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UK defense company making countermeasures (flares, chaff), energetic materials and sensors for the military.
UK defense company making countermeasures (flares, chaff), energetic materials and sensors for the military.
Sells to governments and defence primes, mostly under multi-year supply agreements. Flares and chaff, which draw missiles away from aircraft and ships, are used up in operations and training and must be replaced, so demand follows stockpile levels as well as conflicts. The UK and US are its main markets.
In one line: A UK niche defense-countermeasures specialist.
Moat: narrow (regulatory licence, IP / patents, customer qualification). Qualified military supplier with specialized, hard-to-replicate energetics manufacturing.
Headquarters: Romsey, UK · Founded: 1905 · Employees: 2,701
Size Chemring (CHG.L) is a United Kingdom Industrials company (Aerospace & Defense) with a market value of $1.92B, the 164th largest of 363 United Kingdom companies the cockpit tracks. Shares closed at £527.00 on 6 Nov 2026.
Performance Over six months the shares gained 13.5%, against -5.6% for the median peer and +3.6% for the United Kingdom market (cap-weighted) — 3rd highest of 19 in its peer set.
Growth Revenue fell 4.0% over the last twelve months (peer median +14.0%); the operating margin is 13.1% (peer median 3.0%).
Valuation It trades at 27.0× forward earnings against a peer median of 27.6× (8th cheapest of 16).
Capital Return on invested capital runs 1.6 points below its cost of capital (11.2% WACC).
Next results Next results expected around 8 Dec 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | £500M | £498M | £488M | £473M | £401M |
| Revenue growth | — | +2% | +3% | +18% | — |
| EBITDA | £94.2M | £100M | £80.6M | £67.7M | £71.2M |
| Net income | £33.9M | £48.2M | £39.5M | £5.40M | £47.4M |
| Free cash flow | -£13.5M | -£5.60M | £12.2M | £32.5M | £47.7M |
| Capital expenditure | £98.1M | £102M | £67.8M | £34.2M | £34.5M |
| Total debt | n/a | £154M | £97.8M | £20.8M | £27.0M |
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 |
|---|---|---|---|---|---|---|
| Chemring CHG.L | $1.92B | +13% | -4% | 13% | 27.0× | n/a |
| QinetiQ QQ..L | $3.51B | +26% | 0% | 10% | 15.3× | 0.1% |
| Rheinmetall RHM.DE | $42.5B | -29% | -2% | 18% | 22.0× | 6.5% |
| Elbit Systems ESLT | $32.0B | -13% | +12% | 9% | 46.5× | 10.1% |
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 | CHG.L | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +5.6% | -6.8% | 3rd highest of 20 |
| 6-month return | +13.5% | -5.6% | 3rd highest of 19 |
| Distance from 52-week high | -19.0% | -37.4% | 3rd highest of 21 |
| Revenue growth (TTM) | -4.0% | +14.0% | 5th lowest of 20 |
| Operating margin | 13.1% | 3.0% | 6th highest of 21 |
| Forward P/E | 27.0× | 27.6× | 8th cheapest of 16 |
| ROIC minus cost of capital | -1.6 pp | -5.4 pp | 8th highest of 21 |
| EV / EBITDA | 16.7× | 16.7× | 5th cheapest of 9 |
| Net debt / EBITDA | 1.5× | 0.3× | 5th most indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Chemring CHG.L | United Kingdom | $1.92B | +13% | -4% | 13% | 27.0× | n/a | n/a |
| Ligeance Aerospace Technology 000697.SZ | China | $1.94B | -9% | +24% | -10% | n/a | n/a | n/a |
| Sensofusion SENSO.HE | Finland | $1.97B | n/a | n/a | 64% | n/a | n/a | n/a |
| Cirrus Aircraft 2507.HK | Hong Kong | $1.85B | +5% | +14% | 13% | 10.6× | -1.4% | +18.3% |
| China Marine Information Electronics 600764.SS | China | $1.82B | -28% | +9% | -2% | 85.3× | n/a | n/a |
| Ducommun DCO | United States | $2.04B | -1% | +9% | 10% | 27.6× | 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% |
| 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% |
| Montana Aerospace AERO.SW | Switzerland | $1.69B | -2% | -36% | 7% | 20.5× | 6.1% | +6.3% |
| Hunan Aerospace Huanyu Communication Technology 688523.SS | China | $2.19B | -45% | -30% | -8% | 100.3× | n/a | n/a |
| Applied Aerospace & Defense AADX | United States | $1.67B | n/a | +35% | -10% | 23.4× | n/a | n/a |
| Avio AVIO.MI | Italy | $1.60B | -2% | +14% | 1% | 89.7× | 26.1% | +10.6% |
| Astronics ATRO | United States | $2.36B | -13% | +14% | 14% | 18.6× | 17.3% | +11.4% |
| Aequs AEQUS.NS | India | $1.56B | +8% | +33% | -7% | n/a | n/a | n/a |
| 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 |
| Xi'an Triangle Defense 300775.SZ | China | $1.50B | -39% | -29% | 2% | 17.6× | 31.7% | +21.0% |
| Beijing Beimo High-tech Frictional Material 002985.SZ | China | $1.46B | -17% | +36% | 28% | 38.2× | n/a | n/a |
| Aerospace Industrial Development 2634.TW | Taiwan | $1.46B | +3% | +3% | 6% | 19.5× | 4.1% | +11.0% |