Hardide PLC (GB:HDD)
LSE:HDD
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Hardide
(LSE:HDD)
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Rating:56Neutral
Price Target:
34.00 p
▲(91.55% Upside)
Action:ReiteratedDate:02/28/26
The score is driven primarily by improving financial performance in FY2025 (profitability inflection and positive free cash flow), supported by a strong uptrend in the share price. These positives are tempered by an expensive valuation (very high P/E), thin margins, and increased leverage, which raise downside risk if growth or execution weakens.
Positive Factors
Specialized industrial coatings niche
Hardide operates in a technical, service-oriented niche supplying tungsten-carbide coatings for high-wear, corrosive environments. That specialization creates durable demand from industrial customers needing longer-life parts, supports repeat service revenue, and raises barriers to entry versus commodity suppliers.
Negative Factors
Rising leverage
Leverage increased materially during the recovery, reducing balance-sheet flexibility. Higher debt amplifies downside risk if growth softens, limits capacity for opportunistic capex or R&D, and increases interest cost sensitivity, making ongoing profit and cash generation more critical to avoid refinancing pressure.
Read all positive and negative factors
Positive Factors
Negative Factors
Specialized industrial coatings niche
Hardide operates in a technical, service-oriented niche supplying tungsten-carbide coatings for high-wear, corrosive environments. That specialization creates durable demand from industrial customers needing longer-life parts, supports repeat service revenue, and raises barriers to entry versus commodity suppliers.
Read all positive factors
Hardide (HDD) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£26.40M
Dividend YieldN/A
Average Volume (3M)232.92K
Price to Earnings (P/E)6.0
Beta (1Y)0.59
Revenue Growth14.51%
EPS Growth77.27%
CountryUK
Employees38
SectorBasic Materials
Sector Strength58
IndustryChemicals - Specialty
Share Statistics
EPS (TTM)<0.01
Shares Outstanding78,812,750
10 Day Avg. Volume107,940
30 Day Avg. Volume232,917
Financial Highlights & Ratios
PEG Ratio-0.29
Price to Book (P/B)1.50
Price to Sales (P/S)0.96
P/FCF Ratio9.78
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.02
Revenue Forecast (FY)£9.00M
Hardide Business Overview & Revenue Model
Company Description
Hardide plc manufactures and sells advanced tungsten carbide/tungsten metal matrix composite coatings in the United Kingdom, Europe, North America, and internationally. Its products are used in various industries, including energy, aerospace, flow...
How the Company Makes Money
Hardide makes money primarily by selling its coating services to industrial customers. Revenue is generated when customers send components (or contract for components) to be coated with Hardide’s tungsten carbide-based coating, with pricing typica...
Hardide Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
50
Neutral
Cash Flow
60
Neutral
| Breakdown | Sep 2025 | Sep 2024 | Sep 2023 | Sep 2022 | Sep 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 6.03M | 4.73M | 5.50M | 5.01M | 3.60M |
| Gross Profit | 2.69M | 2.28M | 2.61M | 1.88M | 1.31M |
| EBITDA | 1.03M | -363.00K | -165.00K | -937.00K | -1.69M |
| Net Income | 178.00K | -1.32M | -1.12M | -2.19M | -2.80M |
Balance Sheet | |||||
| Total Assets | 7.61M | 7.75M | 8.40M | 9.73M | 10.76M |
| Cash, Cash Equivalents and Short-Term Investments | 827.00K | 700.00K | 740.00K | 693.00K | 1.54M |
| Total Debt | 4.09M | 2.81M | 3.05M | 2.96M | 2.95M |
| Total Liabilities | 3.73M | 4.09M | 4.11M | 4.21M | 3.84M |
| Stockholders Equity | 3.88M | 3.66M | 4.29M | 5.53M | 6.91M |
Cash Flow | |||||
| Free Cash Flow | 594.00K | -486.00K | 56.00K | -1.31M | -2.25M |
| Operating Cash Flow | 663.00K | -422.00K | 166.00K | -1.01M | -1.94M |
| Investing Cash Flow | -69.00K | -64.00K | -110.00K | -292.00K | -299.00K |
| Financing Cash Flow | -449.00K | 434.00K | -98.00K | 322.00K | 943.00K |
Hardide Technical Analysis
Positive
17.75
Price Trends
26.64
Positive
19.45
Positive
13.60
Positive
Market Momentum
1.52
Positive
57.35
Neutral
53.88
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:HDD, the sentiment is Positive. The current price of 17.75 is below the 20-day moving average (MA) of 34.29, below the 50-day MA of 26.64, and above the 200-day MA of 13.60, indicating a neutral trend. The MACD of 1.52 indicates Positive momentum. The RSI at 57.35 is Neutral, neither overbought nor oversold. The STOCH value of 53.88 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:HDD.
