# Oxford BioMedica (OXB.LSE)

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

Analysis as of: 2026-10-16T07:44:43.202Z. Financial observations: FY1998–FY2025.

Listing currency: GBX. Reporting currency: GBP.

## 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 517.00 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

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

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 8

- Operating margin variation: 1.81×

Chart: Operating margin; fiscal year observations.

- FY2016: -0.41×

- FY2017: -0.15×

- FY2018: 0.12×

- FY2019: -0.20×

- FY2020: -0.06×

- FY2021: 0.15×

- FY2022: -0.22×

- FY2023: -2.06×

- FY2024: -0.31×

- FY2025: -0.18×

### moat: fail

- ROIC median below threshold

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

- Recent gross margin fell 11.1pp below the typical margin (limit 4pp)

- ROIC, median of available years: -15.4%

- ROIC, second-lowest year: -29.6%

- Typical minus recent gross margin: 11.1 pp

- Typical gross margin (annual median): 50.2%

- Recent gross margin (lower of latest and 3-year median): 39.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 11.3%

- ROIC including acquisitions, ten-year median: -24.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -28.2%

- FY2017: -15.6%

- FY2018: 18.3%

- FY2019: -15.3%

- FY2020: -5.7%

- FY2021: 22.7%

- FY2022: -13.5%

- FY2023: -178.0%

- FY2024: -29.6%

- FY2025: -16.4%

### 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: GBP -254M

- Net income, five-year total: GBP -251M

- Return on incremental invested capital: -53.5%

- Working capital / revenue, annual change: -0.0 pp

- Working capital / revenue, change between three-year averages: -1.4 pp

- Working capital / revenue, final three-year average: 32.9%

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

- FY2021: GBP 20M

- FY2022: GBP -44M

- FY2023: GBP -153M

- FY2024: GBP -41M

- FY2025: GBP -36M

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: -15.6% vs -29.6%

- Per-share earnings: -0.25 to -0.42 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- five-year and ten-year diluted share growth both above threshold

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 8.1%

- Ordinary dilution, 5-year annual growth: 6.3%

- Market cap gain: GBP 573M

- Cumulative retained earnings: GBP -241M

- Diluted shares, 10-year annual growth: 8.1%

- Diluted shares, 5-year annual growth: 6.3%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: GBP -0.16

- Per-share value, starting three-year median: GBP -0.25

- Per-share value, ending three-year median: GBP -0.42

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: GBP 103M

- Cumulative net income, 10 years: GBP -291M

- ROIC, first three-year median: -15.6%

- ROIC, last three-year median: -29.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: GBP -0.29

- FY2017: GBP -0.15

- FY2018: GBP 0.11

- FY2019: GBP -0.21

- FY2020: GBP -0.08

- FY2021: GBP 0.17

- FY2022: GBP -0.41

- FY2023: GBP -1.63

- FY2024: GBP -0.42

- FY2025: GBP -0.27

### accounting: pass

- Sloan accruals: -7.6%

- Receivables to sales index (DSRI): 1.18×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.28×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -20.3%

- FY2017: -18.3%

- FY2018: -4.7%

- FY2019: -10.2%

- FY2020: -5.1%

- FY2021: -2.7%

- FY2022: -5.8%

- FY2023: -51.1%

- FY2024: 3.2%

- FY2025: -7.6%

## Holders

## Price story

Down 66% since Oct 2021 · sales +31%

Story as of 2026-10-16T10:00:13.141Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales +31%; source https://filings.xbrl.org/213800S1GVQNXQ15K851/2025-12-31/ESEF/GB/0/213800S1GVQNXQ15K851-2025-12-31/reports/213800S1GVQNXQ15K851-2025-12-31-T01.xhtml; observed 2026-04-07.

- FY2016: GBP 28M 

- FY2017: GBP 38M 

- FY2018: GBP 67M 

- FY2019: GBP 64M 

- FY2020: GBP 88M 

- FY2021: GBP 143M 

- FY2022: GBP 140M 

- FY2023: GBP 90M 

- FY2024: GBP 129M 

- FY2025: GBP 169M 

### Gross margin · FY2025

gross margin 39.1%; source https://filings.xbrl.org/213800S1GVQNXQ15K851/2025-12-31/ESEF/GB/0/213800S1GVQNXQ15K851-2025-12-31/reports/213800S1GVQNXQ15K851-2025-12-31-T01.xhtml; observed 2026-04-07.

