# Oxford Instruments (OXIG.LSE)

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

Analysis as of: 2026-10-16T07:40:58.352Z. Financial observations: FY1997–FY2026.

Listing currency: GBX. Reporting currency: GBP.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: GBX 2,710.00 per share; close as of 2026-10-15.

Estimated value: low GBX 1,079.58 per share, central GBX 1,203.64 per share, high GBX 1,368.79 per share. Buy at or below the central value GBX 1,203.64 per share. Valuation as of 2026-10-16T07:40:58.352Z; scenarios are not confidence intervals.

Expected annual return: 5.8% at the stated quote. About 5.8% 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: pass

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

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 1

- Operating margin variation: 0.16×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.12×

- FY2018: 0.11×

- FY2019: 0.13×

- FY2020: 0.13×

- FY2021: 0.15×

- FY2022: 0.14×

- FY2023: 0.15×

- FY2024: 0.15×

- FY2025: 0.08×

- FY2026: 0.15×

### moat: pass

- ROIC, median of available years: 25.4%

- ROIC, second-lowest year: 18.1%

- Typical minus recent gross margin: -0.9 pp

- Typical gross margin (annual median): 50.8%

- Recent gross margin (lower of latest and 3-year median): 51.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.0%

- ROIC including acquisitions, ten-year median: 17.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 18.5%

- FY2018: 18.1%

- FY2019: 25.6%

- FY2020: 29.8%

- FY2021: 39.5%

- FY2022: 27.7%

- FY2023: 30.7%

- FY2024: 23.3%

- FY2025: 11.0%

- FY2026: 25.1%

### economics: pass

- Owner earnings / net income, 5-yr: 0.94×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: GBP 209M

- Net income, five-year total: GBP 222M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -1.7 pp

- Working capital / revenue, change between three-year averages: -11.4 pp

- Working capital / revenue, final three-year average: 22.5%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 1.01×

- FY2023: 0.84×

- FY2024: 0.81×

- FY2025: 0.99×

- FY2026: 1.12×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 18.5% vs 23.3%

- Per-share earnings: 0.12 to 0.84 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.0%

- Ordinary dilution, 5-year annual growth: -0.3%

- Market cap gain: GBP 906M

- Cumulative retained earnings: GBP 221M

- Diluted shares, 10-year annual growth: 0.0%

- Diluted shares, 5-year annual growth: -0.3%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 27.2%

- Per-share value change: GBP 0.72

- Per-share value, starting three-year median: GBP 0.12

- Per-share value, ending three-year median: GBP 0.84

- Buybacks concentrated in cheaper years (correlation): -1.00

- Average buyback yield: 2.3%

- Buyback history: 2 years

- Debt-funded buybacks: Yes

- Acquisition spending: GBP 118M

- Cumulative net income, 10 years: GBP 322M

- ROIC, first three-year median: 18.5%

- ROIC, last three-year median: 23.3%

Chart: Earnings per share; fiscal year observations.

- FY2017: GBP -0.44

- FY2018: GBP 0.34

- FY2019: GBP 0.52

- FY2020: GBP 0.58

- FY2021: GBP 0.72

- FY2022: GBP 0.66

- FY2023: GBP 1.00

- FY2024: GBP 0.86

- FY2025: GBP 0.45

- FY2026: GBP 0.84

### accounting: pass

- Sloan accruals: -1.2%

- Receivables to sales index (DSRI): 1.23×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 6.8%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.14×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.33×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -14.3%

- FY2018: -3.2%

- FY2019: -3.7%

- FY2020: -4.6%

- FY2021: 0.0%

- FY2022: -2.0%

- FY2023: -1.4%

- FY2024: 1.4%

- FY2025: -3.8%

- FY2026: -1.2%

## Holders

## Price story

Price needs cash profits to grow 12.3% a year for ten years · sales -15.5%

Story as of 2026-10-16T10:00:11.756Z; price observation 2026-10-15.

Price needs cash profits to grow 12.3% a year for ten years

### Sales · FY2025–2026

sales -15.5%; source https://filings.xbrl.org/213800J364EZD6UCE231/2026-03-31/ESEF/GB/0/213800J364EZD6UCE231-2026-03-31/reports/213800J364EZD6UCE231-2026-03-31-T01.xhtml; observed 2026-06-25.

- FY2017: GBP 300M 

- FY2018: GBP 297M 

- FY2019: GBP 314M 

- FY2020: GBP 317M 

- FY2021: GBP 319M 

- FY2022: GBP 367M 

- FY2023: GBP 445M 

- FY2024: GBP 470M 

- FY2025: GBP 501M 

- FY2026: GBP 423M 

### Gross margin · FY2026

gross margin 53.9%; source https://filings.xbrl.org/213800J364EZD6UCE231/2026-03-31/ESEF/GB/0/213800J364EZD6UCE231-2026-03-31/reports/213800J364EZD6UCE231-2026-03-31-T01.xhtml; observed 2026-06-25.

