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Oxford Nanopore Technologies PLC
(LSE:ONT)
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Rating:59Neutral
Price Target:
246.00 p
â–²(35.31% Upside)
Action:Reiterated
Date:10/09/26
The score is driven by strong technical momentum and a clear upward trend, partially offset by weak financial performance dominated by large losses and ongoing cash burn. Valuation is constrained by negative earnings (negative P/E) and the absence of a dividend yield.
Positive Factors
Revenue and Gross Margin
The sharp 2025 revenue rebound indicates improving commercial traction after weakness in 2023 and near-flat growth in 2024. Combined with a higher gross margin, this suggests stronger customer adoption and product mix, creating a better foundation for operating leverage as scale increases.
Negative Factors
Persistent Losses
Deeply negative net and EBIT margins show that the current cost base remains too high relative to revenue, despite the latest growth rebound. Continued losses could delay sustainable profitability, constrain reinvestment capacity, and make future performance dependent on achieving substantial operating leverage.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue and Gross Margin
The sharp 2025 revenue rebound indicates improving commercial traction after weakness in 2023 and near-flat growth in 2024. Combined with a higher gross margin, this suggests stronger customer adoption and product mix, creating a better foundation for operating leverage as scale increases.
Read all positive factors
Oxford Nanopore Technologies PLC (ONT) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£2.30B
Dividend YieldN/A
Average Volume (3M)3.37M
Price to Earnings (P/E)―
Beta (1Y)0.87
Revenue Growth14.80%
EPS Growth16.88%
CountryUK
Employees1,314
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.13
Shares Outstanding978,446,200
10 Day Avg. Volume1,897,258
30 Day Avg. Volume3,366,549
Financial Highlights & Ratios
PEG Ratio1.37
Price to Book (P/B)2.66
Price to Sales (P/S)5.51
P/FCF Ratio-18.61
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£222.57Price Target Upside22.43% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering7
EPS Forecast (FY)-0.1
Revenue Forecast (FY)£269.50M
Oxford Nanopore Technologies PLC Business Overview & Revenue Model
Company Description
Oxford Nanopore Technologies plc, founded in 2005 and originally known as Oxford NanoLabs Limited before its name change in May 2008, is a United Kingdom-based enterprise that specializes in developing and commercializing an innovative system for ...
How the Company Makes Money
ONT primarily makes money by selling nanopore sequencing platforms and, more importantly, recurring consumables used to run those platforms. Revenue typically comes from (1) instrument sales: upfront sales of sequencing devices and supporting hard...
Oxford Nanopore Technologies PLC Earnings Call Summary
Earnings Call Date:Mar 02, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Mar 09, 2027
Earnings Call Sentiment Positive
The call presents a constructive operational and financial progression: strong top‑line growth (+24.2% constant currency), marked shift toward higher‑value applied markets (clinical +59%), meaningful margin improvements and a stronger cash position (GBP 302.8m). Management has executed strategic reprioritization and cost discipline, delivering a 26% improvement in adjusted EBITDA and guiding to FY26 growth (21–25% ccy) and FY26 gross margin expansion (62%). Key negatives are ongoing adjusted EBITDA and cash losses (with breakeven targeted in 2027/2028), one‑off margin hits (obsolete inventory and FX), restructuring costs, product discontinuations/pauses (P2 Solo, ElysION), delays to some product launches (PromethION timing) and market‑specific headwinds (China/APAC export controls). Overall, positives—broad growth, margin momentum, cash runway, and clearer strategic focus—outweigh the remaining execution and market risks, with management articulating a credible path to profitability.Positive Updates
Strong Revenue Growth
FY25 revenue of GBP 223.9m, up 24.2% at constant currency (ahead of guidance 20–23%). Growth was broad-based with >20% growth across all regions.
Negative Updates
Continued Adjusted EBITDA Loss and Net Cash Outflow
Despite improvement, operating loss before restructuring was GBP 79.1m and net cash outflow was GBP 101m in FY25; company remains loss‑making until projected breakeven in 2027 (adjusted EBITDA) and 2028 (cash flow).
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Revenue Growth
FY25 revenue of GBP 223.9m, up 24.2% at constant currency (ahead of guidance 20–23%). Growth was broad-based with >20% growth across all regions.
