# Avon Protection (AVON.LSE)

Canonical: https://gigainvestors.com/s/AVON.LSE

Analysis as of: 2026-10-16T07:44:10.697Z. Financial observations: FY2017–FY2025.

Listing currency: GBX. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: GBX 2,455.00 per share; close as of 2026-10-15.

Estimated value: low GBX 34.24 per share, central GBX 37.19 per share, high GBX 41.11 per share. Buy at or below the central value GBX 37.19 per share. Valuation as of 2026-10-16T07:44:10.697Z; scenarios are not confidence intervals.

Expected annual return: 3.1% at the stated quote. About 3.1% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; GB 10-year bond 5.4% + 4 points).

## Checklist

### understandable: fail

- 2 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 9 years

- Years with declining revenue: 2

- Years with a net loss: 3

- Operating margin variation: 0.77×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.15×

- FY2018: 0.14×

- FY2019: 0.14×

- FY2020: 0.07×

- FY2021: 0.09×

- FY2022: 0.07×

- FY2023: -0.05×

- FY2024: 0.04×

- FY2025: 0.06×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 9.8%

- ROIC, second-lowest year: 6.4%

- Typical minus recent gross margin: -2.7 pp

- Typical gross margin (annual median): 35.7%

- Recent gross margin (lower of latest and 3-year median): 38.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.4%

- ROIC including acquisitions, ten-year median: 3.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 86.5%

- FY2018: 61.0%

- FY2019: 48.5%

- FY2020: 18.0%

- FY2021: 9.8%

- FY2022: 7.7%

- FY2023: -5.5%

- FY2024: 6.4%

- FY2025: 8.4%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$12M

- Net income, five-year total: -$34M

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: 0.0 pp

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: -$31M

- FY2022: $540K

- FY2023: -$8.8M

- FY2024: $7.6M

- FY2025: $20M

### management: fail

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 61.0% vs 6.4%

- Per-share earnings: 0.66 to 0.09 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 0.0%

- Market cap gain: $484M

- Cumulative retained earnings: $94M

- Diluted shares, 5-year annual growth: 0.0%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -27.7%

- Per-share value change: -$0.57

- Per-share value, starting three-year median: $0.66

- Per-share value, ending three-year median: $0.09

- Buybacks concentrated in cheaper years (correlation): -0.60

- Average buyback yield: 0.8%

- Buyback history: 6 years

- Debt-funded buybacks: Yes

- ROIC, first three-year median: 61.0%

- ROIC, last three-year median: 6.4%

Chart: Earnings per share; fiscal year observations.

- FY2017: $0.70

- FY2018: $0.66

- FY2019: $0.46

- FY2020: $0.23

- FY2021: -$0.82

- FY2022: -$0.25

- FY2023: -$0.48

- FY2024: $0.09

- FY2025: $0.35

### accounting: pass

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: -4.3%

- Receivables to sales index (DSRI): 1.33×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 24.2%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.26×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.51×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -7.5%

- FY2018: -6.7%

- FY2019: -1.9%

- FY2020: 0.8%

- FY2021: -8.2%

- FY2022: -10.5%

- FY2023: -6.2%

- FY2024: -16.3%

- FY2025: -4.3%

## Holders

## Price story

Price needs cash profits to grow 66.6% a year for ten years · sales +17.6%

Story as of 2026-10-16T10:00:12.948Z; price observation 2026-10-15.

Price needs cash profits to grow 66.6% a year for ten years

### Sales · FY2024–2025

sales +17.6%; source https://filings.xbrl.org/213800JM1AN62REBWA71/2025-09-30/ESEF/GB/0/213800JM1AN62REBWA71-2025-09-30/reports/213800JM1AN62REBWA71-2025-09-30-T01.html; observed 2025-12-16.

- FY2017: $159M 

- FY2018: $166M 

- FY2019: $128M 

- FY2020: $168M 

- FY2021: $248M 

- FY2022: $229M 

- FY2023: $244M 

- FY2024: $275M 

- FY2025: $323M 

### Gross margin · FY2025

gross margin 41%; source https://filings.xbrl.org/213800JM1AN62REBWA71/2025-09-30/ESEF/GB/0/213800JM1AN62REBWA71-2025-09-30/reports/213800JM1AN62REBWA71-2025-09-30-T01.html; observed 2025-12-16.

- FY2017: 36.8% 

- FY2018: 36.3% 

- FY2019: 35.7% 

- FY2020: 34.8% 

- FY2021: 24.1% 

- FY2022: 28.9% 

- FY2023: 35.2% 

- FY2024: 38.5% 

- FY2025: 41.0% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in aerospace & defense; annual sales are USD 323.5 million.

