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Oxford Instruments
(LSE:OXIG)
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Rating:74Outperform
Price Target:
2,883.00 p
â–²(2.23% Upside)
Action:Upgraded
Date:10/10/26
The score is driven primarily by solid financial quality (strong margins and low leverage) and a positive earnings-call outlook (order momentum, improved visibility, and margin progress). These strengths are tempered by a relatively expensive valuation (high P/E and low yield) and only moderate/neutral technical momentum.
Positive Factors
Conservative balance sheet
Low and stable leverage gives Oxford Instruments financial resilience while limiting interest and refinancing exposure. This supports continued investment in instruments, software, and research capacity, and provides flexibility to manage cyclical demand without relying heavily on additional borrowing.
Negative Factors
Revenue decline and timing risk
The gap between order growth and reported revenue shows that demand is not converting smoothly into sales. Customer readiness, shipment timing, and concentrated delivery create earnings visibility risk, making near-term results more dependent on execution even with a stronger order book.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Low and stable leverage gives Oxford Instruments financial resilience while limiting interest and refinancing exposure. This supports continued investment in instruments, software, and research capacity, and provides flexibility to manage cyclical demand without relying heavily on additional borrowing.
Read all positive factors
Oxford Instruments (OXIG) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£1.41B
Dividend Yield0.92%
Average Volume (3M)168.74K
Price to Earnings (P/E)29.9
Beta (1Y)1.09
Revenue Growth-15.46%
EPS Growth88.62%
CountryUK
Employees1,807
SectorTechnology
Sector Strength88
IndustryHardware, Equipment & Parts
Share Statistics
EPS (TTM)0.86
Shares Outstanding54,682,740
10 Day Avg. Volume266,818
30 Day Avg. Volume168,735
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
£3,113.33Price Target Upside10.40% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)1.12
Revenue Forecast (FY)£446.21M
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 makes money primarily by selling scientific instruments and integrated systems, supported by recurring aftermarket revenue. Key revenue streams typically include: (1) Capital equipment sales: one-time sales of instruments and sy...
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 Technical Analysis
Negative
2820.00
Price Trends
2803.68
Negative
2853.37
Negative
2770.86
Negative
Market Momentum
-76.50
Positive
38.66
Neutral
48.78
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:OXIG, the sentiment is Negative. The current price of 2820 is above the 20-day moving average (MA) of 2780.90, above the 50-day MA of 2803.68, and above the 200-day MA of 2770.86, indicating a bearish trend. The MACD of -76.50 indicates Positive momentum. The RSI at 38.66 is Neutral, neither overbought nor oversold. The STOCH value of 48.78 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GB:OXIG.
Oxford Instruments Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | £3.88B | 32.50 | 12.53% | 1.43% | 14.41% | 41.98% | |
74 Outperform | £1.41B | 29.93 | 13.94% | 0.92% | -15.46% | 88.62% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
58 Neutral | £347.99M | -9.74 | -24.38% | 3.68% | -2.68% | 47.33% | |
54 Neutral | £226.46M | -377.78 | -0.72% | 3.48% | -8.18% | -105.44% |
* Technology Sector Average
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Oxford Instruments Corporate Events
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Oxford Instruments Cuts Share Count With Ongoing Buyback
Positive
Oct 16, 2026
Oxford Instruments has continued to execute its previously announced share buyback programme, repurchasing and cancelling 33,450 ordinary shares between 9 and 15 October 2026 via J.P. Morgan Securities. The purchases were made at prices ranging fr...
Business Operations and StrategyStock BuybackFinancial Disclosures
Oxford Instruments order surge bolsters outlook and cash as Advanced Technologies shines
Positive
Oct 13, 2026
Oxford Instruments reported a sharp increase in first‑half trading momentum, with group order intake up nearly 44%, revenue rising about 8%, and adjusted operating margin expanding by more than 100 basis points. Strong order book coverage fo...
