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NCC Group plc
(LSE:NCC)
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Rating:55Neutral
Price Target:
146.00 p
▲(3.55% Upside)
Action:Reiterated
Date:06/30/26
Overall score is held back primarily by weakening financial performance (declining revenue and operating losses), partly cushioned by strong and improving free cash flow and a generally manageable balance sheet. Valuation is a secondary headwind due to the high P/E, while technicals cannot be validated due to missing indicator data.
Positive Factors
Strong free cash flow generation
Sustained and growing free cash flow provides durable funding for operations, reinvestment, debt reduction and shareholder returns even while operating profitability is weak. High FCF conversion versus net income supports balance-sheet resilience and strategic optionality over 2–6 months+.
Negative Factors
Declining and volatile revenue
Material top-line contraction erodes scale, reduces pricing power and weakens operating leverage. If the decline persists, it will constrain investment in product and sales, shrink gross profit dollars and increase the burden on FCF and the balance sheet to sustain operations over multiple quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong free cash flow generation
Sustained and growing free cash flow provides durable funding for operations, reinvestment, debt reduction and shareholder returns even while operating profitability is weak. High FCF conversion versus net income supports balance-sheet resilience and strategic optionality over 2–6 months+.
Read all positive factors
NCC Group plc (NCC) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£391.02M
Dividend Yield3.32%
Average Volume (3M)888.21K
Price to Earnings (P/E)46.7
Beta (1Y)0.77
Revenue GrowthN/A
EPS GrowthN/A
CountryUK
Employees1,800
SectorTechnology
Sector Strength88
IndustrySoftware - Infrastructure
Share Statistics
EPS (TTM)0.03
Shares Outstanding284,631,320
10 Day Avg. Volume713,002
30 Day Avg. Volume888,210
Financial Highlights & Ratios
PEG Ratio-0.84
Price to Book (P/B)2.08
Price to Sales (P/S)1.75
P/FCF Ratio9.55
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£150.00Price Target Upside6.38% Upside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)0.05
Revenue Forecast (FY)£279.32M
NCC Group plc Business Overview & Revenue Model
Company Description
NCC Group plc engages in the cyber security and software resilience business in the United Kingdom, the Asian-Pacific, North America, and Europe. The company operates through two segments, Cyber Security and Escode. It offers incident readiness, c...
How the Company Makes Money
NCC primarily makes money by selling professional and managed cyber security services and software resilience/escrow services to organizations. Key revenue streams typically include: (1) Cyber security services delivered on a fee-for-service basis...
NCC Group plc Financial Statement Overview
Summary
Income Statement
44
Neutral
Balance Sheet
58
Neutral
Cash Flow
74
Positive
| Breakdown | Sep 2025 | May 2024 | May 2023 | May 2022 | May 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 200.50M | 238.90M | 322.13M | 335.10M | 314.80M |
| Gross Profit | 56.50M | 68.40M | 112.05M | 109.40M | 112.90M |
| EBITDA | -10.30M | 13.90M | 7.58M | 24.50M | 54.60M |
| Net Income | 9.10M | 17.10M | -24.90M | -4.60M | 23.00M |
Balance Sheet | |||||
| Total Assets | 366.10M | 343.30M | 433.30M | 501.40M | 576.40M |
| Cash, Cash Equivalents and Short-Term Investments | 9.60M | 12.50M | 29.80M | 34.10M | 73.20M |
| Total Debt | 58.90M | 22.80M | 102.70M | 113.70M | 158.20M |
| Total Liabilities | 197.00M | 136.80M | 198.30M | 223.20M | 283.20M |
| Stockholders Equity | 169.10M | 206.50M | 235.00M | 278.20M | 293.20M |
Cash Flow | |||||
| Free Cash Flow | 36.80M | 28.80M | 20.20M | 24.80M | 46.60M |
| Operating Cash Flow | 41.20M | 33.50M | 26.40M | 32.10M | 54.80M |
| Investing Cash Flow | -4.90M | 56.30M | 2.60M | -6.30M | -161.20M |
| Financing Cash Flow | -106.80M | -90.80M | -47.40M | -67.30M | 61.80M |
NCC Group plc Technical Analysis
Positive
141.00
Price Trends
136.54
Positive
132.77
Positive
133.76
Positive
Market Momentum
1.00
Positive
48.13
Neutral
34.71
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:NCC, the sentiment is Positive. The current price of 141 is below the 20-day moving average (MA) of 142.29, above the 50-day MA of 136.54, and above the 200-day MA of 133.76, indicating a neutral trend. The MACD of 1.00 indicates Positive momentum. The RSI at 48.13 is Neutral, neither overbought nor oversold. The STOCH value of 34.71 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:NCC.