- Source: https://filings.xbrl.org/213800JM1AN62REBWA71/2025-09-30/ESEF/GB/0/213800JM1AN62REBWA71-2025-09-30/reports/213800JM1AN62REBWA71-2025-09-30-T01.html (filed 2025-12-16); FY2025: revenue 323496975; grossProfit 132634790; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); AVON.LSE: Avon Technologies Plc, together with its subsidiaries, provides respiratory and head protection products for the military and first responder markets in Europe and the United States. It operates through Avon Protection and Team Wendy segments. The company offers respirators, escape hoods, thermal imaging cameras, powered and supplied air, rebreathers, and underwater systems; spares and accessories, such as replacement filters, outserts, and communication systems; chemical, biological, radiological, and nuclear protective wear. It also provides ballistic and bump protection helmets; and liner and retention systems. The company offers its products under the Avon Protection and Team Wendy brands. In addition, it is involved in investment and pension fund trustee activities. Avon Technologies Plc was formerly known as Avon Protection plc and changed its name to Avon Technologies Plc in July 2024. Avon Technologies Plc was incorporated in 1890 and is based in Melksham, the United Kingdom.

### Why customers stay

Margins ranged from 35.2% to 41% during 2023–25; it earns 9.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-16); FY2023: grossProfit / revenue = 35.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-16); FY2024: grossProfit / revenue = 38.5%.

- Source: https://filings.xbrl.org/213800JM1AN62REBWA71/2025-09-30/ESEF/GB/0/213800JM1AN62REBWA71-2025-09-30/reports/213800JM1AN62REBWA71-2025-09-30-T01.html (filed 2025-12-16); FY2025: grossProfit / revenue = 41%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-16); 9-year return on capital observations [[2017,0.8654545454545455],[2018,0.6102380952380952],[2019,0.4849315068493151],[2020,0.17952314165497896],[2021,0.09794231600418206],[2022,0.07674563247313211],[2023,-0.055484949832775916],[2024,0.06426426426426426],[2025,0.08364655406969021]]; median 0.09794231600418206. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 9 of 9 years; bought back USD 9.4 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-16); FY2017: growth capex 0; upkeep 5500000; owner earnings 28600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-16); FY2018: growth capex 0; upkeep 8900000; owner earnings 22500000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-16); FY2019: growth capex 0; upkeep 5700000; owner earnings 21100000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-16); FY2020: growth capex 0; upkeep 20067405.9; owner earnings 2672594.1000000015. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-16); FY2022: growth capex 0; upkeep 8900000; owner earnings 540000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-16); FY2024: growth capex 0; upkeep 11200000; owner earnings 7620000. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/213800JM1AN62REBWA71/2025-09-30/ESEF/GB/0/213800JM1AN62REBWA71-2025-09-30/reports/213800JM1AN62REBWA71-2025-09-30-T01.html (filed 2025-12-16); FY2025: growth capex 0; upkeep 8347639; owner earnings 20123190. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-16); Dividend observations: [[2017,3200000],[2018,4099999],[2019,6637657],[2020,9004605.21],[2021,12100000],[2022,13400000],[2023,13400000],[2024,6800000],[2025,7420127]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://filings.xbrl.org/213800JM1AN62REBWA71/2025-09-30/ESEF/GB/0/213800JM1AN62REBWA71-2025-09-30/reports/213800JM1AN62REBWA71-2025-09-30-T01.html (filed 2025-12-16); FY2025: cash repurchases 9378216 USD.

### Are managers owners

Insiders own 4.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); AVON.LSE SharesStats.PercentInsiders = 4.52 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 66.6% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-16); Ten-year compound average after fade. Initial solved rate 0.9972689571608395. Price 2455; FX 75.34943299551671; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