Read all positive updates
Company Guidance
Management guided FY26 revenue growth of 21–25% at constant currency, a 62% gross‑margin target and 0–5% adjusted OpEx growth, while reiterating medium‑term targets of adjusted‑EBITDA breakeven in 2027 and cash‑flow breakeven in 2028 with minimum cash of >£100m. They pointed to FY25 results that support this outlook: 24.2% constant‑currency revenue growth (above prior 20–23% guide), 26% improvement in adjusted EBITDA (GBP 31.2m), adjusted OpEx growth of just 1%, reported gross margin of 58.6% (see‑through nearer 61%), cash of £302.8m, net cash outflow of £101m, inventory down £18m, CapEx and capitalized development of £45.5m, and working‑capital inflow of £13.4m. Management expects continued above‑market, broad‑based growth (clinical +59%, biopharma +30%, applied industrial +27%, research +15%), stronger growth in the Americas, further margin upside from PromethION recycling and the CapEx‑first pricing model, but flags near‑term regional headwinds (EMEA contract timing and APAC/China/PRECISE II) that underpin the guidance range.Oxford Nanopore Technologies PLC Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
71
Positive
Cash Flow
29
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 235.00M | 223.90M | 183.20M | 169.67M | 198.60M | 133.66M |
| Gross Profit | 147.60M | 136.40M | 105.40M | 90.48M | 123.81M | 73.19M |
| EBITDA | -92.40M | -115.60M | -138.60M | -105.71M | -49.67M | -140.34M |
| Net Income | -121.40M | -145.20M | -146.20M | -154.51M | -91.03M | -167.61M |
Balance Sheet | ||||||
| Total Assets | 565.40M | 622.50M | 742.05M | 777.06M | 823.89M | 841.87M |
| Cash, Cash Equivalents and Short-Term Investments | 184.80M | 255.30M | 338.37M | 270.05M | 476.19M | 618.47M |
| Total Debt | 41.80M | 41.50M | 45.96M | 41.66M | 34.10M | 24.80M |
| Total Liabilities | 141.30M | 159.20M | 155.71M | 133.21M | 130.33M | 137.89M |
| Stockholders Equity | 424.10M | 463.30M | 586.34M | 643.85M | 693.56M | 703.98M |
Cash Flow | ||||||
| Free Cash Flow | -61.20M | -66.30M | -123.83M | -164.59M | -91.62M | -84.64M |
| Operating Cash Flow | -58.00M | -62.80M | -109.89M | -137.30M | -49.39M | -53.83M |
| Investing Cash Flow | 6.80M | 48.50M | 15.03M | -61.79M | -65.79M | -161.99M |
| Financing Cash Flow | -600.00K | -2.10M | 73.58M | 64.73M | -13.71M | 622.90M |
Oxford Nanopore Technologies PLC Technical Analysis
Positive
181.80
Price Trends
190.10
Positive
154.30
Positive
141.40
Positive
Market Momentum
10.84
Negative
66.13
Neutral
91.19
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:ONT, the sentiment is Positive. The current price of 181.8 is below the 20-day moving average (MA) of 216.00, below the 50-day MA of 190.10, and above the 200-day MA of 141.40, indicating a bullish trend. The MACD of 10.84 indicates Negative momentum. The RSI at 66.13 is Neutral, neither overbought nor oversold. The STOCH value of 91.19 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:ONT.
Oxford Nanopore Technologies PLC Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
89 Outperform | £107.11M | 14.14 | 67.81% | 7.32% | -1.10% | 0.32% | |
59 Neutral | £2.30B | -18.71 | -27.36% | ― | 14.80% | 16.88% | |
52 Neutral | £82.07M | -4.57 | -316.73% | ― | -56.10% | -16.77% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
43 Neutral | £299.37M | -6.74 | -1293.07% | ― | ― | ― | |
43 Neutral | £10.40M | -10.00 | -46.61% | ― | 28.35% | 57.14% | |
40 Underperform | £14.79M | -0.28 | -451.74% | ― | 33.37% | 86.41% |
* Healthcare Sector Average
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72.16%
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Oxford Nanopore Technologies PLC Corporate Events
Business Operations and StrategyExecutive/Board Changes
Oxford Nanopore appoints new business development chief to drive growth
Positive
Oct 20, 2026
Oxford Nanopore Technologies has appointed Sebastian Kronmueller as Chief Business Development Officer, effective 4 January 2027, with responsibility for leading strategy and business development from a U.S. base. His mandate will span strategic i...
Business Operations and StrategyExecutive/Board ChangesRegulatory Filings and Compliance
Oxford Nanopore Executives Receive Matching Shares Under Incentive Plan
Positive
Oct 14, 2026
Oxford Nanopore Technologies has disclosed transactions under its Share Incentive Plan involving Chief Executive Officer Francis Van Parys and Chief Financial Officer Nick Keher. The plan allows employees to buy partnership shares with their gross...
