# Johnson Matthey Plc (JMAT.L) fundamentals

Data as of 2026-09-08. LSE, United Kingdom. Sector: Basic Materials / Chemicals. Price 2306p, market value 2.9 billionp.

## Valuation
- **P/E (trailing): n/a** (negative earnings). Johnson Matthey Plc reported negative earnings over the last twelve months, so the P/E is not meaningful; use price-to-sales, EV/EBITDA and free-cash-flow yield instead.
- **Price / sales: 0.1×**. Each dollar of revenue is priced at 0.1×, a low multiple typical of thin-margin businesses or out-of-favour stocks.
- **Price / book: 1.4×**. The shares trade at 1.4× book value; book value is a meaningful part of the valuation.
- **EV / EBITDA: 3.8×**. Enterprise value is 3.8× operating earnings before depreciation, the multiple that ignores how the company is financed; below 8× is inexpensive for most sectors.
- **Free-cash-flow yield: 7.7%** (5-yr avg 0.0%). Free cash flow equals 7.7% of the market value, above its five-year average of 0.0%, so the shares are cheaper on cash than they have usually been. Above 5% is generally attractive.

## Profitability
- **Gross margin: 6.3%**. Johnson Matthey Plc keeps 6.3% of revenue after the direct cost of what it sells, a thin margin typical of retail, distribution and commodity businesses.
- **Operating margin: 3.4%**. 3.4% of revenue is left after running the business, which leaves little cushion in a downturn.
- **Net margin: -0.8%**. The company reported a net loss over the last twelve months.
- **Return on equity: -4.8%**. Return on equity is negative because earnings are negative.
- **Return on invested capital: 14.6%**. Return on all capital, debt included, is 14.6%.
- **Return on assets: 4.6%**. Each dollar of assets produces 4.6% of profit.

## Growth
- **Revenue growth (1 yr): 7.7%** (3-yr -5.6%/yr, 5-yr -4.0%/yr). Revenue grew 7.7% over the last year, against -4.0% a year compounded over five years: growth is accelerating.
- **EPS growth (1 yr): -127.0%**. Earnings per share fell 127.0%, slower than revenue, so margins compressed.

## Financial health
- **Debt to equity: 0.70**. Debt is 0.70 times equity, moderate leverage.
- **Net debt / EBITDA: 0.8×**. It would take 0.8 years of operating earnings to repay net borrowings, within the comfortable range.
- **Interest coverage: 3.5×**. Operating profit covers interest 3.5× over, a safe margin.
- **Current ratio: 1.56** (quick 1.21). Current assets cover the next year's liabilities 1.56 times.
- **Altman Z-score: 3.48**. A Z-score of 3.48 places the company in the safe zone for bankruptcy risk.
- **Piotroski F-score: 5/9**. 5 of 9 checks pass: mixed.

## Dividends
- **Dividend yield: 4.48%** (1p per share, trailing). Johnson Matthey Plc yields 4.48%, an income-level yield.
- **Consecutive years of increases: 5**. 5 straight years of increases.
- **Dividend growth (5 yr): 8.5%/yr** (1-yr 0.0%). The dividend has grown 8.5% a year over five years.
- **Shareholder yield: 13.1%**. Dividends plus net buybacks return 13.1% of the market value a year.

## Analyst view
- **Analyst consensus: buy** (8 analysts). 8 analysts cover Johnson Matthey Plc; the consensus is buy, with an average price target of 2984p (+29% from the current price). Analyst opinion is shown for context; it is not part of the Fundamental Score.

## Price and momentum
- **Total return (1 yr): 19.2%** (YTD 7.3%, 3-mo 10.5%). The shares are up 19.2% over twelve months including dividends.
- **From 52-week high: -28.9%** (4.0% above the low). Trading 29% below its 52-week high.
- **200-day average: above**. The price sits above its 200-day moving average, the usual definition of an uptrend.
- **RSI (14-day): 53**. An RSI of 53 is neutral.
- **Beta (1 yr): 0.67** (volatility 65%). Beta of 0.67 against the FTSE All-Share: the shares move much less than the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=JMAT.L · Page: https://foliofundamentals.com/stocks/jmat.l

Not investment advice.