# Senior (SNR.LSE)

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

Analysis as of: 2026-10-16T07:41:50.049Z. Financial observations: FY1996–FY2025.

Listing currency: GBX. Reporting currency: GBP.

## Verdict

Not a wonderful business

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

Share price: GBX 297.50 per share; close as of 2026-10-08.

Estimated value: low GBX 71.29 per share, central GBX 78.87 per share, high GBX 88.96 per share. Buy at or below the central value GBX 78.87 per share. Valuation as of 2026-10-16T07:41:50.049Z; scenarios are not confidence intervals.

Expected annual return: 4.5% at the stated quote. About 4.5% 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

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 1

- Operating margin variation: 3.98×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.07×

- FY2017: 0.06×

- FY2018: 0.06×

- FY2019: 0.07×

- FY2020: -0.24×

- FY2021: 0.02×

- FY2022: 0.04×

- FY2023: 0.04×

- FY2024: 0.04×

- FY2025: 0.07×

### 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: 2.5%

- Typical minus recent gross margin: 0.1 pp

- Typical gross margin (annual median): 18.2%

- Recent gross margin (lower of latest and 3-year median): 18.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.4%

- ROIC including acquisitions, ten-year median: 4.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 14.0%

- FY2017: 16.8%

- FY2018: 14.8%

- FY2019: 15.4%

- FY2020: -32.3%

- FY2021: 2.5%

- FY2022: 6.8%

- FY2023: 8.1%

- FY2024: 7.4%

- FY2025: 11.5%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 1.01×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: GBP 132M

- Net income, five-year total: GBP 131M

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: 0.2 pp

- Working capital / revenue, change between three-year averages: 1.8 pp

- Working capital / revenue, final three-year average: 22.0%

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

- FY2021: 1.49×

- FY2022: 1.18×

- FY2023: 1.12×

- FY2024: 0.70×

- FY2025: 0.64×

### 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: 14.8% vs 8.1%

- Per-share earnings: 0.11 to 0.07 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- 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: 0.1%

- Ordinary dilution, 5-year annual growth: 0.5%

- Market cap gain: GBP 16M

- Cumulative retained earnings: GBP -50M

- Diluted shares, 10-year annual growth: 0.1%

- Diluted shares, 5-year annual growth: 0.5%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -6.1%

- Per-share value change: GBP -0.05

- Per-share value, starting three-year median: GBP 0.11

- Per-share value, ending three-year median: GBP 0.07

- Buybacks concentrated in cheaper years (correlation): -0.31

- Average buyback yield: 0.7%

- Buyback history: 8 years

- Debt-funded buybacks: No

- Acquisition spending: GBP 363M

- Cumulative net income, 10 years: GBP 157M

- ROIC, first three-year median: 14.8%

- ROIC, last three-year median: 8.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: GBP 0.11

- FY2017: GBP 0.14

- FY2018: GBP 0.12

- FY2019: GBP 0.07

- FY2020: GBP -0.38

- FY2021: GBP 0.06

- FY2022: GBP 0.05

- FY2023: GBP 0.07

- FY2024: GBP 0.06

- FY2025: GBP 0.07

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: -3.5%

- Receivables to sales index (DSRI): 1.47×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 8.3%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.94×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.49×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.6%

- FY2017: -5.3%

- FY2018: -4.9%

- FY2019: -8.2%

- FY2020: -25.5%

- FY2021: -0.4%

- FY2022: -3.8%

- FY2023: -1.0%

- FY2024: -2.3%

- FY2025: -3.5%

## Holders

## Price story

Price needs cash profits to grow 20.1% a year for ten years · sales -24.4%

Story as of 2026-10-11T09:50:01.692Z; price observation 2026-10-08.

Price needs cash profits to grow 20.1% a year for ten years

### Sales · FY2024–2025

sales -24.4%; source https://filings.xbrl.org/5493002HQHWN5JQHKQ51/2025-12-31/ESEF/GB/0/5493002HQHWN5JQHKQ51-2025-12-31/reports/5493002HQHWN5JQHKQ51-2025-12-31-T01.xhtml; observed 2026-03-18.

