Victrex PLC (GB:VCT)
LSE:VCT
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Victrex
(LSE:VCT)
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Rating:70Outperform
Price Target:
593.00 p
▼(-8.06% Downside)
Action:Upgraded
Date:12/11/25
Victrex's overall stock score reflects a stable financial position with strong equity and low leverage. Technical indicators suggest short-term bullish momentum, while valuation is favorable with a high dividend yield. However, challenges in revenue growth, profitability, and recent earnings call concerns weigh on the score.
Positive Factors
Low leverage and strong equity position
A debt-to-equity of 0.11 and equity ratio ~76% provide durable financial flexibility. Low leverage reduces refinancing risk, supports the dividend and capital allocation choices, and allows the company to fund restructuring or investment needs without undermining solvency over the medium term.
Negative Factors
Declining revenue and compressed margins
Negative revenue growth and falling margins indicate structural pressure on top-line and profitability. Persistent mix, pricing or volume weakness can limit reinvestment capacity, strain returns on capital and force deeper cost actions to maintain dividends and fund strategic initiatives over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Low leverage and strong equity position
A debt-to-equity of 0.11 and equity ratio ~76% provide durable financial flexibility. Low leverage reduces refinancing risk, supports the dividend and capital allocation choices, and allows the company to fund restructuring or investment needs without undermining solvency over the medium term.
Read all positive factors
Victrex (VCT) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£557.28M
Dividend Yield9.48%
Average Volume (3M)301.81K
Price to Earnings (P/E)―
Beta (1Y)1.57
Revenue Growth-1.24%
EPS Growth-166.15%
CountryUK
Employees1,131
SectorBasic Materials
Sector Strength58
IndustryChemicals - Specialty
Share Statistics
EPS (TTM)-0.23
Shares Outstanding87,124,435
10 Day Avg. Volume270,673
30 Day Avg. Volume301,805
Financial Highlights & Ratios
PEG Ratio0.38
Price to Book (P/B)1.44
Price to Sales (P/S)2.11
P/FCF Ratio12.71
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£626.00Price Target Upside-2.95% Downside
Rating ConsensusHold
Number of Analyst Covering5
EPS Forecast (FY)0.39
Revenue Forecast (FY)£297.94M
Victrex Business Overview & Revenue Model
Company Description
Victrex plc, through its subsidiaries, manufactures and sells polymers worldwide. The company operates through two segments, Industrial and Medical. It develops PEEK and PAEK polymer solutions, and semi-finished and finished parts. The company als...
How the Company Makes Money
Victrex makes money primarily by manufacturing and selling high-performance polymer products and associated materials to customers who convert them into components. Its key revenue streams typically include: (1) Sales of PAEK/PEEK polymer resin, w...
Victrex Earnings Call Summary
Earnings Call Date:Dec 02, 2025
(Q4-2025)
| % Change Since: |
Next Earnings Date:Dec 08, 2026
Earnings Call Sentiment Neutral
The earnings call presented a mixed picture with notable achievements in volume growth and cash conversion, while facing significant challenges due to currency impacts, weaker medical spine performance, and losses from the China facility. The profit improvement plan and diversification in medical revenues are positive steps, but current financial challenges weigh heavily.Positive Updates
Strong Volume Growth
Sales volume increased by 12% to 4,164 tonnes, primarily driven by value-added resellers and Energy & Industrial sectors.
Negative Updates
Currency Impact on Profit
Underlying profit before tax was adversely affected by GBP 8 million due to currency impacts, contributing to a 21% decrease in PBT.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Volume Growth
Sales volume increased by 12% to 4,164 tonnes, primarily driven by value-added resellers and Energy & Industrial sectors.