Regulatory Filings and Compliance
Oxford Nanopore Director Adrian Hennah Buys 24,000 Shares
Positive
Oct 12, 2026
Oxford Nanopore Technologies plc disclosed that non-executive director Adrian Hennah has purchased 24,000 ordinary shares in the company at a price of £2.1640 per share on 12 October 2026, in a transaction carried out on the London Stock Exch...
Regulatory Filings and Compliance
Oxford Nanopore Updates Share Capital and Voting Rights After Option Exercises
Neutral
Oct 1, 2026
Oxford Nanopore Technologies has issued 941,003 new ordinary shares for September 2026, following the exercise of employee share options and the operation of its remuneration schemes. The shares have been admitted to the FCA’s Official List ...
Business Operations and StrategyLegal Proceedings
Oxford Nanopore Wins Europe-Wide Injunction Against MGI CycloneSEQ Platforms
Positive
Sep 16, 2026
Oxford Nanopore Technologies has secured a preliminary injunction from the Munich Local Division of the Unified Patent Court against MGI Tech GmbH over its CycloneSEQ sequencing platforms. The court found sufficient basis in Oxford Nanopore’...
Executive/Board ChangesRegulatory Filings and Compliance
Oxford Nanopore Discloses Executive Share Awards Under Incentive Plan
Positive
Sep 14, 2026
Oxford Nanopore Technologies plc has disclosed transactions under its Share Incentive Plan involving Chief Executive Officer Francis Van Parys and Chief Financial Officer Nick Keher. The biotechnology company continues to use equity-based compensa...
Business Operations and Strategy
Oxford Nanopore to highlight strategy at upcoming investor conferences
Positive
Sep 9, 2026
Oxford Nanopore Technologies, a London-listed provider of nanopore-based sequencing and molecular sensing tools, is expanding its engagement with the investment community through participation in two major September conferences. Its technology, us...
Regulatory Filings and Compliance
Oxford Nanopore CFO Nicholas Keher Buys Shares on London Market
Positive
Sep 4, 2026
Oxford Nanopore Technologies plc has disclosed that its Chief Financial Officer, Nicholas Keher, purchased 15,325 ordinary shares in the company on 4 September 2026 at a price of £1.622648 per share. The transaction, executed on the London St...
Business Operations and StrategyRegulatory Filings and Compliance
Oxford Nanopore Expands Share Capital After Employee Option Exercises
Neutral
Sep 1, 2026
Oxford Nanopore Technologies has issued 2,141,099 new ordinary shares following the exercise of employee share options and the operation of certain remuneration schemes, with these shares admitted to the FCA Official List and trading on the London...
Business Operations and StrategyExecutive/Board Changes
Oxford Nanopore strengthens executive team with senior product and marketing hires
Positive
Aug 25, 2026
Oxford Nanopore Technologies has appointed David Miller as Chief Development and Product Officer from 1 September and confirmed that Conor McKechnie will join as Chief Marketing and Communications Officer from 1 October. Both executives bring seni...
Business Operations and StrategyExecutive/Board ChangesPrivate Placements and Financing
Oxford Nanopore Issues New Shares Under CEO Long-Term Incentive Plan
Positive
Aug 20, 2026
Oxford Nanopore Technologies plc has reported the vesting of awards under its 2021 Long-Term Incentive Plan for Chief Executive Officer Francis Van Parys. The awards, originally granted in March 2026 as compensation for incentives forfeited at his...
Business Operations and StrategyExecutive/Board ChangesFinancial Disclosures
Oxford Nanopore narrows losses and sharpens strategy as it targets $700m revenue by 2030
Positive
Aug 19, 2026
Oxford Nanopore reported interim revenue of £116.7 million for the first half of 2026, up 12.3% on a constant-currency basis, driven by strong uptake in EMEAI and BioPharma and Clinical end markets. Gross margin rose 400 basis points to 62.2%...
Other
Oxford Nanopore Executives Receive Matching Shares Under Incentive Plan
Positive
Aug 12, 2026
Oxford Nanopore Technologies plc has reported share transactions under its Share Incentive Plan involving senior management. The plan allows employees to buy partnership shares out of gross salary, with the company granting an equivalent number of...
Regulatory Filings and Compliance
Oxford Nanopore Expands Share Capital and Updates Total Voting Rights
Neutral
Aug 3, 2026
Oxford Nanopore Technologies plc issued 112,756 new ordinary shares in July 2026, primarily from the exercise of options under its share option plans and remuneration schemes. These shares were admitted to the FCA’s Official List and to trad...
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.