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UK maker of refractory and ceramic products that control molten-metal flow for steel and foundry customers.
UK maker of refractory and ceramic products that control molten-metal flow for steel and foundry customers.
Its ceramic parts are consumed in use and replaced constantly, so sales follow tonnes of steel and castings produced rather than new plant investment. It was split off from Cookson Group in 2012 and operates worldwide, with customers in Europe, the Americas and Asia.
In one line: A UK niche steel-refractories leader.
Moat: narrow (process know-how, customer qualification, IP / patents). Technical expertise embedded in steelmakers' processes creates high switching costs.
Headquarters: London, UK · Employees: 10,925
Size Vesuvius (VSVS.L) is a United Kingdom Industrials company (Miscellaneous Manufacturing) with a market value of $1.49B, the 187th largest of 363 United Kingdom companies the cockpit tracks. Shares closed at £452.00 on 6 Nov 2026.
Performance Over six months the shares gained 1.8%, against -19.7% for the median peer and +3.6% for the United Kingdom market (cap-weighted) — 5th highest of 21 in its peer set.
Growth Revenue grew 1.9% over the last twelve months (peer median +7.8%); the operating margin is 7.3% (peer median 11.4%).
Valuation It trades at 14.7× forward earnings against a peer median of 17.8× (7th cheapest of 18).
Price implies For today's price to make sense, revenue must grow about 8% a year for seven years (Req g). Recent delivered growth is +4%, so the hurdle is +4 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 4.5 points below its cost of capital (10.0% WACC).
Next results Next results expected around 4 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | £1.82B | £1.81B | £1.82B | £1.93B | £2.05B |
| Revenue growth | — | -1% | -6% | -6% | — |
| Gross profit | £453M | £450M | £494M | £528M | £561M |
| EBITDA | £213M | £217M | £240M | £258M | £283M |
| Net income | £38.2M | £52.2M | £87.2M | £118M | £181M |
| Free cash flow | £83.9M | £39.4M | £68.3M | £125M | £123M |
| Capital expenditure | £93.5M | £90.4M | £101M | £92.6M | £89.2M |
| Total debt | n/a | £642M | £520M | £402M | £442M |
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 |
|---|---|---|---|---|---|---|
| Vesuvius VSVS.L | $1.49B | +2% | +2% | 7% | 14.7× | 8.2% |
| RHI Magnesita RHIM.L | $1.74B | +2% | -1% | 11% | 6.9× | 3.0% |
| 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 | VSVS.L | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -0.1% | -7.7% | 6th highest of 21 |
| 6-month return | +1.8% | -19.7% | 5th highest of 21 |
| Distance from 52-week high | -10.9% | -37.1% | 3rd highest of 21 |
| Revenue growth (TTM) | +1.9% | +7.8% | 4th lowest of 21 |
| Operating margin | 7.3% | 11.4% | 7th lowest of 21 |
| Forward P/E | 14.7× | 17.8× | 7th cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | 8.2% | 11.2% | 8th least demanding of 17 |
| Growth delivered (Del g) | +4.4% | +4.3% | 9th highest of 17 |
| Hurdle (Req g minus delivered) | +3.8 pp | -0.1 pp | 7th most demanding of 17 |
| ROIC minus cost of capital | -4.5 pp | +0.5 pp | 4th lowest of 21 |
| EV / EBITDA | 7.7× | 7.5× | 4th most expensive of 8 |
| Net debt / EBITDA | 2.0× | 1.6× | 2nd most indebted of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Vesuvius VSVS.L | United Kingdom | $1.49B | +2% | +2% | 7% | 14.7× | 8.2% | +4.4% |
| Xiamen Voke Mold & Plastic Engineering 301196.SZ | China | $1.48B | -34% | +34% | 12% | 32.6× | 19.6% | +19.4% |
| Jinfu Technology 003018.SZ | China | $1.51B | -30% | +85% | 26% | 39.3× | 18.0% | +8.2% |
| FP Corporation 7947.T | Japan | $1.61B | +35% | +4% | 9% | 15.5× | -1.0% | +5.1% |
| Shanghai PRET Composites 002324.SZ | China | $1.36B | -44% | +27% | 1% | 45.7× | n/a | n/a |
| Takuma 6013.T | Japan | $1.26B | -1% | +18% | 10% | 13.6× | -5.4% | +2.5% |
| PILLAR 6490.T | Japan | $1.25B | -9% | +10% | 22% | 11.5× | 18.0% | +14.5% |
| China Lesso 2128.HK | Hong Kong | $1.20B | -42% | -5% | 13% | 5.7× | -4.5% | -3.5% |
| Suzhou Victory Precision Manufacture 002426.SZ | China | $1.17B | -41% | +7% | -20% | n/a | 30.8% | -18.0% |
| Cangzhou Mingzhu Plastic 002108.SZ | China | $1.10B | -28% | +14% | 5% | n/a | n/a | n/a |
| INDUS INH.DE | Germany | $1.03B | +11% | +8% | 13% | 7.0× | -6.8% | +2.2% |
| Zhejiang Weixing Industrial Development 002003.SZ | China | $2.17B | +28% | +14% | 16% | 20.7× | -4.2% | +14.0% |
| Leyard Optoelectronic 300296.SZ | China | $2.20B | -14% | -14% | 4% | 28.8× | 17.1% | +1.2% |
| Shanghai Hajime Advanced Material Technology 301000.SZ | China | $986M | -1% | +4% | 16% | 40.9× | n/a | n/a |
| Shanghai Yanpu Precision Technology (Group) 605128.SS | China | $978M | -9% | +3% | 9% | 27.1× | 15.4% | +25.0% |
| Zhejiang Weixing New Building Materials 002372.SZ | China | $2.27B | -19% | -12% | 14% | 17.8× | 9.9% | +1.1% |
| Finolex Industries FINPIPE.NS | India | $932M | -20% | +3% | 14% | 16.4× | 13.0% | +3.5% |
| Jiangsu Changhai Composite Materials 300196.SZ | China | $897M | -25% | +3% | 11% | 17.9× | 3.8% | +9.0% |
| Genuit GEN.L | United Kingdom | $897M | +8% | +4% | 12% | 12.1× | 12.4% | +8.6% |
| Shenzhen Jame Technology 300868.SZ | China | $878M | -36% | +8% | -7% | n/a | n/a | n/a |
| Blue Sail Medical 002382.SZ | China | $861M | -24% | +23% | 7% | 11.8× | -6.5% | -6.1% |