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Victrex
(LSE:VCT)
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Rating:70Outperform
Price Target:
981.00 p
▲(16.65% Upside)
Action:Upgraded
Date:09/10/26
The score is driven primarily by solid financial stability (strong equity position and low leverage) despite weakening revenue, margins, and free cash flow trends. Technically, the stock shows strong upside momentum and a clear uptrend above major moving averages, but extremely overbought readings (RSI/Stoch near ~89) raise near-term pullback risk. Valuation is a modest drag given the negative P/E, partially offset by a ~2.66% dividend yield.
Positive Factors
Specialty materials positioning
Victrex operates in specialized, performance-critical materials where heat, chemical, strength-to-weight and wear resistance can make substitution difficult. Its resin, films, fibers and semi-finished forms support differentiated applications and specialty pricing across diverse industrial and regulated end-markets.
Negative Factors
Revenue contraction
A decline in revenue indicates that current demand and end-market activity are not yet translating into sustained top-line expansion. If this persists, slower scale growth could limit operating leverage, reduce investment capacity and make it harder for Victrex to compound earnings over coming quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Specialty materials positioning
Victrex operates in specialized, performance-critical materials where heat, chemical, strength-to-weight and wear resistance can make substitution difficult. Its resin, films, fibers and semi-finished forms support differentiated applications and specialty pricing across diverse industrial and regulated end-markets.
Read all positive factors
Victrex (VCT) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£790.93M
Dividend Yield2.96%
Average Volume (3M)301.99K
Price to Earnings (P/E)―
Beta (1Y)1.24
Revenue Growth-1.24%
EPS Growth-166.15%
CountryUK
Employees1,169
SectorBasic Materials
Sector Strength58
IndustryChemicals - Specialty
Share Statistics
EPS (TTM)-0.23
Shares Outstanding87,156,380
10 Day Avg. Volume257,488
30 Day Avg. Volume301,985
Financial Highlights & Ratios
PEG Ratio0.38
Price to Book (P/B)1.44
Price to Sales (P/S)2.11
P/FCF Ratio12.71
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£872.14Price Target Upside3.70% Upside
Rating ConsensusHold
Number of Analyst Covering7
EPS Forecast (FY)0.49
Revenue Forecast (FY)£318.20M
Victrex Business Overview & Revenue Model
Company Description
Operating globally through its subsidiaries, Victrex plc is a specialized producer and distributor of polymer materials. The company organizes its business into two core divisions: Industrial and Medical. It concentrates on creating PEEK and PAEK ...
How the Company Makes Money
Victrex primarily makes money by selling high-performance polymer materials and related engineered products to manufacturers and processors that use these materials in end-use parts. The core revenue stream is the sale of PAEK/PEEK polymer resin (...
Victrex Earnings Call Summary
Earnings Call Date:Dec 02, 2025
(Q4-2025)
| % Change Since: |
Next Earnings Date:Dec 08, 2026
Earnings Call Sentiment Neutral
The earnings call presented a mixed picture with notable achievements in volume growth and cash conversion, while facing significant challenges due to currency impacts, weaker medical spine performance, and losses from the China facility. The profit improvement plan and diversification in medical revenues are positive steps, but current financial challenges weigh heavily.Positive Updates
Strong Volume Growth
Sales volume increased by 12% to 4,164 tonnes, primarily driven by value-added resellers and Energy & Industrial sectors.
Negative Updates
Currency Impact on Profit
Underlying profit before tax was adversely affected by GBP 8 million due to currency impacts, contributing to a 21% decrease in PBT.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Volume Growth
Sales volume increased by 12% to 4,164 tonnes, primarily driven by value-added resellers and Energy & Industrial sectors.
