Want to see GB:MACF full AI Analyst Report?
Top Page
Macfarlane
(LSE:MACF)
Select Model
Select Model
Rating:62Neutral
Price Target:
90.00 p
▲(16.88% Upside)
Action:Reiterated
Date:08/04/26
The score is held back primarily by weaker 2025 profitability and a notable step-up in leverage, despite resilient revenue and continued positive free cash flow. Technicals are supportive with the share price in an uptrend, while valuation is balanced—helped by a ~5% dividend yield but moderated by a mid-range P/E. Corporate actions (buybacks and pension de-risking) add a modest positive.
Positive Factors
Revenue recovery
Revenue recovery to 300.8m in 2025, up 4.7% after two down years, indicates the packaging offering continues to serve recurring customer needs across distribution and bespoke solutions. A restored growth trajectory can support operating leverage if volumes and mix remain healthy.
Negative Factors
Sharp profitability deterioration
The sharp fall in net income and margin shows that revenue recovery has not translated into proportionate earnings growth. Lower EBIT and EBITDA margins point to a higher cost base or pricing pressure, weakening earnings resilience and leaving less buffer if demand or mix deteriorates.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue recovery
Revenue recovery to 300.8m in 2025, up 4.7% after two down years, indicates the packaging offering continues to serve recurring customer needs across distribution and bespoke solutions. A restored growth trajectory can support operating leverage if volumes and mix remain healthy.
Read all positive factors
Macfarlane (MACF) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£130.93M
Dividend Yield4.31%
Average Volume (3M)267.00K
Price to Earnings (P/E)21.8
Beta (1Y)0.55
Revenue Growth5.45%
EPS Growth-48.47%
CountryUK
Employees1,200
SectorConsumer Cyclical
Sector Strength84
IndustryPackaging & Containers
Share Statistics
EPS (TTM)0.04
Shares Outstanding154,498,430
10 Day Avg. Volume206,561
30 Day Avg. Volume266,999
Financial Highlights & Ratios
PEG Ratio-0.31
Price to Book (P/B)0.95
Price to Sales (P/S)0.38
P/FCF Ratio5.65
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£82.00Price Target Upside6.49% Upside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)0.08
Revenue Forecast (FY)£308.00M
Macfarlane Business Overview & Revenue Model
Company Description
Established in 1899 and based in Glasgow, UK, Macfarlane Group PLC delivers comprehensive protective packaging solutions to businesses. The company's activities are organized into two primary divisions. Its Packaging Distribution segment handles t...
How the Company Makes Money
Macfarlane makes money mainly by selling packaging products and packaging solutions to business customers. A core revenue stream comes from Packaging Distribution: the company buys packaging materials (including protective packaging) from manufact...
Macfarlane Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
44
Neutral
Cash Flow
60
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 303.11M | 300.81M | 270.44M | 280.71M | 290.43M | 264.46M |
| Gross Profit | 112.99M | 112.17M | 105.37M | 105.68M | 98.06M | 89.47M |
| EBITDA | 31.20M | 31.09M | 38.96M | 36.19M | 34.30M | 31.73M |
| Net Income | 6.09M | 6.32M | 15.53M | 14.97M | 15.64M | 12.60M |
Balance Sheet | ||||||
| Total Assets | 276.41M | 277.79M | 246.93M | 221.23M | 216.16M | 216.17M |
| Cash, Cash Equivalents and Short-Term Investments | 10.04M | 14.38M | 12.93M | 7.69M | 5.71M | 12.31M |
| Total Debt | 86.72M | 89.36M | 57.72M | 43.34M | 43.71M | 44.78M |
| Total Liabilities | 158.19M | 157.23M | 123.66M | 106.65M | 110.14M | 121.27M |
| Stockholders Equity | 118.23M | 120.56M | 123.27M | 114.58M | 106.02M | 94.89M |
Cash Flow | ||||||
| Free Cash Flow | 17.82M | 20.21M | 22.50M | 31.33M | 14.71M | 21.67M |
| Operating Cash Flow | 22.68M | 24.78M | 25.43M | 33.51M | 18.00M | 23.80M |
| Investing Cash Flow | -7.16M | -17.36M | -13.48M | -16.55M | -11.59M | -8.96M |
| Financing Cash Flow | -17.25M | -5.96M | -6.01M | -15.32M | -13.18M | -7.94M |
Macfarlane Technical Analysis
Positive
77.00
Price Trends
76.72
Positive
70.96
Positive
68.23
Positive
Market Momentum
2.27
Negative
66.43
Neutral
85.26
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:MACF, the sentiment is Positive. The current price of 77 is below the 20-day moving average (MA) of 80.92, above the 50-day MA of 76.72, and above the 200-day MA of 68.23, indicating a bullish trend. The MACD of 2.27 indicates Negative momentum. The RSI at 66.43 is Neutral, neither overbought nor oversold. The STOCH value of 85.26 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:MACF.
