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UK maker of PEEK, a high-performance polymer used in aerospace, medical implants, automotive and electronics.
UK maker of PEEK, a high-performance polymer used in aerospace, medical implants, automotive and electronics.
Sells PEEK by weight to makers of components, with the medical grade sold through its Invibio unit, where each grade is qualified for implants over years and repeat orders follow. The company began as the ICI chemicals group's PEEK business before a 1990s buyout and listing.
In one line: The world's leading PEEK polymer producer.
Moat: wide (IP / patents, process know-how, scale). Global leader in patented PEEK manufacturing with decades of process know-how.
Headquarters: Thornton-Cleveleys, UK · Founded: 1993 · Employees: 1,169
Size Victrex (VCT.L) is a United Kingdom Materials company (Chemicals: Major Diversified) with a market value of $1.04B, the 213th largest of 363 United Kingdom companies the cockpit tracks. Shares closed at £889.00 on 6 Nov 2026.
Performance Over six months the shares gained 53.5%, against -30.3% 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 +2.9%); the operating margin is 14.3% (peer median 13.1%).
Valuation It trades at 21.7× forward earnings against a peer median of 19.2× (5th most expensive of 14).
Price implies For today's price to make sense, revenue must grow about 16% a year for seven years (Req g). Recent delivered growth is +2%, 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 2.5 points below its cost of capital (11.0% WACC).
Next results Next results expected around 8 Dec 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | £294M | £293M | £291M | £307M | £341M |
| Revenue growth | — | +1% | -5% | -10% | — |
| Gross profit | £126M | £128M | £138M | £168M | £175M |
| EBITDA | £66.9M | £70.3M | £90.4M | £111M | £121M |
| Net income | -£19.7M | £27.8M | £17.2M | £61.7M | £76.2M |
| Free cash flow | £48.0M | £48.4M | £50.3M | £2.30M | £34.5M |
| Capital expenditure | £20.6M | £21.8M | £32.6M | £38.5M | £45.5M |
| Total debt | n/a | £49.0M | £50.4M | £50.2M | £32.1M |
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 |
|---|---|---|---|---|---|---|
| Victrex VCT.L | $1.04B | +54% | -1% | 14% | 21.7× | 15.7% |
| Evonik Industries EVK.DE | $11.0B | +19% | +2% | 10% | 12.0× | -6.2% |
| Celanese CE | $5.10B | -19% | +1% | 9% | 7.6× | 5.3% |
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 | VCT.L | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -3.8% | -13.4% | 5th highest of 21 |
| 6-month return | +53.5% | -30.3% | 2nd highest of 21 |
| Distance from 52-week high | -13.2% | -47.1% | 3rd highest of 21 |
| Revenue growth (TTM) | -1.2% | +2.9% | 8th lowest of 21 |
| Operating margin | 14.3% | 13.1% | 11th highest of 21 |
| Forward P/E | 21.7× | 19.2× | 5th most expensive of 14 |
| Growth the price implies (Req g, 7 yrs) | 15.7% | 8.8% | 6th most demanding of 14 |
| Growth delivered (Del g) | +1.9% | +7.4% | 5th lowest of 14 |
| Hurdle (Req g minus delivered) | +13.8 pp | -2.7 pp | 5th most demanding of 14 |
| ROIC minus cost of capital | -2.5 pp | -1.4 pp | 9th lowest of 21 |
| EV / EBITDA | 12.0× | 9.3× | 5th most expensive of 10 |
| Net debt / EBITDA | 0.7× | 0.1× | 5th most indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Victrex VCT.L | United Kingdom | $1.04B | +54% | -1% | 14% | 21.7× | 15.7% | +1.9% |
| Dalian Bio-Chem 603360.SS | China | $1.05B | -55% | 0% | 16% | 23.5× | 9.5% | +18.4% |
| Caregen 214370.KS | South Korea | $1.01B | -73% | -8% | 24% | 22.6× | 35.2% | +3.8% |
| Jiangsu Zhengdan Chemical Industry 300641.SZ | China | $981M | -28% | -30% | 17% | n/a | 8.8% | +11.6% |
| Jubilant Ingrevia JUBLINGREA.NS | India | $966M | -24% | +15% | 10% | 21.1× | 27.3% | +44.9% |
| Zhejiang Huangma Technology 603181.SS | China | $935M | -30% | +7% | 17% | 14.5× | n/a | n/a |
| Nippon Soda 4041.T | Japan | $1.19B | -5% | -1% | 10% | 11.1× | 3.5% | +1.8% |
| Hubei Jianghan New Materials 603281.SS | China | $1.20B | -30% | +8% | 17% | 20.5× | 4.8% | +6.3% |
| CNSIG Inner Mongolia Chemical Industry 600328.SS | China | $1.21B | -32% | -20% | -7% | n/a | n/a | n/a |
| Guangzhou Sanfu Newmaterials Technology 688359.SS | China | $870M | -41% | +8% | -7% | n/a | n/a | n/a |
| Suzhou Highfine Biotech 301393.SZ | China | $865M | -8% | +36% | 17% | 32.3× | n/a | n/a |
| Raghav Productivity Enhancers RPEL.NS | India | $864M | +133% | +38% | 28% | n/a | n/a | n/a |
| Xinxiang Richful Lube Additive 300910.SZ | China | $1.26B | -38% | +12% | 16% | 11.6× | 0.6% | +32.5% |
| Jinan Acetate Chemical 4763.TW | Taiwan | $1.26B | -3% | -36% | 46% | 7.3× | -17.4% | +41.2% |
| Lanxess LXS.DE | Germany | $1.27B | -30% | -10% | -1% | n/a | 17.9% | -1.5% |
| Hanchem 014680.KS | South Korea | $1.30B | -40% | +15% | 17% | 11.1× | 4.7% | +7.4% |
| Polyrocks Chemical 688669.SS | China | $831M | +40% | -8% | -6% | n/a | 35.9% | +15.2% |
| Sanyo Chemical Industries 4471.T | Japan | $823M | +24% | 0% | 10% | 10.5× | -5.1% | -2.5% |
| Jiangxi Hungpai New Material 605366.SS | China | $821M | -47% | +2% | -11% | 236.0× | n/a | n/a |
| China Resources Chemical Innovative Materials 301090.SZ | China | $1.35B | -33% | +4% | 1% | 19.2× | 21.4% | +1.1% |
| Isuspecialtychemical 457190.KS | South Korea | $1.36B | -49% | +14% | 3% | n/a | n/a | n/a |