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Oxford Nanopore Technologies PLC
(LSE:ONT)
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Rating:55Neutral
Price Target:
169.00 p
▲(56.77% Upside)
Action:Reiterated
Date:08/21/26
The score is held back primarily by weak financial quality—large ongoing losses and persistent negative operating/free cash flow—despite strong revenue momentum and healthy gross margins. Technicals are supportive with a clear uptrend, though near-overbought signals temper the outlook. The latest earnings call improves the picture via upbeat growth/margin guidance and cost discipline, but valuation remains pressured by loss-making fundamentals and the absence of dividend support.
Positive Factors
Broad revenue growth
Broad regional growth and strong performance across clinical, biopharma and industrial markets indicate expanding adoption. This supports recurring consumables demand and reduces reliance on a single customer segment or geography.
Negative Factors
Persistent losses and cash burn
The company remains dependent on its cash reserves and external funding sources because operations do not yet generate cash. Delayed profitability leaves execution sensitive to slower growth, cost overruns or weaker consumables demand.
Read all positive and negative factors
Positive Factors
Negative Factors
Broad revenue growth
Broad regional growth and strong performance across clinical, biopharma and industrial markets indicate expanding adoption. This supports recurring consumables demand and reduces reliance on a single customer segment or geography.
Read all positive factors
Oxford Nanopore Technologies PLC (ONT) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£1.60B
Dividend YieldN/A
Average Volume (3M)1.51M
Price to Earnings (P/E)―
Beta (1Y)0.95
Revenue Growth14.80%
EPS Growth16.88%
CountryUK
Employees1,316
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.16
Shares Outstanding975,364,100
10 Day Avg. Volume1,415,809
30 Day Avg. Volume1,510,061
Financial Highlights & Ratios
PEG Ratio1.37
Price to Book (P/B)2.66
Price to Sales (P/S)5.51
P/FCF Ratio-18.61
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£192.14Price Target Upside78.24% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering7
EPS Forecast (FY)-0.11
Revenue Forecast (FY)£263.67M
Oxford Nanopore Technologies PLC Business Overview & Revenue Model
Company Description
Oxford Nanopore Technologies plc, founded in 2005 and originally known as Oxford NanoLabs Limited before its name change in May 2008, is a United Kingdom-based enterprise that specializes in developing and commercializing an innovative system for ...
How the Company Makes Money
ONT primarily makes money through a “razor-and-blades” model in which the installed base of sequencing instruments drives recurring purchases of consumables. Key revenue streams include: (1) Consumables: Ongoing sales of nanopore flow cells (the c...
Oxford Nanopore Technologies PLC Earnings Call Summary
Earnings Call Date:Mar 02, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Mar 09, 2027
Earnings Call Sentiment Positive
The call presents a constructive operational and financial progression: strong top‑line growth (+24.2% constant currency), marked shift toward higher‑value applied markets (clinical +59%), meaningful margin improvements and a stronger cash position (GBP 302.8m). Management has executed strategic reprioritization and cost discipline, delivering a 26% improvement in adjusted EBITDA and guiding to FY26 growth (21–25% ccy) and FY26 gross margin expansion (62%). Key negatives are ongoing adjusted EBITDA and cash losses (with breakeven targeted in 2027/2028), one‑off margin hits (obsolete inventory and FX), restructuring costs, product discontinuations/pauses (P2 Solo, ElysION), delays to some product launches (PromethION timing) and market‑specific headwinds (China/APAC export controls). Overall, positives—broad growth, margin momentum, cash runway, and clearer strategic focus—outweigh the remaining execution and market risks, with management articulating a credible path to profitability.Positive Updates
Strong Revenue Growth
FY25 revenue of GBP 223.9m, up 24.2% at constant currency (ahead of guidance 20–23%). Growth was broad-based with >20% growth across all regions.
Negative Updates
Continued Adjusted EBITDA Loss and Net Cash Outflow
Despite improvement, operating loss before restructuring was GBP 79.1m and net cash outflow was GBP 101m in FY25; company remains loss‑making until projected breakeven in 2027 (adjusted EBITDA) and 2028 (cash flow).
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Revenue Growth
FY25 revenue of GBP 223.9m, up 24.2% at constant currency (ahead of guidance 20–23%). Growth was broad-based with >20% growth across all regions.