- FY2017: 52.4% 

- FY2018: 50.8% 

- FY2019: 50.7% 

- FY2020: 46.2% 

- FY2021: 48.3% 

- FY2022: 48.0% 

- FY2023: 49.4% 

- FY2024: 51.5% 

- FY2025: 51.7% 

- FY2026: 53.9% 

## Owner memo

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

### How it makes money

Operates in scientific & technical instruments; annual sales are GBP 423.2 million.

- Source: https://eodhd.com/api/fundamentals/OXIG.LSE.json#2026-03-31 (filed 2026-06-25); FY2026: revenue 423200000; grossProfit 228300000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); OXIG.LSE: Oxford Instruments plc provides scientific technology products and services for academic and commercial organizations in the United Kingdom, North America, China, Japan, Germany, Rest of Europe, Rest of Asia, and internationally. It operates through two segments: Imaging and Analysis and Advanced Technologies. The company offers atomic force microscopy; electron microscopy, such as BEX, EBSD, and EDS; light microscopy, including widefield microscopes, confocal microscopes, super resolution microscopes, and 3d/4d visualization software; nanoindentation; modular optical spectroscopy; nuclear magnetic resonance, such as benchtop NMR spectroscopy, and time domain NMR; confocal RAMAN microscopes, such as witec360 " RAMAN imaging microscope, rise " RAMAN-SEM microscopes, and RAMAN-based particle analysis; and scientific imaging cameras. It also offers deposition tools, such as plasma enhanced chemical vapour deposition (PECVD), inductively coupled plasma chemical vapour deposition (ICPCVD), atomic layer deposition (ALD), and Ion beam deposition (IBD); etch tools, including inductively coupled plasma etching (ICP RIE), reactive ion etching (RIE), deep silicon etching (DSiE), atomic layer etching (ALE), and ion beam etching (IBE); and dilution fridges & low temperature solutions, such as x-ray, x-ray sources, and x-ray cameras. Its products are used in various industries, such as advanced manufacturing, agriculture and food, astronomy, automotive and aerospace, bio imaging and life science, chemical and catalysis, energy generation and storage, forensics and environment, geology, petrology, mining, metal, alloys, composites, ceramics, pharma, photonics, polymers, quantum technologies, semiconductors, microelectronics, and data storage. In addition, it offers contracts and agreements, spares, upgrades, training, application and product support, and live assist services. Oxford Instruments plc was founded in 1959 and is headquartered in High Wycombe, the United Kingdom.

### Why customers stay

Margins ranged from 51.5% to 53.9% during 2024–26; it earns 25.4% on its capital.

- Source: https://eodhd.com/api/fundamentals/OXIG.LSE.json#2024-03-31 (filed 2026-06-25); FY2024: grossProfit / revenue = 51.5%.

- Source: https://eodhd.com/api/fundamentals/OXIG.LSE.json#2025-03-31 (filed 2026-06-25); FY2025: grossProfit / revenue = 51.7%.

- Source: https://eodhd.com/api/fundamentals/OXIG.LSE.json#2026-03-31 (filed 2026-06-25); FY2026: grossProfit / revenue = 53.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-25); 10-year return on capital observations [[2017,0.18481881754609028],[2018,0.1807983193277311],[2019,0.25646117660314643],[2020,0.29773782729518555],[2021,0.39537835249042147],[2022,0.277407124465948],[2023,0.30650434237095414],[2024,0.232710877663167],[2025,0.10976442435064304],[2026,0.2513254956201014]]; median 0.2538933361116239. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 48% gross margin through 2022 cost inflation.

- Source: https://filings.xbrl.org/213800J364EZD6UCE231/2026-03-31/ESEF/GB/0/213800J364EZD6UCE231-2026-03-31/reports/213800J364EZD6UCE231-2026-03-31-T01.xhtml (filed 2026-06-25); Gross margin observations: [[2021,0.48320251177394036],[2022,0.4802613667301933],[2023,0.49359118506858557]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back GBP 62.2 million of shares.

