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Victrex
(LSE:VCT)
Victrex (VCT) vs. iShares MSCI United Kingdom ETF (EWC)
Victrex Business Overview & Revenue Model
Victrex Earnings Call Summary
Victrex Financial Statement Overview
| Breakdown | Sep 2025 | Sep 2024 | Sep 2023 | Sep 2022 | Sep 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 296.40M | 296.20M | 307.00M | 341.00M | 306.30M |
| Gross Profit | 132.60M | 134.30M | 162.60M | 174.70M | 157.00M |
| EBITDA | 61.10M | 69.70M | 96.00M | 120.80M | 115.50M |
| Net Income | 27.80M | 17.20M | 61.70M | 76.20M | 73.20M |
Balance Sheet | |||||
| Total Assets | 566.90M | 592.00M | 626.60M | 641.60M | 615.30M |
| Cash, Cash Equivalents and Short-Term Investments | 24.20M | 29.30M | 33.50M | 68.80M | 112.40M |
| Total Debt | 49.00M | 50.40M | 50.20M | 32.10M | 15.90M |
| Total Liabilities | 135.70M | 130.40M | 125.60M | 151.00M | 103.60M |
| Stockholders Equity | 433.50M | 461.00M | 499.00M | 488.80M | 509.20M |
Cash Flow | |||||
| Free Cash Flow | 49.30M | 51.40M | 2.30M | 34.50M | 85.20M |
| Operating Cash Flow | 71.10M | 84.00M | 40.80M | 80.00M | 127.10M |
| Investing Cash Flow | -21.80M | -35.40M | -32.30M | -16.20M | -83.20M |
| Financing Cash Flow | -54.60M | -51.90M | -32.80M | -82.40M | -41.70M |
Victrex Technical Analysis
Victrex Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | £469.17M | 22.53 | 6.40% | 9.48% | 0.58% | 61.58% | |
70 Outperform | £172.22M | 8.69 | 18.25% | 2.00% | 15.56% | -92.94% | |
66 Neutral | £3.57B | 60.70 | 6.17% | 3.45% | 2.36% | -13.99% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
58 Neutral | £816.15M | -28.06 | -6.85% | 1.34% | -11.78% | -92.61% | |
51 Neutral | £44.16M | -1.25 | -7.26% | ― | -4.41% | 2.29% | |
46 Neutral | £261.64M | 131.42 | 3.47% | 2.44% | -4.71% | 86.21% |
Victrex Corporate Events
Victrex plc has confirmed that its issued share capital as of 27 February 2026 comprises 87,094,181 ordinary shares of 1p each, with no shares held in treasury and each share carrying one voting right. This figure now serves as the key denominator for investors assessing whether they must disclose holdings or changes under FCA transparency rules.
The updated total follows the exercise of employee share options over 21,501 ordinary shares, which have been admitted to trading on the London Stock Exchange on a pari passu basis with existing stock. The disclosure refines the company’s capital structure information for shareholders and regulators, supporting accurate reporting of significant positions in Victrex shares.
The most recent analyst rating on (GB:VCT) stock is a Buy with a £769.00 price target. To see the full list of analyst forecasts on Victrex stock, see the GB:VCT Stock Forecast page.
Victrex CEO Dr James Routh has sold part of his share awards to meet tax and national insurance obligations arising from a 13,035-share deferred bonus buyout and the exercise of 47,031 nil-cost options under the 2023 LTIP Buy-Out Award. He retained 6,886 shares from the bonus award and 24,849 shares from the option exercise, leaving him with a total holding of 36,255 Victrex ordinary shares at a transaction price of £7.03 per share.
The transactions, conducted on 16 February 2026 on the London Stock Exchange, are routine dealings required to settle tax liabilities following equity-based compensation. The disclosure, made under UK Market Abuse Regulation, clarifies the chief executive’s personal stake in the company shortly after his appointment on 1 January 2026, providing transparency for investors regarding insider shareholdings.
