# Oxford Instruments plc (OXIG.L) fundamentals

Data as of 2026-09-08. LSE, United Kingdom. Sector: Technology / Semiconductors & Semiconductor Equipment. Price 2746p, market value 1.5 billionp.

## Valuation
- **P/E (trailing): 35.7×** (5-yr avg 2981.4×, 3-yr avg 3069.1×). Oxford Instruments plc trades at 35.7× trailing earnings, well below its own five-year average of 2981.4×: cheap by its own standards. The Technology median in the September 2026 study was 32.1×. Forward P/E is 21.9×, lower than trailing, so analysts expect earnings to grow.
- **PEG: 0.24**. A PEG of 0.24 means the P/E is low relative to expected earnings growth: the market is not paying much for that growth.
- **Price / sales: 1.6×**. Each dollar of revenue is priced at 1.6×.
- **Price / book: 4.7×**. The shares trade at 4.7× book value; book value is a meaningful part of the valuation.
- **EV / EBITDA: 10.3×**. Enterprise value is 10.3× operating earnings before depreciation, the multiple that ignores how the company is financed.
- **Free-cash-flow yield: 5.5%** (5-yr avg 0.0%). Free cash flow equals 5.5% 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.
- **Earnings yield: 2.8%**. The inverse of the P/E: 2.8% of the price is earned each year.

## Profitability
- **Gross margin: 52.1%**. Oxford Instruments plc keeps 52.1% of revenue after the direct cost of what it sells.
- **Operating margin: 15.5%**. 15.5% of revenue is left after running the business, a healthy level in most sectors.
- **Net margin: 11.4%**. 11.4% of each dollar of sales reaches the bottom line.
- **Return on equity: 14.2%**. 14.2% on shareholders' equity is solid.
- **Return on invested capital: 37.0%**. Return on all capital, debt included, is 37.0%: comfortably above what that capital costs.
- **Return on assets: 13.4%**. Each dollar of assets produces 13.4% of profit.

## Growth
- **Revenue growth (1 yr): -15.5%** (3-yr -1.6%/yr, 5-yr 5.8%/yr). Revenue fell 15.5% over the last year, against 5.8% a year compounded over five years: growth is slowing.
- **EPS growth (1 yr): 90.9%** (3-yr -5.6%/yr, 5-yr 3.1%/yr). Earnings per share rose 90.9%, faster than revenue, so margins expanded or the share count shrank.
- **Free-cash-flow growth (3 yr): 11.0%/yr**. Free cash flow has compounded at 11.0% a year over three years, keeping pace with earnings: the growth is real cash.

## Financial health
- **Debt to equity: 0.13**. Debt is 0.13 times equity: a conservative balance sheet.
- **Net debt / EBITDA: net cash**. Oxford Instruments plc holds more cash than debt.
- **Interest coverage: 44.8×**. Operating profit covers interest 44.8× over, a safe margin.
- **Current ratio: 1.83** (quick 1.40). Current assets cover the next year's liabilities 1.83 times.
- **Altman Z-score: 6.57**. A Z-score of 6.57 places the company in the safe zone for bankruptcy risk.
- **Piotroski F-score: 8/9**. 8 of 9 fundamental checks pass: strong and improving financials.

## Dividends
- **Dividend yield: 0.87%** (0p per share, trailing). Oxford Instruments plc yields 0.87%, a modest yield more typical of a growth-oriented payer.
- **Payout ratio: 27%** (30% of free cash flow). 27% of earnings goes out as dividends, leaving room to keep raising it.
- **Consecutive years of increases: 3**. 3 straight years of increases.
- **Shareholder yield: 5.0%**. Dividends plus net buybacks return 5.0% of the market value a year.

## Analyst view
- **Analyst consensus: buy** (7 analysts). 7 analysts cover Oxford Instruments plc; the consensus is buy, with an average price target of 3149p (+15% 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): 50.4%** (YTD 34.5%, 3-mo -10.6%). The shares are up 50.4% over twelve months including dividends.
- **From 52-week high: -17.2%** (63.3% above the low). Trading 17% 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): 45**. An RSI of 45 is neutral.
- **Beta (1 yr): 1.19** (volatility 38%). Beta of 1.19 against the FTSE All-Share: the shares move roughly with the market.

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

Not investment advice.