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World's largest maker of refractory materials — heat-resistant linings for steel, cement and glass furnaces.
World's largest maker of refractory materials — heat-resistant linings for steel, cement and glass furnaces.
Sells refractory linings that wear out and must be replaced, so revenue follows how much steel, cement and glass its customers produce, with steel the main user. Owning magnesite mines secures a key raw material. It was formed by the 2017 merger of Austria's RHI and Brazil's Magnesita.
In one line: A furnace-lining materials supplier with no direct US peer.
Moat: narrow (scale, installed base, process know-how). Largest global scale and captive raw-material mines, but faces two similarly capable global rivals.
Headquarters: Amsterdam, Netherlands (operating HQ Vienna, Austria) · Founded: 2017
Size RHI Magnesita (RHIM.L) is a United Kingdom Materials company (Other Metals/Minerals) with a market value of $1.74B, the 175th largest of 363 United Kingdom companies the cockpit tracks. Shares closed at £2,730 on 6 Nov 2026.
Performance Over six months the shares gained 2.2%, against -28.2% for the median peer and +3.6% for the United Kingdom market (cap-weighted) — 2nd highest of 21 in its peer set.
Growth Revenue fell 1.2% over the last twelve months (peer median +20.0%); the operating margin is 10.5% (peer median 7.2%).
Valuation It trades at 6.9× forward earnings against a peer median of 24.2× (3rd cheapest of 17).
Price implies For today's price to make sense, revenue must grow about 3% a year for seven years (Req g). Recent delivered growth is +7%, so the hurdle is -4 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.7 points below its cost of capital (10.0% WACC).
Next results Next results expected around 1 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | £2.85B | £2.88B | £2.95B | £3.11B | £2.83B |
| Revenue growth | — | -2% | -5% | +10% | — |
| Gross profit | £609M | £617M | £718M | £746M | £651M |
| EBITDA | £455M | £432M | £459M | £472M | £426M |
| Net income | £96.6M | £73.6M | £120M | £143M | £133M |
| Free cash flow | £154M | £162M | £186M | £232M | £36.0M |
| Capital expenditure | £98.7M | £95.1M | £123M | £156M | £134M |
| Total debt | n/a | £1.62B | £1.51B | £1.75B | £1.49B |
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 |
|---|---|---|---|---|---|---|
| RHI Magnesita RHIM.L | $1.74B | +2% | -1% | 11% | 6.9× | 3.0% |
| Vesuvius VSVS.L | $1.49B | +2% | +2% | 7% | 14.7× | 8.2% |
| Imerys NK.PA | $2.41B | +11% | -2% | 6% | 15.4× | 7.4% |
| Compagnie de Saint-Gobain SGO.PA | $40.7B | -3% | -2% | 10% | 12.1× | 5.1% |
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 | RHIM.L | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +0.9% | -8.8% | 3rd highest of 21 |
| 6-month return | +2.2% | -28.2% | 2nd highest of 21 |
| Distance from 52-week high | -18.6% | -48.2% | highest of 21 |
| Revenue growth (TTM) | -1.2% | +20.0% | 5th lowest of 20 |
| Operating margin | 10.5% | 7.2% | 9th highest of 20 |
| Forward P/E | 6.9× | 24.2× | 3rd cheapest of 17 |
| Growth the price implies (Req g, 7 yrs) | 3.0% | 13.1% | 3rd least demanding of 10 |
| Growth delivered (Del g) | +7.5% | +17.8% | 2nd lowest of 9 |
| Hurdle (Req g minus delivered) | -4.4 pp | -5.1 pp | 5th least demanding of 9 |
| ROIC minus cost of capital | -0.7 pp | -4.4 pp | 8th highest of 21 |
| EV / EBITDA | 5.8× | 6.2× | 2nd cheapest of 6 |
| Net debt / EBITDA | 2.7× | 1.0× | 3rd most indebted of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| RHI Magnesita RHIM.L | United Kingdom | $1.74B | +2% | -1% | 11% | 6.9× | 3.0% | +7.5% |
| Yellow Cake YCA.L | United Kingdom | $1.74B | -12% | n/a | n/a | 10.6× | n/a | n/a |
| Baoji Titanium Industry 600456.SS | China | $1.76B | -26% | +14% | 7% | 26.4× | n/a | n/a |
| Atalaya Mining Copper ATYM.L | United Kingdom | $1.71B | -2% | +20% | 29% | 7.8× | 6.5% | +13.0% |
| Iluka Resources ILU.AX | Australia | $1.77B | -30% | -20% | -29% | n/a | n/a | n/a |
| Nickel Industries NIC.AX | Australia | $1.78B | -46% | -3% | 10% | 10.4× | 13.1% | +27.5% |
| Energy Fuels EFR.TO | Canada | $1.78B | -70% | +70% | -79% | 61.7× | n/a | n/a |
| Yantai Zhenghai Magnetic Material 300224.SZ | China | $1.79B | -1% | +16% | 5% | 29.9× | 20.1% | +29.2% |
| Jiangsu ToLand Alloy 300855.SZ | China | $1.83B | -21% | +75% | 28% | 26.5× | n/a | n/a |
| Beijing Zhong Ke San Huan High-Tech 000970.SZ | China | $1.87B | -16% | +11% | 3% | 65.8× | n/a | n/a |
| Tibet Summit Resources 600338.SS | China | $1.56B | -59% | +54% | 30% | n/a | 12.8% | +16.5% |
| China Kings Resources 603505.SS | China | $1.55B | -33% | -11% | -1% | 46.2× | n/a | n/a |
| Baowu Magnesium Technology 002182.SZ | China | $1.54B | -34% | +4% | 0% | 74.0× | n/a | n/a |
| Denison Mines DML.TO | Canada | $2.00B | -39% | -9% | -2,101% | n/a | n/a | n/a |
| Nexa Resources NEXA | United States | $1.51B | -20% | +27% | 22% | 3.0× | -17.4% | +8.9% |
| Tibet Mineral Development 000762.SZ | China | $1.50B | -50% | +270% | 20% | n/a | 33.1% | -1.3% |
| CGN Mining 1164.HK | Hong Kong | $2.03B | -47% | +15% | 2% | 20.8× | 33.0% | +19.1% |
| Lianyou Metals 7610.TW | Taiwan | $2.03B | +89% | +238% | 56% | 11.4× | n/a | n/a |
| Henan Liliang Diamond 301071.SZ | China | $2.03B | -2% | +73% | 21% | 45.0× | 28.0% | +20.9% |
| Anhui Jingcheng Copper Share 002171.SZ | China | $2.07B | -22% | +35% | 1% | 22.0× | n/a | n/a |
| Jiaxin International Resources Investment 3858.HK | Hong Kong | $2.08B | -56% | +2,782% | 65% | 6.1× | -6.4% | n/a |