Read all positive updates
Company Guidance
Management guided FY26 revenue growth of 21–25% at constant currency, a 62% gross‑margin target and 0–5% adjusted OpEx growth, while reiterating medium‑term targets of adjusted‑EBITDA breakeven in 2027 and cash‑flow breakeven in 2028 with minimum cash of >£100m. They pointed to FY25 results that support this outlook: 24.2% constant‑currency revenue growth (above prior 20–23% guide), 26% improvement in adjusted EBITDA (GBP 31.2m), adjusted OpEx growth of just 1%, reported gross margin of 58.6% (see‑through nearer 61%), cash of £302.8m, net cash outflow of £101m, inventory down £18m, CapEx and capitalized development of £45.5m, and working‑capital inflow of £13.4m. Management expects continued above‑market, broad‑based growth (clinical +59%, biopharma +30%, applied industrial +27%, research +15%), stronger growth in the Americas, further margin upside from PromethION recycling and the CapEx‑first pricing model, but flags near‑term regional headwinds (EMEA contract timing and APAC/China/PRECISE II) that underpin the guidance range.Oxford Nanopore Technologies PLC Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
71
Positive
Cash Flow
29
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 287.80M | 223.90M | 183.19M | 169.67M | 198.60M | 133.66M |
| Gross Profit | 173.20M | 131.30M | 105.39M | 90.48M | 123.81M | 73.19M |
| EBITDA | -94.40M | -87.30M | -93.09M | -105.71M | -49.67M | -140.34M |
| Net Income | -157.30M | -145.20M | -146.19M | -154.51M | -91.03M | -167.61M |
Balance Sheet | ||||||
| Total Assets | 565.40M | 622.50M | 742.05M | 777.06M | 823.89M | 841.87M |
| Cash, Cash Equivalents and Short-Term Investments | 184.80M | 255.30M | 338.37M | 270.05M | 476.19M | 618.47M |
| Total Debt | 41.80M | 41.50M | 45.96M | 41.66M | 34.10M | 24.80M |
| Total Liabilities | 141.30M | 159.20M | 155.71M | 133.21M | 130.33M | 137.89M |
| Stockholders Equity | 424.10M | 463.30M | 586.34M | 643.85M | 693.56M | 703.98M |
Cash Flow | ||||||
| Free Cash Flow | -61.20M | -66.30M | -123.83M | -164.59M | -91.62M | -84.64M |
| Operating Cash Flow | -58.00M | -62.80M | -109.89M | -137.30M | -49.39M | -53.83M |
| Investing Cash Flow | 6.80M | 48.50M | 15.03M | -61.79M | -65.79M | -161.99M |
| Financing Cash Flow | -600.00K | -2.10M | 73.58M | 64.73M | -13.71M | 622.90M |
Oxford Nanopore Technologies PLC Technical Analysis
Positive
107.80
Price Trends
120.49
Positive
120.77
Positive
127.63
Positive
Market Momentum
9.02
Negative
82.27
Negative
96.47
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:ONT, the sentiment is Positive. The current price of 107.8 is below the 20-day moving average (MA) of 125.31, below the 50-day MA of 120.49, and below the 200-day MA of 127.63, indicating a bullish trend. The MACD of 9.02 indicates Negative momentum. The RSI at 82.27 is Negative, neither overbought nor oversold. The STOCH value of 96.47 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:ONT.
Oxford Nanopore Technologies PLC Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | £94.05M | 12.32 | 65.83% | 9.84% | -8.21% | -5.27% | |
55 Neutral | £1.60B | -10.66 | -35.45% | ― | 14.80% | 16.88% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | £320.86M | -7.30 | -2929.47% | ― | ― | ― | |
46 Neutral | £12.14M | -3.75 | -135.35% | ― | 13.42% | 65.63% | |
43 Neutral | £72.00M | -4.31 | -116.21% | ― | 81.46% | -15.88% | |
38 Underperform | £5.36M | -0.31 | -451.74% | ― | 33.37% | 86.41% |
* Healthcare Sector Average
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Oxford Nanopore Technologies PLC Corporate Events
Business Operations and StrategyExecutive/Board ChangesPrivate Placements and Financing
Oxford Nanopore Issues New Shares Under CEO Long-Term Incentive Plan
Positive
Aug 20, 2026
Oxford Nanopore Technologies plc has reported the vesting of awards under its 2021 Long-Term Incentive Plan for Chief Executive Officer Francis Van Parys. The awards, originally granted in March 2026 as compensation for incentives forfeited at his...