Read all positive updates
Company Guidance
In the call, Victrex provided guidance on various financial metrics for fiscal year 2025 and the outlook for 2026. The company reported a 12% increase in sales volume, reaching 4,164 tonnes, mainly driven by value-added resellers (VARs) and the Energy & Industrial sector. Despite the robust volume growth, underlying profit before tax (PBT) was impacted by an adverse currency effect of GBP 8 million, resulting in a 21% decrease to GBP 46.4 million. However, cash conversion was strong at 121%, benefiting from efficient working capital management. Capital expenditures (CapEx) saw a significant reduction, reflecting the conclusion of recent investment phases. For fiscal 2026, Victrex is targeting low to mid-single-digit volume growth and aims to achieve at least GBP 10 million in savings through a profit improvement plan. Gross margin for FY '26 is expected to be flat to slightly ahead, with the China manufacturing facility remaining a focus for operational improvements. The company will maintain its dividend and review its capital allocation policy, aiming to retain a strong balance sheet with a net debt-to-EBITDA range of 0.5x to 1x.Victrex Financial Statement Overview
Summary
Income Statement
65
Positive
Balance Sheet
78
Positive
Cash Flow
60
Neutral
| Breakdown | TTM | Sep 2025 | Sep 2024 | Sep 2023 | Sep 2022 | Sep 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 293.90M | 296.40M | 296.20M | 307.00M | 341.00M | 306.30M |
| Gross Profit | 126.40M | 132.60M | 134.30M | 162.60M | 174.70M | 157.00M |
| EBITDA | 65.90M | 61.10M | 69.70M | 96.00M | 120.80M | 115.50M |
| Net Income | -19.70M | 27.80M | 17.20M | 61.70M | 76.20M | 73.20M |
Balance Sheet | ||||||
| Total Assets | 505.30M | 566.90M | 592.00M | 626.60M | 641.60M | 615.30M |
| Cash, Cash Equivalents and Short-Term Investments | 31.70M | 24.20M | 29.30M | 33.50M | 68.80M | 112.40M |
| Total Debt | 77.10M | 49.00M | 50.40M | 50.20M | 32.10M | 15.90M |
| Total Liabilities | 161.50M | 135.70M | 130.40M | 125.60M | 151.00M | 103.60M |
| Stockholders Equity | 361.90M | 433.50M | 461.00M | 499.00M | 488.80M | 509.20M |
Cash Flow | ||||||
| Free Cash Flow | 48.00M | 49.30M | 51.40M | 2.30M | 34.50M | 85.20M |
| Operating Cash Flow | 68.60M | 71.10M | 84.00M | 40.80M | 80.00M | 127.10M |
| Investing Cash Flow | -20.60M | -21.80M | -35.40M | -32.30M | -16.20M | -83.20M |
| Financing Cash Flow | -42.00M | -54.60M | -51.90M | -32.80M | -82.40M | -41.70M |
Victrex Technical Analysis
Positive
645.00
Price Trends
591.46
Positive
621.59
Positive
617.78
Positive
Market Momentum
10.31
Negative
65.52
Neutral
75.41
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:VCT, the sentiment is Positive. The current price of 645 is above the 20-day moving average (MA) of 600.17, above the 50-day MA of 591.46, and above the 200-day MA of 617.78, indicating a bullish trend. The MACD of 10.31 indicates Negative momentum. The RSI at 65.52 is Neutral, neither overbought nor oversold. The STOCH value of 75.41 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:VCT.
Victrex Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | £557.28M | -28.18 | -4.95% | 9.48% | -1.24% | -166.15% | |
70 Outperform | £204.35M | 9.08 | 18.25% | 2.00% | 7.24% | ― | |
66 Neutral | £4.24B | 68.89 | 2.82% | 3.45% | 4.38% | -60.87% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
58 Neutral | £879.52M | -25.63 | -6.85% | 1.34% | -21.51% | 7.34% | |
54 Neutral | £178.37M | -1.17 | -16.66% | ― | -12.46% | -116.21% | |
46 Neutral | £252.12M | 115.51 | 0.79% | 2.44% | -0.13% | -82.00% |
* Basic Materials Sector Average
GB:VCT
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637.00
-81.70
-11.37%
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Victrex Corporate Events
Regulatory Filings and Compliance
Victrex Updates Total Voting Rights After Employee Share Option Exercises
Neutral
Feb 27, 2026
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...
Regulatory Filings and Compliance
Victrex CEO adjusts stake after exercising share awards
Neutral
Feb 17, 2026
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 retaine...
Executive/Board Changes
Victrex Grants CEO James Routh 318,449-Share Nil-Cost Option Package
Neutral
Feb 12, 2026
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 pl...
Executive/Board Changes
Victrex grants deferred bonus buyout shares to new CEO James Routh
Positive
Feb 12, 2026
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 share...
Business Operations and Strategy
Victrex Grants Discounted Sharesave Options to 334 Employees, Including CFO
Positive
Feb 10, 2026
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, ...
Business Operations and StrategyExecutive/Board Changes
Victrex strengthens board with new non-executive directors as audit chair retires
Positive
Feb 10, 2026
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 o...
Executive/Board ChangesStock BuybackDividendsShareholder Meetings
Victrex Shareholders Back All AGM Resolutions, Supporting Board and Capital Flexibility
Positive
Feb 6, 2026
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 decla...
Business Operations and StrategyFinancial Disclosures
Victrex Holds FY Guidance as Q1 Softness Marks Transitional Year
Negative
Feb 6, 2026
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...
Regulatory Filings and Compliance
Victrex Confirms Total Voting Rights at 87.1 Million Shares
Neutral
Jan 30, 2026
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...
Business Operations and StrategyDelistings and Listing Changes
Victrex Seeks Block Listing of 271,000 Shares for Incentive Plans
Neutral
Jan 20, 2026
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 P...
Regulatory Filings and Compliance
Victrex Confirms Share Capital and Voting Rights as of 31 December 2025
Neutral
Dec 31, 2025
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 87,0...
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.