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Oxford Instruments PLC (GB:OXIG)
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Oxford Instruments (OXIG) AI Stock Analysis

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GB:OXIG

Oxford Instruments

(LSE:OXIG)

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Outperform 73 (OpenAI - 4o)
Rating:73Outperform
Price Target:
2,297.00p
▲(16.48% Upside)
Oxford Instruments' robust financial performance and positive earnings call outlook are significant strengths. However, technical indicators suggest caution, and high valuation metrics may limit upside potential. Challenges in managing costs and liquidity also impact the score.
Positive Factors
Order Growth in Advanced Technologies
The significant order growth in the Advanced Technologies division indicates strong demand and positions Oxford Instruments for sustained revenue expansion.
Strong Balance Sheet
A robust balance sheet with a strong net cash position enhances financial stability and provides flexibility for strategic investments and growth initiatives.
Operational Improvements
Operational improvements, such as increased productivity, enhance efficiency and can lead to better margins and competitive positioning in the long term.
Negative Factors
Q1 Disruptions
Disruptions in Q1 from tariffs and funding cuts highlight vulnerabilities to external factors, potentially impacting revenue consistency and growth.
Currency Headwinds
Currency headwinds can erode profitability and create unpredictability in financial performance, challenging margin sustainability over time.
Imaging & Analysis Revenue Decline
A significant decline in the Imaging & Analysis division's revenue indicates potential structural challenges in this segment, affecting overall growth prospects.

Oxford Instruments (OXIG) vs. iShares MSCI United Kingdom ETF (EWC)

Oxford Instruments Business Overview & Revenue Model

Company DescriptionOxford Instruments (OXIG) is a leading provider of high-technology tools and systems for the research and industrial markets. The company operates primarily in the field of advanced materials, nanotechnology, and life sciences, offering a range of products and services that include superconducting magnets, cryogenic systems, and analytical equipment. With a strong focus on innovation, Oxford Instruments serves a diverse customer base, including academic institutions, research organizations, and industrial clients, enabling them to advance their research and development projects.
How the Company Makes MoneyOxford Instruments generates revenue primarily through the sale of its advanced technology products and systems, which includes high-value capital equipment, consumables, and related services. Key revenue streams include the sale of superconducting magnets and cryogenic systems, which are critical in scientific research and industrial applications. Additionally, the company earns income from ongoing service contracts, maintenance agreements, and upgrades for their equipment. Strategic partnerships with universities, research institutions, and industrial clients also contribute significantly to their earnings, as these collaborations often lead to long-term contracts and repeat business.

Oxford Instruments Earnings Call Summary

Earnings Call Date:Nov 11, 2025
(Q2-2026)
|
% Change Since: |
Next Earnings Date:Jun 16, 2026
Earnings Call Sentiment Neutral
The earnings call presented a mix of positive and negative aspects. While the company faced significant disruptions in Q1 and currency headwinds, it showed resilience with strong order growth in Advanced Technologies, operational improvements, and a robust balance sheet. The outlook for H2 is positive, with expectations for strong revenue growth. However, the challenges in Imaging & Analysis and shipment delays temper the positive sentiment.
Q2-2026 Updates
Positive Updates
Advanced Technologies Order Growth
Advanced Technologies division experienced 25% order growth, particularly from the compound semiconductor business, with a sixfold increase in orders from commercial production customers.
Strong Balance Sheet and Cash Flow
Net cash position at GBP 45 million, with GBP 57 million proceeds from NanoScience sale pending. Share buyback program extended to GBP 100 million.
Operational Improvements in Imaging & Analysis
Productivity uplift of 60% on cameras work stream in Belfast, with a GBP 4 million reduction in inventory and a 30% reduction in customer repair backlog.
Successful Product Strategy Adjustments
Implementation of 'China for China' project and relocation of assembly for atomic force microscopes to Germany, mitigating tariff impacts.
U.S. Order Growth and Service Revenue
11% order growth and 9% increase in service revenue in the U.S., driven by commercial customer growth in semiconductor markets.
Positive Outlook for H2
Expectations for strong revenue growth in H2 with early teen revenue growth anticipated for Advanced Technologies, supported by a full order book.
Negative Updates
Q1 Disruptions and Revenue Impact
Significant disruption in Q1 due to global tariffs and U.S. academic funding cuts, impacting orders and revenue, particularly in Imaging & Analysis.
Currency Headwinds
Currency fluctuations led to a 100 basis points headwind on margin in H1, with an expected full-year impact of GBP 5.5 million.
Imaging & Analysis Revenue Decline
Revenue in Imaging & Analysis division was down nearly 25% in the U.S. academic sector due to reduced funding.
Shipment Delays in Advanced Technologies
Short-term shipment delays and lead times in Advanced Technologies, primarily due to customer readiness, affecting immediate revenue pull-through.
Company Guidance
In the call, Oxford Instruments provided detailed guidance for the second half of the fiscal year 2026, highlighting several key metrics and strategic actions. The company anticipates early teen revenue growth in its Advanced Technologies division in H2, driven by a full order book and a sixfold increase in commercial production customer orders. Despite a challenging first quarter, the Imaging & Analysis division is expected to trade in line with H2 of the previous year, with margins improving due to GBP 4 million of cost benefits. The company's cash conversion is projected to return to target levels by year-end, with strong free cash flow anticipated, bolstered by a robust balance sheet featuring GBP 45 million in net cash. Oxford Instruments also announced an extension of its share buyback program to GBP 100 million, reflecting confidence in future cash flows and ongoing strategic progress.

