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UK maker of energy-efficient ventilation products — fans, ducting and heat-recovery systems — for buildings.
UK maker of energy-efficient ventilation products — fans, ducting and heat-recovery systems — for buildings.
Sells ventilation products mostly through electrical and plumbing merchants and to housebuilders, with replacement and renovation work giving a base beside new-build. It has grown through acquisitions as much as organically, and sells in the UK, northern Europe and Australasia.
In one line: A UK niche building-ventilation equipment maker.
Moat: narrow (brand, distribution, regulatory licence). Building-regulation-driven demand and established distributor/installer relationships.
Headquarters: Crawley, UK · Employees: 2,312
Size Volution (FAN.L) is a United Kingdom Industrials company (Industrial Machinery) with a market value of $1.68B, the 178th largest of 363 United Kingdom companies the cockpit tracks. Shares closed at £637.00 on 6 Nov 2026.
Performance Over six months the shares gained 6.5%, against -18.1% for the median peer and +3.6% for the United Kingdom market (cap-weighted) — 3rd highest of 21 in its peer set.
Growth Revenue grew 15.7% over the last twelve months (peer median +13.2%); the operating margin is 20.3% (peer median 8.4%).
Valuation It trades at 15.7× forward earnings against a peer median of 19.3× (7th cheapest of 19).
Price implies For today's price to make sense, revenue must grow about 14% a year for seven years (Req g). Recent delivered growth is +12%, so the hurdle is +1 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 1.5 points above its cost of capital (12.0% WACC).
Next results Next results expected around 11 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | £485M | £485M | £419M | £348M | £328M |
| Revenue growth | — | +16% | +21% | +6% | — |
| Gross profit | £227M | £227M | £188M | £163M | £143M |
| EBITDA | £128M | £128M | £99.3M | £88.8M | £79.1M |
| Net income | £62.5M | £62.5M | £41.5M | £42.8M | £37.4M |
| Free cash flow | £89.3M | £89.3M | £70.8M | £65.2M | £59.9M |
| Capital expenditure | £8.50M | £8.50M | £8.62M | £7.38M | £7.96M |
| Total debt | n/a | £256M | £183M | £86.0M | £120M |
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 |
|---|---|---|---|---|---|---|
| Volution FAN.L | $1.68B | +7% | +16% | 20% | 15.7× | 13.7% |
| Zehnder ZEHN.SW | $983M | +10% | +2% | 8% | 17.5× | 2.5% |
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 | FAN.L | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -2.5% | -8.5% | 7th highest of 21 |
| 6-month return | +6.5% | -18.1% | 3rd highest of 21 |
| Distance from 52-week high | -12.7% | -47.6% | 2nd highest of 21 |
| Revenue growth (TTM) | +15.7% | +13.2% | 11th highest of 21 |
| Operating margin | 20.3% | 8.4% | 5th highest of 21 |
| Forward P/E | 15.7× | 19.3× | 7th cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | 13.7% | 9.2% | 6th most demanding of 14 |
| Growth delivered (Del g) | +12.2% | +9.1% | 5th highest of 14 |
| Hurdle (Req g minus delivered) | +1.5 pp | -4.8 pp | 6th most demanding of 14 |
| ROIC minus cost of capital | +1.5 pp | -0.5 pp | 10th highest of 21 |
| EV / EBITDA | 11.7× | 8.7× | 3rd most expensive of 9 |
| Net debt / EBITDA | 1.8× | -0.6× | 3rd most indebted of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Volution FAN.L | United Kingdom | $1.68B | +7% | +16% | 20% | 15.7× | 13.7% | +12.2% |
| ATS ATS.TO | Canada | $1.68B | -49% | +7% | 6% | 15.9× | 8.7% | +15.8% |
| Tsubakimoto Chain 6371.T | Japan | $1.68B | +7% | +20% | 8% | 10.3× | 2.0% | +8.9% |
| Shanghai Hanbell Precise Machinery 002158.SZ | China | $1.67B | -24% | -5% | 15% | 19.3× | 16.3% | +5.2% |
| Sanhe Tongfei Refrigeration 300990.SZ | China | $1.69B | -18% | +23% | 8% | 29.9× | 31.4% | +36.2% |
| Fujian Snowman 002639.SZ | China | $1.70B | -18% | +9% | 1% | n/a | n/a | n/a |
| Psk 319660.KS | South Korea | $1.66B | -12% | +32% | 25% | 14.4× | 6.1% | +11.5% |
| Triveni Turbine TRITURBINE.NS | India | $1.66B | -14% | +18% | 17% | 42.5× | 45.8% | +25.4% |
| Harbin Boshi Automation 002698.SZ | China | $1.66B | -15% | -2% | 18% | 19.3× | 5.3% | +9.1% |
| Beijing Worldia Diamond Tools 688028.SS | China | $1.66B | -37% | +22% | 16% | 71.0× | n/a | n/a |
| Shaanxi Aerospace Power Hi-Tech 600343.SS | China | $1.65B | -50% | -15% | -24% | n/a | n/a | n/a |
| Chang Wah Technology 6548.TWO | Taiwan | $1.65B | +9% | +25% | 15% | 17.5× | 9.2% | +6.8% |
| TerraVest Industries TVK.TO | Canada | $1.64B | -17% | +46% | 8% | 26.4× | 10.6% | +35.1% |
| Ningbo PIA Automation 688306.SS | China | $1.74B | +3% | +7% | 4% | 190.6× | 35.2% | +8.7% |
| Xizi Clean Energy Equipment Manufacturing 002534.SZ | China | $1.74B | -19% | -2% | 3% | 44.5× | 25.7% | +3.1% |
| KSB SE & Co. KGaA KSB.DE | Germany | $1.63B | -3% | +2% | 7% | 10.3× | -3.2% | +6.6% |
| Precision Tsugami (China) 1651.HK | Hong Kong | $1.62B | -35% | +24% | 28% | 7.7× | -13.9% | +9.8% |
| Kennametal KMT | United States | $1.76B | -36% | +32% | 31% | 8.9× | n/a | n/a |
| Zhejiang Jiecang Linear Motion Technology 603583.SS | China | $1.60B | -4% | +5% | 8% | 26.0× | n/a | n/a |
| Hunan Yujing Machinery 002943.SZ | China | $1.60B | -42% | -36% | -23% | 37.5× | n/a | n/a |
| Shareate Tools 688257.SS | China | $1.78B | -42% | +69% | 25% | 11.4× | n/a | n/a |