Filtronic (FTC) AI Stock Analysis

• Market Cap: £354.11M
• Dividend Yield: N/A
• Average Volume (3M): 1.29M
• Price to Earnings (P/E): 27.4
• Beta (1Y): 1.87
• Revenue Growth: 121.45%
• EPS Growth: 345.83%
• Country: UK
• Employees: 133
• Sector: Technology
• Sector Strength: 88
• Industry: Communication Equipment
• EPS (TTM): 0.01
• Shares Outstanding: 219,942,720
• 10 Day Avg. Volume: 981,293
• 30 Day Avg. Volume: 1,290,637
• PEG Ratio: 0.06
• Price to Book (P/B): 7.75
• Price to Sales (P/S): 4.87
• P/FCF Ratio: 34.02
• 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: £213.00
• Price Target Upside: 17.68% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): 0.03
• Revenue Forecast (FY): £55.45M

• Rating: 75 Outperform
• Price Target: 181.00 p ▲(0.00% Upside)
• Action: Reiterated Date: 01/04/26
• Date: Action: Reiterated 01/04/26

The score is primarily driven by strong financial performance (rapid revenue growth, high margins, low leverage, and solid cash flow). Technicals are supportive but stretched with overbought signals that raise near-term risk. Valuation is a moderate headwind due to a higher P/E and no dividend yield data.

Positive Factors

Strong Revenue Growth

Sustained ~32% top-line growth indicates expanding adoption of Filtronic's RF/mmWave products and successful market penetration. Over the medium term this supports scale economics, funds R&D and capacity, and raises the chance that design wins convert into recurring production revenues.

High Profitability

Very strong gross and net margins reflect engineering-heavy product mix and pricing power in niche RF subsystems. High margins support reinvestment in product development, sustain above-industry returns and underpin the company's elevated ROE, improving resilience through industry cycles.

Conservative Balance Sheet & Cash Flow

Low leverage combined with robust free cash flow growth and operating cash conversion shows strong internal funding capacity. This financial flexibility supports capital spending for production, R&D investment and cushions the business against cyclical downturns without heavy reliance on external financing.

Negative Factors

Customer/Contract Transparency

Lack of disclosed major customers or named partnerships creates structural uncertainty around revenue concentration and renewal risk. Without visibility, it's harder to assess the durability of revenues and the risk that a small number of customers or program losses could materially impact results.

Program Lifecycle Revenue Lumps

Business relies on securing design-ins and then supplying through platform lifecycles. While profitable once established, this creates lumpy, binary revenue patterns: missed design wins or delayed customer qualification can produce multi-quarter shortfalls and underutilized capacity.

Cyclical End Markets & Small Scale

Exposure to telecom capex cycles, aerospace/defence procurement variability and satellite program timing creates structural demand volatility. With ~133 employees and niche scale, Filtronic may face limited diversification and competitive pressure from larger suppliers, constraining long-term growth optionality.

Filtronic Business Overview & Revenue Model

Company Description

Filtronic plc designs, develops, manufactures, and sells advanced radio frequency (RF) communications equipment for telecommunications infrastructure, aerospace and defense, and critical communications market sectors in the United Kingdom, Europe, the Americas, and internationally. It provides Morpheus II, an e-band transceiver module; Cerus, a power amplifier for long range e-band communications; tower top amplifiers; Orpheus, an ultra-high-capacity turn-key solution for backhaul, fronthaul, and mid haul; switched filter banks; GaN amplifiers; custom filters products, including metal cavity, ceramic, combline, interdigital, lumped element, suspended substrate, waveguide, and thin-film filters; and custom combiner products. The company also offers interference mitigation filters; transmit and receive modules; microwave and mmWave transceivers; front end modules, such as power amplifiers, low noise amplifiers, switches, filters, power detectors, baluns, and other products; ceramic, combline, lumped element, metal cavity, suspended substrate, thin film, and small cell filters; waveguide diplexers; and cross-band and in band combiners. In addition, it provides contract design and microelectronic manufacturing services, RF design and testing, and process engineering services. The company was formerly known as Filtronic Comtek plc and changed its name to Filtronic plc in March 1998. Filtronic plc was founded in 1977 and is based in Sedgefield, the United Kingdom.

