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James Fisher & Sons
(LSE:FSJ)
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Rating:54Neutral
Price Target:
439.00 p
▼(-0.68% Downside)
Action:Reiterated
Date:09/12/26
The score is held back primarily by volatile profitability (including a return to losses in 2025) and a weak technical setup with the stock trading below key moving averages. This is partly offset by improving cash generation and a constructive latest earnings update showing stronger Defence performance, better order visibility, and improved 1H 2026 profitability, though Energy weakness and uncertainty remain meaningful risks.
Positive Factors
Defence growth
Defence is showing strong revenue and profit recovery, with growth across submarine rescue, tactical diving vehicles, and military diving. This strengthens the group’s exposure to mission-critical markets and may provide a more durable earnings base than weaker energy activities.
Negative Factors
Energy weakness
The Energy division remains a material drag, with lower activity in well testing, decommissioning, and other higher-margin services. Delayed project starts and reduced customer spending could keep utilization and profitability under pressure across the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Defence growth
Defence is showing strong revenue and profit recovery, with growth across submarine rescue, tactical diving vehicles, and military diving. This strengthens the group’s exposure to mission-critical markets and may provide a more durable earnings base than weaker energy activities.
Read all positive factors
James Fisher & Sons (FSJ) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£225.08M
Dividend Yield2.74%
Average Volume (3M)70.85K
Price to Earnings (P/E)―
Beta (1Y)0.25
Revenue Growth-2.38%
EPS Growth-106.46%
CountryUK
Employees1,947
SectorIndustrials
Sector Strength72
IndustryMarine Shipping
Share Statistics
EPS (TTM)-0.06
Shares Outstanding50,621,500
10 Day Avg. Volume49,820
30 Day Avg. Volume70,852
Financial Highlights & Ratios
PEG Ratio0.39
Price to Book (P/B)1.01
Price to Sales (P/S)0.48
P/FCF Ratio5.28
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£835.00Price Target Upside88.91% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.21
Revenue Forecast (FY)£409.35M
James Fisher & Sons Business Overview & Revenue Model
Company Description
James Fisher and Sons plc offers a comprehensive array of marine and specialized engineering services across the globe. Its business is structured into four distinct divisions: Marine Support, Specialist Technical, Offshore Oil, and Tankships. The...
How the Company Makes Money
FSJ makes money primarily by providing specialist services under commercial contracts to customers in marine and energy-related end markets. Revenue is generated from (1) project-based work where the company is paid for delivering defined scopes (...
James Fisher & Sons Earnings Call Summary
Earnings Call Date:Sep 08, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Mar 11, 2027
Earnings Call Sentiment Positive
The call was broadly positive, with strong growth in Defence and Maritime Transport, substantial improvement in group operating profit, stronger order visibility, progress on the turnaround, and unchanged full-year expectations. These positives outweighed the significant Energy division downturn, geopolitical and policy-driven project delays, and the company's continued position below its medium-term margin and ROCE targets.Positive Updates
Group Revenue and Profit Growth
1H 2026 revenue increased 2.1% year-on-year on a reported basis to just under GBP 196 million, while underlying operating profit increased 27.9% to GBP 14.2 million. Underlying operating margin improved to 7.2%, up 140 basis points year-on-year.
Negative Updates
Energy Division Revenue Decline
Energy revenue declined by GBP 17.7 million, including GBP 8.7 million related to the non-repeating Mozambique contract and GBP 9 million across other product lines. Overall division revenue declined 20.6%.
Read all updates
Q2-2026 Updates
Positive
Negative
Group Revenue and Profit Growth
1H 2026 revenue increased 2.1% year-on-year on a reported basis to just under GBP 196 million, while underlying operating profit increased 27.9% to GBP 14.2 million. Underlying operating margin improved to 7.2%, up 140 basis points year-on-year.