- FY2016: 57.4% 

- FY2017: 50.9% 

- FY2018: 65.9% 

- FY2019: 44.2% 

- FY2020: 52.5% 

- FY2021: 57.9% 

- FY2022: 49.4% 

- FY2023: 44.4% 

- FY2024: 41.2% 

- FY2025: 39.1% 

## Owner memo

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

### How it makes money

Operates in biotechnology; annual sales are GBP 168.7 million.

- Source: https://eodhd.com/api/fundamentals/OXB.LSE.json#2025-12-31 (filed 2026-04-07); FY2025: revenue 168741000; grossProfit 65980000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 39.1% to 44.4% during 2023–25; it lost 15.4% on its capital.

- Source: https://eodhd.com/api/fundamentals/OXB.LSE.json#2023-12-31 (filed 2026-04-07); FY2023: grossProfit / revenue = 44.4%.

- Source: https://eodhd.com/api/fundamentals/OXB.LSE.json#2024-12-31 (filed 2026-04-07); FY2024: grossProfit / revenue = 41.2%.

- Source: https://eodhd.com/api/fundamentals/OXB.LSE.json#2025-12-31 (filed 2026-04-07); FY2025: grossProfit / revenue = 39.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); 10-year return on capital observations [[2016,-0.2822087846158704],[2017,-0.1561214741466476],[2018,0.18334478808705612],[2019,-0.15280999738690687],[2020,-0.056504415329925006],[2021,0.22655666146868092],[2022,-0.1349069024948436],[2023,-1.779828986641875],[2024,-0.2958076970624875],[2025,-0.16403899291675433]]; median -0.15446573576677725. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid no dividends in 10 years.

- Source: https://eodhd.com/api/fundamentals/OXB.LSE.json#2018-12-31 (filed 2026-04-07); FY2018: growth capex 5791000; upkeep 4357000; owner earnings 7541000. Growth capex / owner earnings = 0.7679352870972019.

- Source: https://eodhd.com/api/fundamentals/OXB.LSE.json#2021-12-31 (filed 2026-04-07); FY2021: growth capex 0; upkeep 9461000; owner earnings 20137800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 20.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); OXB.LSE SharesStats.PercentInsiders = 20.567 percentage points; cache date 2026-10-16.

### What the price says

The price is 3.4 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); Closing price 517 GBX; reporting-to-trading FX 100; FY2025 annual sales per share 1.507669407352285; price multiple 3.4291337177686514. FY2025 cash earnings/share -0.3192408953644766. Closing-price date 2026-10-15.

