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Oxford Instruments
(LSE:OXIG)
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Rating:68Neutral
Price Target:
3,135.00 p
â–²(11.17% Upside)
Action:Reiterated
Date:07/10/26
The score is supported primarily by strong underlying financial quality (healthy margins and low leverage) and a positive FY27 outlook from the earnings call (order momentum, larger order book, and margin progress). These are tempered by weak current technical momentum and a relatively expensive valuation (high P/E with a low yield).
Positive Factors
Order Momentum and Visibility
Strong order growth and a materially larger order book improve forward revenue visibility. The early FY27 multiyear order further supports planned growth and reduces reliance on winning and delivering entirely new projects each quarter.
Negative Factors
Revenue Decline and Timing Risk
The gap between orders and recognized revenue shows that growth depends on customer readiness, production execution and shipment timing. Persistent lumpiness can make results less predictable and delay the conversion of strong bookings into cash.
Read all positive and negative factors
Positive Factors
Negative Factors
Order Momentum and Visibility
Strong order growth and a materially larger order book improve forward revenue visibility. The early FY27 multiyear order further supports planned growth and reduces reliance on winning and delivering entirely new projects each quarter.
Read all positive factors
Oxford Instruments (OXIG) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£1.49B
Dividend Yield0.87%
Average Volume (3M)227.63K
Price to Earnings (P/E)31.5
Beta (1Y)1.33
Revenue Growth-15.46%
EPS Growth88.62%
CountryUK
Employees1,807
SectorTechnology
Sector Strength88
IndustryHardware, Equipment & Parts
Share Statistics
EPS (TTM)0.86
Shares Outstanding54,911,312
10 Day Avg. Volume133,186
30 Day Avg. Volume227,629
Financial Highlights & Ratios
PEG Ratio0.32
Price to Book (P/B)4.02
Price to Sales (P/S)3.23
P/FCF Ratio28.86
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£3,208.00Price Target Upside13.76% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering5
EPS Forecast (FY)1.1
Revenue Forecast (FY)£443.07M
Oxford Instruments Business Overview & Revenue Model
Company Description
Established in 1959 and headquartered in Abingdon, UK, Oxford Instruments plc operates as a global technology enterprise dedicated to the innovation, development, manufacturing, rental, sale, and maintenance of sophisticated scientific instruments...
How the Company Makes Money
Oxford Instruments primarily makes money by selling specialized scientific instruments and integrated systems, typically at premium price points due to high performance requirements, custom engineering, and the mission-critical nature of many appl...
Oxford Instruments Earnings Call Summary
Earnings Call Date:Jun 09, 2026
(Q4-2026)
| % Change Since: |
Next Earnings Date:Nov 10, 2026
Earnings Call Sentiment Positive
Positive: The call highlighted meaningful strategic progress, strong order momentum (notably AT +28% and a 25% larger year-end order book), high cash conversion (89%), margin improvement actions (Belfast restructuring and FY '25 restatement), and clear FY '27 revenue guidance (AT high-teens growth; I&A low single-digit). Challenges remain — revenue was down ~3% due to timing/lumpiness, some product-line softness, FX headwinds, and near-term execution/ramp constraints — but management provided credible operational fixes, balance sheet optionality (£42m NanoScience proceeds and a £100m buyback), and forward-looking investment plans. On balance, highlights and forward visibility materially outweigh the lowlights, supporting a positive outlook.Positive Updates
Order Intake Recovery and Strength
Group order intake up 8% on an organic constant currency (OCC) basis for FY '26 and up 14% in H2; Imaging & Analysis H2 orders up >8% with I&A full-year intake +1.9%; Advanced Technologies order intake up 28% for the full year.
Negative Updates
Revenue Decline and Timing Mismatch
Group revenue declined ~3% on a constant currency basis for FY '26 as revenue recognition lagged the recovery in orders, with shipping and revenue heavily concentrated in Q4, causing lumpiness and sensitivity to customer readiness and execution.
Read all updates
Q4-2026 Updates
Positive
Negative
Order Intake Recovery and Strength
Group order intake up 8% on an organic constant currency (OCC) basis for FY '26 and up 14% in H2; Imaging & Analysis H2 orders up >8% with I&A full-year intake +1.9%; Advanced Technologies order intake up 28% for the full year.