Hardide Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
58 Neutral | £844.56M | -28.06 | -6.85% | 1.34% | -11.78% | -92.61% | |
56 Neutral | £26.40M | 5.98 | -11.10% | ― | 14.51% | 77.27% | |
53 Neutral | £8.88M | -2.27 | -69.24% | ― | -24.85% | 40.28% | |
51 Neutral | £48.82M | -1.25 | -7.26% | ― | -4.41% | 2.29% | |
41 Neutral | £22.16M | -2.65 | ― | ― | -27.64% | 35.09% |
* Basic Materials Sector Average
GB:HDD
Hardide
33.50
27.25
436.00%
GB:DCTA
Directa Plus
8.50
2.25
36.00%
GB:ELM
Elementis
148.60
17.21
13.10%
GB:HAYD
Haydale Graphene
0.29
0.15
111.11%
GB:SYNT
Synthomer
29.85
-90.15
-75.13%
Hardide Corporate Events
Business Operations and StrategyShareholder Meetings
Hardide Shareholders Back All Resolutions at Annual General Meeting
Positive
Mar 24, 2026
Hardide plc, the AIM-quoted advanced surface coatings specialist, reported that all resolutions at its latest annual general meeting were approved by shareholders. The AGM outcome supports continuity of the current board and strategy, underpinning...
Business Operations and StrategyFinancial Disclosures
Hardide lifts first-half revenues over 50% as new contracts boost outlook
Positive
Mar 24, 2026
Hardide plc reported strong year-to-date trading, expecting first-half FY26 revenues of about £4.5m, more than 50% higher than a year earlier, and EBITDA of around £1.3m with operating margins near 20%, driven by a series of contract win...
Business Operations and StrategyFinancial DisclosuresShareholder Meetings
Hardide Sets March Date for AGM and Updates Shareholders
Neutral
Mar 17, 2026
Hardide plc has scheduled its Annual General Meeting for 11:30 a.m. on 24 March 2026 at its offices in Bicester, Oxfordshire, with the audited annual report and accounts for the year to 30 September 2025 already made available to shareholders. The...
Business Operations and StrategyFinancial Disclosures
Hardide Wins Further £1.8m North American Energy Orders, Lifts Revenue Outlook
Positive
Feb 26, 2026
Hardide has secured an additional £1.8 million of orders from a major North American energy sector customer, with most deliveries scheduled for the current financial year to 30 September 2026. The company is also in talks with this customer t...
Other
Hardide Directors Increase Shareholdings in Coating Technology Specialist
Positive
Feb 11, 2026
Hardide plc has reported a series of director share purchases, with the CEO, finance director, non-executive chair and a non-executive director acquiring additional ordinary shares at around 23.3p–23.5p per share. Following the transactions,...
Business Operations and StrategyExecutive/Board Changes
Hardide ties executive options to ambitious EBITDA and TSR growth targets
Positive
Feb 10, 2026
Hardide plc has granted 2,195,048 new executive and senior management share options under its EMI scheme, aligned with its 2025 remuneration policy and priced at 21.97 pence per share. The awards, largely to the CEO, finance director and technical...
Business Operations and StrategyFinancial Disclosures
Hardide Wins $1m North American Order and Plans Martinsville Upgrade
Positive
Feb 3, 2026
Hardide has secured a follow-on order worth $1.0 million from a North American customer, building on a previous contract announced in December 2025 and strengthening its position in that regional market. The order, to be delivered in the second ha...
Business Operations and StrategyFinancial Disclosures
Hardide Returns to Profit as Revenue Jumps and Trading Momentum Builds
Positive
Jan 22, 2026
Hardide reported a strong turnaround for the year to 30 September 2025, with revenue up 27% to £6.0m, gross margin rising to 57%, EBITDA improving to £1.0m at a 17% margin and the company returning to positive earnings per share for the ...
Financial Disclosures
Hardide Sets Date to Publish Full-Year 2025 Results
Neutral
Jan 12, 2026
Hardide plc has announced it will publish its annual results for the year ended 30 September 2025 on 22 January 2026, signalling an upcoming update on the company’s financial and operational performance. The forthcoming results will be close...
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.