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UK maker of scientific instruments for materials analysis, semiconductor processing and life-science imaging, including microscopes and cameras.
UK maker of scientific instruments for materials analysis, semiconductor processing and life-science imaging, including microscopes and cameras.
Sells instruments to research labs and industry, then earns service contracts and consumables across their long life; academic funding cycles and semiconductor equipment demand decide order timing. It sold its NanoScience quantum-cooling unit to Quantum Design, completed around the start of 2026, and now focuses on materials analysis, semiconductor and life science.
In one line: A UK niche scientific-instruments maker.
Moat: narrow (IP / patents, installed base). Specialist analysis and imaging instruments with a sizeable installed base and service income.
Headquarters: Abingdon, UK · Founded: 1959
Size Oxford Instruments (OXIG.L) is a United Kingdom Information Technology company (Electronic Equipment/Instruments) with a market value of $1.79B, the 172nd largest of 363 United Kingdom companies the cockpit tracks. Shares closed at £2,436 on 6 Nov 2026.
Performance Over six months the shares fell 16.5%, against -20.0% for the median peer and +3.6% for the United Kingdom market (cap-weighted) — 10th highest of 21 in its peer set.
Growth Revenue fell 15.5% over the last twelve months (peer median +6.0%); the operating margin is 15.1% (peer median 6.5%).
Valuation It trades at 21.9× forward earnings against a peer median of 16.3× (6th most expensive of 16).
Price implies For today's price to make sense, revenue must grow about 20% a year for seven years (Req g). Recent delivered growth is +6%, so the hurdle is +14 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 4.6 points above its cost of capital (12.6% WACC).
Next results Next results expected around 10 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | £423M | £423M | £443M | £470M | £445M |
| Revenue growth | — | -5% | -6% | +6% | — |
| Gross profit | £228M | £228M | £234M | £233M | £220M |
| EBITDA | £83.4M | £83.4M | £92.7M | £80.7M | £86.8M |
| Net income | £48.2M | £48.2M | £26.0M | £50.7M | £58.6M |
| Free cash flow | £47.4M | £47.4M | £37.1M | £18.5M | £35.3M |
| Capital expenditure | £10.3M | £10.3M | £14.6M | £27.7M | £32.9M |
| Total debt | n/a | £44.5M | £40.9M | £47.4M | £43.9M |
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 |
|---|---|---|---|---|---|---|
| Oxford Instruments OXIG.L | $1.79B | -16% | -15% | 15% | 21.9× | 20.1% |
| Bruker BRKR | $9.34B | +39% | +2% | 9% | 26.2× | 25.7% |
| Thermo Fisher Scientific TMO | $257B | +50% | +8% | 19% | 25.8× | 20.9% |
| JEOL 6951.T | $1.98B | -3% | -18% | 11% | 14.2× | 21.3% |
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 | OXIG.L | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -16.8% | -6.6% | 5th lowest of 21 |
| 6-month return | -16.5% | -20.0% | 10th highest of 21 |
| Distance from 52-week high | -26.9% | -47.1% | 6th highest of 21 |
| Revenue growth (TTM) | -15.5% | +6.0% | 3rd lowest of 21 |
| Operating margin | 15.1% | 6.5% | 4th highest of 21 |
| Forward P/E | 21.9× | 16.3× | 6th most expensive of 16 |
| Growth the price implies (Req g, 7 yrs) | 20.1% | 14.1% | 4th most demanding of 14 |
| Growth delivered (Del g) | +5.8% | +9.3% | 5th lowest of 14 |
| Hurdle (Req g minus delivered) | +14.2 pp | -1.5 pp | 4th most demanding of 14 |
| ROIC minus cost of capital | +4.6 pp | -0.8 pp | 7th highest of 21 |
| EV / EBITDA | 15.2× | 7.3× | 2nd most expensive of 7 |
| Net debt / EBITDA | -0.8× | -1.5× | 3rd most indebted of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Oxford Instruments OXIG.L | United Kingdom | $1.79B | -16% | -15% | 15% | 21.9× | 20.1% | +5.8% |
| Hanwei Electronics 300007.SZ | China | $1.79B | -15% | -3% | 2% | 65.2× | 40.9% | +4.6% |
| Suzhou Hengmingda Electronic Technology 002947.SZ | China | $1.78B | -43% | +13% | 18% | 15.6× | 9.4% | +34.8% |
| Beijing Aerospace Shenzhou Intelligent Equipment Technology 300455.SZ | China | $1.81B | -36% | -29% | -4% | n/a | n/a | n/a |
| Shenzhen Topband 002139.SZ | China | $1.81B | -8% | +9% | 3% | 37.7× | n/a | n/a |
| Shanghai Feilo Acoustics 600651.SS | China | $1.82B | -30% | -11% | -3% | n/a | n/a | n/a |
| Jiangsu Linyang Energy 601222.SS | China | $1.74B | -6% | +35% | 8% | 15.4× | n/a | n/a |
| Anritsu 6754.T | Japan | $1.87B | -45% | +21% | 15% | 16.3× | 11.3% | +2.1% |
| Shenzhen Everbest Machinery Industry 002980.SZ | China | $1.90B | -16% | +64% | 23% | n/a | n/a | n/a |
| Suzhou TZTEK Technology 688003.SS | China | $1.67B | -19% | +33% | 5% | 64.3× | 42.0% | +13.2% |
| Goodwe Technologies 688390.SS | China | $1.93B | -51% | +53% | 5% | 17.1× | 17.4% | +41.2% |
| Zhejiang HangKe Technology 688006.SS | China | $1.64B | -43% | +12% | 3% | 24.0× | 16.0% | +14.9% |
| Diebold Nixdorf DBD | United States | $1.96B | -25% | +6% | 9% | 10.5× | -2.0% | -0.5% |
| Shenzhen VMAX New Energy (Group) 688612.SS | China | $1.63B | -21% | -6% | 9% | 17.5× | 18.8% | +57.4% |
| Hexing Electrical 603556.SS | China | $1.61B | -23% | +6% | 9% | 14.2× | 0.1% | +11.3% |
| ULVAC 6728.T | Japan | $2.01B | -34% | +7% | 7% | 15.5× | 14.1% | +8.0% |
| Glory 6457.T | Japan | $1.53B | +16% | -8% | 9% | 12.2× | -8.1% | +9.3% |
| TAIFLEX Scientific 8039.TW | Taiwan | $1.51B | +36% | +3% | 6% | n/a | 28.3% | +3.9% |
| Hangzhou Kelin Electric 688611.SS | China | $1.51B | +4% | -58% | -32% | 48.1× | n/a | n/a |
| Amano 6436.T | Japan | $1.50B | -4% | +1% | 11% | 13.7× | -7.6% | +9.2% |
| Zhejiang Dali Technology 002214.SZ | China | $1.45B | -15% | +1% | -68% | n/a | n/a | n/a |