- FY2016: GBP 917M 

- FY2017: GBP 1.0B 

- FY2018: GBP 1.1B 

- FY2019: GBP 1.1B 

- FY2020: GBP 734M 

- FY2021: GBP 659M 

- FY2022: GBP 848M 

- FY2023: GBP 964M 

- FY2024: GBP 977M 

- FY2025: GBP 738M 

### Gross margin · FY2025

gross margin 22.9%; source https://filings.xbrl.org/5493002HQHWN5JQHKQ51/2025-12-31/ESEF/GB/0/5493002HQHWN5JQHKQ51-2025-12-31/reports/5493002HQHWN5JQHKQ51-2025-12-31-T01.xhtml; observed 2026-03-18.

- FY2016: 21.9% 

- FY2017: 21.3% 

- FY2018: 20.8% 

- FY2019: 18.3% 

- FY2020: 13.1% 

- FY2021: 15.4% 

- FY2022: 17.4% 

- FY2023: 18.1% 

- FY2024: 17.8% 

- FY2025: 22.9% 

## Owner memo

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

### How it makes money

Operates in aerospace & defense; annual sales are GBP 738.2 million.

- Source: https://eodhd.com/api/fundamentals/SNR.LSE.json#2025-12-31 (filed 2026-03-18); FY2025: revenue 738200000; grossProfit 169000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SNR.LSE: Senior plc designs, manufactures, and sells high-technology components and systems for the original equipment manufacturers in the aerospace, defense, land vehicle, and power and energy markets in the United States, the United Kingdom, and internationally. It operates in two segments, Aerospace and Flexonics. The company offers fluid conveyance and thermal management components and sub-systems for fixed-wing and rotary aircraft, aero-engines, spacecraft and a variety of other industrial applications, and complex precision-machined parts used for conventional and advanced land vehicle propulsion systems, petrochemical, renewable energy and various other industrial applications. Its fluid conveyance system products include high- and low-pressure ducting systems; bellows, gimbals, flexible joints and couplings; control bellows, sensors and assemblies; thermal management solutions, including metallic insulation and electronics cooling plates; and high-pressure hydraulic fittings and fuel fittings, as well as gas turbine engines comprising fluid systems ducting and control products. The company also provides land vehicle emission control and propulsion, such as exhaust gas recirculation coolers, fuel mixing and distribution components, exhaust flex connectors, flexible couplings, battery thermal management systems and cooling plates, power electronics cooling, common rails, and various fluid conveyance systems for heavy-duty vehicles. In addition, it offers industrial process control which includes engineered expansion joints, dampers and diverters; flexible hose assemblies and control bellows; fuel cell components and heat exchangers; and precision-machined components for oil and gas drilling applications. Senior plc was formerly known as Senior Engineering Group plc and changed its name to Senior plc in May 1999. Senior plc was founded in 1836 and is based in Rickmansworth, the United Kingdom. As of October 8, 2026, Senior plc was taken private.

### Why customers stay

Margins ranged from 17.8% to 22.9% during 2023–25; it earns 9.8% on its capital.

- Source: https://eodhd.com/api/fundamentals/SNR.LSE.json#2023-12-31 (filed 2026-03-18); FY2023: grossProfit / revenue = 18.1%.

- Source: https://eodhd.com/api/fundamentals/SNR.LSE.json#2024-12-31 (filed 2026-03-18); FY2024: grossProfit / revenue = 17.8%.