The most recent analyst rating on (GB:VCT) stock is a Buy with a £777.00 price target. To see the full list of analyst forecasts on Victrex stock, see the GB:VCT Stock Forecast page.
Victrex has granted its new chief executive, Dr James Routh, nil-cost options over 318,449 shares, structured as buyout awards for long-term incentives forfeited on leaving his former employer AB Dynamics and as a fresh 2026 long-term incentive plan grant. The buyout component mirrors the vesting schedules, performance conditions and holding periods of the forfeited awards to align Routh’s interests with Victrex shareholders, while the 2026 LTIP award, set at 175% of base salary and tied to EPS, TSR, ROIC and sustainability metrics over three years, reinforces performance-led remuneration without issuing new or treasury shares.
The most recent analyst rating on (GB:VCT) stock is a Buy with a £777.00 price target. To see the full list of analyst forecasts on Victrex stock, see the GB:VCT Stock Forecast page.
Victrex has granted 13,035 deferred bonus buyout shares to its newly appointed chief executive officer, James Routh, as part of his recruitment package, compensating him for forfeited share awards from his previous employer, AB Dynamics. The shares, awarded at nil cost and subject to a holding period lasting until November 17, 2028, lift Routh’s total holding in the company to 17,555 ordinary shares and underscore Victrex’s use of equity incentives to attract and retain top leadership talent in a competitive industrial materials sector.
The most recent analyst rating on (GB:VCT) stock is a Buy with a £777.00 price target. To see the full list of analyst forecasts on Victrex stock, see the GB:VCT Stock Forecast page.
Victrex has granted 694,387 options over its ordinary shares to 334 employees under its 2026 UK Save As You Earn Sharesave Plan, with an exercise price of £5.496 per share, a 20% discount to the market price prior to invitation. The options, which carry no performance conditions, can be exercised after three or five years depending on contract length, and include a 3,311-option participation by Chief Finance Officer and PDMR Ian Melling, signalling continued use of broad-based employee equity incentives.
The scheme’s structure, offering discounted options to a wide base of staff, underlines Victrex’s focus on aligning employees’ interests with long-term shareholder value and retaining key talent in its specialist polymer markets. By engaging both rank-and-file employees and senior management through the all-employee HMRC-approved plan, Victrex reinforces its commitment to incentivising performance and supporting future growth in its core end-markets.
The most recent analyst rating on (GB:VCT) stock is a Buy with a £748.00 price target. To see the full list of analyst forecasts on Victrex stock, see the GB:VCT Stock Forecast page.
Victrex has strengthened its board with the appointment of Peter Kiernan and Maria Antoniou as non-executive directors, as long-serving director David Thomas prepares to retire in July 2026. Kiernan will join in March 2026 and take over as chair of the audit committee upon Thomas’s departure, while Antoniou will join the board in September 2026, bringing industrial and HR expertise aligned to Victrex’s core markets.
Chair Dr Vivienne Cox said the appointments are intended to support Victrex’s strategy and its Profit Improvement Plan, underscoring a focus on financial performance, governance and cultural change. Kiernan adds deep financial and M&A experience from a 30-year investment banking career and prior audit committee roles, while Antoniou contributes international industrial, HR and governance experience from senior positions at Morgan Advanced Materials, Spirax and major manufacturing groups.
The most recent analyst rating on (GB:VCT) stock is a Buy with a £773.00 price target. To see the full list of analyst forecasts on Victrex stock, see the GB:VCT Stock Forecast page.
Victrex plc reported that all resolutions at its 6 February 2026 annual general meeting were passed by substantial majorities, including approval of the annual report and accounts, the directors’ remuneration report and policy, and the declaration of a final dividend. Shareholders also backed the election of James Routh and the re-election of the existing board, reappointed the auditor and authorised the board to set audit fees, make limited political donations, allot shares, disapply pre-emption rights for share issues, repurchase the company’s own shares, and call general meetings on shortened notice, reinforcing management’s flexibility on capital allocation and corporate actions with approximately 85% of the issued share capital voting.