- Source: https://eodhd.com/api/fundamentals/OXIG.LSE.json#2018-03-31 (filed 2026-06-25); FY2018: growth capex 0; upkeep 4300000; owner earnings 34300000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/OXIG.LSE.json#2019-03-31 (filed 2026-06-25); FY2019: growth capex 0; upkeep 4900000; owner earnings 41600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/OXIG.LSE.json#2020-03-31 (filed 2026-06-25); FY2020: growth capex 0; upkeep 7200000; owner earnings 43480000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/OXIG.LSE.json#2021-03-31 (filed 2026-06-25); FY2021: growth capex 0; upkeep 5100000; owner earnings 52700000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/OXIG.LSE.json#2022-03-31 (filed 2026-06-25); FY2022: growth capex 0; upkeep 14700000; owner earnings 39120000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/OXIG.LSE.json#2023-03-31 (filed 2026-06-25); FY2023: growth capex 9718013.908670358; upkeep 23181986.09132964; owner earnings 49238013.90867036. Growth capex / owner earnings = 0.19736811331781004.

- Source: https://eodhd.com/api/fundamentals/OXIG.LSE.json#2024-03-31 (filed 2026-06-25); FY2024: growth capex 3920235.020711817; upkeep 23079764.979288183; owner earnings 41040235.02071182. Growth capex / owner earnings = 0.09552174880902578.

- Source: https://eodhd.com/api/fundamentals/OXIG.LSE.json#2025-03-31 (filed 2026-06-25); FY2025: growth capex 0; upkeep 15900000; owner earnings 25760000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/OXIG.LSE.json#2026-03-31 (filed 2026-06-25); FY2026: growth capex 0; upkeep 7400000; owner earnings 54180000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-25); Dividend observations: [[2017,7400000],[2018,7400000],[2019,7600000],[2020,8200000],[2021,8200000],[2022,12300000],[2023,10600000],[2024,11400000],[2025,12100000],[2026,13000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/OXIG.LSE.json#2026-03-31 (filed 2026-06-25); FY2026: cash repurchases 62200000 GBP.

### Are managers owners

Insiders own 3.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); OXIG.LSE SharesStats.PercentInsiders = 3.51 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 12.3% yearly over ten years; actual growth was 7.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-25); Ten-year compound average after fade. Initial solved rate 0.16448580768738852. Price 2710; FX 100; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 0.47202797202797203 → FY2026 0.944857172752956. Closing-price date 2026-10-15.

