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Oxford Nanopore Technologies PLC
(LSE:ONT)
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Rating:61Neutral
Price Target:
170.00 p
▼(-6.49% Downside)
Action:Reiterated
Date:08/26/26
The score is primarily driven by improving operational momentum (re-accelerating revenue growth and stable-to-rising gross margin) and a constructive earnings call outlook (FY26 growth and margin expansion guidance with cost discipline). Offsetting this, the company still posts very large losses and sustained cash burn, and valuation support is weak due to negative earnings; technically, the trend is strong but appears overbought, increasing near-term volatility risk.
Positive Factors
Broad Revenue Growth
Strong, broad-based revenue growth indicates improving commercial traction across geographies rather than reliance on one isolated market. Continued expansion supports a larger installed base, greater consumables pull-through, and better operating leverage as the platform scales.
Negative Factors
Persistent Losses and Cash Burn
ONT remains structurally loss-making and dependent on its cash resources while it scales the platform. Continued operating losses and negative cash generation can constrain investment flexibility, increase execution pressure, and make the timing of profitability especially important.
Read all positive and negative factors
Positive Factors
Negative Factors
Broad Revenue Growth
Strong, broad-based revenue growth indicates improving commercial traction across geographies rather than reliance on one isolated market. Continued expansion supports a larger installed base, greater consumables pull-through, and better operating leverage as the platform scales.
Read all positive factors
Oxford Nanopore Technologies PLC (ONT) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£1.58B
Dividend YieldN/A
Average Volume (3M)2.60M
Price to Earnings (P/E)―
Beta (1Y)0.96
Revenue Growth14.80%
EPS Growth16.88%
CountryUK
Employees1,314
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.16
Shares Outstanding977,505,200
10 Day Avg. Volume3,401,854
30 Day Avg. Volume2,602,586
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
£192.00Price Target Upside5.61% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering8
EPS Forecast (FY)-0.1
Revenue Forecast (FY)£265.39M
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 through a “razor-and-blades” model in which the installed base of sequencing instruments drives recurring purchases of consumables. Key revenue streams include: (1) Consumables: Ongoing sales of nanopore flow cells (the c...
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 | 287.80M | 223.90M | 183.19M | 169.67M | 198.60M | 133.66M |
| Gross Profit | 173.20M | 131.30M | 105.39M | 90.48M | 123.81M | 73.19M |
| EBITDA | -94.40M | -87.30M | -93.09M | -105.71M | -49.67M | -140.34M |
| Net Income | -157.30M | -145.20M | -146.19M | -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
130.54
Positive
126.22
Positive
129.38
Positive
Market Momentum
13.36
Negative
57.40
Neutral
42.43
Neutral
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 above the 20-day moving average (MA) of 151.65, above the 50-day MA of 130.54, and above the 200-day MA of 129.38, indicating a bullish trend. The MACD of 13.36 indicates Negative momentum. The RSI at 57.40 is Neutral, neither overbought nor oversold. The STOCH value of 42.43 is Neutral, 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 |
|---|---|---|---|---|---|---|---|
79 Outperform | £89.08M | 12.01 | 65.83% | 8.80% | -8.21% | -5.27% | |
61 Neutral | £1.58B | -10.12 | -35.45% | ― | 14.80% | 16.88% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
47 Neutral | £316.17M | -7.25 | -2929.47% | ― | ― | ― | |
47 Neutral | £73.55M | -4.36 | -116.21% | ― | 81.46% | -15.88% | |
46 Neutral | £13.01M | -3.75 | -135.35% | ― | 13.42% | 65.63% | |
38 Underperform | £15.46M | -0.29 | -451.74% | ― | 33.37% | 86.41% |
* Healthcare Sector Average
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Oxford Nanopore Technologies PLC
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-9.60
-5.61%
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Oxford Nanopore Technologies PLC Corporate Events
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...
Business Operations and StrategyRegulatory Filings and Compliance
Oxford Nanopore Directors Receive Matching Shares Under Incentive Plan
Neutral
Jul 14, 2026
Oxford Nanopore Technologies has reported share transactions under its Share Incentive Plan involving chief executive Francis Van Parys and chief financial officer Nick Keher. Both directors acquired ordinary shares through salary-funded Partnersh...
Business Operations and StrategyFinancial Disclosures
Oxford Nanopore flags softer H1 but sticks to 2026 growth and 2027 breakeven goals
Neutral
Jul 13, 2026
Oxford Nanopore reported preliminary first-half 2026 revenue of about £116.5 million, up roughly 10% on a reported basis and 12% at constant currency, but below management expectations due to weaker sales in China and the Middle East and the ...
Private Placements and FinancingRegulatory Filings and Compliance
Oxford Nanopore Expands Share Capital Through Option Exercises and Remuneration Schemes
Neutral
Jul 1, 2026
Oxford Nanopore Technologies has issued 2,353,726 new ordinary shares following the exercise of options under its share option plans and the issuance of shares under certain remuneration schemes. These new shares have been admitted to the FCA̵...
Business Operations and StrategyExecutive/Board Changes
Oxford Nanopore consolidates operations under CFO after COO retirement
Neutral
Jun 30, 2026
Oxford Nanopore Technologies plc, a specialist in nanopore-based molecular analysis and DNA/RNA sequencing used in more than 125 countries, focuses on making high-throughput and portable sequencing tools accessible for research into humans, diseas...
Business Operations and StrategyRegulatory Filings and Compliance
Oxford Nanopore executives boost holdings through Share Incentive Plan
Neutral
Jun 12, 2026
Oxford Nanopore Technologies has reported that its chief executive officer, Francis Van Parys, and chief financial officer, Nick Keher, each acquired 121 partnership shares in the company’s Share Incentive Plan at £1.24 per share throug...
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.