James Fisher & Sons (FSJ) AI Stock Analysis

• Market Cap: £277.56M
• Dividend Yield: N/A
• Average Volume (3M): 50.10K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.27
• Revenue Growth: -12.37%
• EPS Growth: N/A
• Country: UK
• Employees: 1,899
• Sector: Industrials
• Sector Strength: 72
• Industry: Marine Shipping
• EPS (TTM): -0.04
• Shares Outstanding: 50,621,500
• 10 Day Avg. Volume: 36,160
• 30 Day Avg. Volume: 50,099
• PEG Ratio: 0.39
• Price to Book (P/B): 1.01
• Price to Sales (P/S): 0.48
• P/FCF Ratio: 5.28
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: £615.00
• Price Target Upside: 64.44% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): 0.23
• Revenue Forecast (FY): £414.63M

• Rating: 56 Neutral
• Price Target: 531.00 p ▲(41.98% Upside)
• Action: Downgraded Date: 03/13/26
• Date: Action: Downgraded 03/13/26

The score is held back primarily by weakening 2025 profitability and a loss-driven negative P/E, despite improved cash generation and reduced (but still meaningful) leverage. Technicals are the main support, with price trading above key moving averages and positive momentum indicators.

Positive Factors

Operating cash flow & FCF

Strong operating cash flow (reported at £60.8m) and improved free cash flow (£35.8m) in 2025 provide durable internal funding for operations, capex and gradual debt reduction. Reliable cash generation in a cyclical marine services business lowers refinancing risk and supports reinvestment or strategic optionality over the medium term.

Specialist service-based model

James Fisher's focus on specialist marine services, engineered products and framework agreements creates diversified, recurring revenue streams and higher switching costs. Technical capabilities and global operations support participation in offshore energy and decommissioning activity, underpinning more durable demand than commoditized shipping services.

Gross margin resilience

A gross margin near 32.6% despite weaker top-line suggests underlying pricing power or effective cost control in core execution. Durable gross margins help preserve cash conversion and provide a foundation for operating-margin recovery as volumes normalize, improving the company's ability to restore profitability over several quarters.

Negative Factors

Profitability volatility

The sharp swing to a small net loss in 2025 and steep decline in EBIT margin undermine earnings predictability. Persistent margin volatility complicates planning, increases execution risk on project work, and weakens confidence that recent profitability gains are structural without sustained revenue recovery or cost re‑engineering.

Revenue decline trend

Nearly 10% reported revenue decline and ongoing top-line weakness point to structural demand or market-share pressures in core segments. Persistent revenue contraction reduces scale benefits, pressures margins and cash flow, and makes deleveraging and reinvestment harder without a clear growth strategy or new contract wins.

Leverage remains meaningful

Leverage remains meaningful with debt slightly above equity, limiting balance-sheet flexibility for a cyclical services business. Although improved from 2023 levels, this debt profile increases sensitivity to downturns, constrains strategic investments, and means deleveraging will depend on sustained cash generation over multiple quarters.

James Fisher & Sons Business Overview & Revenue Model

Company Description

James Fisher and Sons plc provides marine and specialist engineering services worldwide. It operates through four segments: Marine Support, Specialist Technical, Offshore Oil, and Tankships. The company engages in the provision of ship-to-ship transfer services, aerospace engineering, fabrication, design and engineering hazardous area, marine projects, mechanical and electrical and designs, and specialist engineering and structures consultancy designs; provides inspection and monitoring services, such as condition monitoring, construction plant products, onshore geotechnical, hull stress, load cells, marine and offshore safety systems, non-destructive testing, nuclear plants, offshore wind management, PyroSentry, radiation detection equipment, strain rings, structural, and X-ray inspection systems; and offers lifting and handling services, including container weight systems, crane overload monitoring, hose and umbilical reelers, lifting equipment, load links and shackles, marine cranes, and winches and hoists. It offers marine services, which include digital solutions, fuels infrastructure, installation and commission, offshore personnel and wind management, operation and maintenance, ship agency, shoreside support, site and surface preparation, and vessel chartering services; anchor an chain monitoring, deck and mooring equipment, fendering and flotation, and mooring and towing load monitoring; building infrastructure and services, containerized systems, engineered containments, manipulators and tooling, mechanical and remote handling, radiation tolerant equipment, and remote inspection systems; and subsea equipment and submarine rescue products. In addition, it operates ports in Plymouth, the United Kingdom. James Fisher and Sons Plc was founded in 1847 and is headquartered in Barrow-in-Furness, the United Kingdom.

