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Filtronic
(LSE:FTC)
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Rating:59Neutral
Price Target:
280.00 p
▲(15.70% Upside)
Action:Reiterated
Date:10/08/26
The score is primarily held back by very expensive valuation (high P/E) despite solid underlying fundamentals. Financial performance is generally healthy with low leverage, but the 2026 step-down in profitability and sharply weaker free cash flow reduce quality and consistency. Technicals are strong with the stock in an uptrend, though momentum is overbought, adding near-term risk.
Positive Factors
Specialist RF capability
Filtronic operates in technically specialized RF and millimetre-wave markets, where engineered products support demanding communications and sensing applications. This differentiated design and manufacturing capability can strengthen customer relevance and create durable barriers to replacing its expertise.
Negative Factors
2026 earnings slowdown
The sharp reduction in net margin, together with a slight revenue decline, shows that the 2025 peak was not fully sustained. Lower profitability can reduce internal funding for growth and makes future earnings more sensitive to product mix, program timing, and operating scale.
Read all positive and negative factors
Positive Factors
Negative Factors
Specialist RF capability
Filtronic operates in technically specialized RF and millimetre-wave markets, where engineered products support demanding communications and sensing applications. This differentiated design and manufacturing capability can strengthen customer relevance and create durable barriers to replacing its expertise.
Read all positive factors
Filtronic (FTC) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£589.45M
Dividend Yield2.68%
Average Volume (3M)1.54M
Price to Earnings (P/E)134.3
Beta (1Y)0.34
Revenue Growth-1.40%
EPS Growth-67.76%
CountryUK
Employees236
SectorTechnology
Sector Strength88
IndustryCommunication Equipment
Share Statistics
EPS (TTM)0.02
Shares Outstanding219,942,720
10 Day Avg. Volume1,936,857
30 Day Avg. Volume1,537,876
Financial Highlights & Ratios
PEG Ratio-2.82
Price to Book (P/B)21.24
Price to Sales (P/S)15.64
P/FCF Ratio670.94
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£440.00Price Target Upside81.82% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.03
Revenue Forecast (FY)£62.65M
Filtronic Business Overview & Revenue Model
Company Description
Filtronic plc, established in Sedgefield, United Kingdom, in 1977, is a global leader in the design, development, manufacturing, and distribution of sophisticated radio frequency (RF) communications equipment. The company delivers its specialized ...
How the Company Makes Money
Filtronic makes money primarily by selling RF/microwave/mmWave products and engineered subsystems to industrial customers, with revenue recognized through product shipments and, where applicable, contracted development and manufacturing work. Key ...
Filtronic Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
78
Positive
Cash Flow
55
Neutral
| Breakdown | May 2026 | May 2025 | May 2024 | May 2023 | May 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 55.53M | 56.32M | 25.43M | 16.27M | 17.05M |
| Gross Profit | 55.53M | 34.46M | 16.07M | 10.28M | 11.41M |
| EBITDA | 6.92M | 15.51M | 4.92M | 1.33M | 3.31M |
| Net Income | 4.56M | 14.05M | 3.14M | 464.00K | 1.47M |
Balance Sheet | |||||
| Total Assets | 65.20M | 49.79M | 25.27M | 18.09M | 16.44M |
| Cash, Cash Equivalents and Short-Term Investments | 12.90M | 14.49M | 7.21M | 2.61M | 4.01M |
| Total Debt | 5.64M | 3.69M | 3.02M | 2.31M | 1.82M |
| Total Liabilities | 24.32M | 14.42M | 10.45M | 6.54M | 5.40M |
| Stockholders Equity | 40.88M | 35.38M | 14.81M | 11.54M | 11.04M |
Cash Flow | |||||
| Free Cash Flow | 1.29M | 8.06M | 4.76M | -581.00K | 2.04M |
| Operating Cash Flow | 11.61M | 13.84M | 6.33M | 950.00K | 2.29M |
| Investing Cash Flow | -12.84M | -5.62M | -1.49M | -1.52M | -250.00K |
| Financing Cash Flow | -373.00K | -903.00K | -228.00K | -840.00K | -964.00K |
Filtronic Technical Analysis
Positive
242.00
Price Trends
251.28
Positive
274.42
Positive
252.38
Positive
Market Momentum
13.94
Negative
53.14
Neutral
37.12
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:FTC, the sentiment is Positive. The current price of 242 is below the 20-day moving average (MA) of 267.65, below the 50-day MA of 251.28, and below the 200-day MA of 252.38, indicating a bullish trend. The MACD of 13.94 indicates Negative momentum. The RSI at 53.14 is Neutral, neither overbought nor oversold. The STOCH value of 37.12 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:FTC.
Filtronic Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | £54.75M | 14.15 | 17.02% | 4.06% | 7.22% | 12.69% | |
66 Neutral | £335.29M | 83.05 | 3.33% | 0.80% | 12.73% | -26.74% | |
63 Neutral | £47.56M | 65.06 | 2.71% | 1.83% | 18.98% | 115.79% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
59 Neutral | £589.45M | 134.30 | 11.47% | 2.68% | -1.40% | -67.76% | |
58 Neutral | £326.22M | -9.24 | -24.38% | 3.68% | -2.68% | 47.33% | |
56 Neutral | £52.60M | 305.00 | -0.11% | 3.61% | -10.70% | -200.00% |
* Technology Sector Average
GB:FTC
Filtronic
278.00
149.50
116.34%
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Filtronic Corporate Events
Business Operations and StrategyExecutive/Board Changes
Filtronic awards performance-based share options to senior executives
Positive
Oct 13, 2026
Filtronic plc has granted new share options to key senior executives under its 2020 Employee Share Option Plan, aligning management incentives with shareholder returns in its RF solutions business for space, defence and telecoms infrastructure. Th...
Business Operations and Strategy
Filtronic unveils refreshed brand as RF specialist targets growth in space and defence
Positive
Oct 1, 2026
Filtronic has unveiled a refreshed brand identity and updated website, underscoring its evolution into a technology‑led provider of mission‑critical RF solutions for demanding space and defence communications applications. The new bran...
Business Operations and StrategyFinancial Disclosures
Filtronic wins $68.1m SpaceX order, bolstering GaN leadership and FY2028 outlook
Positive
Oct 1, 2026
Filtronic has secured a $68.1m (£51.3m) follow-on order from SpaceX for its Cerus E-band gallium nitride solid-state power amplifier units, the largest contract it has received from the U.S. launch and satellite operator to date. The deal bui...
Business Operations and StrategyFinancial Disclosures
Filtronic Wins $68m SpaceX Order, Bolstering GaN Satellite Push
Positive
Oct 1, 2026
Filtronic has secured a $68.1 million follow-on order from SpaceX for its Cerus E-band gallium nitride solid state power amplifier units, the largest order it has received from the U.S. launch and satellite operator to date. The contract, which fo...
Business Operations and StrategyFinancial Disclosures
Filtronic lands $8m US satellite payload contract, bolstering mmWave leadership
Positive
Sep 16, 2026
Filtronic has secured an $8m follow‑on contract with a US‑based customer to design, develop and build prototype mmWave units for deployment on satellites, significantly expanding a relationship that began with a smaller development con...
Business Operations and StrategyFinancial DisclosuresShareholder Meetings
Filtronic Publishes 2026 Annual Report and Sets AGM Date
Positive
Aug 18, 2026
Filtronic has published its Annual Report and Accounts for the year ended 31 May 2026, together with the notice of its 2026 Annual General Meeting, making these documents available online to investors and posting paper copies to shareholders who h...
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.