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Filtronic
(LSE:FTC)
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Rating:55Neutral
Price Target:
239.00 p
▼(-7.72% Downside)
Action:Reiterated
Date:08/05/26
The score is supported by improved fundamentals and a low-leverage balance sheet, but is held back by a clear 2026 step-down in profitability and weaker free-cash-flow conversion. Technical indicators also show a bearish trend and weak momentum, while the high P/E reduces valuation support.
Positive Factors
Sustained revenue turnaround
Filtronic delivered a multi-year revenue recovery with sharp growth through 2025, indicating successful commercial traction. Durable program ramps and expanding product adoption underpin revenue base, improving operating leverage and supporting longer-term investment in product development and capacity.
Negative Factors
Profitability step-down in 2026
A sharp margin decline from ~25% to ~8% materially reduces returns and indicates earnings normalization. Lower sustained margins constrain reinvestment capacity, make ROE more sensitive to revenue swings, and increase the risk that a future downturn will quickly erode profitability.
Read all positive and negative factors
Positive Factors
Negative Factors
Sustained revenue turnaround
Filtronic delivered a multi-year revenue recovery with sharp growth through 2025, indicating successful commercial traction. Durable program ramps and expanding product adoption underpin revenue base, improving operating leverage and supporting longer-term investment in product development and capacity.
Read all positive factors
Filtronic (FTC) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£523.46M
Dividend YieldN/A
Average Volume (3M)1.29M
Price to Earnings (P/E)52.4
Beta (1Y)0.58
Revenue Growth31.56%
EPS Growth-4.41%
CountryUK
Employees186
SectorTechnology
Sector Strength88
IndustryCommunication Equipment
Share Statistics
EPS (TTM)0.02
Shares Outstanding219,942,720
10 Day Avg. Volume981,293
30 Day Avg. Volume1,290,637
Financial Highlights & Ratios
PEG Ratio-2.82
Price to Book (P/B)21.24
Price to Sales (P/S)15.64
P/FCF Ratio670.94
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£440.00Price Target Upside69.88% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.04
Revenue Forecast (FY)£62.55M
Filtronic Business Overview & Revenue Model
Company Description
Filtronic plc, established in Sedgefield, United Kingdom, in 1977, is a global leader in the design, development, manufacturing, and distribution of sophisticated radio frequency (RF) communications equipment. The company delivers its specialized ...
How the Company Makes Money
Filtronic makes money primarily by selling RF/microwave/mmWave products and engineered subsystems to industrial customers, with revenue recognized through product shipments and, where applicable, contracted development and manufacturing work. Key ...
Filtronic Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
78
Positive
Cash Flow
55
Neutral
| Breakdown | May 2026 | May 2025 | May 2024 | May 2023 | May 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 55.53M | 56.32M | 25.43M | 16.27M | 17.05M |
| Gross Profit | 0.00 | 34.46M | 16.07M | 10.28M | 11.41M |
| EBITDA | 6.92M | 15.51M | 4.92M | 1.33M | 3.31M |
| Net Income | 4.56M | 14.05M | 3.14M | 464.00K | 1.47M |
Balance Sheet | |||||
| Total Assets | 65.20M | 49.79M | 25.27M | 18.09M | 16.44M |
| Cash, Cash Equivalents and Short-Term Investments | 12.90M | 14.49M | 7.21M | 2.61M | 4.01M |
| Total Debt | 5.64M | 3.69M | 3.02M | 2.31M | 1.82M |
| Total Liabilities | 24.32M | 14.42M | 10.45M | 6.54M | 5.40M |
| Stockholders Equity | 40.88M | 35.38M | 14.81M | 11.54M | 11.04M |
Cash Flow | |||||
| Free Cash Flow | 1.29M | 8.06M | 4.76M | -581.00K | 2.04M |
| Operating Cash Flow | 11.61M | 13.84M | 6.33M | 950.00K | 2.29M |
| Investing Cash Flow | -12.84M | -5.62M | -1.49M | -1.52M | -250.00K |
| Financing Cash Flow | -373.00K | -903.00K | -228.00K | -840.00K | -964.00K |
Filtronic Technical Analysis
Negative
259.00
Price Trends
292.16
Negative
284.93
Negative
225.16
Positive
Market Momentum
-13.40
Negative
42.76
Neutral
34.55
Neutral
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 259 is above the 20-day moving average (MA) of 255.55, below the 50-day MA of 292.16, and above the 200-day MA of 225.16, indicating a neutral trend. The MACD of -13.40 indicates Negative momentum. The RSI at 42.76 is Neutral, neither overbought nor oversold. The STOCH value of 34.55 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GB:FTC.
Filtronic Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | £56.91M | 14.98 | 17.43% | 3.73% | 7.22% | 12.69% | |
69 Neutral | £50.64M | 69.28 | 2.71% | 1.56% | 18.98% | 115.79% | |
62 Neutral | £333.92M | 82.71 | 3.33% | 0.80% | 12.73% | -26.74% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
61 Neutral | £226.24M | -4.56 | -31.21% | ― | -7.62% | 5.48% | |
59 Neutral | £46.50M | 280.00 | -0.11% | 4.23% | -10.70% | -200.00% | |
55 Neutral | £523.46M | 52.42 | 11.47% | ― | 31.56% | -4.41% |
* Technology Sector Average
GB:FTC
Filtronic
242.00
106.00
77.94%
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GB:CLX
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Filtronic Corporate Events
Business Operations and StrategyFinancial Disclosures
Filtronic lifts profit outlook as new satellite contract bolsters strong order book
Positive
Jun 23, 2026
Filtronic has secured a second contract with a US satellite customer worth about $0.5m for the design of a high-frequency module, extending an $8m engagement announced earlier this year and deepening its presence in the satellite communications ma...
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.