Oxford Instruments Financial Statement Overview

Summary
Oxford Instruments demonstrates solid revenue growth and strong profitability margins. The balance sheet is robust with low leverage, although liquidity pressures are noted. Cash flows are positive, supporting stable operations, but investment activities show variability.
Income Statement
85
Very Positive
Oxford Instruments has demonstrated solid revenue growth over the years, with a revenue increase from £317.4 million in 2020 to £500.6 million in 2025. The gross profit margin remains healthy, consistently around 50% or higher, indicating efficient production and cost management. However, the decline in net income from 2024 to 2025 suggests some challenges in managing operating costs or other expenses, impacting profitability.
Balance Sheet
78
Positive
The company's balance sheet shows a strong equity position, with a steadily increasing stockholders' equity from £251.6 million in 2020 to £376.1 million in 2025. The debt-to-equity ratio remains low, reflecting prudent financial leverage, which mitigates risk. However, the declining cash and equivalents from 2021 to 2023 could indicate pressures on liquidity, which improved slightly in 2025.
Cash Flow
80
Positive
Cash flow from operations has been generally positive, supporting the company's operations and investments. The increase in free cash flow in 2025 compared to 2024 indicates improved cash efficiency. However, fluctuations in investing cash flow, particularly high capital expenditures in some years, suggest potential variability in investment strategies.
BreakdownTTMDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue500.60M500.60M470.40M444.70M367.30M318.50M
Gross Profit253.20M258.80M242.40M219.50M176.40M153.90M
EBITDA56.30M63.10M93.10M94.80M67.40M71.60M
Net Income26.00M26.00M50.70M58.60M38.60M41.80M
Balance Sheet
Total Assets604.80M604.80M606.30M572.00M514.00M450.70M
Cash, Cash Equivalents and Short-Term Investments94.10M94.10M97.80M112.70M96.40M128.00M
Total Debt40.90M40.90M47.40M43.90M28.90M37.90M
Total Liabilities228.70M228.70M240.60M228.00M197.60M184.50M
Stockholders Equity376.10M376.10M365.70M344.00M316.40M266.20M
Cash Flow
Free Cash Flow35.10M33.20M14.70M34.70M34.50M36.70M
Operating Cash Flow49.50M49.10M42.40M67.60M49.20M41.80M
Investing Cash Flow-27.80M-27.40M-37.50M-37.50M-45.70M-4.90M
Financing Cash Flow-18.40M-18.40M-18.00M-16.60M-15.70M-30.50M

Oxford Instruments Technical Analysis

Technical Analysis Sentiment
Positive
Last Price1972.00
Price Trends
50DMA
1914.82
Positive
100DMA
1883.21
Positive
200DMA
1842.71
Positive
Market Momentum
MACD
18.51
Positive
RSI
54.52
Neutral
STOCH
42.97
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:OXIG, the sentiment is Positive. The current price of 1972 is above the 20-day moving average (MA) of 1941.24, above the 50-day MA of 1914.82, and above the 200-day MA of 1842.71, indicating a bullish trend. The MACD of 18.51 indicates Positive momentum. The RSI at 54.52 is Neutral, neither overbought nor oversold. The STOCH value of 42.97 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:OXIG.