How the Company Makes Money

Filtronic makes money primarily by selling RF/microwave/mmWave products and engineered subsystems to OEMs, system integrators and other industrial customers. Revenue is generated through (1) product sales of standard and semi-custom RF hardware (e.g., filters and other RF front-end components), and (2) contract-based design-and-manufacture of custom RF/microwave assemblies and modules where Filtronic provides engineering development, prototyping/qualification and then serial production. Earnings are influenced by unit volumes shipped, mix between higher-value engineered subsystems versus simpler components, and long-term production programs where once designed-in, Filtronic supplies parts over the life of the customer platform. Specific details on major customer contracts, pricing structure, and named partnerships are null.

Filtronic Financial Statement Overview

Summary

Strong fundamentals supported by 32.37% revenue growth, high gross and net margins (61.19% and 24.95%), conservative leverage (debt-to-equity 0.10), and robust cash generation (free cash flow growth 77.92% and operating cash flow to net income 1.19).

Income Statement

Filtronic has demonstrated strong revenue growth of 32.37% in the latest year, with robust gross and net profit margins of 61.19% and 24.95%, respectively. The EBIT and EBITDA margins are also healthy at 24.25% and 27.53%, indicating efficient operational management. The consistent improvement in profitability metrics over the years highlights a positive trajectory.

Balance Sheet

The company's balance sheet is solid with a low debt-to-equity ratio of 0.10, indicating conservative leverage. The return on equity is impressive at 39.71%, reflecting strong profitability relative to shareholder equity. The equity ratio is not explicitly provided, but the overall financial health appears stable with increasing equity over time.

Cash Flow

Filtronic's cash flow performance is strong, with a significant free cash flow growth rate of 77.92%. The operating cash flow to net income ratio of 1.19 suggests efficient cash generation relative to earnings. The free cash flow to net income ratio of 0.58 indicates a solid conversion of earnings into cash, supporting future growth and investment.

Breakdown	TTM	May 2025	May 2024	May 2023	May 2022	May 2021
Income Statement
Total Revenue	55.98M	56.32M	25.43M	16.27M	17.05M	15.56M
Gross Profit	23.86M	34.46M	16.07M	10.28M	11.41M	2.63M
EBITDA	13.38M	15.51M	4.92M	1.33M	3.31M	1.58M
Net Income	9.96M	14.05M	3.14M	464.00K	1.47M	60.00K
Balance Sheet
Total Assets	55.02M	49.79M	25.27M	18.09M	16.44M	14.61M
Cash, Cash Equivalents and Short-Term Investments	10.51M	14.49M	7.21M	2.61M	4.01M	2.91M
Total Debt	6.18M	3.69M	3.02M	2.31M	1.82M	2.16M
Total Liabilities	16.41M	14.42M	10.45M	6.54M	5.40M	5.25M
Stockholders Equity	38.61M	35.38M	14.81M	11.54M	11.04M	9.36M
Cash Flow
Free Cash Flow	6.70M	8.06M	4.76M	-581.00K	2.04M	1.72M
Operating Cash Flow	15.13M	13.84M	6.33M	950.00K	2.29M	2.13M
Investing Cash Flow	-11.13M	-5.62M	-1.49M	-1.52M	-250.00K	-392.00K
Financing Cash Flow	-610.00K	-903.00K	-228.00K	-840.00K	-964.00K	-704.00K

Filtronic Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 181.00
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:FTC, the sentiment is Negative. The current price of 181 is below the 20-day moving average (MA) of 190.63, below the 50-day MA of 191.57, and above the 200-day MA of 155.44, indicating a neutral trend. The MACD of -4.81 indicates Positive momentum. The RSI at 31.51 is Neutral, neither overbought nor oversold. The STOCH value of 16.71 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GB:FTC.

