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UK engineering group making precision flow-control and motion-control components for industrial, energy and life-sciences customers.
UK engineering group making precision flow-control and motion-control components for industrial, energy and life-sciences customers.
Engineered-to-order valves and actuators are designed into specific plants, machines and instruments, so a first sale often leads to years of spare parts and service orders. Sales go to engineers and plant builders rather than through catalogues alone.
In one line: A UK precision flow-control maker, like a smaller Emerson Electric fluid-control unit.
Moat: narrow (process know-how, customer qualification, IP). Engineered-to-order valves and controls qualified into critical processes create switching costs.
Headquarters: Birmingham, UK · Founded: 1862 · Employees: 10,358
Size IMI (IMI.L) is a United Kingdom Industrials company (Industrial Machinery) with a market value of $8.81B, the 57th largest of 363 United Kingdom companies the cockpit tracks. Shares closed at £2,802 on 6 Nov 2026.
Performance Over six months the shares gained 2.6%, against -16.8% for the median peer and +3.6% for the United Kingdom market (cap-weighted) — 6th highest of 21 in its peer set.
Growth Revenue grew 7.7% over the last twelve months (peer median +9.8%); the operating margin is 20.9% (peer median 12.2%).
Valuation It trades at 19.9× forward earnings against a peer median of 22.2× (8th cheapest of 21).
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 +5%, so the hurdle is +10 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 9.8 points above its cost of capital (13.1% WACC).
Next results Next results expected around 9 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | £2.37B | £2.30B | £2.21B | £2.20B | £2.05B |
| Revenue growth | — | +4% | +1% | +7% | — |
| Gross profit | £1.12B | £1.06B | £1.01B | £975M | £900M |
| EBITDA | £612M | £539M | £532M | £508M | £461M |
| Net income | £334M | £310M | £248M | £237M | £226M |
| Free cash flow | £391M | £301M | £265M | £261M | £193M |
| Capital expenditure | £102M | £98.6M | £91.5M | £79.9M | £71.3M |
| Total debt | n/a | £644M | £696M | £745M | £945M |
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 |
|---|---|---|---|---|---|---|
| IMI IMI.L | $8.81B | +3% | +8% | 21% | 19.9× | 14.3% |
| Emerson Electric EMR | $90.6B | +15% | +5% | 21% | 22.3× | 19.9% |
| Flowserve FLS | $10.2B | +13% | 0% | 14% | 17.8× | 15.0% |
| Rotork ROR.L | $5.40B | +65% | +2% | 24% | 27.9× | 27.6% |
| Spirax SPX.L | $7.24B | +2% | +5% | 18% | 22.7× | 20.5% |
| Curtiss-Wright CW | $17.1B | -36% | +11% | 19% | 27.4× | 16.2% |
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 | IMI.L | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -7.6% | -6.4% | 10th lowest of 21 |
| 6-month return | +2.6% | -16.8% | 6th highest of 21 |
| Distance from 52-week high | -12.5% | -52.0% | 5th highest of 21 |
| Revenue growth (TTM) | +7.7% | +9.8% | 9th lowest of 21 |
| Operating margin | 20.9% | 12.2% | 5th highest of 21 |
| Forward P/E | 19.9× | 22.2× | 8th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 14.3% | 14.9% | 6th least demanding of 13 |
| Growth delivered (Del g) | +4.8% | +7.9% | 5th lowest of 13 |
| Hurdle (Req g minus delivered) | +9.6 pp | +10.1 pp | 6th least demanding of 13 |
| ROIC minus cost of capital | +9.8 pp | -0.5 pp | 4th highest of 21 |
| EV / EBITDA | 11.8× | 15.9× | 3rd cheapest of 11 |
| Net debt / EBITDA | 1.1× | 1.1× | 6th least indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| IMI IMI.L | United Kingdom | $8.81B | +3% | +8% | 21% | 19.9× | 14.3% | +4.8% |
| Beijing E-Town Semiconductor Technology 688729.SS | China | $8.94B | -14% | +10% | 12% | 52.3× | n/a | n/a |
| Shenzhen Han's CNC Technology 3200.HK | Hong Kong | $8.58B | -66% | +109% | 21% | 9.9× | n/a | n/a |
| Guangdong Dtech Technology 301377.SZ | China | $9.23B | -18% | +119% | 36% | 50.9× | n/a | n/a |
| NIBE Industrier NIBE-B.ST | Sweden | $9.25B | +7% | +2% | 10% | 27.3× | 13.5% | +8.5% |
| Ebara 6361.T | Japan | $9.28B | -40% | +9% | 11% | 14.5× | n/a | n/a |
| GlobalWafers 6488.TWO | Taiwan | $8.15B | -23% | -6% | 11% | 21.4× | n/a | n/a |
| Huagong Tech 000988.SZ | China | $9.54B | -47% | +16% | 7% | 30.9× | n/a | n/a |
| Han's Laser Technology Industry 002008.SZ | China | $7.97B | -48% | +59% | 12% | 19.1× | 19.6% | +9.5% |
| Rational Aktiengesellschaft RAA.DE | Germany | $7.95B | -4% | +6% | 27% | 26.1× | 14.8% | +14.2% |
| Wuxi Lead Intelligent Equipment 0470.HK | Hong Kong | $7.95B | -61% | +35% | 10% | 13.3× | 8.2% | +19.0% |
| Leader Harmonious Drive Systems 688017.SS | China | $7.84B | +27% | +46% | 15% | 283.8× | n/a | n/a |
| Indutrade INDT.ST | Sweden | $9.94B | +39% | +6% | 12% | 28.6× | 18.4% | +10.9% |
| Zhejiang Jingsheng Mechanical & Electrical 300316.SZ | China | $7.69B | -13% | -25% | 0% | 74.3× | 39.6% | +24.6% |
| Zoomlion Heavy Industry Science & Technology 1157.HK | Hong Kong | $7.63B | -36% | +23% | 7% | 8.1× | 12.6% | -5.0% |
| Kokusai Electric 6525.T | Japan | $7.62B | -21% | +15% | 19% | 20.0× | 30.9% | -1.5% |
| Flowserve FLS | United States | $10.2B | +13% | 0% | 14% | 17.8× | 15.0% | +4.9% |
| Sulzer SUN.SW | Switzerland | $7.39B | +23% | -3% | 13% | 17.9× | -1.4% | +3.7% |
| Robotechnik Intelligent Technology 300757.SZ | China | $7.37B | -42% | +203% | 9% | 219.2× | n/a | n/a |
| Spirax SPX.L | United Kingdom | $7.24B | +2% | +5% | 18% | 22.7× | 20.5% | +7.4% |
| Zurn Elkay Water Solutions ZWS | United States | $7.18B | -15% | +10% | 23% | 21.8× | 10.9% | -2.4% |