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

- 2016-10: GBX 676.00 per share

- 2016-11: GBX 623.00 per share

- 2016-12: GBX 732.00 per share

- 2017-01: GBX 706.50 per share

- 2017-02: GBX 800.50 per share

- 2017-03: GBX 820.00 per share

- 2017-04: GBX 990.00 per share

- 2017-05: GBX 1,103.00 per share

- 2017-06: GBX 1,048.00 per share

- 2017-07: GBX 1,049.00 per share

- 2017-08: GBX 1,049.00 per share

- 2017-09: GBX 969.50 per share

- 2017-10: GBX 950.50 per share

- 2017-11: GBX 883.00 per share

- 2017-12: GBX 851.00 per share

- 2018-01: GBX 920.00 per share

- 2018-02: GBX 753.00 per share

- 2018-03: GBX 741.00 per share

- 2018-04: GBX 906.00 per share

- 2018-05: GBX 917.00 per share

- 2018-06: GBX 1,000.00 per share

- 2018-07: GBX 954.00 per share

- 2018-08: GBX 969.00 per share

- 2018-09: GBX 991.00 per share

- 2018-10: GBX 940.00 per share

- 2018-11: GBX 946.00 per share

- 2018-12: GBX 910.00 per share

- 2019-01: GBX 899.00 per share

- 2019-02: GBX 1,010.00 per share

- 2019-03: GBX 977.00 per share

- 2019-04: GBX 1,158.00 per share

- 2019-05: GBX 1,174.00 per share

- 2019-06: GBX 1,290.00 per share

- 2019-07: GBX 1,304.00 per share

- 2019-08: GBX 1,312.00 per share

- 2019-09: GBX 1,278.00 per share

- 2019-10: GBX 1,294.00 per share

- 2019-11: GBX 1,594.00 per share

- 2019-12: GBX 1,540.00 per share

- 2020-01: GBX 1,542.00 per share

- 2020-02: GBX 1,390.00 per share

- 2020-03: GBX 1,280.00 per share

- 2020-04: GBX 1,228.00 per share

- 2020-05: GBX 1,250.00 per share

- 2020-06: GBX 1,430.00 per share

- 2020-07: GBX 1,346.00 per share

- 2020-08: GBX 1,580.00 per share

- 2020-09: GBX 1,592.00 per share

- 2020-10: GBX 1,586.00 per share

- 2020-11: GBX 1,860.00 per share

- 2020-12: GBX 1,992.00 per share

- 2021-01: GBX 1,984.00 per share

- 2021-02: GBX 1,792.00 per share

- 2021-03: GBX 1,906.00 per share

- 2021-04: GBX 2,180.00 per share

- 2021-05: GBX 2,070.00 per share

- 2021-06: GBX 2,310.00 per share

- 2021-07: GBX 2,410.00 per share

- 2021-08: GBX 2,615.00 per share

- 2021-09: GBX 2,280.00 per share

- 2021-10: GBX 2,305.00 per share

- 2021-11: GBX 2,300.00 per share

- 2021-12: GBX 2,630.00 per share

- 2022-01: GBX 2,165.00 per share

- 2022-02: GBX 2,665.00 per share

- 2022-03: GBX 2,110.00 per share

- 2022-04: GBX 2,330.00 per share

- 2022-05: GBX 2,225.00 per share

- 2022-06: GBX 1,976.00 per share

- 2022-07: GBX 2,285.00 per share

- 2022-08: GBX 2,010.00 per share

- 2022-09: GBX 1,784.00 per share

- 2022-10: GBX 1,914.00 per share

- 2022-11: GBX 2,160.00 per share

- 2022-12: GBX 2,260.00 per share

- 2023-01: GBX 2,345.00 per share

- 2023-02: GBX 2,490.00 per share

- 2023-03: GBX 2,505.00 per share

- 2023-04: GBX 2,760.00 per share

- 2023-05: GBX 2,765.00 per share

- 2023-06: GBX 2,730.00 per share

- 2023-07: GBX 2,400.00 per share

- 2023-08: GBX 2,215.00 per share

- 2023-09: GBX 2,180.00 per share

- 2023-10: GBX 1,802.00 per share

- 2023-11: GBX 2,115.00 per share

- 2023-12: GBX 2,295.00 per share

- 2024-01: GBX 2,220.00 per share

- 2024-02: GBX 2,185.00 per share

- 2024-03: GBX 2,125.00 per share

- 2024-04: GBX 2,260.00 per share

- 2024-05: GBX 2,500.00 per share

- 2024-06: GBX 2,470.00 per share

- 2024-07: GBX 2,510.00 per share

- 2024-08: GBX 2,295.00 per share

- 2024-09: GBX 2,125.00 per share

- 2024-10: GBX 2,150.00 per share

- 2024-11: GBX 2,060.00 per share

- 2024-12: GBX 2,155.00 per share

- 2025-01: GBX 2,100.00 per share

- 2025-02: GBX 1,916.00 per share

- 2025-03: GBX 1,720.00 per share

- 2025-04: GBX 1,640.00 per share

- 2025-05: GBX 1,790.00 per share

- 2025-06: GBX 1,896.00 per share

- 2025-07: GBX 1,816.00 per share

- 2025-08: GBX 1,842.00 per share

- 2025-09: GBX 1,848.00 per share

- 2025-10: GBX 1,892.00 per share

- 2025-11: GBX 1,972.00 per share

- 2025-12: GBX 2,050.00 per share

- 2026-01: GBX 2,515.00 per share

- 2026-02: GBX 2,640.00 per share

- 2026-03: GBX 2,400.00 per share

- 2026-04: GBX 2,886.00 per share

- 2026-05: GBX 3,278.00 per share

- 2026-06: GBX 3,048.00 per share

- 2026-07: GBX 2,732.00 per share

- 2026-08: GBX 2,840.00 per share

- 2026-09: GBX 3,020.00 per share

- 2026-10: GBX 2,710.00 per share

## Annual estimated value (GBX per share)

- FY2017: low GBX 483.01 per share, central GBX 544.51 per share, high GBX 626.39 per share

- FY2018: low GBX 464.47 per share, central GBX 524.98 per share, high GBX 605.53 per share

- FY2019: low GBX 551.51 per share, central GBX 620.66 per share, high GBX 712.70 per share

- FY2020: low GBX 885.67 per share, central GBX 980.90 per share, high GBX 1,107.67 per share

- FY2021: low GBX 999.73 per share, central GBX 1,108.81 per share, high GBX 1,254.01 per share

- FY2022: low GBX 1,063.25 per share, central GBX 1,188.82 per share, high GBX 1,355.98 per share

- FY2023: low GBX 1,278.24 per share, central GBX 1,430.01 per share, high GBX 1,632.06 per share

- FY2024: low GBX 1,120.41 per share, central GBX 1,254.12 per share, high GBX 1,432.13 per share

- FY2025: low GBX 1,141.88 per share, central GBX 1,279.47 per share, high GBX 1,462.63 per share

- FY2026: low GBX 1,030.84 per share, central GBX 1,149.30 per share, high GBX 1,307.00 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/213800J364EZD6UCE231/2026-03-31/ESEF/GB/0/213800J364EZD6UCE231-2026-03-31/reports/213800J364EZD6UCE231-2026-03-31-T01.xhtml); period 2026-03-31, filed 2026-06-25.

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.