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Oxford Instruments
(LSE:OXIG)
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Rating:66Neutral
Price Target:
3,022.00 p
â–²(5.08% Upside)
Action:Downgraded
Date:06/10/26
The score is driven primarily by solid underlying financial quality (strong margins and low leverage), partially offset by recent revenue softness and uneven cash conversion. Technicals are mixed with neutral momentum and weaker near-term trend, while valuation is the largest drag due to the very high P/E and low yield. Earnings call guidance supports a better H2 outlook, but shipment delays, currency headwinds, and Imaging & Analysis weakness temper confidence.
Positive Factors
High margins
Consistently high gross margins (~48–54%) and solid EBIT (13–17%) reflect durable pricing power in specialized scientific instruments and systems. Sustained margin levels support R&D, aftermarket investment and the ability to absorb cyclical revenue dips, underpinning long-term profitability.
Negative Factors
Revenue decline
An 8.1% revenue decline in 2026 signals structural demand softness or timing issues in capital spending across end markets. Persistent or recurring revenue weakness reduces operating leverage, constrains reinvestment capacity and increases execution risk during cyclical downturns, slowing long-term compounding.
Read all positive and negative factors
Positive Factors
Negative Factors
High margins
Consistently high gross margins (~48–54%) and solid EBIT (13–17%) reflect durable pricing power in specialized scientific instruments and systems. Sustained margin levels support R&D, aftermarket investment and the ability to absorb cyclical revenue dips, underpinning long-term profitability.
Read all positive factors
Oxford Instruments (OXIG) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£1.63B
Dividend Yield1.09%
Average Volume (3M)192.40K
Price to Earnings (P/E)34.3
Beta (1Y)1.37
Revenue Growth-15.46%
EPS Growth88.62%
CountryUK
Employees2,000
SectorTechnology
Sector Strength88
IndustrySemiconductors
Share Statistics
EPS (TTM)0.86
Shares Outstanding55,128,864
10 Day Avg. Volume292,922
30 Day Avg. Volume192,398
Financial Highlights & Ratios
PEG Ratio0.32
Price to Book (P/B)4.02
Price to Sales (P/S)3.23
P/FCF Ratio28.86
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£3,173.33Price Target Upside10.34% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering6
EPS Forecast (FY)1.1
Revenue Forecast (FY)£442.59M
Oxford Instruments Business Overview & Revenue Model
Company Description
Established in 1959 and headquartered in Abingdon, UK, Oxford Instruments plc operates as a global technology enterprise dedicated to the innovation, development, manufacturing, rental, sale, and maintenance of sophisticated scientific instruments...
How the Company Makes Money
Oxford Instruments primarily makes money by selling specialized scientific instruments and integrated systems, typically at premium price points due to high performance requirements, custom engineering, and the mission-critical nature of many appl...
Oxford Instruments Earnings Call Summary
Earnings Call Date:Nov 11, 2025
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 10, 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
74
Positive
Balance Sheet
86
Very Positive
Cash Flow
70
Positive
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 423.20M | 500.60M | 470.40M | 444.70M | 367.30M |
| Gross Profit | 228.30M | 258.80M | 242.40M | 219.50M | 176.40M |
| EBITDA | 83.40M | 63.10M | 93.10M | 94.80M | 67.40M |
| Net Income | 48.20M | 26.00M | 50.70M | 58.60M | 38.60M |
Balance Sheet | |||||
| Total Assets | 552.10M | 604.80M | 606.30M | 572.00M | 514.00M |
| Cash, Cash Equivalents and Short-Term Investments | 106.90M | 94.10M | 97.80M | 112.70M | 96.40M |
| Total Debt | 44.50M | 40.90M | 47.40M | 43.90M | 28.90M |
| Total Liabilities | 211.90M | 228.70M | 240.60M | 228.00M | 197.60M |
| Stockholders Equity | 340.20M | 376.10M | 365.70M | 344.00M | 316.40M |
Cash Flow | |||||
| Free Cash Flow | 47.40M | 33.20M | 14.70M | 34.70M | 34.50M |
| Operating Cash Flow | 54.80M | 49.10M | 42.40M | 67.60M | 49.20M |
| Investing Cash Flow | 35.40M | -27.40M | -37.50M | -37.50M | -45.70M |
| Financing Cash Flow | -80.70M | -18.40M | -18.00M | -16.60M | -15.70M |
Oxford Instruments Technical Analysis
Positive
2876.00
Price Trends
2968.44
Negative
2759.94
Positive
2395.24
Positive
Market Momentum
-6.00
Positive
49.36
Neutral
41.45
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 2876 is below the 20-day moving average (MA) of 3005.60, below the 50-day MA of 2968.44, and above the 200-day MA of 2395.24, indicating a neutral trend. The MACD of -6.00 indicates Positive momentum. The RSI at 49.36 is Neutral, neither overbought nor oversold. The STOCH value of 41.45 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 |
|---|---|---|---|---|---|---|---|
75 Outperform | £3.62B | 48.67 | 8.06% | 2.12% | 4.99% | -24.08% | |
67 Neutral | £256.19M | 63.73 | 3.10% | 2.19% | 12.73% | -26.74% | |
66 Neutral | £1.63B | 34.26 | 13.94% | 1.09% | -15.46% | 88.62% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
57 Neutral | £308.06M | 55.42 | 6.24% | 1.89% | 9.13% | -47.18% | |
54 Neutral | £206.93M | -4.21 | -31.21% | ― | -7.62% | 5.48% |
* Technology Sector Average
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Oxford Instruments Corporate Events
Business Operations and StrategyStock BuybackDividendsFinancial DisclosuresM&A Transactions
Oxford Instruments lifts margins and order book as portfolio refocus pays off
Positive
Jun 9, 2026
Oxford Instruments reported full‑year 2025/26 results slightly ahead of expectations, with a strong second half offsetting earlier disruption, particularly in its Imaging Analysis division. Group revenue fell 4.6% to £423.2m and adjust...