Oxford Instruments Peers Comparison

Overall Rating
UnderperformOutperform
Sector (61)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
73
Outperform
$1.04B40.824.64%1.14%-5.39%-73.52%
69
Neutral
£2.53B30.139.15%2.12%3.15%-13.57%
67
Neutral
£1.13B33.1923.28%2.77%2.15%-39.26%
63
Neutral
£4.08B70.234.26%2.05%0.07%-78.33%
61
Neutral
$37.18B12.37-10.20%1.83%8.50%-7.62%
42
Neutral
£54.35M-1.08-37.55%-24.75%-110.79%
* Technology Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
GB:OXIG
Oxford Instruments
1,972.00
-74.66
-3.65%
GB:IQE
IQE plc
5.19
-7.71
-59.77%
GB:KNOS
Kainos Group plc
1,043.00
297.08
39.83%
GB:RSW
Renishaw
3,470.00
469.55
15.65%
GB:SXS
Spectris
4,134.00
1,690.17
69.16%

Oxford Instruments Corporate Events

Oxford Instruments Sees Recovery Amid Challenging Conditions
Nov 12, 2025

Oxford Instruments PLC, a prominent player in the high technology sector, specializes in providing advanced scientific technology and systems for industry and research, with a focus on materials analysis, semiconductors, and healthcare & life sciences. The company recently released its interim results for the first half of the 2025/26 financial year, highlighting a challenging start due to macroeconomic disruptions but noting a return to positive momentum in the second quarter.

Oxford Instruments PLC: Resilient Amidst Challenges in Earnings Call
Nov 12, 2025

The recent earnings call for Oxford Instruments PLC revealed a mixed sentiment, balancing between challenges and growth opportunities. While the company faced significant disruptions in the first quarter and currency headwinds, it demonstrated resilience through strong order growth in its Advanced Technologies division, operational improvements, and a robust balance sheet. The outlook for the second half of the year remains optimistic, with expectations for strong revenue growth. However, challenges in the Imaging & Analysis division and shipment delays slightly dampen the positive sentiment.

Business Operations and StrategyStock BuybackFinancial DisclosuresM&A Transactions
Oxford Instruments Sees Recovery in H2 Amid Strong Order Momentum
Positive
Nov 11, 2025

Oxford Instruments reported its half-year results for 2025/26, revealing a recovery after initial macroeconomic disruptions in Q1. The company saw improved order momentum in Q2, particularly in its Advanced Technologies division, which experienced strong demand from US and European commercial customers. Strategic actions in Imaging & Analysis, including cost restructuring and re-pricing efforts, are expected to enhance margins in the second half. The sale of the NanoScience business is anticipated to complete in Q3, and the company has increased its share buyback program by £50m. Despite a drop in revenue and operating profit, Oxford Instruments maintains a strong balance sheet and expects improved performance in the second half, supported by new product launches and strong order books.

The most recent analyst rating on (GB:OXIG) stock is a Hold with a £2039.00 price target. To see the full list of analyst forecasts on Oxford Instruments stock, see the GB:OXIG Stock Forecast page.

Regulatory Filings and Compliance
Oxford Instruments Updates Share Capital and Voting Rights
Neutral
Nov 3, 2025

Oxford Instruments plc announced that as of 31 October 2025, its issued share capital with voting rights consists of 56,618,054 ordinary shares. This figure is significant for shareholders as it serves as the denominator for calculating their interests in accordance with the UK Financial Conduct Authority’s Disclosure Guidance and Transparency Rules. This update ensures transparency and compliance with regulatory requirements, impacting how stakeholders manage their shareholdings.

The most recent analyst rating on (GB:OXIG) stock is a Hold with a £2039.00 price target. To see the full list of analyst forecasts on Oxford Instruments stock, see the GB:OXIG Stock Forecast page.

Business Operations and StrategyFinancial DisclosuresM&A Transactions
Oxford Instruments Navigates Economic Challenges with Strategic Growth in Advanced Technologies
Neutral
Oct 13, 2025

Oxford Instruments has issued a trading update for the first half of 2025, revealing a mixed performance across its divisions due to global economic uncertainties and tariff disruptions. While the Imaging and Analysis division faced challenges with a decline in order intake, the Advanced Technologies division experienced strong growth driven by the compound semiconductor market. Despite a decrease in first-half revenues, the company anticipates a stronger second half, supported by cost-saving measures and a robust order book in its Advanced Technologies division. The sale of the NanoScience business is on track, and the company remains confident in its strategic actions to navigate the dynamic market landscape.

The most recent analyst rating on (GB:OXIG) stock is a Buy with a £2114.00 price target. To see the full list of analyst forecasts on Oxford Instruments stock, see the GB:OXIG Stock Forecast page.