Business Operations and StrategyExecutive/Board ChangesFinancial Disclosures
Oxford Nanopore narrows losses and sharpens strategy as it targets $700m revenue by 2030
Positive
Aug 19, 2026
Oxford Nanopore reported interim revenue of £116.7 million for the first half of 2026, up 12.3% on a constant-currency basis, driven by strong uptake in EMEAI and BioPharma and Clinical end markets. Gross margin rose 400 basis points to 62.2%...
Other
Oxford Nanopore Executives Receive Matching Shares Under Incentive Plan
Positive
Aug 12, 2026
Oxford Nanopore Technologies plc has reported share transactions under its Share Incentive Plan involving senior management. The plan allows employees to buy partnership shares out of gross salary, with the company granting an equivalent number of...
Regulatory Filings and Compliance
Oxford Nanopore Expands Share Capital and Updates Total Voting Rights
Neutral
Aug 3, 2026
Oxford Nanopore Technologies plc issued 112,756 new ordinary shares in July 2026, primarily from the exercise of options under its share option plans and remuneration schemes. These shares were admitted to the FCA’s Official List and to trad...
Business Operations and StrategyRegulatory Filings and Compliance
Oxford Nanopore Directors Receive Matching Shares Under Incentive Plan
Neutral
Jul 14, 2026
Oxford Nanopore Technologies has reported share transactions under its Share Incentive Plan involving chief executive Francis Van Parys and chief financial officer Nick Keher. Both directors acquired ordinary shares through salary-funded Partnersh...
Business Operations and StrategyFinancial Disclosures
Oxford Nanopore flags softer H1 but sticks to 2026 growth and 2027 breakeven goals
Neutral
Jul 13, 2026
Oxford Nanopore reported preliminary first-half 2026 revenue of about £116.5 million, up roughly 10% on a reported basis and 12% at constant currency, but below management expectations due to weaker sales in China and the Middle East and the ...
Private Placements and FinancingRegulatory Filings and Compliance
Oxford Nanopore Expands Share Capital Through Option Exercises and Remuneration Schemes
Neutral
Jul 1, 2026
Oxford Nanopore Technologies has issued 2,353,726 new ordinary shares following the exercise of options under its share option plans and the issuance of shares under certain remuneration schemes. These new shares have been admitted to the FCA̵...
Business Operations and StrategyExecutive/Board Changes
Oxford Nanopore consolidates operations under CFO after COO retirement
Neutral
Jun 30, 2026
Oxford Nanopore Technologies plc, a specialist in nanopore-based molecular analysis and DNA/RNA sequencing used in more than 125 countries, focuses on making high-throughput and portable sequencing tools accessible for research into humans, diseas...
Business Operations and StrategyRegulatory Filings and Compliance
Oxford Nanopore executives boost holdings through Share Incentive Plan
Neutral
Jun 12, 2026
Oxford Nanopore Technologies has reported that its chief executive officer, Francis Van Parys, and chief financial officer, Nick Keher, each acquired 121 partnership shares in the company’s Share Incentive Plan at £1.24 per share throug...
Business Operations and StrategyShareholder Meetings
Oxford Nanopore Wins Strong Shareholder Backing at 2026 AGM
Positive
Jun 4, 2026
Oxford Nanopore Technologies reported that all resolutions at its 4 June 2026 Annual General Meeting were passed by the required majorities, with approximately two-thirds of the company’s issued share capital voting. Shareholders approved th...
Private Placements and FinancingRegulatory Filings and Compliance
Oxford Nanopore Issues New Shares Under Employee Schemes and Updates Voting Rights
Neutral
Jun 1, 2026
Oxford Nanopore Technologies has issued 380,808 new ordinary shares following the exercise of employee share options and the operation of certain remuneration schemes. These shares have been admitted to the FCA’s Official List and to trading...
Business Operations and StrategyProduct-Related Announcements
Oxford Nanopore outlines multiomic, regulatory and protein-sequencing advances at London Calling 2026
Positive
May 21, 2026
Oxford Nanopore Technologies used its London Calling 2026 customer conference to outline a customer-led roadmap for its nanopore sequencing platforms, emphasising improvements in multiomic capabilities across DNA, RNA and epigenetics and a stronge...
Business Operations and StrategyExecutive/Board Changes
Oxford Nanopore bolsters executive team to drive clinical and digital expansion
Positive
May 21, 2026
Oxford Nanopore Technologies has appointed its first Chief Medical Officer, Davide Manissero, and Chief Information Officer, Andrew Watson, as it sharpens its push into clinical and other regulated markets. The moves expand the executive team alon...
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.