Regulatory Filings and Compliance
Oxford Instruments Confirms Updated Voting Share Capital for Disclosure Rules
Neutral
Jun 1, 2026
Oxford Instruments has confirmed that, as of 29 May 2026, its issued share capital with voting rights comprises 55,209,241 ordinary shares of 5 pence each, and the company holds no shares in treasury. This updated share count provides investors wi...
Private Placements and FinancingRegulatory Filings and Compliance
Oxford Instruments Issues New Shares Following Option Exercises
Neutral
Jun 1, 2026
Oxford Instruments has issued 1,695 new ordinary shares of 5 pence each following the exercise of options granted under its share option plans. The newly issued shares are fully fungible with existing stock, were already covered by a block admissi...
Stock BuybackRegulatory Filings and Compliance
Oxford Instruments Reduces Share Count with Latest Buyback Tranche
Positive
May 22, 2026
Oxford Instruments has continued to execute its previously announced share buyback programme, repurchasing a total of 20,458 ordinary shares between 18 and 20 May 2026 via J.P. Morgan Securities for cancellation. Following these transactions, the ...
Private Placements and Financing
Oxford Instruments Issues New Shares Under Employee Option Plans
Neutral
May 14, 2026
Oxford Instruments has issued 87,413 ordinary shares of 5 pence each following the exercise of options and issuance under its share option plans, using a pre-existing block admission on the London Stock Exchange. The move takes the company’s...
Stock BuybackRegulatory Filings and Compliance
Oxford Instruments Updates Share Buyback and Voting Rights Position
Neutral
May 8, 2026
Oxford Instruments has continued executing its previously announced share buyback programme, repurchasing 13,046 ordinary shares of 5p each on 1 and 5 May 2026 through J.P. Morgan Securities for cancellation at volume-weighted average prices just ...
Regulatory Filings and Compliance
Oxford Instruments Confirms Total Voting Rights and Share Capital
Neutral
May 1, 2026
Oxford Instruments has confirmed that, as of 30 April 2026, its issued share capital with voting rights stands at 55,241,050 ordinary shares of 5 pence each, with no shares held in treasury. This disclosure clarifies the total voting rights in the...
Stock BuybackRegulatory Filings and Compliance
Oxford Instruments Cuts Share Count as Buyback Programme Progresses
Neutral
May 1, 2026
Oxford Instruments has continued executing its previously announced share buyback programme, repurchasing a total of 37,828 ordinary shares between 24 and 30 April 2026 via J.P. Morgan Securities at prices ranging from about 2,774p to 2,882p per s...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Oxford Instruments Cuts Share Count as Buyback Programme Progresses
Positive
Apr 24, 2026
Oxford Instruments has continued to execute its previously announced share buyback programme, repurchasing 5,847 ordinary shares on 17 April 2026 and 7,439 shares on 23 April 2026 through J.P. Morgan Securities for cancellation. These transactions...
Stock BuybackRegulatory Filings and Compliance
Oxford Instruments Reduces Share Count Through Ongoing Buyback
Positive
Apr 17, 2026
Oxford Instruments plc has continued executing its previously announced share buyback programme, repurchasing tranches of its 5p ordinary shares between 10 and 16 April 2026 through J.P. Morgan Securities plc for cancellation. Following these tran...
Business Operations and StrategyStock BuybackFinancial Disclosures
Oxford Instruments rides Advanced Technologies surge to meet full-year expectations
Positive
Apr 14, 2026
Oxford Instruments reported that trading for the year to 31 March 2026 is expected to be in line with market expectations, underpinned by a strong second half and an 8% organic constant-currency increase in group order intake, yielding a book-to-b...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Oxford Instruments Reduces Share Count Through Ongoing Buyback
Positive
Apr 7, 2026
Oxford Instruments has continued executing its previously announced share buyback programme, repurchasing and cancelling a series of tranches of its own ordinary 5p shares between 27 March and 2 April 2026 through J.P. Morgan Securities. The purch...
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...
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.