Read all positive updates
Company Guidance
In the call, Victrex provided guidance on various financial metrics for fiscal year 2025 and the outlook for 2026. The company reported a 12% increase in sales volume, reaching 4,164 tonnes, mainly driven by value-added resellers (VARs) and the Energy & Industrial sector. Despite the robust volume growth, underlying profit before tax (PBT) was impacted by an adverse currency effect of GBP 8 million, resulting in a 21% decrease to GBP 46.4 million. However, cash conversion was strong at 121%, benefiting from efficient working capital management. Capital expenditures (CapEx) saw a significant reduction, reflecting the conclusion of recent investment phases. For fiscal 2026, Victrex is targeting low to mid-single-digit volume growth and aims to achieve at least GBP 10 million in savings through a profit improvement plan. Gross margin for FY '26 is expected to be flat to slightly ahead, with the China manufacturing facility remaining a focus for operational improvements. The company will maintain its dividend and review its capital allocation policy, aiming to retain a strong balance sheet with a net debt-to-EBITDA range of 0.5x to 1x.Victrex Financial Statement Overview
Summary
Income Statement
65
Positive
Balance Sheet
78
Positive
Cash Flow
60
Neutral
| Breakdown | TTM | Sep 2025 | Sep 2024 | Sep 2023 | Sep 2022 | Sep 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 293.90M | 296.40M | 296.20M | 307.00M | 341.00M | 306.30M |
| Gross Profit | 126.40M | 132.60M | 134.30M | 162.60M | 174.70M | 157.00M |
| EBITDA | 65.90M | 61.10M | 69.70M | 96.00M | 120.80M | 115.50M |
| Net Income | -19.70M | 27.80M | 17.20M | 61.70M | 76.20M | 73.20M |
Balance Sheet | ||||||
| Total Assets | 505.30M | 566.90M | 592.00M | 626.60M | 641.60M | 615.30M |
| Cash, Cash Equivalents and Short-Term Investments | 31.70M | 24.20M | 29.30M | 33.50M | 68.80M | 112.40M |
| Total Debt | 77.10M | 49.00M | 50.40M | 50.20M | 32.10M | 15.90M |
| Total Liabilities | 161.50M | 135.70M | 130.40M | 125.60M | 151.00M | 103.60M |
| Stockholders Equity | 361.90M | 433.50M | 461.00M | 499.00M | 488.80M | 509.20M |
Cash Flow | ||||||
| Free Cash Flow | 48.00M | 49.30M | 51.40M | 2.30M | 34.50M | 85.20M |
| Operating Cash Flow | 68.60M | 71.10M | 84.00M | 40.80M | 80.00M | 127.10M |
| Investing Cash Flow | -20.60M | -21.80M | -35.40M | -32.30M | -16.20M | -83.20M |
| Financing Cash Flow | -42.00M | -54.60M | -51.90M | -32.80M | -82.40M | -41.70M |
Victrex Technical Analysis
Positive
841.00
Price Trends
905.52
Positive
800.27
Positive
710.92
Positive
Market Momentum
-1.42
Positive
48.96
Neutral
18.28
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:VCT, the sentiment is Positive. The current price of 841 is below the 20-day moving average (MA) of 921.15, below the 50-day MA of 905.52, and above the 200-day MA of 710.92, indicating a neutral trend. The MACD of -1.42 indicates Positive momentum. The RSI at 48.96 is Neutral, neither overbought nor oversold. The STOCH value of 18.28 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:VCT.
Victrex Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | £235.34M | 9.57 | 18.18% | 1.67% | 14.35% | 3370.14% | |
70 Outperform | £790.93M | -39.48 | -4.95% | 2.96% | -1.24% | -166.15% | |
67 Neutral | £5.04B | 63.84 | 3.65% | 3.07% | 3.36% | -43.08% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
60 Neutral | £1.06B | 19.34 | 11.29% | 1.77% | -11.73% | ― | |
53 Neutral | £324.49M | 60.42 | 2.02% | 1.83% | 6.98% | -41.36% | |
53 Neutral | £185.26M | -1.55 | -13.27% | 9.77% | -4.98% | -43.98% |
* Basic Materials Sector Average
GB:VCT
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Victrex Corporate Events
Regulatory Filings and Compliance
Victrex Updates Share Capital and Total Voting Rights
Neutral
Sep 30, 2026
Victrex plc has reported that as of 30 September 2026 its issued share capital stands at 87,156,376 ordinary shares of 1p each, with each share carrying one voting right and no shares held in treasury. This total serves as the denominator for inve...
Business Operations and StrategyStock BuybackDividends
Victrex outlines turnaround plan and cash-return targets as it leans on PEEK leadership
Positive
Sep 24, 2026
Victrex is leveraging its position as the global market leader in PEEK polymers, with more than 45% volume share, to capitalise on expected 5% compound annual growth in global PEEK demand across aerospace, automotive, electronics, energy and medic...
Business Operations and StrategyExecutive/Board ChangesFinancial DisclosuresM&A Transactions
Victrex lifts profit guidance as trading momentum and cost savings build
Positive
Sep 9, 2026
Victrex has signalled stronger‑than‑expected trading for the year to 30 September 2026, lifting its guidance for underlying pre‑tax profit to a range of £45m to £47m from £42m to £44m on the back of sustained ...
Business Operations and StrategyExecutive/Board ChangesFinancial DisclosuresM&A Transactions
Victrex lifts profit guidance as trading improves and streamlines non-core operations
Positive
Sep 9, 2026
Victrex has raised its full-year 2026 underlying profit-before-tax guidance to between £45m and £47m, up from £42m to £44m, after strong trading momentum continued into the fourth quarter with year-on-year revenue growth across...
Business Operations and StrategyRegulatory Filings and Compliance
Victrex Updates Share Capital After Employee Share Plan Issuance
Neutral
Aug 28, 2026
Victrex plc has reported that its issued share capital now stands at 87,156,259 ordinary shares, each carrying one voting right, with no shares held in treasury, setting the benchmark for investors’ disclosure obligations under UK transparen...
Business Operations and StrategyRegulatory Filings and Compliance
Victrex updates total voting rights after employee share issuance
Neutral
Jul 31, 2026
Victrex plc has confirmed that its issued share capital as of 31 July 2026 comprises 87,126,221 ordinary shares of 1p each, all carrying one voting right and with no shares held in treasury. This figure provides the denominator shareholders must u...
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.