Read all positive updates
Company Guidance
Guidance: on an organic constant‑currency basis the group finished FY26 with order intake +8% (H2 +14%), driven by Advanced Technologies orders +28% while Imaging & Analysis orders were +1.9% for the year (I&A H2 >8%); revenue lagged orders, down ~3% FY26 overall (I&A -3% FY26, I&A H2 ≈+2%), with AT shipments concentrated in Q4 but AT expected to deliver high‑teens revenue growth in FY27 and I&A to deliver low single‑digit revenue growth. Margins: adjusted operating margin moved +30bps OCC in FY26 (FY25 restated 17.9% vs 16.4% previously) and management expects further margin progress, with AT making substantial progress toward a 10–12% margin range in FY27 (medium‑term AT target lifted to 12–15% and group medium‑term target ~20%). Cash and capital allocation: cash conversion 89%, a >£18m step‑change in free cash flow, £42m net proceeds from the NanoScience divestment, pension buy‑in ceased contributions, an additional £10m of free cash flow earmarked for capex/R&D in FY27, dividend growth targeted +6.3% and a £100m buyback program (≈2/3 complete at 31 Mar). Other metrics: order book closed FY26 +25% vs start (after being ~10% below at 1 Apr and +7% at period 6), an early FY27 multiyear order now supports the majority of FY27 revenue expectations, FY27 tax rate guided ~24.5%, and FX headwinds of ~£4.5m in FY26 and ~£3.2m expected in FY27.Oxford Instruments Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
86
Very Positive
Cash Flow
70
Positive
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 423.20M | 500.60M | 470.40M | 444.70M | 367.30M |
| Gross Profit | 228.30M | 258.80M | 242.40M | 219.50M | 176.40M |
| EBITDA | 83.40M | 63.10M | 93.10M | 94.80M | 67.40M |
| Net Income | 48.20M | 26.00M | 50.70M | 58.60M | 38.60M |
Balance Sheet | |||||
| Total Assets | 552.10M | 604.80M | 606.30M | 572.00M | 514.00M |
| Cash, Cash Equivalents and Short-Term Investments | 106.90M | 94.10M | 97.80M | 112.70M | 96.40M |
| Total Debt | 44.50M | 40.90M | 47.40M | 43.90M | 28.90M |
| Total Liabilities | 211.90M | 228.70M | 240.60M | 228.00M | 197.60M |
| Stockholders Equity | 340.20M | 376.10M | 365.70M | 344.00M | 316.40M |
Cash Flow | |||||
| Free Cash Flow | 47.40M | 33.20M | 14.70M | 34.70M | 34.50M |
| Operating Cash Flow | 54.80M | 49.10M | 42.40M | 67.60M | 49.20M |
| Investing Cash Flow | 35.40M | -27.40M | -37.50M | -37.50M | -45.70M |
| Financing Cash Flow | -80.70M | -18.40M | -18.00M | -16.60M | -15.70M |
Oxford Instruments Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | £3.76B | 50.69 | 8.06% | 1.51% | 4.99% | -24.08% | |
68 Neutral | £1.49B | 31.49 | 13.94% | 0.87% | -15.46% | 88.62% | |
62 Neutral | £329.82M | 81.69 | 3.33% | 0.81% | 12.73% | -26.74% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
56 Neutral | £270.18M | -7.56 | -24.38% | 3.68% | -2.68% | 47.33% | |
54 Neutral | £273.42M | 50.06 | 6.24% | 2.80% | 9.13% | -47.18% |
* Technology Sector Average
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Oxford Instruments
2,734.00
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50.79%
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Oxford Instruments Corporate Events
Stock BuybackRegulatory Filings and Compliance
Oxford Instruments Cuts Share Count as Buyback Programme Advances
Positive
Aug 14, 2026
Oxford Instruments has continued to execute its share buyback programme announced in March 2026, purchasing a total of 34,372 ordinary shares through J.P. Morgan Securities between 7 and 13 August for cancellation. The trades were conducted within...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Oxford Instruments Cuts Share Count Further Through Buyback
Positive
Aug 7, 2026
Oxford Instruments has continued to execute on its previously announced share buyback programme, repurchasing and cancelling several small tranches of ordinary shares between 31 July and 6 August 2026 through J.P. Morgan Securities. The purchases,...
