Filtronic (FTC) AI Stock Analysis

• Market Cap: £439.89M
• Dividend Yield: N/A
• Average Volume (3M): 1.29M
• Price to Earnings (P/E): 44.0
• Beta (1Y): 1.80
• 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: 225.00p ▲(24.31% 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

Revenue growth & margins

Sustained >30% revenue growth alongside very high gross and healthy net margins indicates durable product pricing power and favorable product mix. This combination supports reinvestment in R&D and production capacity, improving long-term competitive position and cash generation.

Strong cash generation

Very strong FCF growth and OCF-to-income conversion show the business reliably turns earnings into cash. That reduces dependence on external financing, funds organic expansion or capex for production programs, and provides resilience across industry cycles.

Conservative leverage & high ROE

Low leverage combined with very high return on equity signals efficient capital allocation and financial flexibility. A conservative balance sheet aids funding new design wins and sustaining program production through downturns without stressing liquidity.

Negative Factors

Negative EPS growth

Despite revenue and margin strength, EPS contraction suggests earnings aren’t fully translating to per-share profits. This may reflect dilution, discrete costs, or margin mix shifts and can pressure investor returns and limit visible improvement in per-share metrics over the medium term.

Lumpy program-driven revenues

Business reliant on winning design-ins and multi-year production programs creates lumpy, timing-sensitive revenue. Large program wins or losses materially swing volumes and margins, reducing near-term visibility and making growth dependent on continued programme wins.

Exposure to cyclical end-markets

Serving telecom, aerospace and space markets ties revenue to cyclical capex and defense budgets. These end-market cycles can produce durable swings in order books and extend product sales seasonality, increasing medium-term revenue volatility and planning risk.

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 generates revenue through the sale of its RF and microwave components and systems to telecommunications equipment manufacturers and service providers. The company has established key revenue streams from long-term contracts and partnerships with major players in the wireless industry, enabling it to capitalize on the growing market for 5G infrastructure. Additionally, Filtronic's focus on research and development allows it to introduce new products that meet emerging market needs, providing a competitive edge and driving sales. Its strategy also includes expanding into international markets, which contributes to its overall earnings potential.

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: Positive
• Last Price: 181.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:FTC, the sentiment is Positive. The current price of 181 is below the 20-day moving average (MA) of 199.13, below the 50-day MA of 185.60, and above the 200-day MA of 151.34, indicating a bullish trend. The MACD of 4.45 indicates Positive momentum. The RSI at 56.24 is Neutral, neither overbought nor oversold. The STOCH value of 45.45 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:FTC.

Filtronic Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
FTC	75 Outperform	£439.89M	43.96	55.98%	―	121.45%	345.83%
MWE	75 Outperform	£49.99M	13.39	17.79%	4.20%	5.46%	12.34%
CML	66 Neutral	£38.53M	33.05	2.28%	3.67%	-21.33%	-11.35%
GHH	65 Neutral	£232.65M	61.54	3.13%	2.19%	10.66%	21.19%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
CLX	58 Neutral	£49.72M	79.58	2.36%	2.02%	20.83%	―
TTG	54 Neutral	£213.67M	-3.05	-31.42%	―	-16.33%	-448.12%

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.

Filtronic Secures Major Defense Contract for Electronic Sensor Program

Filtronic has been selected by a major European defense prime for the next phase of an electronic sensor program, receiving an Authorisation to Proceed worth approximately £7 million. This contract, expected to total £11 million over two years, will be executed at Filtronic’s new microelectronics facility in Sedgefield, reinforcing the company’s position in the growing defense market and showcasing its capability to meet long-term demand for advanced RF solutions.

The most recent analyst rating on (GB:FTC) stock is a Buy with a £157.00 price target. To see the full list of analyst forecasts on Filtronic stock, see the GB:FTC Stock Forecast page.

Filtronic Secures Landmark Contracts and Strengthens Market Position

Filtronic has made significant strategic progress in the first half of FY2026, securing its largest-ever contract with SpaceX for its E-band GaN product, marking a major commercial deployment in the space market. The company also expanded its customer base with contracts in the aerospace and defense sectors, enhancing its order book and pipeline. Filtronic’s innovation strategy is advancing with new product launches planned for 2026 and funding for a Ka-Band power amplifier, positioning the company for growth in the global space ecosystem. The company remains financially strong, with a robust order book and confidence in meeting full-year market expectations.

The most recent analyst rating on (GB:FTC) stock is a Buy with a £157.00 price target. To see the full list of analyst forecasts on Filtronic stock, see the GB:FTC Stock Forecast page.