Victrex PLC (GB:VCT)
LSE:VCT
Want to see GB:VCT full AI Analyst Report?
Top Page
Victrex
(LSE:VCT)
Select Model
Select Model
Rating:63Neutral
Price Target:
642.00 p
▼(-0.47% Downside)
Action:Downgraded
Date:06/10/26
The score is primarily supported by a strong, low-leverage balance sheet, but is weighed down by weak recent operating/cash-flow trends and only neutral technical setup; valuation is mixed with a solid dividend yield but a negative P/E.
Positive Factors
Low leverage / strong balance sheet
A very low debt-to-equity ratio and high equity backing provide durable financial flexibility: supports investment in qualification, R&D, capex and dividend continuity, and reduces refinancing risk during cyclical weakness, preserving strategic optionality over months.
Negative Factors
Revenue decline
Sustained or recurring revenue declines, even if modest, undermine revenue momentum and can signal weaker end-market demand or competitive pressure. Over several quarters this erodes operating leverage, limits reinvestment and makes margin recovery harder.
Read all positive and negative factors
Positive Factors
Negative Factors
Low leverage / strong balance sheet
A very low debt-to-equity ratio and high equity backing provide durable financial flexibility: supports investment in qualification, R&D, capex and dividend continuity, and reduces refinancing risk during cyclical weakness, preserving strategic optionality over months.
Read all positive factors
Victrex (VCT) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£525.94M
Dividend Yield9.48%
Average Volume (3M)301.81K
Price to Earnings (P/E)―
Beta (1Y)1.53
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
£621.67Price Target Upside-3.62% Downside
Rating ConsensusHold
Number of Analyst Covering6
EPS Forecast (FY)0.39
Revenue Forecast (FY)£297.36M
Victrex Business Overview & Revenue Model
Company Description
Operating globally through its subsidiaries, Victrex plc is a specialized producer and distributor of polymer materials. The company organizes its business into two core divisions: Industrial and Medical. It concentrates on creating PEEK and PAEK ...
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
Negative
645.00
Price Trends
609.20
Negative
616.49
Negative
615.36
Negative
Market Momentum
0.43
Positive
42.90
Neutral
28.04
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:VCT, the sentiment is Negative. The current price of 645 is above the 20-day moving average (MA) of 620.98, above the 50-day MA of 609.20, and above the 200-day MA of 615.36, indicating a bearish trend. The MACD of 0.43 indicates Positive momentum. The RSI at 42.90 is Neutral, neither overbought nor oversold. The STOCH value of 28.04 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 | £209.02M | 9.21 | 18.25% | 2.00% | 7.24% | ― | |
66 Neutral | £4.34B | 69.21 | 2.82% | 3.45% | 4.38% | -60.87% | |
63 Neutral | £525.94M | -26.04 | -4.95% | 9.48% | -1.24% | -166.15% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
58 Neutral | £891.50M | 2,159.52 | -6.85% | 1.34% | -21.51% | 7.34% | |
54 Neutral | £160.34M | -0.96 | -16.66% | ― | -12.46% | -116.21% | |
46 Neutral | £235.39M | 112.88 | 0.79% | 2.44% | -0.13% | -82.00% |
* Basic Materials Sector Average
GB:VCT
Victrex
599.00
-114.19
-16.01%
GB:CRDA
Croda International
3,084.00
209.25
7.28%
GB:ELM
Elementis
154.00
-1.91
-1.23%
GB:ESNT
Essentra
82.40
-18.87
-18.63%
GB:SYNT
Synthomer
88.40
-17.40
-16.45%
GB:ZTF
Zotefoams
423.50
112.67
36.25%
Victrex Corporate Events
Regulatory Filings and Compliance
Victrex updates total voting rights after employee option exercises
Neutral
May 29, 2026
Victrex plc, a global leader in high-performance polymer solutions serving automotive, aerospace, energy and industrial, electronics and medical markets, is extending its reach beyond raw polymers into higher-value semi-finished and finished compo...
Business Operations and StrategyExecutive/Board Changes
Victrex Board Sees Sudden Exit of Non-Executive Director David Thomas
Negative
May 18, 2026
Victrex plc announced that David Thomas has stepped down from the Board as a Non-executive director with immediate effect due to ill health, following his recent handover of the Audit Committee Chair role to Peter Kiernan. Chair Dr Vivienne Cox th...
Business Operations and StrategyDividendsFinancial Disclosures
Victrex profits slide on mix and pricing as turnaround plan ramps up
Negative
May 11, 2026
Victrex reported a 1% rise in interim revenue to £147.1m on 6% higher volumes, but underlying pre-tax profit fell 18% to £19m as a weaker sales mix, competitive pricing and currency pressures squeezed margins, while medical revenues decl...
Business Operations and StrategyRegulatory Filings and Compliance
Victrex updates total voting rights after employee option exercises
Neutral
Apr 30, 2026
Victrex plc has confirmed that its issued share capital as of 30 April 2026 comprises 87,124,297 ordinary shares of 1p each, with no shares held in treasury and each share carrying one voting right. This figure provides the reference denominator f...
Regulatory Filings and Compliance
Victrex Updates Share Capital and Voting Rights After Employee Option Exercises
Neutral
Mar 31, 2026
Victrex plc has reported that its issued share capital as of 31 March 2026 stands at 87,123,711 ordinary shares of 1p each, all carrying one voting right and with no shares held in treasury. This updated capital figure serves as the new reference ...
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.