The most recent analyst rating on (GB:VCT) stock is a Buy with a £773.00 price target. To see the full list of analyst forecasts on Victrex stock, see the GB:VCT Stock Forecast page.
Victrex reported a soft start to fiscal 2026, with first-quarter sales volumes down 4% and revenue slipping 6% year-on-year as growth in Energy & Industrial was offset by weaker demand in transport, value-added resellers and medical markets, though average selling prices held broadly steady. Year‑to‑date volumes to the end of January are now in line with the prior year after a stronger January, but revenues remain slightly lower due to sales mix, and management reiterated that 2026 will be a second-half weighted, transitional year, with first-half performance expected to underperform last year. The group remains modestly leveraged with £21.1m of net debt ahead of a sizeable dividend payment and is pressing ahead with a Profit Improvement Plan centred on portfolio simplification, operating efficiency and overhead reductions, targeting at least £10m of annualised cost savings by FY 2027, a move aimed at sharpening Victrex’s competitiveness, improving profitability and positioning the business for more sustainable medium- to long-term growth.
The most recent analyst rating on (GB:VCT) stock is a Buy with a £773.00 price target. To see the full list of analyst forecasts on Victrex stock, see the GB:VCT Stock Forecast page.
Victrex plc has confirmed that, as of 30 January 2026, its issued share capital comprises 87,072,680 ordinary shares of 1p each, with every share carrying one voting right and no shares held in treasury. This update sets the total number of voting rights at 87,072,680, providing investors and other stakeholders with the denominator needed to assess and disclose any notifiable holdings or changes in their interest under regulatory transparency rules, thereby supporting more accurate monitoring of ownership and compliance with UK market disclosure requirements.
The most recent analyst rating on (GB:VCT) stock is a Hold with a £710.00 price target. To see the full list of analyst forecasts on Victrex stock, see the GB:VCT Stock Forecast page.
Victrex has applied for a further block listing of 271,000 new ordinary shares of 1 pence each on the London Stock Exchange to satisfy future exercises of share options under its 2019 Long Term Incentive Plan and its 2025 Employee Stock Purchase Plan. The new shares, which are expected to be admitted to trading on 23 January 2026 and rank pari passu with existing stock, underscore the company’s ongoing use of equity-based incentives to reward and retain staff and management, with potential dilution for existing shareholders offset by the aim of strengthening alignment between employees and long-term corporate performance.
The most recent analyst rating on (GB:VCT) stock is a Hold with a £685.00 price target. To see the full list of analyst forecasts on Victrex stock, see the GB:VCT Stock Forecast page.
Victrex plc has confirmed that as of 31 December 2025 its issued share capital consists of 87,071,124 ordinary 1p shares, each carrying one vote, with no shares held in treasury. This brings the total number of voting rights in the company to 87,071,124, a figure that shareholders should use as the denominator when assessing whether they are required to disclose any holdings or changes in their interest under UK transparency rules.
The most recent analyst rating on (GB:VCT) stock is a Buy with a £714.00 price target. To see the full list of analyst forecasts on Victrex stock, see the GB:VCT Stock Forecast page.
Victrex plc has published its Annual Report & Accounts for the financial year ended 30 September 2025, making the document available on its corporate website and through the UK’s National Storage Mechanism. The release underscores the company’s continued focus on high-performance polymer solutions across key industrial and healthcare markets, giving investors and other stakeholders a consolidated view of its latest financial performance and strategic progress in advancing sustainable, value-adding materials.
The most recent analyst rating on (GB:VCT) stock is a Buy with a £714.00 price target. To see the full list of analyst forecasts on Victrex stock, see the GB:VCT Stock Forecast page.