Oxford Instruments PLC (GB:OXIG)
LSE:OXIG
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Oxford Instruments
(LSE:OXIG)
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Rating:76Outperform
Price Target:
2,825.00 p
▲(13.00% Upside)
Action:ReiteratedDate:12/07/25
Oxford Instruments demonstrates robust financial performance and positive corporate actions, supporting a strong position in the semiconductor industry. However, high valuation metrics and potential overbought technical indicators suggest caution. The company's strategic initiatives and positive earnings outlook are significant strengths, but liquidity and profitability challenges need to be addressed.
Positive Factors
Strong balance sheet and low leverage
Rising shareholders' equity and low leverage provide durable financial flexibility. A strong balance sheet supports continued R&D, capital investment and the extended £100m buyback, and cushions the business versus cyclical demand shocks and funding volatility over the medium term.
Negative Factors
Exposure to academic funding cuts
Significant reliance on academic funding in Imaging & Analysis creates structural downside when public research budgets fall. Prolonged reductions can depress instrument sales, service demand and the division's margin contribution for multiple quarters, slowing overall growth recovery.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong balance sheet and low leverage
Rising shareholders' equity and low leverage provide durable financial flexibility. A strong balance sheet supports continued R&D, capital investment and the extended £100m buyback, and cushions the business versus cyclical demand shocks and funding volatility over the medium term.
Read all positive factors
Oxford Instruments (OXIG) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£1.39B
Dividend Yield1.09%
Average Volume (3M)192.40K
Price to Earnings (P/E)22.3
Beta (1Y)1.36
Revenue Growth-5.39%
EPS Growth-73.52%
CountryUK
Employees2,000
SectorTechnology
Sector Strength88
IndustrySemiconductors
Share Statistics
EPS (TTM)0.39
Shares Outstanding55,401,505
10 Day Avg. Volume292,922
30 Day Avg. Volume192,398
Financial Highlights & Ratios
PEG Ratio-1.72
Price to Book (P/B)3.27
Price to Sales (P/S)2.54
P/FCF Ratio81.34
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£2,619.00Price Target Upside4.76% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)1.12
Revenue Forecast (FY)£444.74M
Oxford Instruments Business Overview & Revenue Model
Company Description
Oxford Instruments plc, through its subsidiaries, researches, develops, manufactures, rents, sells, and services tools and systems in the United Kingdom, China, Japan, the United States, Germany, rest of Europe, rest of Asia, and internationally. ...
How the Company Makes Money
Oxford Instruments primarily makes money by selling specialized scientific and industrial equipment (capital equipment) and by providing recurring aftermarket and service revenue tied to its installed base. Key revenue streams typically include: (...
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.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.
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.
Read all updates
Q2-2026 Updates
Positive
Negative
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.
Read all positive updates
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
Income Statement
85
Very Positive
Balance Sheet
78
Positive
Cash Flow
80
Positive
| Breakdown | TTM | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 460.30M | 500.60M | 470.40M | 444.70M | 367.30M | 318.50M |
| Gross Profit | 233.60M | 258.80M | 242.40M | 219.50M | 176.40M | 153.90M |
| EBITDA | 51.10M | 63.10M | 93.10M | 94.80M | 67.40M | 71.60M |
| Net Income | 13.90M | 26.00M | 50.70M | 58.60M | 38.60M | 41.80M |
Balance Sheet | ||||||
| Total Assets | 577.20M | 604.80M | 606.30M | 572.00M | 514.00M | 450.70M |
| Cash, Cash Equivalents and Short-Term Investments | 72.30M | 94.10M | 97.80M | 112.70M | 96.40M | 128.00M |
| Total Debt | 56.50M | 40.90M | 47.40M | 43.90M | 28.90M | 37.90M |
| Total Liabilities | 225.90M | 228.70M | 240.60M | 228.00M | 197.60M | 184.50M |
| Stockholders Equity | 351.30M | 376.10M | 365.70M | 344.00M | 316.40M | 266.20M |
Cash Flow | ||||||
| Free Cash Flow | 49.50M | 33.20M | 14.70M | 34.70M | 34.50M | 36.70M |
| Operating Cash Flow | 58.90M | 49.10M | 42.40M | 67.60M | 49.20M | 41.80M |
| Investing Cash Flow | -6.10M | -27.40M | -37.50M | -37.50M | -45.70M | -4.90M |
| Financing Cash Flow | -43.80M | -18.40M | -18.00M | -16.60M | -15.70M | -30.50M |