How the Company Makes Money

FSJ makes money primarily by delivering contracted specialist services and engineered products to customers in marine, offshore energy, and related industrial markets. Revenue is generated through (1) service contracts for marine and subsea operations (e.g., project-based work where FSJ is paid for delivering defined scopes such as subsea intervention/support, marine operations, and related offshore services), (2) long-term or framework agreements where customers procure recurring specialist marine support and operational services over time, (3) sale of engineered/manufactured equipment and technical solutions (where FSJ earns revenue from producing and supplying marine engineering products and associated installation/commissioning services), and (4) chartering or provision of specialist vessels and logistics support (where applicable, FSJ earns fees for vessel time, crew, and operational delivery). Earnings are influenced by the volume and mix of project work, utilization of specialist assets and people, pricing on contracted work, and demand cycles in offshore energy (including decommissioning activity) and maritime infrastructure. Specific material partnerships and a quantified breakdown of revenue by stream are not available in the provided prompt; therefore: null.

James Fisher & Sons Financial Statement Overview

Summary

Financials are mixed. 2025 slipped back to a small loss with continued revenue decline, and operating margin fell sharply versus 2024, raising earnings durability concerns. Offsetting this, operating cash flow stayed positive and strengthened, and leverage has improved from 2023 though debt remains slightly above equity.

Income Statement

Results have been volatile. After a strong 2024 (about 10.6% net margin and solid operating profitability), 2025 slipped back to a small loss (net margin about -1.1%) alongside a further revenue decline (-3.4%). Profitability has improved materially from the deep losses in 2020–2023, and gross margin has held up (~32.6% in 2025), but the recent step-down in operating margin (EBIT margin ~4.6% in 2025 vs ~16.4% in 2024) raises questions about earnings durability.

Balance Sheet

Leverage remains meaningful, with debt slightly above equity in 2024–2025 (debt-to-equity ~1.02–1.09), which limits balance-sheet flexibility for a cyclical marine services business. The company has reduced leverage from the weaker 2023 position (debt-to-equity ~1.89) and kept total assets relatively stable, but equity growth is modest and returns have swung sharply (strong in 2024, negative again in 2025 due to the loss).

Cash Flow

Cash generation is a relative bright spot: operating cash flow remained positive across all years shown and rose to £60.8m in 2025, with free cash flow improving to £35.8m (sharp growth year-over-year). That said, free cash flow has been lumpy over time, and cash flow covered only a portion of total debt in each year provided (coverage ratio ~0.20–0.37), implying debt reduction would likely be gradual without sustained improvements.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Mar 2023	Dec 2021
Income Statement
Total Revenue	394.40M	437.70M	496.20M	478.10M	442.40M
Gross Profit	128.40M	133.00M	135.90M	127.20M	103.60M
EBITDA	63.80M	112.40M	24.40M	64.90M	21.80M
Net Income	-4.40M	46.30M	-62.40M	-11.10M	-27.80M
Balance Sheet
Total Assets	514.00M	511.30M	558.20M	609.00M	624.90M
Cash, Cash Equivalents and Short-Term Investments	59.50M	86.20M	77.50M	53.60M	68.00M
Total Debt	202.90M	194.10M	279.00M	242.10M	253.50M
Total Liabilities	326.70M	321.00M	409.60M	390.70M	414.30M
Stockholders Equity	186.80M	189.90M	148.00M	217.80M	209.90M
Cash Flow
Free Cash Flow	35.80M	17.60M	6.60M	11.50M	25.30M
Operating Cash Flow	60.80M	49.30M	37.80M	44.50M	48.90M
Investing Cash Flow	-28.50M	79.70M	-4.70M	-15.80M	-1.90M
Financing Cash Flow	-29.50M	-131.60M	-27.40M	-40.10M	-26.10M

James Fisher & Sons Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 374.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Negative
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:FSJ, the sentiment is Positive. The current price of 374 is below the 20-day moving average (MA) of 504.10, below the 50-day MA of 443.95, and below the 200-day MA of 383.17, indicating a bullish trend. The MACD of 21.62 indicates Positive momentum. The RSI at 74.37 is Negative, neither overbought nor oversold. The STOCH value of 59.58 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:FSJ.