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

- 2016-10: GBX 199.00 per share

- 2016-11: GBX 177.00 per share

- 2016-12: GBX 203.50 per share

- 2017-01: GBX 211.00 per share

- 2017-02: GBX 200.50 per share

- 2017-03: GBX 258.50 per share

- 2017-04: GBX 222.00 per share

- 2017-05: GBX 250.00 per share

- 2017-06: GBX 372.50 per share

- 2017-07: GBX 430.00 per share

- 2017-08: GBX 493.00 per share

- 2017-09: GBX 468.00 per share

- 2017-10: GBX 447.50 per share

- 2017-11: GBX 450.00 per share

- 2017-12: GBX 442.50 per share

- 2018-01: GBX 543.00 per share

- 2018-02: GBX 605.00 per share

- 2018-03: GBX 553.00 per share

- 2018-04: GBX 601.00 per share

- 2018-05: GBX 661.70 per share

- 2018-06: GBX 985.90 per share

- 2018-07: GBX 890.00 per share

- 2018-08: GBX 877.40 per share

- 2018-09: GBX 914.40 per share

- 2018-10: GBX 690.10 per share

- 2018-11: GBX 706.70 per share

- 2018-12: GBX 707.20 per share

- 2019-01: GBX 690.00 per share

- 2019-02: GBX 669.50 per share

- 2019-03: GBX 713.00 per share

- 2019-04: GBX 699.00 per share

- 2019-05: GBX 744.00 per share

- 2019-06: GBX 691.00 per share

- 2019-07: GBX 690.00 per share

- 2019-08: GBX 624.00 per share

- 2019-09: GBX 540.00 per share

- 2019-10: GBX 558.00 per share

- 2019-11: GBX 623.00 per share

- 2019-12: GBX 645.00 per share

- 2020-01: GBX 605.00 per share

- 2020-02: GBX 631.00 per share

- 2020-03: GBX 539.00 per share

- 2020-04: GBX 730.00 per share

- 2020-05: GBX 771.00 per share

- 2020-06: GBX 701.00 per share

- 2020-07: GBX 817.00 per share

- 2020-08: GBX 844.00 per share

- 2020-09: GBX 820.00 per share

- 2020-10: GBX 804.00 per share

- 2020-11: GBX 865.00 per share

- 2020-12: GBX 1,030.00 per share

- 2021-01: GBX 981.00 per share

- 2021-02: GBX 1,012.00 per share

- 2021-03: GBX 952.00 per share

- 2021-04: GBX 1,092.00 per share

- 2021-05: GBX 1,140.00 per share

- 2021-06: GBX 1,300.00 per share

- 2021-07: GBX 1,332.00 per share

- 2021-08: GBX 1,482.00 per share

- 2021-09: GBX 1,548.00 per share

- 2021-10: GBX 1,522.00 per share

- 2021-11: GBX 1,318.00 per share

- 2021-12: GBX 1,230.00 per share

- 2022-01: GBX 844.00 per share

- 2022-02: GBX 748.00 per share

- 2022-03: GBX 674.00 per share

- 2022-04: GBX 570.00 per share

- 2022-05: GBX 511.00 per share

- 2022-06: GBX 454.00 per share

- 2022-07: GBX 483.00 per share

- 2022-08: GBX 457.00 per share

- 2022-09: GBX 346.50 per share

- 2022-10: GBX 323.50 per share

- 2022-11: GBX 379.50 per share

- 2022-12: GBX 442.50 per share

- 2023-01: GBX 426.00 per share

- 2023-02: GBX 550.00 per share

- 2023-03: GBX 434.50 per share

- 2023-04: GBX 434.00 per share

- 2023-05: GBX 448.50 per share

- 2023-06: GBX 420.00 per share

- 2023-07: GBX 442.00 per share

- 2023-08: GBX 322.50 per share

- 2023-09: GBX 305.50 per share

- 2023-10: GBX 212.00 per share

- 2023-11: GBX 166.80 per share

- 2023-12: GBX 220.00 per share

- 2024-01: GBX 181.80 per share

- 2024-02: GBX 172.00 per share

- 2024-03: GBX 201.00 per share

- 2024-04: GBX 276.50 per share

- 2024-05: GBX 331.00 per share

- 2024-06: GBX 296.50 per share

- 2024-07: GBX 370.00 per share

- 2024-08: GBX 335.00 per share

- 2024-09: GBX 375.50 per share

- 2024-10: GBX 398.00 per share

- 2024-11: GBX 428.50 per share

- 2024-12: GBX 420.00 per share

- 2025-01: GBX 417.00 per share

- 2025-02: GBX 330.00 per share

- 2025-03: GBX 299.00 per share

- 2025-04: GBX 288.50 per share

- 2025-05: GBX 325.00 per share

- 2025-06: GBX 316.50 per share

- 2025-07: GBX 458.50 per share

- 2025-08: GBX 566.00 per share

- 2025-09: GBX 558.00 per share

- 2025-10: GBX 657.00 per share

- 2025-11: GBX 630.00 per share

- 2025-12: GBX 617.00 per share

- 2026-01: GBX 831.00 per share

- 2026-02: GBX 663.00 per share

- 2026-03: GBX 545.00 per share

- 2026-04: GBX 600.00 per share

- 2026-05: GBX 628.00 per share

- 2026-06: GBX 624.00 per share

- 2026-07: GBX 560.00 per share

- 2026-08: GBX 524.00 per share

- 2026-09: GBX 522.00 per share

- 2026-10: GBX 517.00 per share

## Annual estimated value (GBX 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/213800S1GVQNXQ15K851/2025-12-31/ESEF/GB/0/213800S1GVQNXQ15K851-2025-12-31/reports/213800S1GVQNXQ15K851-2025-12-31-T01.xhtml); period 2025-12-31, filed 2026-04-07.

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.