Macfarlane Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
64 Neutral | £39.39M | 10.11 | 8.41% | 6.49% | -3.78% | -43.43% | |
62 Neutral | £130.93M | 21.83 | 5.10% | 4.31% | 5.45% | -48.47% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
58 Neutral | £28.27M | 10.49 | -29.78% | 0.02% | -5.78% | 208.40% | |
55 Neutral | £88.56M | -43.62 | -2.17% | 1.01% | ― | ― | |
46 Neutral | £24.20M | -0.82 | -15.27% | 1.56% | -1.44% | -9296.83% | |
41 Neutral | £8.43M | -0.10 | -61.90% | 5.49% | -15.92% | -227.33% |
* Consumer Cyclical Sector Average
GB:MACF
Macfarlane
84.90
-0.42
-0.50%
GB:CAR
Carclo plc
38.50
-29.90
-43.71%
GB:HEAD
Headlam
10.50
-42.50
-80.19%
GB:IGR
IG Design
98.60
40.70
70.31%
GB:PMP
Portmeirion
47.50
-52.50
-52.50%
GB:ULTP
Ultimate Products plc
47.00
-9.04
-16.13%
Macfarlane Corporate Events
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Macfarlane trims share count as buyback progresses
Positive
Oct 12, 2026
Macfarlane Group PLC has begun executing its recently announced share buyback programme, purchasing and cancelling 238,918 ordinary shares of 25 pence each over five trading days from 5 to 9 October through Shore Capital Stockbrokers. The trades w...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Macfarlane cuts share count as buyback reshapes voting base
Positive
Oct 5, 2026
Macfarlane Group has begun executing its recently announced share buyback programme, purchasing and cancelling a total of 93,496 ordinary shares on 1 and 2 October at volume-weighted average prices of 81.86p and 83.62p respectively. Following thes...
Business Operations and StrategyStock Buyback
Macfarlane launches new £6m share buyback to cut share capital
Positive
Oct 1, 2026
Macfarlane Group PLC, the London-listed protective packaging specialist, has launched a new share buyback programme of up to £6 million over 12 months, to be executed in four quarterly tranches of up to £1.5 million each and managed inde...
Business Operations and StrategyStock Buyback
Macfarlane Completes £4m Share Buyback to Streamline Capital Structure
Positive
Sep 9, 2026
Macfarlane Group PLC, the London-listed protective packaging supplier headquartered in Glasgow, serves a broad business customer base across the UK and Europe through its distribution and manufacturing divisions. The group focuses on high-quality ...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Macfarlane trims share capital as buyback programme progresses
Positive
Sep 9, 2026
Macfarlane Group PLC has been a London-listed packaging specialist for decades, serving a broad business customer base with protective packaging through its distribution and manufacturing divisions. With operations centred in Glasgow and a network...
Stock BuybackRegulatory Filings and Compliance
Macfarlane trims share count as buyback updates total voting rights
Positive
Sep 7, 2026
Macfarlane Group PLC has repurchased and cancelled 416,?072 ordinary shares over four trading days in early September as part of its ongoing share buyback programme managed through Shore Capital Stockbrokers. Following these transactions, the comp...
Stock BuybackRegulatory Filings and Compliance
Macfarlane Continues Share Buyback, Cuts Share Count to 155.2 Million
Positive
Sep 1, 2026
Macfarlane Group PLC, headquartered in Glasgow and employing over 1,200 people across 42 sites in the UK, Ireland, Germany and the Netherlands, is a leading distributor and manufacturer of protective packaging for high-value and fragile products. ...
Business Operations and StrategyStock BuybackDividendsFinancial Disclosures
Macfarlane posts modest H1 growth, launches new £6m buyback amid profit recovery drive
Positive
Aug 27, 2026
Macfarlane Group reported interim results for the six months to 30 June 2026 showing modest top-line growth but slightly weaker profitability, as revenue rose 2% to £148.9m while adjusted operating profit slipped 3% to £9.5m, partly due ...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Macfarlane trims share count with latest buyback
Positive
Aug 24, 2026
Macfarlane Group PLC has continued its ongoing share buyback programme, repurchasing a total of 60,000 ordinary shares on 18, 20 and 21 August 2026 at prices around 72 pence per share, and cancelling them to reduce its share count. Following these...
Stock BuybackRegulatory Filings and Compliance
Macfarlane Cancels 60,000 Shares as Buyback Tightens Share Capital
Positive
Aug 17, 2026
Macfarlane Group has continued its ongoing share buyback programme, repurchasing and cancelling 60,000 ordinary shares between 11 and 14 August 2026 at prices around 70–73 pence per share. Following these cancellations, the company’s i...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Macfarlane cancels 60,000 shares as buyback trims share capital and updates voting rights
Positive
Aug 10, 2026
Macfarlane has continued its ongoing share buyback programme by purchasing and cancelling 60,000 ordinary shares between 4 and 7 August 2026, at prices ranging from 73.17p to 75.00p. Following these cancellations, the company’s issued share ...
Business Operations and StrategyFinancial Disclosures
Macfarlane to unveil interim results and step up investor engagement
Positive
Aug 6, 2026
Macfarlane Group PLC, a UK-based protective packaging specialist listed on the London Stock Exchange, serves a broad business customer base through its leading packaging distribution and design and manufacturing operations. With headquarters in Gl...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Macfarlane reduces share capital as buyback programme continues
Positive
Aug 3, 2026
Macfarlane Group PLC has continued its share buyback programme, purchasing and cancelling a total of 60,000 ordinary shares between 28 and 31 July 2026 at prices ranging from 68.47p to 72.30p per share. Following these transactions, the company...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Macfarlane Tightens Capital Base With Further Share Buybacks
Positive
Jul 27, 2026
Macfarlane Group PLC has continued its share buyback programme, purchasing and cancelling a total of 59,920 ordinary shares over three trading days in July at prices between 68.10p and 70.70p per share. Following these transactions, the company...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Macfarlane Tightens Share Count With Further Buybacks
Positive
Jul 20, 2026
Macfarlane Group PLC has continued to execute its share buyback programme, purchasing and cancelling 70,000 ordinary shares over three trading days in mid-July at prices between 65.55 pence and 68.00 pence per share. The transactions, carried out ...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Macfarlane Cancels 30,000 Shares as Buyback Trims Share Capital
Positive
Jul 13, 2026
Macfarlane Group PLC has continued its previously announced share buyback programme, repurchasing 30,000 ordinary shares at a price of 66.19 pence per share for cancellation. Following this transaction, the company’s issued share capital sta...
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.