Solid State PLC (GB:SOLI)
LSE:SOLI
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Solid State
(LSE:SOLI)
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Rating:68Neutral
Price Target:
188.00 p
▲(17.50% Upside)
Action:Reiterated
Date:12/07/25
Solid State's overall stock score reflects a stable financial position with challenges in profitability and cash flow. The technical analysis indicates short-term bullish momentum, while the valuation suggests potential overvaluation. Positive corporate events, including significant contract wins and strategic partnerships, bolster the company's growth prospects. However, the high P/E ratio and declining profitability are key risks.
Positive Factors
Low leverage / strong balance sheet
A low debt-to-equity ratio of 0.27 and a healthy equity ratio provide durable financial flexibility. This reduces refinancing risk, supports working-capital needs for contract fulfilment in industrial and defense markets, and preserves capacity to invest in product development or M&A.
Negative Factors
Severe net margin erosion
A collapse in net profit margin to near breakeven materially reduces retained earnings and shareholder returns. Persistently low net margins undermine reinvestment capacity, weaken returns on equity, and limit the company’s ability to fund growth initiatives without external capital.
Read all positive and negative factors
Positive Factors
Negative Factors
Low leverage / strong balance sheet
A low debt-to-equity ratio of 0.27 and a healthy equity ratio provide durable financial flexibility. This reduces refinancing risk, supports working-capital needs for contract fulfilment in industrial and defense markets, and preserves capacity to invest in product development or M&A.
Read all positive factors
Solid State (SOLI) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£96.44M
Dividend Yield1.56%
Average Volume (3M)101.07K
Price to Earnings (P/E)8.1
Beta (1Y)0.30
Revenue Growth8.75%
EPS Growth-54.73%
CountryUK
Employees400
SectorTechnology
Sector Strength88
IndustryHardware, Equipment & Parts
Share Statistics
EPS (TTM)0.04
Shares Outstanding56,730,960
10 Day Avg. Volume70,666
30 Day Avg. Volume101,069
Financial Highlights & Ratios
PEG Ratio-1.97
Price to Book (P/B)1.55
Price to Sales (P/S)0.76
P/FCF Ratio21.88
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£245.00Price Target Upside53.13% 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 designs and manufactures electronic equipment and supplies the value added electronic components and materials in the United Kingdom, rest of Europe, Asia, North America, and internationally. It operates through Components and Syst...
How the Company Makes Money
Solid State generates revenue primarily through (1) selling power solutions—typically including custom and standard battery packs, power supplies, and associated power products—where it earns income from product sales to OEMs and industrial custom...
Solid State Financial Statement Overview
Summary
Income Statement
65
Positive
Balance Sheet
70
Positive
Cash Flow
60
Neutral
| Breakdown | TTM | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 148.94M | 125.06M | 163.30M | 126.50M | 85.00M | 66.28M |
| Gross Profit | 41.41M | 39.33M | 46.44M | 39.67M | 27.53M | 19.92M |
| EBITDA | 9.30M | 6.76M | 18.58M | 13.57M | 6.54M | 6.37M |
| Net Income | 2.42M | 512.00K | 8.87M | 6.69M | 2.52M | 3.95M |
Balance Sheet | ||||||
| Total Assets | 108.76M | 104.34M | 113.58M | 113.79M | 62.33M | 53.97M |
| Cash, Cash Equivalents and Short-Term Investments | 5.77M | 3.51M | 8.45M | 12.22M | 4.98M | 6.91M |
| Total Debt | 17.83M | 16.57M | 16.69M | 16.70M | 5.64M | 6.29M |
| Total Liabilities | 46.52M | 42.85M | 48.96M | 55.83M | 35.25M | 28.46M |
| Stockholders Equity | 62.24M | 61.50M | 64.62M | 57.91M | 27.08M | 25.50M |
Cash Flow | ||||||
| Free Cash Flow | 1.75M | 4.35M | 8.12M | 6.71M | 3.27M | 5.84M |
| Operating Cash Flow | 3.99M | 7.84M | 10.95M | 9.05M | 5.04M | 6.50M |
| Investing Cash Flow | -5.35M | -5.38M | -8.21M | -35.48M | -4.27M | -4.70M |
| Financing Cash Flow | -2.92M | -7.37M | -6.49M | 35.74M | -4.78M | 1.64M |
Solid State Technical Analysis
Positive
160.00
Price Trends
159.79
Positive
162.00
Positive
158.81
Positive
Market Momentum
2.92
Positive
65.38
Neutral
50.00
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:SOLI, the sentiment is Positive. The current price of 160 is below the 20-day moving average (MA) of 168.65, above the 50-day MA of 159.79, and above the 200-day MA of 158.81, indicating a bullish trend. The MACD of 2.92 indicates Positive momentum. The RSI at 65.38 is Neutral, neither overbought nor oversold. The STOCH value of 50.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 | £83.66M | 12.03 | 9.07% | ― | 7.36% | 31.93% | |
68 Neutral | £96.44M | 8.13 | 3.91% | 1.56% | 8.75% | -54.73% | |
68 Neutral | £84.28M | 20.27 | 16.76% | ― | -3.41% | 58.10% | |
67 Neutral | £267.14M | 25.56 | 3.10% | 2.19% | 10.66% | 23.08% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
54 Neutral | £208.70M | -1.27 | -31.21% | ― | -7.62% | 5.48% | |
54 Neutral | £109.79M | -75.71 | -5.90% | ― | -2.20% | 68.24% |
* Technology Sector Average
GB:SOLI
Solid State
170.00
-7.07
-3.99%
GB:GHH
Gooch & Housego
982.00
470.42
91.95%
GB:SDI
SDI Group
77.80
3.80
5.14%
GB:TTG
TT Electronics
118.00
28.00
31.11%
GB:XAR
Xaar plc
143.75
37.25
34.98%
GB:KETL
Strix Group
41.50
-4.25
-9.29%
Solid State Corporate Events
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...
Business Operations and StrategyExecutive/Board Changes
Solid State Confirms John Macmichael as Permanent CEO and Strengthens Components Leadership
Positive
Mar 26, 2026
Solid State plc has confirmed the permanent appointment of John Macmichael as Chief Executive Officer, following his tenure as interim CEO since November, and named Jon Baxter as Managing Director of Solsta to lead the Group’s Components div...
Dividends
Solid State Executives Increase Holdings Through Dividend Reinvestment
Positive
Mar 4, 2026
Solid State plc has reported small transfers of existing ordinary shares to several senior executives under its All-Employee Share Plan, reflecting automatic dividend reinvestment elections. Interim CEO John Macmichael, CFO Peter James, Director M...
Business Operations and StrategyExecutive/Board Changes
Solid State Executives Receive Shares Under All-Employee Plan
Positive
Feb 10, 2026
Solid State plc has transferred small tranches of existing ordinary shares to four senior managers under its All-Employee Share Plan following the vesting of awards, with each of the interim chief executive, chief financial officer, and two direct...
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.