Oxford Instruments Technical Analysis
Positive
2500.00
Price Trends
2534.10
Negative
2315.14
Positive
2093.36
Positive
Market Momentum
-23.51
Positive
50.92
Neutral
54.46
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 2500 is above the 20-day moving average (MA) of 2481.75, below the 50-day MA of 2534.10, and above the 200-day MA of 2093.36, indicating a neutral trend. The MACD of -23.51 indicates Positive momentum. The RSI at 50.92 is Neutral, neither overbought nor oversold. The STOCH value of 54.46 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
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | £1.39B | 22.29 | 3.82% | 1.09% | -5.39% | -73.52% | |
72 Outperform | £2.62B | 17.58 | 8.06% | 2.12% | 3.15% | -13.57% | |
69 Neutral | £283.07M | 31.22 | 12.26% | 1.89% | 5.46% | -26.44% | |
67 Neutral | £208.56M | 25.56 | 3.10% | 2.19% | 10.66% | 21.19% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
54 Neutral | £213.67M | -4.02 | -31.21% | ― | -16.33% | -448.12% |
* Technology Sector Average
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Oxford Instruments Corporate Events
Regulatory Filings and Compliance
Oxford Instruments Confirms Share Capital and Voting Rights Base
Neutral
Apr 1, 2026
Oxford Instruments plc reported that, as of 31 March 2026, its issued share capital with voting rights comprised 55,401,506 ordinary shares of 5 pence each, with no shares held in treasury. This disclosure, made under the UK Financial Conduct Auth...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Oxford Instruments Cuts Share Count with Ongoing Buyback
Positive
Mar 27, 2026
Oxford Instruments has continued executing its previously announced share buyback programme, repurchasing and cancelling 70,945 ordinary shares of 5 pence each between 20 and 26 March 2026 through J.P. Morgan Securities. The purchases were made at...
Stock BuybackRegulatory Filings and Compliance
Oxford Instruments Advances Buyback, Tightens Share Count and Voting Base
Neutral
Mar 20, 2026
Oxford Instruments has continued to execute its previously announced share buyback programme, repurchasing and cancelling 68,984 ordinary shares between 13 and 19 March 2026 through J.P. Morgan Securities at prices broadly ranging from about 23.90...
Regulatory Filings and Compliance
Oxford Instruments Confirms Total Voting Rights and Share Capital
Neutral
Mar 2, 2026
Oxford Instruments has confirmed that, as of 27 February 2026, its issued share capital with voting rights comprises 55,861,331 ordinary shares of 5 pence each. The company holds no shares in treasury, meaning all issued shares carry voting rights...
Business Operations and StrategyStock Buyback
Oxford Instruments Extends £50m Share Buyback Programme
Positive
Mar 2, 2026
Oxford Instruments has extended its share buyback programme, authorising the repurchase of up to an additional £50 million of ordinary shares by no later than 2 March 2027, primarily with the aim of reducing its share capital. While most of t...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Oxford Instruments Advances Buyback, Cuts Share Count to 55.9 Million
Positive
Feb 13, 2026
Oxford Instruments has continued executing its previously announced share buyback programme, repurchasing 10,000 ordinary shares on 12 February 2026 through Deutsche Bank’s London branch for cancellation at an average price of 2,598.9725 pen...
Regulatory Filings and Compliance
Oxford Instruments Confirms Total Voting Rights and Share Capital
Neutral
Feb 2, 2026
Oxford Instruments plc has confirmed that, as of 30 January 2026, its issued share capital with voting rights comprises 56,015,817 ordinary shares of 5 pence each, with no shares held in treasury. The company stated that this total share figure sh...
Stock BuybackRegulatory Filings and Compliance
Oxford Instruments Cancels 10,000 Shares Under Ongoing Buyback Programme
Positive
Feb 2, 2026
Oxford Instruments has repurchased 10,000 of its own 5p ordinary shares on 30 January 2026 under its ongoing share buyback programme, paying an average price of 2,519.9460 pence per share through Deutsche Bank’s London branch for cancellatio...
Business Operations and StrategyStock BuybackFinancial DisclosuresM&A Transactions
Oxford Instruments on Track for Full-Year Targets as Advanced Technologies Orders Surge
Positive
Jan 15, 2026
Oxford Instruments said trading for the three months to 31 December 2025 keeps the group on course to meet full‑year market expectations for adjusted operating profit, supported by a year‑to‑date book‑to‑bill ratio of...
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.