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Solid State
(LSE:SOLI)
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Rating:69Neutral
Price Target:
224.00 p
▲(40.00% Upside)
Action:Reiterated
Date:06/30/26
The score is driven primarily by solid financial stability and cash generation (moderate leverage and consistently positive free cash flow), supported by strong technical uptrend signals (price above all key moving averages with healthy momentum). These positives are tempered by a relatively high P/E and a modest dividend yield, and by historical earnings volatility that raises uncertainty around sustaining margins.
Positive Factors
Cash generation
Consistent positive operating and free cash flow, with a meaningful FY2026 rebound, supports durable internal funding for capex, R&D and working capital. Reliable cash generation reduces refinance risk, enables reinvestment in engineered solutions, and underpins longer-term strategic flexibility.
Negative Factors
Profitability volatility
Material swings in operating and net margins across recent years show inconsistent earnings power. Such volatility undermines forecasting, makes investment planning harder, and raises the risk that episodic margin pressure could recur, limiting confidence in sustainable return generation over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation
Consistent positive operating and free cash flow, with a meaningful FY2026 rebound, supports durable internal funding for capex, R&D and working capital. Reliable cash generation reduces refinance risk, enables reinvestment in engineered solutions, and underpins longer-term strategic flexibility.
Read all positive factors
Solid State (SOLI) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£110.63M
Dividend Yield1.56%
Average Volume (3M)101.07K
Price to Earnings (P/E)27.1
Beta (1Y)0.26
Revenue Growth23.25%
EPS Growth700.00%
CountryUK
Employees400
SectorTechnology
Sector Strength88
IndustryHardware, Equipment & Parts
Share Statistics
EPS (TTM)0.07
Shares Outstanding56,730,960
10 Day Avg. Volume70,666
30 Day Avg. Volume101,069
Financial Highlights & Ratios
PEG Ratio0.03
Price to Book (P/B)1.28
Price to Sales (P/S)0.53
P/FCF Ratio10.34
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£275.00Price Target Upside71.88% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.11
Revenue Forecast (FY)£152.50M
Solid State Business Overview & Revenue Model
Company Description
Solid State plc, founded in 1963 and headquartered in Redditch, UK, operates as a global supplier of specialized electronic equipment and high-value electronic components and materials. Its operations span the United Kingdom, Europe, Asia, and Nor...
How the Company Makes Money
Solid State makes money primarily by selling electronic components and higher-value engineered systems to business and government customers. Its revenue model typically includes: (1) Value-added distribution: purchasing components (e.g., semicondu...
Solid State Financial Statement Overview
Summary
Income Statement
66
Positive
Balance Sheet
74
Positive
Cash Flow
71
Positive
| Breakdown | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 154.14M | 125.06M | 163.30M | 126.50M | 85.00M |
| Gross Profit | 45.53M | 39.33M | 46.44M | 39.67M | 27.53M |
| EBITDA | 13.53M | 6.76M | 18.58M | 13.57M | 6.54M |
| Net Income | 4.09M | 512.00K | 8.87M | 6.69M | 2.52M |
Balance Sheet | |||||
| Total Assets | 107.21M | 104.34M | 113.58M | 113.79M | 62.33M |
| Cash, Cash Equivalents and Short-Term Investments | 6.57M | 3.51M | 8.45M | 12.22M | 4.98M |
| Total Debt | 16.05M | 16.57M | 16.69M | 16.70M | 5.64M |
| Total Liabilities | 43.90M | 42.85M | 48.96M | 55.83M | 35.25M |
| Stockholders Equity | 63.31M | 61.50M | 64.62M | 57.91M | 27.08M |
Cash Flow | |||||
| Free Cash Flow | 7.85M | 4.35M | 8.12M | 6.71M | 3.27M |
| Operating Cash Flow | 10.55M | 7.84M | 10.95M | 9.05M | 5.04M |
| Investing Cash Flow | -3.84M | -5.38M | -8.21M | -35.48M | -4.27M |
| Financing Cash Flow | -3.58M | -7.37M | -6.49M | 35.74M | -4.78M |
Solid State Technical Analysis
Neutral
160.00
Price Trends
186.85
Positive
173.11
Positive
165.53
Positive
Market Momentum
2.35
Positive
51.37
Neutral
33.33
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:SOLI, the sentiment is Neutral. The current price of 160 is below the 20-day moving average (MA) of 199.35, below the 50-day MA of 186.85, and below the 200-day MA of 165.53, indicating a neutral trend. The MACD of 2.35 indicates Positive momentum. The RSI at 51.37 is Neutral, neither overbought nor oversold. The STOCH value of 33.33 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for GB:SOLI.
Solid State Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Neutral | £92.55M | 20.16 | 9.07% | ― | 7.36% | 31.93% | |
69 Neutral | £110.63M | 27.08 | 3.91% | 1.56% | 23.25% | 700.00% | |
68 Neutral | £71.09M | -58.03 | 16.76% | ― | ― | ― | |
62 Neutral | £332.55M | 82.03 | 3.33% | 2.19% | 12.73% | -26.74% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
54 Neutral | £206.97M | -4.15 | -31.21% | ― | -7.62% | 5.48% | |
54 Neutral | £89.07M | -31.98 | -5.90% | ― | -2.20% | 68.24% |
* Technology Sector Average
GB:SOLI
Solid State
195.00
21.38
12.31%
GB:GHH
Gooch & Housego
1,210.00
588.51
94.69%
GB:SDI
SDI Group
88.50
-5.50
-5.85%
GB:TTG
TT Electronics
115.40
10.20
9.70%
GB:XAR
Xaar plc
118.00
-7.00
-5.60%
GB:KETL
Strix Group
35.40
-6.85
-16.21%
Solid State Corporate Events
Business Operations and StrategyExecutive/Board ChangesDividendsFinancial Disclosures
Solid State lifts profit and margins on defence demand as it eyes beat of forecasts
Positive
Jun 29, 2026
Solid State plc reported robust full-year growth, with revenue rising 23.2% to £154.1m and adjusted profit before tax up 72% to £8.6m, driven largely by strong defence and security demand, which contributed about 47% of group sales. All ...
Business Operations and StrategyFinancial Disclosures
Solid State sets late-June date for full-year results and investor briefings
Neutral
Jun 16, 2026
Solid State plc, a specialist value-added supplier and design-in manufacturer of computing, power and communications products, said it will publish its final results for the year to 31 March 2026 on 29 June 2026. The company targets industrial and...
Business Operations and StrategyExecutive/Board ChangesRegulatory Filings and Compliance
Solid State revamps executive incentives with EPS-linked 2026 option scheme
Positive
May 13, 2026
Solid State plc has introduced a new 2026 share option scheme, updating its long-term incentive plan to comply with EMI rules and to better align senior management pay with long-term shareholder value creation. The plan centres on earnings-per-sha...
Business Operations and StrategyFinancial Disclosures
Solid State lifts expectations as defence and industrial demand drive record year-end
Positive
Apr 8, 2026
Solid State reported a strong finish to its 2025/26 financial year, with revenue now expected to come in at not less than £150m and adjusted profit before tax set to beat market expectations. All three divisions contributed, with Components b...
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.