## Monthly share-price history (GBX per share)

- 2016-10: GBX 992.00 per share

- 2016-11: GBX 1,049.00 per share

- 2016-12: GBX 1,041.00 per share

- 2017-01: GBX 1,028.00 per share

- 2017-02: GBX 969.50 per share

- 2017-03: GBX 961.50 per share

- 2017-04: GBX 1,049.00 per share

- 2017-05: GBX 1,100.00 per share

- 2017-06: GBX 1,020.00 per share

- 2017-07: GBX 1,000.00 per share

- 2017-08: GBX 935.00 per share

- 2017-09: GBX 937.50 per share

- 2017-10: GBX 979.00 per share

- 2017-11: GBX 1,173.00 per share

- 2017-12: GBX 1,219.00 per share

- 2018-01: GBX 1,255.00 per share

- 2018-02: GBX 1,180.00 per share

- 2018-03: GBX 1,270.00 per share

- 2018-04: GBX 1,345.00 per share

- 2018-05: GBX 1,400.00 per share

- 2018-06: GBX 1,430.00 per share

- 2018-07: GBX 1,455.00 per share

- 2018-08: GBX 1,380.00 per share

- 2018-09: GBX 1,290.00 per share

- 2018-10: GBX 1,200.00 per share

- 2018-11: GBX 1,305.00 per share

- 2018-12: GBX 1,250.00 per share

- 2019-01: GBX 1,205.00 per share

- 2019-02: GBX 1,270.00 per share

- 2019-03: GBX 1,300.00 per share

- 2019-04: GBX 1,474.00 per share

- 2019-05: GBX 1,326.00 per share

- 2019-06: GBX 1,364.00 per share

- 2019-07: GBX 1,340.00 per share

- 2019-08: GBX 1,780.00 per share

- 2019-09: GBX 1,662.00 per share

- 2019-10: GBX 1,776.00 per share

- 2019-11: GBX 2,010.00 per share

- 2019-12: GBX 2,090.00 per share

- 2020-01: GBX 2,495.00 per share

- 2020-02: GBX 2,730.00 per share

- 2020-03: GBX 2,305.00 per share

- 2020-04: GBX 2,650.00 per share

- 2020-05: GBX 3,270.00 per share

- 2020-06: GBX 3,200.00 per share

- 2020-07: GBX 3,320.00 per share

- 2020-08: GBX 3,820.00 per share

- 2020-09: GBX 4,250.00 per share

- 2020-10: GBX 3,925.00 per share

- 2020-11: GBX 4,445.00 per share

- 2020-12: GBX 3,165.00 per share

- 2021-01: GBX 3,100.00 per share

- 2021-02: GBX 2,805.00 per share

- 2021-03: GBX 3,160.00 per share

- 2021-04: GBX 3,318.00 per share

- 2021-05: GBX 3,096.00 per share

- 2021-06: GBX 2,616.00 per share

- 2021-07: GBX 2,716.00 per share

- 2021-08: GBX 1,879.00 per share

- 2021-09: GBX 1,942.00 per share

- 2021-10: GBX 1,945.00 per share

- 2021-11: GBX 1,072.00 per share

- 2021-12: GBX 1,121.00 per share

- 2022-01: GBX 1,135.00 per share

- 2022-02: GBX 1,248.00 per share

- 2022-03: GBX 1,300.00 per share

- 2022-04: GBX 1,062.00 per share

- 2022-05: GBX 1,166.00 per share

- 2022-06: GBX 983.50 per share

- 2022-07: GBX 1,062.00 per share

- 2022-08: GBX 805.50 per share

- 2022-09: GBX 1,124.00 per share

- 2022-10: GBX 1,040.00 per share

- 2022-11: GBX 1,029.00 per share

- 2022-12: GBX 1,075.00 per share

- 2023-01: GBX 1,010.00 per share

- 2023-02: GBX 975.50 per share

- 2023-03: GBX 926.50 per share

- 2023-04: GBX 993.00 per share

- 2023-05: GBX 900.00 per share

- 2023-06: GBX 852.00 per share

- 2023-07: GBX 822.00 per share

- 2023-08: GBX 650.00 per share

- 2023-09: GBX 618.00 per share

- 2023-10: GBX 854.00 per share

- 2023-11: GBX 771.00 per share

- 2023-12: GBX 850.00 per share

- 2024-01: GBX 932.00 per share

- 2024-02: GBX 987.00 per share

- 2024-03: GBX 1,082.00 per share

- 2024-04: GBX 1,196.00 per share

- 2024-05: GBX 1,320.00 per share

- 2024-06: GBX 1,298.00 per share

- 2024-07: GBX 1,310.00 per share

- 2024-08: GBX 1,244.00 per share

- 2024-09: GBX 1,220.00 per share

- 2024-10: GBX 1,228.00 per share

- 2024-11: GBX 1,412.00 per share

- 2024-12: GBX 1,470.00 per share

- 2025-01: GBX 1,486.00 per share

- 2025-02: GBX 1,432.00 per share

- 2025-03: GBX 1,444.00 per share

- 2025-04: GBX 1,360.00 per share

- 2025-05: GBX 1,758.00 per share

- 2025-06: GBX 1,930.00 per share

- 2025-07: GBX 2,115.00 per share

- 2025-08: GBX 1,906.00 per share

- 2025-09: GBX 2,125.00 per share

- 2025-10: GBX 1,914.00 per share

- 2025-11: GBX 1,814.00 per share

- 2025-12: GBX 1,814.00 per share

- 2026-01: GBX 1,754.00 per share

- 2026-02: GBX 1,838.00 per share

- 2026-03: GBX 1,658.00 per share

- 2026-04: GBX 1,724.00 per share

- 2026-05: GBX 1,734.00 per share

- 2026-06: GBX 1,716.00 per share

- 2026-07: GBX 1,706.00 per share

- 2026-08: GBX 1,854.00 per share

- 2026-09: GBX 1,844.00 per share

- 2026-10: GBX 2,455.00 per share

## Annual estimated value (GBX per share)

- FY2021: low GBX 928.42 per share, central GBX 1,053.33 per share, high GBX 1,219.61 per share

- FY2022: low GBX 110.95 per share, central GBX 124.53 per share, high GBX 142.60 per share

- FY2023: low GBX 36.72 per share, central GBX 38.90 per share, high GBX 41.81 per share

- FY2024: low GBX 36.92 per share, central GBX 39.24 per share, high GBX 42.32 per share

- FY2025: low GBX 37.55 per share, central GBX 40.38 per share, high GBX 44.15 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original ESEF filing](https://filings.xbrl.org/213800JM1AN62REBWA71/2025-09-30/ESEF/GB/0/213800JM1AN62REBWA71-2025-09-30/reports/213800JM1AN62REBWA71-2025-09-30-T01.html); period 2025-09-30, filed 2025-12-16.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.