Regulatory Filings and Compliance
Oxford Instruments CEO Exercises LTIP Options and Transfers Shares to Spouse
Neutral
Aug 5, 2026
Oxford Instruments plc, a U.K. advanced technology group listed on the London Stock Exchange, issues ordinary shares of 5 pence each and operates under EU-derived market abuse regulations governing dealings by senior management. The company mainta...
Executive/Board ChangesRegulatory Filings and Compliance
Oxford Instruments grants long-term share awards to top executives
Neutral
Aug 3, 2026
Oxford Instruments has granted new conditional share awards under its Long Term Incentive Plan to chief executive Richard Tyson and chief financial officer Paul Fry, covering 70,891 and 53,223 ordinary shares respectively. The awards, based on an ...
Private Placements and FinancingRegulatory Filings and Compliance
Oxford Instruments Issues New Shares Under Employee Option Plans
Neutral
Aug 3, 2026
Oxford Instruments has issued 1,387 new ordinary shares of 5 pence each following the exercise of employee share options under its share option plans. The newly issued shares are fully fungible with the existing stock and have been admitted to tra...
Regulatory Filings and Compliance
Oxford Instruments Updates Share Capital and Voting Rights Figure
Neutral
Aug 3, 2026
Oxford Instruments plc disclosed an update on its share capital and voting rights in line with UK Financial Conduct Authority transparency rules. As of 31 July 2026, the company’s issued share capital with voting rights comprised 54,973,324 ...
Stock BuybackRegulatory Filings and Compliance
Oxford Instruments Reduces Share Capital Through July Share Buybacks
Positive
Jul 31, 2026
Oxford Instruments announced ongoing activity under its share buyback programme, repurchasing several tranches of its own ordinary shares between 24 and 30 July 2026 through J.P. Morgan Securities for cancellation. The transactions were executed a...
Business Operations and StrategyDelistings and Listing Changes
Oxford Instruments Expands Share Capital to Support Long-Term Incentive Plan
Neutral
Jul 29, 2026
Oxford Instruments has applied to the London Stock Exchange for a new block listing of 46,001 ordinary shares that will be issued over time under its Long Term Incentive Plan, alongside a separate application to admit 26,097 ordinary shares to sat...
Executive/Board ChangesRegulatory Filings and Compliance
Oxford Instruments executives receive deferred bonus shares under remuneration policy
Positive
Jul 28, 2026
Oxford Instruments has reported share acquisitions by its top executives under its directors’ remuneration policy, which requires one-third of any net annual bonus for executive directors to be delivered in shares held for at least three yea...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Oxford Instruments Cuts Share Count Through Ongoing Buyback
Positive
Jul 24, 2026
Oxford Instruments has continued to execute its previously announced share buyback programme, repurchasing and cancelling a series of tranches of ordinary 5p shares between 17 and 23 July 2026 via J.P. Morgan Securities. The purchases, executed at...
Business Operations and StrategyStock BuybackDividendsShareholder Meetings
Oxford Instruments Wins Strong Shareholder Backing at 2026 AGM
Positive
Jul 23, 2026
Oxford Instruments shareholders approved all resolutions at the 2026 Annual General Meeting in London, including adoption of the annual report and accounts and a final dividend, with around 81% of the issued share capital voting. The meeting confi...
Stock BuybackRegulatory Filings and Compliance
Oxford Instruments Cuts Share Count with Latest Buyback Tranche
Positive
Jul 17, 2026
Oxford Instruments has executed further purchases of its own ordinary shares under the share buyback programme announced earlier this year, buying a total of 34,500 shares between 10 and 16 July 2026 via J.P. Morgan Securities. These shares are be...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Oxford Instruments Updates Share Count After Ongoing Buyback
Neutral
Jul 10, 2026
Oxford Instruments plc has continued to execute its previously announced share buyback programme, repurchasing and cancelling a series of its own ordinary shares between 3 and 9 July 2026 through J.P. Morgan Securities. The purchases, executed at ...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Oxford Instruments Cuts Share Count Through Ongoing Buyback
Positive
Jul 3, 2026
Oxford Instruments has continued executing its previously announced share buyback programme, repurchasing a series of small tranches of ordinary 5p shares between 26 June and 2 July 2026 through J.P. Morgan Securities for cancellation. The purchas...