Read all positive updates
Company Guidance
The board’s overall expectation for the full year remain unchanged “If we assume no material worsening and disruptions in the energy markets”; good momentum in Defence and Maritime Transport is expected to continue across the second half, while challenging market conditions in Energy are expected to remain through the second half. The company said it will meet consensus, provided the energy market doesn't worsen. Its financial targets are 10% underlying operating profit and 15% ROCE, but it hasn't given a timeline associated with the targets; Defence was at a run rate which brought it close to our 10% UOP target range, and ROCE pre-tax is actually over 13%.James Fisher & Sons Financial Statement Overview
Summary
Income Statement
46
Neutral
Balance Sheet
44
Neutral
Cash Flow
63
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Mar 2023 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 398.40M | 394.40M | 437.70M | 496.20M | 478.10M | 442.40M |
| Gross Profit | 132.50M | 128.40M | 133.00M | 135.90M | 127.20M | 103.60M |
| EBITDA | 72.00M | 63.80M | 112.40M | 24.40M | 64.90M | 21.80M |
| Net Income | -2.90M | -4.40M | 46.30M | -62.40M | -11.10M | -27.80M |
Balance Sheet | ||||||
| Total Assets | 590.00M | 514.00M | 511.30M | 558.20M | 609.00M | 624.90M |
| Cash, Cash Equivalents and Short-Term Investments | 89.80M | 59.50M | 86.20M | 77.50M | 53.60M | 68.00M |
| Total Debt | 269.60M | 202.90M | 194.10M | 279.00M | 242.10M | 253.50M |
| Total Liabilities | 400.20M | 326.70M | 321.00M | 409.60M | 390.70M | 414.30M |
| Stockholders Equity | 189.30M | 186.80M | 189.90M | 148.00M | 217.80M | 209.90M |
Cash Flow | ||||||
| Free Cash Flow | 31.70M | 35.80M | 17.60M | 6.60M | 11.50M | 25.30M |
| Operating Cash Flow | 52.20M | 60.80M | 49.30M | 37.80M | 44.50M | 48.90M |
| Investing Cash Flow | -20.60M | -28.50M | 79.70M | -4.70M | -15.80M | -1.90M |
| Financing Cash Flow | -33.60M | -29.50M | -131.60M | -27.40M | -40.10M | -26.10M |
James Fisher & Sons Technical Analysis
Negative
442.00
Price Trends
458.98
Negative
469.35
Negative
453.66
Negative
Market Momentum
-6.70
Positive
39.12
Neutral
27.35
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:FSJ, the sentiment is Negative. The current price of 442 is below the 20-day moving average (MA) of 449.55, below the 50-day MA of 458.98, and below the 200-day MA of 453.66, indicating a bearish trend. The MACD of -6.70 indicates Positive momentum. The RSI at 39.12 is Neutral, neither overbought nor oversold. The STOCH value of 27.35 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GB:FSJ.
James Fisher & Sons Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | £4.03B | 15.85 | 22.88% | 1.69% | 12.13% | 47.64% | |
79 Outperform | £259.15M | 8.76 | 15.42% | 4.68% | 32.88% | 117.23% | |
73 Outperform | £1.54B | 19.83 | 14.50% | 2.29% | 15.10% | 2.67% | |
68 Neutral | £2.42B | 16.17 | 17.55% | 1.87% | 1.20% | 221.80% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
62 Neutral | £71.26M | 31.84 | 2.74% | 3.08% | -4.40% | -62.70% | |
54 Neutral | £225.08M | -75.04 | -1.54% | 2.74% | -2.38% | -106.46% |
* Industrials Sector Average
GB:FSJ
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James Fisher & Sons Corporate Events
Business Operations and StrategyFinancial Disclosures
James Fisher lifts margins on strong Defence and transport as Energy markets soften
Positive
Sep 8, 2026
James Fisher and Sons reported first-half 2026 results showing modest revenue growth but a strong improvement in profitability, driven by margin gains and better return on capital. Group revenue rose 2.1% to £195.9 million, underlying operati...
Business Operations and StrategyFinancial Disclosures
James Fisher plans analyst and retail investor briefings for half-year results
Positive
Aug 10, 2026
James Fisher and Sons plc, a leading marine services provider, plans to release its half-year results for the six months to 30 June 2026 on 8 September. The Group is emphasising engagement with the analyst community by organising a dedicated meeti...
Business Operations and StrategyFinancial Disclosures
James Fisher lifts margins as Defence and Maritime offset Energy weakness
Positive
Jul 29, 2026
James Fisher reported first-half performance in line with expectations, with revenue of around £190 million and underlying operating profit of about £13 million, reflecting margin improvement and net debt at the top of its target leverag...
Other
James Fisher CEO Exercises Options Under Sharesave Scheme
Neutral
Jul 10, 2026
James Fisher and Sons plc has disclosed that chief executive officer Jean Vernet has exercised options under the company’s 2023 Sharesave Scheme, acquiring 5,357 ordinary shares at an option price of £3.36 per share. The transaction rel...
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.