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UK maker of power cords, cable assemblies and electronic interconnects for data centers, medical, EV and consumer electronics.
UK maker of power cords, cable assemblies and electronic interconnects for data centers, medical, EV and consumer electronics.
Builds cable assemblies to order against customers' specifications, and has grown as much by buying smaller cable and wiring makers as by organic growth. Its end markets differ in cycle: data-center and EV programs expand fast, while consumer power cords are mature.
In one line: A UK niche Amphenol/TE Connectivity for cable assemblies.
Moat: narrow (customer qualification, scale, process know-how). Qualified into customer designs, with a global manufacturing footprint aiding retention.
Headquarters: London, UK · Founded: 1928 · Employees: 12,500
Size Volex (VLX.L) is a United Kingdom Industrials company (Electrical Products) with a market value of $1.27B, the 201st largest of 363 United Kingdom companies the cockpit tracks. Shares closed at £520.00 on 6 Nov 2026.
Performance Over six months the shares fell 20.5%, against -32.0% for the median peer and +3.6% for the United Kingdom market (cap-weighted) — 6th highest of 20 in its peer set.
Growth Revenue grew 8.8% over the last twelve months (peer median +21.5%); the operating margin is 8.9% (peer median 3.0%).
Valuation It trades at 13.4× forward earnings against a peer median of 25.3× (4th cheapest of 13).
Price implies For today's price to make sense, revenue must grow about 13% a year for seven years (Req g). Recent delivered growth is +22%, so the hurdle is -9 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.5 points above its cost of capital (11.8% WACC).
Next results Next results expected around 12 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | £927M | £927M | £852M | £727M | £600M |
| Revenue growth | — | +9% | +17% | +21% | — |
| Gross profit | £204M | £204M | £172M | £149M | £121M |
| EBITDA | £117M | £116M | £99.2M | £82.0M | £64.0M |
| Net income | £49.1M | £49.1M | £37.5M | £31.3M | £30.6M |
| Free cash flow | £29.3M | £29.3M | £27.6M | £39.7M | £34.6M |
| Capital expenditure | £26.0M | £26.0M | £36.1M | £25.2M | £15.2M |
| Total debt | n/a | £157M | £165M | £145M | £102M |
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 |
|---|---|---|---|---|---|---|
| Volex VLX.L | $1.27B | -20% | +9% | 9% | 13.4× | 13.2% |
| Amphenol APH | $184B | +21% | +58% | 29% | 21.6× | 15.7% |
| TE Connectivity TEL | $59.5B | +1% | +15% | 22% | 15.1× | 8.2% |
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 | VLX.L | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -23.5% | -16.1% | 8th lowest of 21 |
| 6-month return | -20.5% | -32.0% | 6th highest of 20 |
| Distance from 52-week high | -26.8% | -54.5% | 2nd highest of 21 |
| Revenue growth (TTM) | +8.8% | +21.5% | 7th lowest of 20 |
| Operating margin | 8.9% | 3.0% | 3rd highest of 20 |
| Forward P/E | 13.4× | 25.3× | 4th cheapest of 13 |
| Growth the price implies (Req g, 7 yrs) | 13.2% | 20.6% | 2nd least demanding of 8 |
| Growth delivered (Del g) | +22.3% | +14.2% | 2nd highest of 8 |
| Hurdle (Req g minus delivered) | -9.1 pp | +5.8 pp | 2nd least demanding of 8 |
| ROIC minus cost of capital | +1.5 pp | -3.9 pp | 5th highest of 20 |
| EV / EBITDA | 9.1× | 24.3× | 2nd cheapest of 5 |
| Net debt / EBITDA | 1.0× | 0.5× | 4th least indebted of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Volex VLX.L | United Kingdom | $1.27B | -20% | +9% | 9% | 13.4× | 13.2% | +22.3% |
| Sinofibers Technology 300777.SZ | China | $1.26B | -48% | -61% | -25% | 40.7× | 55.1% | +16.7% |
| Amprius Technologies AMPX | United States | $1.27B | -48% | +144% | -17% | n/a | n/a | n/a |
| Ningbo KBE Electrical Technology 300863.SZ | China | $1.27B | -20% | +21% | 4% | 23.0× | n/a | n/a |
| Sunstone Development 603612.SS | China | $1.25B | -32% | +28% | 8% | 10.1× | n/a | n/a |
| Hoymiles Power Electronics 688032.SS | China | $1.29B | -38% | +47% | -16% | n/a | n/a | n/a |
| Camel 601311.SS | China | $1.29B | -26% | -4% | 2% | 12.8× | -0.5% | +11.2% |
| FOCI Fiber Optic Communications 3363.TWO | Taiwan | $1.24B | -59% | -2% | -16% | 92.0× | n/a | n/a |
| Suzhou Anjie Technology 002635.SZ | China | $1.30B | -19% | +21% | 3% | 22.0× | 16.2% | +10.4% |
| Shandong Sacred Sun Power Sources 002580.SZ | China | $1.23B | -34% | +22% | 4% | n/a | 21.6% | +14.2% |
| Wuxi Xinhongye Wire & Cable 301310.SZ | China | $1.32B | -4% | +47% | 3% | 39.4× | n/a | n/a |
| Taihan Fiberoptics 010170.KS | South Korea | $1.21B | -30% | +6% | -10% | n/a | n/a | n/a |
| Jiangsu Xihua New Energy Technology 603248.SS | China | $1.21B | -31% | +32% | 33% | n/a | n/a | n/a |
| Lotte Energy Materials 020150.KS | South Korea | $1.21B | -53% | -12% | -13% | n/a | n/a | n/a |
| Accelevation ACCV | United States | $1.33B | n/a | n/a | n/a | n/a | n/a | n/a |
| Shenzhen Desay Battery Technology 000049.SZ | China | $1.20B | -28% | +9% | 2% | 19.5× | n/a | n/a |
| SPG 058610.KS | South Korea | $1.20B | -42% | -7% | 5% | 104.8× | 40.9% | -0.8% |
| PowerX 485A.T | Japan | $1.20B | -55% | +213% | -1% | n/a | n/a | n/a |
| Atlanta Electricals ATLANTAELE.NS | India | $1.19B | -10% | +59% | 16% | 38.9× | 20.6% | +28.4% |
| V-Guard Industries VGUARD.NS | India | $1.35B | -12% | +22% | 8% | 27.6× | 19.3% | +17.0% |
| Jiangsu Zenergy Battery Technologies 3677.HK | Hong Kong | $1.19B | -56% | +58% | 6% | 8.1× | n/a | n/a |