NCC Group plc Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | £484.63M | 16.38 | 58.56% | 5.94% | 15.29% | 17.28% | |
63 Neutral | £1.07B | 193.51 | 64.11% | ― | 20.07% | 30.00% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
57 Neutral | £530.42M | -4.99 | -14.39% | 2.13% | 0.82% | -997.08% | |
55 Neutral | £391.02M | 46.67 | 4.85% | 3.30% | ― | ― | |
53 Neutral | £535.46M | -6.70 | -19.47% | ― | 22.20% | -684.42% |
* Technology Sector Average
GB:NCC
NCC Group plc
140.00
2.38
1.73%
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NCC Group plc Corporate Events
Regulatory Filings and Compliance
NCC Group Discloses Share Sale by Chief Marketing Officer
Neutral
Aug 5, 2026
NCC Group plc has disclosed that its Chief Marketing Officer and person discharging managerial responsibilities, Angela Brown, has sold ordinary shares in the company. The transactions, conducted on 4 August 2026 on the London Stock Exchange, invo...
Regulatory Filings and Compliance
NCC Group Confirms Total Voting Share Capital
Neutral
Jul 31, 2026
NCC Group plc has confirmed that its issued ordinary share capital currently comprises 284,631,323 ordinary shares with a nominal value of 1 pence each, all carrying voting rights. This disclosure clarifies the company’s equity base for inve...
Business Operations and StrategyExecutive/Board Changes
NCC Group grants long-term share options to senior executives
Positive
Jul 30, 2026
NCC Group plc has awarded share options to three senior executives under its Sharesave Plan, signalling continued use of equity-based incentives to align leadership with long-term performance. Chief Financial Officer Guy Ellis, Chief Marketing Off...
Business Operations and StrategyStock BuybackShareholder Meetings
NCC Group Wins Shareholder Backing for Capital Return and Buyback Plans
Positive
Jul 23, 2026
NCC Group plc shareholders have approved all special resolutions at a general meeting held in London, including the cancellation of £225 million from the company’s share premium account. Investors also backed authorisations allowing dir...
Business Operations and StrategyRegulatory Filings and Compliance
NCC Group Executives Add Shares Under UK Incentive Plan
Positive
Jul 22, 2026
NCC Group plc is a U.K.-listed provider of cyber security and risk assurance services, focused on helping organisations secure their digital assets and manage technology-related threats. The group’s operations and shares are centred on the L...
Business Operations and Strategy
Siemens and NCC Group join forces to bolster UK critical infrastructure cyber security
Positive
Jul 15, 2026
Siemens and NCC Group have signed a Memorandum of Understanding to collaborate on strengthening cyber security across UK critical national infrastructure, with a particular focus on operational technology and converged IT-OT environments. The part...
Business Operations and StrategyStock BuybackM&A Transactions
NCC Group launches £185m capital return via tender offer and buyback
Positive
Jul 7, 2026
NCC Group is moving to return significant capital to investors after completing the £253 million sale of its Escode division, following an initial £40 million buyback earlier this year. The company plans to cancel its share premium accou...
Business Operations and Strategy
NCC Group joins OpenAI’s Daybreak program to test GPT-5.5 for cyber resilience
Positive
Jun 23, 2026
NCC Group has been chosen to join OpenAI’s invite-only Daybreak Cyber Partner Program, giving the UK-based cyber security firm early access to a specialised version of GPT-5.5 tailored for cyber resilience use cases. The collaboration will a...
Other
NCC Group Executives Add Shares Under UK Incentive Plan
Positive
Jun 18, 2026
NCC Group plc has reported routine share purchases by senior executives under the company’s UK Share Incentive Plan, signalling continued alignment between management and shareholders. Chief executive Mike Maddison, chief financial officer G...
Business Operations and StrategyStock BuybackDividendsFinancial DisclosuresM&A Transactions
NCC Group Becomes Pure-Play Cyber Firm as Profits Rise and Cash Returned to Investors
Positive
Jun 11, 2026
NCC Group reported stronger interim results for the six months to 31 March 2026 as it completed its exit from non-core operations to become a focused cyber security provider. Cyber Security revenue rose 5.9% on a constant-currency basis to £1...
Business Operations and StrategyFinancial Disclosures
NCC Group Ends Cyber Strategic Review and Backs Standalone Listed Future
Positive
Jun 11, 2026
NCC Group has completed a strategic review of its Cyber business following a period of significant strategic and operational change, confirming its position as a focused, pure-play cyber security and resilience company. The board considered a rang...
Business Operations and StrategyM&A Transactions
NCC Group completes Escode sale and plans £185m capital return
Positive
May 29, 2026
NCC Group has completed the sale of its Escode business to private equity firm TDR Capital for an enterprise value of £275m, generating estimated net proceeds of about £253m and entering into a 12‑month transitional services agreem...
Other
NCC Group Executives Add Shares Through UK Incentive Plan
Positive
May 21, 2026
NCC Group has disclosed that Chief Executive Officer Mike Maddison, Chief Financial Officer Guy Ellis, Chief Marketing Officer Angela Brown and Escode Managing Director Jayesh Patel each acquired 121 ordinary shares in the company under its UK Sha...
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.