Regulatory Filings and Compliance
Oxford Instruments Updates Total Voting Rights and Share Capital
Neutral
Jul 1, 2026
Oxford Instruments plc has confirmed that, as of 30 June 2026, its issued share capital with voting rights comprises 55,121,987 ordinary shares of 5 pence each, with no shares held in treasury. This disclosure, made under UK Financial Conduct Auth...
Private Placements and FinancingRegulatory Filings and Compliance
Oxford Instruments Issues New Shares Under Employee Option Schemes
Neutral
Jul 1, 2026
Oxford Instruments has issued 6,852 new ordinary shares of 5 pence each following the exercise of share options under its existing share option plans. These new shares are fully fungible with existing stock and were admitted to trading on the Lond...
Stock BuybackRegulatory Filings and Compliance
Oxford Instruments Tightens Share Base with Latest Buyback Tranche
Positive
Jun 26, 2026
Oxford Instruments has continued executing its previously announced share buyback programme, repurchasing and cancelling a series of ordinary 5p shares between 19 and 25 June 2026 through J.P. Morgan Securities. The transactions were carried out a...
Financial DisclosuresRegulatory Filings and ComplianceShareholder Meetings
Oxford Instruments Publishes 2026 Annual Report and Schedules AGM
Neutral
Jun 23, 2026
Oxford Instruments has published its Annual Report for the year ended 31 March 2026 alongside the Notice of its 2026 Annual General Meeting, which will be held on 23 July 2026 in London. The documents are available on the company’s website, ...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Oxford Instruments Cuts Share Count Further Through Ongoing Buyback
Positive
Jun 19, 2026
Oxford Instruments has continued executing its previously announced share buyback programme, repurchasing and cancelling a total of 32,746 ordinary shares between 12 and 18 June 2026 at prices ranging from about 27.9p to 30.3p. Following these tra...
Stock BuybackRegulatory Filings and Compliance
Oxford Instruments Reduces Share Count with Ongoing Buyback
Positive
Jun 12, 2026
Oxford Instruments has continued executing its previously announced share buyback programme, repurchasing a total of 21,150 ordinary shares of 5p each between 9 and 11 June 2026 through J.P. Morgan Securities for cancellation. The purchases were m...
Business Operations and StrategyStock BuybackDividendsFinancial DisclosuresM&A Transactions
Oxford Instruments lifts margins and order book as portfolio refocus pays off
Positive
Jun 9, 2026
Oxford Instruments reported full‑year 2025/26 results slightly ahead of expectations, with a strong second half offsetting earlier disruption, particularly in its Imaging Analysis division. Group revenue fell 4.6% to £423.2m and adjust...
Regulatory Filings and Compliance
Oxford Instruments Confirms Updated Voting Share Capital for Disclosure Rules
Neutral
Jun 1, 2026
Oxford Instruments has confirmed that, as of 29 May 2026, its issued share capital with voting rights comprises 55,209,241 ordinary shares of 5 pence each, and the company holds no shares in treasury. This updated share count provides investors wi...
Private Placements and FinancingRegulatory Filings and Compliance
Oxford Instruments Issues New Shares Following Option Exercises
Neutral
Jun 1, 2026
Oxford Instruments has issued 1,695 new ordinary shares of 5 pence each following the exercise of options granted under its share option plans. The newly issued shares are fully fungible with existing stock, were already covered by a block admissi...
Stock BuybackRegulatory Filings and Compliance
Oxford Instruments Reduces Share Count with Latest Buyback Tranche
Positive
May 22, 2026
Oxford Instruments has continued to execute its previously announced share buyback programme, repurchasing a total of 20,458 ordinary shares between 18 and 20 May 2026 via J.P. Morgan Securities for cancellation. Following these transactions, the ...
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.