriers and certification needs produce switching frictions and recurring outsourced service demand.
Negative Factors
Choppy, flat revenue trend
Intermittent or flat top-line performance reduces visibility into the firm’s ability to grow organically. Reliance on cyclical end markets and uneven order flows make capacity utilisation and long-term margin expansion harder to predict and can constrain investment planning.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong aerospace & defence market position
Bodycote’s entrenched position in aerospace and defence creates durable revenue streams because parts and processes are often qualified and repeated across multi-year programmes. High qualification barriers and certification needs produce switching frictions and recurring outsourced service demand.
Read all positive factors
Bodycote (BOY) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£1.54B
Dividend Yield2.52%
Average Volume (3M)255.24K
Price to Earnings (P/E)26.8
Beta (1Y)1.74
Revenue Growth1.68%
EPS Growth111.96%
CountryUK
Employees3,989
SectorIndustrials
Sector Strength72
IndustryIndustrial - Machinery
Share Statistics
EPS (TTM)0.34
Shares Outstanding170,187,990
10 Day Avg. Volume316,094
30 Day Avg. Volume255,238
Financial Highlights & Ratios
PEG Ratio0.12
Price to Book (P/B)1.93
Price to Sales (P/S)1.70
P/FCF Ratio20.95
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£906.00Price Target Upside29.89% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)0.5
Revenue Forecast (FY)£727.84M
Bodycote Business Overview & Revenue Model
Company Description
Bodycote plc, established in 1923 and based in Macclesfield, United Kingdom, offers specialized heat treatment and thermal processing solutions globally. The company operates within two key divisions: Aerospace, Defence & Energy, and Automotive & ...
How the Company Makes Money
Bodycote primarily makes money by charging customers service fees to thermally process their components to specified material-property and quality standards. Revenue is generated on a per-job, per-batch, or contract basis depending on the process ...
Bodycote Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
74
Positive
Cash Flow
58
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 739.30M | 727.10M | 757.10M | 802.50M | 743.60M | 615.80M |
| Gross Profit | 103.80M | 280.80M | 109.30M | 108.10M | 269.70M | 225.70M |
| EBITDA | 191.90M | 179.80M | 124.00M | 201.70M | 186.60M | 167.70M |
| Net Income | 58.20M | 54.90M | 20.00M | 85.60M | 73.70M | 59.50M |
Balance Sheet | ||||||
| Total Assets | 1.07B | 1.05B | 1.07B | 1.14B | 1.17B | 1.07B |
| Cash, Cash Equivalents and Short-Term Investments | 23.20M | 25.20M | 19.10M | 45.20M | 37.20M | 39.30M |
| Total Debt | 214.10M | 190.80M | 150.90M | 96.90M | 136.60M | 156.20M |
| Total Liabilities | 460.10M | 411.70M | 397.50M | 344.40M | 385.70M | 384.40M |
| Stockholders Equity | 611.20M | 640.20M | 668.10M | 790.80M | 780.90M | 684.70M |
Cash Flow | ||||||
| Free Cash Flow | 57.70M | 58.90M | 82.50M | 109.20M | 70.10M | 87.10M |
| Operating Cash Flow | 131.90M | 135.30M | 152.60M | 191.60M | 137.10M | 139.10M |
| Investing Cash Flow | -54.60M | -56.00M | -112.80M | -71.20M | -62.30M | -104.80M |
| Financing Cash Flow | -75.90M | -71.00M | -67.60M | -110.20M | -82.80M | -30.30M |
Bodycote Technical Analysis
Positive
697.50
Price Trends
720.01
Positive
703.11
Positive
693.87
Positive
Market Momentum
57.48
Negative
82.16
Negative
93.52
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:BOY, the sentiment is Positive. The current price of 697.5 is below the 20-day moving average (MA) of 757.37, below the 50-day MA of 720.01, and above the 200-day MA of 693.87, indicating a bullish trend. The MACD of 57.48 indicates Negative momentum. The RSI at 82.16 is Negative, neither overbought nor oversold. The STOCH value of 93.52 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:BOY.
Bodycote Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | £128.74M | 17.74 | 5.98% | 5.92% | -2.11% | 80.71% | |
71 Outperform | £1.50B | 38.09 | 33.12% | 4.37% | 24.42% | 103.25% | |
67 Neutral | £1.54B | 26.84 | 9.30% | 3.30% | 1.68% | 111.96% | |
67 Neutral | £265.90M | 34.52 | 6.13% | 0.70% | 3.36% | 63.32% | |
67 Neutral | £5.64B | 32.69 | 13.86% | 2.40% | 5.07% | 21.70% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
61 Neutral | £704.86M | 38.06 | 6.66% | 5.42% | -5.58% | -32.73% |
* Industrials Sector Average
GB:BOY
Bodycote
912.50
301.96
49.46%
GB:AVG
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720.00
279.07
63.29%
GB:CGS
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GB:MGAM
Morgan Advanced Materials
253.50
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GB:SPX
Spirax Group
7,225.00
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4.95%
Bodycote Corporate Events
Business Operations and StrategyM&A Transactions
Bodycote Board Confirms Rival Private Equity Takeover Approaches
Positive
Aug 5, 2026
Bodycote has confirmed it is the subject of takeover interest, with its board receiving separate conditional cash proposals from private equity groups CVC Advisers and Veritas Capital for the entire issued and to be issued share capital. Both prop...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Bodycote Reduces Share Count as £80m Buyback Programme Progresses
Positive
Aug 3, 2026
Bodycote plc has continued executing its previously announced £80 million share repurchase programme, confirming that between 27 July and 31 July 2026 it bought 122,472 ordinary shares for cancellation via Barclays Bank, at a volume-weighted ...
