Loading…
UK company providing heat treatment and specialist thermal processing services for metal components.
UK company providing heat treatment and specialist thermal processing services for metal components.
Customers send parts to its plants for heat treatment and it charges per load or part, so revenue follows customers' production. Energy is a major cost, which it partly recovers through surcharges. The largest sectors are aerospace and defence, automotive and general industrial, each requiring approved processes.
In one line: World's largest independent heat-treatment services provider.
Moat: narrow (scale, installed base, customer qualification). World's largest outsourced heat-treatment network with aerospace-qualified plants.
Headquarters: Macclesfield, UK · Founded: 1923 · Employees: 3,989
Size Bodycote (BOY.L) is a United Kingdom Industrials company (Aerospace & Defense) with a market value of $2.09B, the 156th largest of 363 United Kingdom companies the cockpit tracks. Shares closed at £917.00 on 6 Nov 2026.
Performance Over six months the shares gained 34.6%, against -10.7% for the median peer and +3.6% for the United Kingdom market (cap-weighted) — highest of 19 in its peer set.
Growth Revenue grew 1.7% over the last twelve months (peer median +13.9%); the operating margin is 15.1% (peer median -1.1%).
Valuation It trades at 18.1× forward earnings against a peer median of 62.9× (2nd cheapest of 16).
Price implies For today's price to make sense, revenue must grow about 23% a year for seven years (Req g). Recent delivered growth is +4%, so the hurdle is +19 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 5.4 points below its cost of capital (15.8% WACC).
Next results Next results expected around 12 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | £739M | £727M | £757M | £802M | £744M |
| Revenue growth | — | -4% | -6% | +8% | — |
| Gross profit | £104M | £281M | £297M | £302M | £270M |
| EBITDA | £192M | £180M | £196M | £184M | £179M |
| Net income | £58.2M | £54.9M | £20.0M | £85.6M | £73.7M |
| Free cash flow | £57.7M | £58.9M | £73.6M | £111M | £79.9M |
| Capital expenditure | £75.9M | £78.5M | £74.2M | £82.4M | £67.0M |
| Total debt | n/a | £191M | £151M | £96.9M | £137M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Bodycote BOY.L | $2.09B | +35% | +2% | 15% | 18.1× | 22.6% |
| Aalberts AALB.AS | $4.87B | +6% | 0% | 10% | 14.6× | 12.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | BOY.L | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +0.8% | -6.8% | 4th highest of 20 |
| 6-month return | +34.6% | -10.7% | highest of 19 |
| Distance from 52-week high | -5.2% | -38.4% | highest of 21 |
| Revenue growth (TTM) | +1.7% | +13.9% | 7th lowest of 20 |
| Operating margin | 15.1% | -1.1% | 3rd highest of 21 |
| Forward P/E | 18.1× | 62.9× | 2nd cheapest of 16 |
| Growth the price implies (Req g, 7 yrs) | 22.6% | 26.1% | 5th least demanding of 10 |
| Growth delivered (Del g) | +4.0% | +10.6% | 2nd lowest of 10 |
| Hurdle (Req g minus delivered) | +18.7 pp | +15.6 pp | 4th most demanding of 10 |
| ROIC minus cost of capital | -5.4 pp | -7.7 pp | 9th highest of 21 |
| EV / EBITDA | 9.1× | 17.8× | 3rd cheapest of 8 |
| Net debt / EBITDA | 1.0× | 0.2× | 5th most indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Bodycote BOY.L | United Kingdom | $2.09B | +35% | +2% | 15% | 18.1× | 22.6% | +4.0% |
| AECC Aero Science And Technology 600391.SS | China | $2.13B | +16% | -15% | 4% | 253.6× | 29.7% | +9.7% |
| Ducommun DCO | United States | $2.04B | -1% | +9% | 10% | 27.6× | n/a | n/a |
| Hunan Aerospace Huanyu Communication Technology 688523.SS | China | $2.19B | -45% | -30% | -8% | 100.3× | n/a | n/a |
| Sensofusion SENSO.HE | Finland | $1.97B | n/a | n/a | 64% | n/a | n/a | n/a |
| Ligeance Aerospace Technology 000697.SZ | China | $1.94B | -9% | +24% | -10% | n/a | n/a | n/a |
| Chemring CHG.L | United Kingdom | $1.92B | +13% | -4% | 13% | 27.0× | n/a | n/a |
| Astronics ATRO | United States | $2.36B | -13% | +14% | 14% | 18.6× | 17.3% | +11.4% |
| Cirrus Aircraft 2507.HK | Hong Kong | $1.85B | +5% | +14% | 13% | 10.6× | -1.4% | +18.3% |
| Exail Technologies EXA.PA | France | $2.37B | +10% | +24% | -2% | 62.9× | 42.5% | +26.0% |
| Intuitive Machines LUNR | United States | $2.40B | -64% | +117% | -20% | n/a | n/a | n/a |
| China Marine Information Electronics 600764.SS | China | $1.82B | -28% | +9% | -2% | 85.3× | n/a | n/a |
| Redwire RDW | United States | $1.80B | -35% | +63% | -41% | n/a | n/a | n/a |
| MTAR Technologies MTARTECH.NS | India | $1.77B | -18% | +108% | 20% | 64.7× | 48.5% | +29.2% |
| Montana Aerospace AERO.SW | Switzerland | $1.69B | -2% | -36% | 7% | 20.5× | 6.1% | +6.3% |
| Applied Aerospace & Defense AADX | United States | $1.67B | n/a | +35% | -10% | 23.4× | n/a | n/a |
| Aerospace CH UAV 002389.SZ | China | $2.64B | -17% | +3% | 0% | 54.9× | n/a | n/a |
| North Navigation Control Technology 600435.SS | China | $2.65B | -19% | -32% | -5% | 97.4× | 17.1% | +6.8% |
| Avio AVIO.MI | Italy | $1.60B | -2% | +14% | 1% | 89.7× | 26.1% | +10.6% |
| Sai MicroElectronics 300456.SZ | China | $2.75B | -45% | -59% | -99% | 65.9× | 41.7% | +1.5% |
| Aequs AEQUS.NS | India | $1.56B | +8% | +33% | -7% | n/a | n/a | n/a |