James Fisher & Sons Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SRP	79 Outperform	£3.17B	19.41	16.69%	1.27%	0.84%	-62.73%
CKN	75 Outperform	£1.43B	17.83	15.29%	2.89%	3.29%	-8.76%
BBY	71 Outperform	£3.60B	13.49	16.34%	1.80%	9.97%	-15.46%
HSP	71 Outperform	£254.54M	4.85	7.63%	4.85%	25.24%	19.81%
BMS	64 Neutral	£75.43M	85.60	4.94%	2.25%	-15.64%	-22.46%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
FSJ	56 Neutral	£277.56M	-42.97	23.85%	―	-12.37%	―

James Fisher & Sons Corporate Events

James Fisher hails 2025 ‘turning point’ as profit margins and ROCE improve

James Fisher and Sons reported underlying adjusted revenue up 4.3% to £377.2m and a 56.3% jump in underlying operating profit to £28.6m for 2025, as operating margin improved to 7.6% and return on capital employed rose to 8.6%. Net debt edged down to £54.4m, leaving leverage at 1.3 times and within the group’s target range, despite reported profit falling year-on-year due to prior-period disposal gains.

Management highlighted 2025 as a turning point in its multi-year turnaround, citing portfolio simplification, restructuring benefits and improved execution across all three divisions. Strengthened Defence capabilities, recovering Energy markets and selective growth in Maritime Transport, supported by new product development and stricter capital allocation, are expected to underpin further operational and margin progress in 2026.

The most recent analyst rating on (GB:FSJ) stock is a Hold with a £481.00 price target. To see the full list of analyst forecasts on James Fisher & Sons stock, see the GB:FSJ Stock Forecast page.

James Fisher schedules FY2025 results and investor briefings

James Fisher and Sons, the marine services specialist, operates across energy, defence and maritime transport, offering tailored marine solutions and technologies to support critical operations for global industry and government clients. Its positioning rests on safety-focused innovation and niche expertise in solving complex marine challenges.

The company announced it will publish its full-year 2025 results on 12 March 2026 and will host dedicated presentations for analysts and retail investors on the same day. The planned hybrid analyst webinar and a separate online retail investor session underscore management’s continued engagement with the market and may offer stakeholders detailed insight into the group’s recent performance and strategic direction.

The most recent analyst rating on (GB:FSJ) stock is a Buy with a £489.00 price target. To see the full list of analyst forecasts on James Fisher & Sons stock, see the GB:FSJ Stock Forecast page.

James Fisher Expects 2025 Profit to Beat Forecasts as Marine Divisions Gain Traction

James Fisher and Sons reported a stronger-than-expected trading performance for 2025, with revenue of around £395m, equating to like-for-like growth of about 4% once disposals and business closures are excluded, and underlying operating profit anticipated at roughly £28m, ahead of market consensus and lifting margins to about 7%. Management highlighted second-half-weighted momentum, supported by productivity and supply-chain efficiencies, a more focused portfolio and disciplined cash management that kept net debt to EBITDA within the 1.0–1.5x target range, underpinning a more robust balance sheet. Operationally, the Energy division delivered solid profits across its Energy Services and Renewables portfolios despite softness in some oil and gas activities, the Defence division secured strategic contract wins including a major Polish Navy deal that improves 2026 visibility, and Maritime Transport posted strong results driven by tankship utilisation and ship-to-ship transfer activity, leaving the group confident of further progress in 2026.

The most recent analyst rating on (GB:FSJ) stock is a Buy with a £437.00 price target. To see the full list of analyst forecasts on James Fisher & Sons stock, see the GB:FSJ Stock Forecast page.