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Hardide
(LSE:HDD)
Select Model
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Rating:58Neutral
Price Target:
132.00 p
▲(38.95% Upside)
Action:Reiterated
Date:10/22/26
The score is driven primarily by improving financial performance from the FY2025 turnaround, tempered by higher leverage and still-thin margins. Technicals are supportive with a clear uptrend and healthy momentum, but the high P/E meaningfully weighs on the overall rating due to valuation risk.
Positive Factors
Revenue and earnings turnaround
The sharp FY2025 revenue increase and return to profitability indicate renewed demand for Hardide’s coating applications and improved operating scale. If production orders remain established across target industrial markets, this turnaround can support stronger earnings power and reinvestment over the next several quarters.
Negative Factors
Thin profitability
A net margin of about 3% leaves limited protection if costs rise, demand softens or customer-specific engineering work becomes less efficient. Even with strong revenue growth, the narrow profit buffer means relatively modest operational pressure could materially reduce earnings and weaken the durability of the turnaround.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue and earnings turnaround
The sharp FY2025 revenue increase and return to profitability indicate renewed demand for Hardide’s coating applications and improved operating scale. If production orders remain established across target industrial markets, this turnaround can support stronger earnings power and reinvestment over the next several quarters.
Read all positive factors
Hardide (HDD) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£99.73M
Dividend YieldN/A
Average Volume (3M)281.23K
Price to Earnings (P/E)67.6
Beta (1Y)0.63
Revenue Growth48.07%
EPS GrowthN/A
CountryUK
Employees30
SectorBasic Materials
Sector Strength58
IndustryChemicals - Specialty
Share Statistics
EPS (TTM)0.02
Shares Outstanding78,837,746
10 Day Avg. Volume472,904
30 Day Avg. Volume281,229
Financial Highlights & Ratios
PEG Ratio-0.29
Price to Book (P/B)1.50
Price to Sales (P/S)0.96
P/FCF Ratio9.78
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Hardide Business Overview & Revenue Model
Company Description
Operating globally, Hardide plc specializes in the development and supply of cutting-edge tungsten carbide/tungsten metal matrix composite coatings. These high-performance products serve a wide array of critical industries, including energy, aeros...
How the Company Makes Money
Hardide makes money primarily by providing coating services: customers (typically industrial OEMs, service companies, or end users) supply parts/components that Hardide coats using its proprietary tungsten carbide-based process, and Hardide invoic...
Hardide Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
50
Neutral
Cash Flow
60
Neutral
| Breakdown | TTM | Sep 2025 | Sep 2024 | Sep 2023 | Sep 2022 | Sep 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 9.42M | 6.03M | 4.73M | 5.50M | 5.01M | 3.60M |
| Gross Profit | 4.71M | 2.69M | 2.28M | 2.61M | 1.88M | 1.31M |
| EBITDA | 2.28M | 1.03M | -363.00K | -165.00K | -937.00K | -1.69M |
| Net Income | 1.47M | 178.00K | -1.32M | -1.12M | -2.19M | -2.80M |
Balance Sheet | ||||||
| Total Assets | 8.71M | 7.61M | 7.75M | 8.40M | 9.73M | 10.76M |
| Cash, Cash Equivalents and Short-Term Investments | 1.49M | 827.00K | 700.00K | 740.00K | 693.00K | 1.54M |
| Total Debt | 2.22M | 4.09M | 2.81M | 3.05M | 2.96M | 2.95M |
| Total Liabilities | 3.55M | 3.73M | 4.09M | 4.11M | 4.21M | 3.84M |
| Stockholders Equity | 5.17M | 3.88M | 3.66M | 4.29M | 5.53M | 6.91M |
Cash Flow | ||||||
| Free Cash Flow | 904.00K | 594.00K | -486.00K | 56.00K | -1.31M | -2.25M |
| Operating Cash Flow | 1.11M | 663.00K | -422.00K | 166.00K | -1.01M | -1.94M |
| Investing Cash Flow | -207.00K | -69.00K | -64.00K | -110.00K | -292.00K | -299.00K |
| Financing Cash Flow | -399.00K | -449.00K | 434.00K | -98.00K | 322.00K | 943.00K |
Hardide Technical Analysis
Positive
95.00
Price Trends
99.77
Positive
90.94
Positive
62.93
Positive
Market Momentum
7.10
Negative
76.42
Negative
89.23
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:HDD, the sentiment is Positive. The current price of 95 is below the 20-day moving average (MA) of 110.63, below the 50-day MA of 99.77, and above the 200-day MA of 62.93, indicating a bullish trend. The MACD of 7.10 indicates Negative momentum. The RSI at 76.42 is Negative, neither overbought nor oversold. The STOCH value of 89.23 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:HDD.
Hardide Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
60 Neutral | £1.06B | 19.35 | 11.29% | 1.78% | -11.73% | ― | |
58 Neutral | £99.73M | 67.65 | 32.49% | ― | 48.07% | ― | |
53 Neutral | £181.98M | -1.52 | -13.27% | 9.77% | -4.98% | -43.98% | |
45 Neutral | £18.85M | -1.73 | -85.45% | ― | ― | ― |
* Basic Materials Sector Average
GB:HDD
Hardide
126.50
118.88
1559.02%
GB:ELM
Elementis
187.20
25.84
16.01%
GB:HAYD
Haydale Graphene
0.24
-0.43
-64.15%
GB:SYNT
Synthomer
111.00
58.70
112.24%
Hardide Corporate Events
Business Operations and StrategyFinancial Disclosures
Hardide Doubles Revenue and Invests to Expand Coating Capacity for Further Growth
Positive
Oct 21, 2026
Hardide plc reported a sharp acceleration in trading for the year to 30 September 2026, with revenues more than doubling to £13.5m and EBITDA rising to an expected £5.8m, significantly ahead of the prior year and market forecasts, driven...
Delistings and Listing ChangesRegulatory Filings and Compliance
Hardide Issues New Shares Following Employee Option Exercise
Neutral
Oct 7, 2026
Hardide plc, the AIM-quoted provider of advanced surface treatment technology, develops, manufactures and applies patented tungsten carbide and tungsten metal matrix coatings that extend the life of engineering components in aggressive environment...
Business Operations and StrategyExecutive/Board Changes
Hardide Reshapes Board as Co-founder Shifts to Dedicated CTO Role
Positive
Oct 1, 2026
Hardide plc has restructured its leadership team, confirming that co-founder Dr Yuri Zhuk has moved into the role of Chief Technology Officer with immediate effect, stepping down from the board to focus solely on advancing the company’s tech...
Business Operations and Strategy
Hardide wins $1.9m order for second-generation energy components
Positive
Sep 14, 2026
Hardide plc, a specialist in advanced tungsten carbide coatings for demanding industrial applications, serves leading customers in the energy, valve and pump, industrial gas turbine, precision engineering and aerospace sectors. Its technology is d...
Business Operations and StrategyRegulatory Filings and ComplianceShareholder Meetings
Hardide Capital Reduction Takes Effect After Court Approval
Positive
Aug 12, 2026
Hardide plc, the AIM-quoted developer of advanced tungsten carbide and tungsten metal matrix coatings for industrial and aerospace components, provides specialised surface technologies that increase durability and reduce downtime in harsh operatin...
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.