Filtronic Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MWE	77 Outperform	£49.13M	10.81	17.36%	4.20%	5.46%	12.34%
FTC	75 Outperform	£354.11M	27.44	26.93%	―	121.45%	345.83%
GHH	67 Neutral	£209.11M	25.56	3.10%	2.19%	10.66%	21.19%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
CLX	58 Neutral	£41.80M	-17.38	2.30%	2.02%	20.83%	―
TTG	54 Neutral	£186.96M	-4.83	-37.50%	―	-16.33%	-448.12%
CML	52 Neutral	£34.38M	5.88	2.29%	3.67%	-21.33%	-11.35%

Filtronic Corporate Events

Filtronic Shifts Registered Office to NETPark Tech Hub in Sedgefield

Filtronic plc, the AIM-quoted RF and microelectronics specialist serving space, aerospace, defence and telecoms infrastructure markets, has announced a change to its registered office address, which is now located at 1 Rosalind Franklin Way in NETPark, Sedgefield, County Durham. The move aligns the company’s corporate registration with its existing headquarters location, reinforcing its presence within a key UK technology hub and supporting its positioning as a leading provider of mission-critical communication solutions to high-growth strategic markets.

By consolidating its official base at NETPark, Filtronic underlines its commitment to continued innovation and advanced manufacturing in the North East of England, where it operates state-of-the-art facilities to deliver scalable RF solutions across the full spectrum. This administrative change is not expected to alter day-to-day operations but underscores the firm’s long-term investment in its core engineering centres, its focus on high-value sectors such as LEO space and defence, and its intention to sustain strong margins and value creation for shareholders.

The most recent analyst rating on (GB:FTC) stock is a Buy with a £227.00 price target. To see the full list of analyst forecasts on Filtronic stock, see the GB:FTC Stock Forecast page.

Filtronic Discloses 5.91% Shareholding Acquired by Investor Dixon

Filtronic plc has disclosed that investor Mrs D.M. Dixon now holds 13,000,000 ordinary shares in the company, representing 5.91% of its issued share capital. The stake positions Dixon as a significant shareholder, a development that may influence the company’s ownership dynamics and be of interest to investors tracking shifts in Filtronic’s register.

The most recent analyst rating on (GB:FTC) stock is a Buy with a £224.00 price target. To see the full list of analyst forecasts on Filtronic stock, see the GB:FTC Stock Forecast page.

Filtronic Balances Profit Dip With Record Order Book After Heavy Growth Investment

Filtronic reported half-year 2026 results broadly in line with expectations, with revenue steady at £25.3m but profit and EBITDA down year-on-year as the company deliberately increased investment in people, facilities and product development and absorbed currency headwinds from a weaker US dollar. Despite the margin impact, the group generated strong operating cash, self-funded a move to a larger headquarters and manufacturing site that expands capacity, and secured substantial new long-term contracts, including its largest-ever $62.5m deal with SpaceX and multi-year space and defence awards in Europe, driving a record order book that now covers about 90% of forecast FY2026 revenue and underpins management’s confidence in sustained growth and its five-year strategy focused on GaN-based high-frequency systems across space, defence and related markets.

The most recent analyst rating on (GB:FTC) stock is a Buy with a £213.00 price target. To see the full list of analyst forecasts on Filtronic stock, see the GB:FTC Stock Forecast page.

Filtronic Adds Berenberg as Joint Corporate Broker to Bolster Market Support

Filtronic plc has appointed Joh. Berenberg, Gossler & Co. KG, London Branch, as a Joint Corporate Broker alongside its existing Nominated Adviser and broker Cavendish Capital Markets Limited. The move strengthens Filtronic’s capital markets support as it targets high-growth strategic sectors such as LEO space, aerospace and defence, and is likely aimed at enhancing its investor engagement and access to equity markets to support continued product development, scalable manufacturing and long-term value creation for shareholders.

The most recent analyst rating on (GB:FTC) stock is a Buy with a £213.00 price target. To see the full list of analyst forecasts on Filtronic stock, see the GB:FTC Stock Forecast page.