Stock BuybackRegulatory Filings and Compliance
Oxford Instruments Tightens Share Capital with Ongoing Buybacks
Positive
Oct 9, 2026
Oxford Instruments has continued executing its previously announced share buyback programme, repurchasing a series of small tranches of ordinary 5p shares between 2 and 8 October 2026 via J.P. Morgan Securities for cancellation. The trades were co...
Stock BuybackRegulatory Filings and Compliance
Oxford Instruments Updates Share Count After Ongoing Buyback
Positive
Oct 2, 2026
Oxford Instruments plc has continued to actively manage its capital structure through a share buyback programme executed via J.P. Morgan Securities, purchasing and cancelling a series of small tranches of ordinary shares over late September and ea...
Private Placements and FinancingRegulatory Filings and Compliance
Oxford Instruments Issues New Shares Under Employee Option Plans
Neutral
Oct 1, 2026
Oxford Instruments has issued 1,450 new ordinary shares of 5 pence each following the exercise of options under its share option plans. The new shares are fully fungible with existing stock and were admitted to trading on the London Stock Exchange...
Business Operations and StrategyRegulatory Filings and Compliance
Oxford Instruments updates share capital and voting rights for FCA disclosures
Neutral
Oct 1, 2026
Oxford Instruments plc has confirmed that, as of 30 September 2026, its issued share capital with voting rights comprises 54,803,127 ordinary shares of 5 pence each, with no shares held in treasury. This disclosure, made under the UK Financial Con...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Oxford Instruments Reduces Share Count Through Ongoing Buyback
Positive
Sep 25, 2026
Oxford Instruments has continued executing its previously announced share buyback programme, repurchasing a series of tranches of its own ordinary shares through J.P. Morgan Securities between 18 and 24 September 2026 for cancellation. The purchas...
Stock BuybackRegulatory Filings and Compliance
Oxford Instruments Reduces Share Count Through Ongoing Buyback
Positive
Sep 18, 2026
Oxford Instruments has continued executing its previously announced share buyback programme, repurchasing and cancelling a series of ordinary 5p shares during the period from 11 to 17 September 2026 through J.P. Morgan Securities. Following these ...
Executive/Board ChangesRegulatory Filings and Compliance
Oxford Instruments executives add shares under incentive plan
Positive
Sep 14, 2026
Oxford Instruments has disclosed routine share acquisitions by its top executives under the company’s Share Incentive Plan, highlighting ongoing alignment between leadership and shareholders. Chief executive Richard Tyson and chief financial...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Oxford Instruments Reduces Share Capital Through Ongoing Buyback
Positive
Sep 11, 2026
Oxford Instruments plc has continued to execute its previously announced share buyback programme, repurchasing and cancelling a series of small tranches of ordinary shares through J.P. Morgan Securities over the period from 4 to 10 September 2026....
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Oxford Instruments Updates Share Count After Ongoing Buyback
Positive
Sep 4, 2026
Oxford Instruments has continued executing its previously announced share buyback programme, repurchasing a series of small tranches of ordinary shares between 28 August and 3 September 2026 for cancellation via J.P. Morgan Securities. The transac...
Regulatory Filings and Compliance
Oxford Instruments Confirms Total Voting Rights at Just Under 55 Million Shares
Neutral
Sep 1, 2026
Oxford Instruments plc reported that, as of 28 August 2026, its issued share capital with voting rights comprises 54,947,074 ordinary shares of 5 pence each, with no shares held in treasury. This disclosure, made under UK Financial Conduct Authori...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Oxford Instruments Cuts Share Count with Ongoing Buyback
Positive
Aug 28, 2026
Oxford Instruments has continued to execute its previously announced share buyback programme, repurchasing a series of tranches of its 5p ordinary shares on the market through J.P. Morgan Securities for cancellation between 21 and 27 August 2026. ...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Oxford Instruments Cuts Share Count Further Under Ongoing Buyback Programme
Positive
Aug 21, 2026
Oxford Instruments has continued executing its previously announced share buyback programme, repurchasing and cancelling a series of tranches of its 5p ordinary shares between 14 and 20 August 2026 via J.P. Morgan Securities. The transactions, exe...
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...
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.