DividendsRegulatory Filings and Compliance
Bodycote Corrects Record Date for FY26 Interim Dividend
Neutral
Jul 28, 2026
Bodycote has corrected the record date for its FY26 interim dividend, clarifying that shareholders must be on the register by 2 October 2026, while the ex-dividend date of 1 October and the payment date of 5 November remain unchanged. The adjustme...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Bodycote Reduces Share Count as Buyback Programme Advances
Positive
Jul 27, 2026
Bodycote plc has continued executing its £80 million share repurchase programme, buying 130,000 ordinary shares for cancellation between 20 July and 24 July 2026 via Barclays Bank on the London Stock Exchange. Prices in the latest weekly tran...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Bodycote Advances £80m Share Buyback, Reducing Share Capital
Positive
Jul 20, 2026
Bodycote plc has continued its previously announced £80 million share repurchase programme, focused on cancelling ordinary shares to reduce its share capital and consolidate shareholder value. The company operates the buybacks via Barclays Ba...
Business Operations and StrategyStock Buyback
Bodycote Advances £80m Buyback as Share Count Falls to 170.8m
Positive
Jul 6, 2026
Bodycote has continued executing its £80 million share repurchase programme, confirming that between 29 June and 3 July 2026 it bought 150,000 ordinary shares for cancellation via Barclays Bank at a volume-weighted average price of 671.31 pen...
Stock BuybackRegulatory Filings and Compliance
Bodycote Advances £80m Buyback, Cuts Share Count to 170.9m
Positive
Jun 29, 2026
Bodycote plc has continued execution of its previously announced £80 million share repurchase programme, confirming that between 22 and 26 June 2026 it bought 55,538 ordinary shares for cancellation via Barclays Bank. The purchases, conducted...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Bodycote Reduces Share Count as £80m Buyback Advances
Positive
Jun 22, 2026
Bodycote plc has continued executing its previously announced £80 million share repurchase programme, confirming that between 15 and 19 June 2026 it bought 124,231 ordinary shares for cancellation via Barclays Bank. The purchases, conducted a...
Stock Buyback
Bodycote Advances £80m Share Buyback, Cuts Share Count Further
Positive
Jun 15, 2026
Bodycote plc has continued to execute its previously announced £80 million share buyback, confirming that between 8 and 12 June 2026 it repurchased 125,000 ordinary shares for cancellation at a volume-weighted average price of 710.74 pence. T...
Stock Buyback
Bodycote Advances £80m Share Buyback, Cancels Over 1.4m Shares
Positive
Jun 8, 2026
Bodycote plc has continued its previously announced £80 million share repurchase programme, executing part of the first £40 million tranche through on-exchange purchases handled by Barclays Bank. The company focuses on cancelling the bou...
Business Operations and StrategyM&A Transactions
Bodycote Reaffirms Standalone Strategy as Apollo Walks Away from Takeover
Positive
Jun 5, 2026
Bodycote said it remains confident in its strategy and growth prospects after Apollo Management confirmed it does not intend to make a firm takeover offer, placing Apollo under UK takeover rules that restrict a renewed approach. The board highligh...
Business Operations and StrategyStock BuybackDividendsShareholder Meetings
Bodycote Wins Strong Shareholder Backing at 2026 AGM
Positive
May 27, 2026
Bodycote shareholders approved all resolutions at the 27 May 2026 annual general meeting, with 86.36% of issued shares voting and strong majorities in favour across business items. The company confirmed receipt of the annual report, declaration of...
Business Operations and StrategyStock BuybackFinancial Disclosures
Bodycote Delivers Strong Core Growth and Reaffirms 2026 Outlook Amid Portfolio Optimisation
Positive
May 27, 2026
Bodycote reported group revenue growth of 1.9% at constant currency for the first four months of 2026, with core revenue up 9.0% driven by strong demand in aerospace and defence and accelerating industrial gas turbine activity, partly offset by we...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Bodycote Advances £80m Share Buyback, Cuts Share Count to 171.4m
Positive
May 26, 2026
Bodycote plc has continued executing the first £40 million tranche of its £80 million share repurchase programme, buying 119,464 ordinary shares for cancellation between 18 and 22 May 2026 through Barclays Bank plc. Prices paid ranged fr...
M&A TransactionsRegulatory Filings and Compliance
Bodycote Confirms Apollo’s Conditional Cash Approach Amid UK Takeover Code Offer Period
Positive
May 22, 2026
Bodycote has confirmed it received a conditional proposal from Apollo Management X, acting on behalf of certain managed funds, for a possible all-cash offer of 885 pence per share for the entire company, with shareholders also retaining the right ...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Bodycote Advances £80m Buyback, Cuts Share Count to 171.5m
Positive
May 18, 2026
Bodycote plc has continued executing its previously announced £80 million share repurchase programme, confirming that between 11 May and 15 May 2026 it bought back 133,211 ordinary shares for cancellation through Barclays Bank. Prices during ...
Business Operations and StrategyStock Buyback
Bodycote Advances £80 Million Share Buyback, Cancels Over 1.1 Million Shares
Positive
May 11, 2026
Bodycote plc has continued its previously announced £80 million share repurchase programme, buying 110,000 ordinary shares for cancellation between 5 and 8 May 2026 at prices ranging from 662.50p to 713.00p, with a volume-weighted average of ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.