Business Operations and StrategyFinancial Disclosures
Oxford Instruments Navigates Tariff Challenges with Strong H2 Outlook
Neutral
Oct 13, 2025

Oxford Instruments reported mixed results for the first half of 2025, with its Imaging and Analysis division facing challenges due to tariffs and economic uncertainty, while the Advanced Technologies division saw strong growth driven by the compound semiconductor market. Despite a decline in overall revenue, the company expects a stronger performance in the second half of the year, supported by cost-saving measures and strategic initiatives, with full-year results anticipated to be stable on an organic constant currency basis.

The most recent analyst rating on (GB:OXIG) stock is a Buy with a £2114.00 price target. To see the full list of analyst forecasts on Oxford Instruments stock, see the GB:OXIG Stock Forecast page.

Regulatory Filings and Compliance
Oxford Instruments Updates Share Capital Voting Rights
Neutral
Oct 1, 2025

Oxford Instruments plc has announced that as of September 30, 2025, its issued share capital with voting rights consists of 56,936,273 ordinary shares. This figure is significant for shareholders as it serves as the denominator for calculating their interests or changes in interests in compliance with the UK Financial Conduct Authority’s Disclosure Guidance and Transparency Rules. This update ensures transparency and aids stakeholders in maintaining compliance with regulatory requirements.

The most recent analyst rating on (GB:OXIG) stock is a Hold with a £2017.00 price target. To see the full list of analyst forecasts on Oxford Instruments stock, see the GB:OXIG Stock Forecast page.

Business Operations and StrategyStock Buyback
Oxford Instruments Executes Strategic Share Buyback
Positive
Sep 23, 2025

Oxford Instruments has executed a share buyback program, purchasing 12,000 of its own shares at an average price of 1906.4885 pence per share. This move is part of a strategic initiative to optimize the company’s capital structure, potentially enhancing shareholder value and reflecting confidence in its financial health.

The most recent analyst rating on (GB:OXIG) stock is a Hold with a £2017.00 price target. To see the full list of analyst forecasts on Oxford Instruments stock, see the GB:OXIG Stock Forecast page.

Stock Buyback
Oxford Instruments Completes Share Buyback
Neutral
Sep 5, 2025

Oxford Instruments has executed a share buyback program, purchasing 24,028 of its own ordinary shares at an average price of 1783.9481 pence per share. This move reduces the total number of shares in issue to 57,232,157, impacting the company’s voting rights and potentially influencing shareholder interests.

The most recent analyst rating on (GB:OXIG) stock is a Hold with a £1961.00 price target. To see the full list of analyst forecasts on Oxford Instruments stock, see the GB:OXIG Stock Forecast page.

Regulatory Filings and Compliance
Oxford Instruments Announces Updated Voting Rights and Share Capital
Neutral
Sep 1, 2025

Oxford Instruments plc announced that as of 29 August 2025, its issued share capital with voting rights consists of 57,309,182 ordinary shares. This figure is important for shareholders to determine their notification requirements under the FCA’s Disclosure Guidance and Transparency Rules, impacting how they manage their shareholdings.

The most recent analyst rating on (GB:OXIG) stock is a Hold with a £1991.00 price target. To see the full list of analyst forecasts on Oxford Instruments stock, see the GB:OXIG Stock Forecast page.

Regulatory Filings and Compliance
Oxford Instruments CEO Acquires Shares Under Incentive Plan
Neutral
Aug 13, 2025

Oxford Instruments plc announced a transaction involving its Chief Executive Officer, Richard Tyson, who acquired Partnership Shares and Matching Shares under the company’s Share Incentive Plan. This transaction, conducted on the London Stock Exchange, reflects the company’s adherence to the EU Market Abuse Regulation, indicating a commitment to transparency and regulatory compliance.

The most recent analyst rating on (GB:OXIG) stock is a Buy with a £2500.00 price target. To see the full list of analyst forecasts on Oxford Instruments stock, see the GB:OXIG Stock Forecast page.

Stock Buyback
Oxford Instruments Executes Share Buyback Program
Neutral
Aug 13, 2025

Oxford Instruments has executed a share buyback program, purchasing 16,755 of its own ordinary shares at an average price of 1834.6167 pence per share. This transaction, conducted through Numis Securities Limited, will result in a total of 57,508,549 ordinary shares in issue, impacting the company’s share capital and potentially influencing shareholder value.

The most recent analyst rating on (GB:OXIG) stock is a Buy with a £2500.00 price target. To see the full list of analyst forecasts on Oxford Instruments stock, see the GB:OXIG Stock Forecast page.

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.Date of analysis: Nov 12, 2025