- Source: https://eodhd.com/api/fundamentals/SNR.LSE.json#2025-12-31 (filed 2026-03-18); FY2025: grossProfit / revenue = 22.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); 10-year return on capital observations [[2016,0.1397824364649009],[2017,0.16757741347905283],[2018,0.14768428802663977],[2019,0.15423694371062793],[2020,-0.3225863657300783],[2021,0.02453271028037383],[2022,0.0681704553029798],[2023,0.08105218135158256],[2024,0.07448062577511884],[2025,0.1150828247602441]]; median 0.09806750305591333. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 68.8% of cash earnings; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/api/fundamentals/SNR.LSE.json#2016-12-31 (filed 2026-03-18); FY2016: growth capex 0; upkeep 50700000; owner earnings 48700000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/SNR.LSE.json#2017-12-31 (filed 2026-03-18); FY2017: growth capex 0; upkeep 52300000; owner earnings 65900000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/SNR.LSE.json#2018-12-31 (filed 2026-03-18); FY2018: growth capex 0; upkeep 54600000; owner earnings 52400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/SNR.LSE.json#2019-12-31 (filed 2026-03-18); FY2019: growth capex 0; upkeep 64800000; owner earnings 15360000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/SNR.LSE.json#2021-12-31 (filed 2026-03-18); FY2021: growth capex 0; upkeep 21300000; owner earnings 36060000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/SNR.LSE.json#2022-12-31 (filed 2026-03-18); FY2022: growth capex 0; upkeep 30500000; cash acquisitions 25300000; owner earnings 23820000. Growth capex plus acquisitions / owner earnings = 1.0621326616288833.

- Source: https://eodhd.com/api/fundamentals/SNR.LSE.json#2023-12-31 (filed 2026-03-18); FY2023: growth capex 0; upkeep 33700000; cash acquisitions 23900000; owner earnings 34740000. Growth capex plus acquisitions / owner earnings = 0.6879677605066206.

- Source: https://eodhd.com/api/fundamentals/SNR.LSE.json#2024-12-31 (filed 2026-03-18); FY2024: growth capex 0; upkeep 43200000; cash acquisitions 10700000; owner earnings 18060000. Growth capex plus acquisitions / owner earnings = 0.592469545957918.

- Source: https://eodhd.com/api/fundamentals/SNR.LSE.json#2025-12-31 (filed 2026-03-18); FY2025: growth capex 0; upkeep 32000000; cash acquisitions 13000000; owner earnings 18900000. Growth capex plus acquisitions / owner earnings = 0.6878306878306878.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); Dividend observations: [[2016,26400000],[2017,27900000],[2018,29600000],[2019,31200000],[2020,1200000],[2021,1200000],[2022,1200000],[2023,6600000],[2024,10100000],[2025,10300000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/SNR.LSE.json#2025-12-31 (filed 2026-03-18); FY2025: cash repurchases 7400000 GBP.

### Are managers owners

Insiders own 5.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SNR.LSE SharesStats.PercentInsiders = 5.208 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 20.1% yearly over ten years; actual decline was 8.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); Ten-year compound average after fade. Initial solved rate 0.27899354109235996. Price 297.5; FX 100; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.11031977493432998 → FY2025 0.04438703616721466. Closing-price date 2026-10-08.

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

- 2016-10: GBX 174.30 per share

- 2016-11: GBX 184.90 per share

- 2016-12: GBX 194.30 per share

- 2017-01: GBX 197.90 per share

- 2017-02: GBX 182.90 per share

- 2017-03: GBX 206.10 per share

- 2017-04: GBX 214.40 per share

- 2017-05: GBX 235.30 per share

- 2017-06: GBX 234.60 per share

- 2017-07: GBX 248.40 per share

- 2017-08: GBX 274.60 per share

- 2017-09: GBX 275.90 per share

- 2017-10: GBX 288.30 per share

- 2017-11: GBX 262.30 per share

- 2017-12: GBX 260.70 per share

- 2018-01: GBX 271.80 per share

- 2018-02: GBX 290.80 per share

- 2018-03: GBX 300.60 per share

- 2018-04: GBX 295.40 per share

- 2018-05: GBX 312.40 per share

- 2018-06: GBX 303.80 per share

- 2018-07: GBX 317.20 per share

- 2018-08: GBX 318.20 per share

- 2018-09: GBX 312.20 per share

- 2018-10: GBX 273.00 per share

- 2018-11: GBX 240.20 per share

- 2018-12: GBX 189.40 per share

- 2019-01: GBX 226.20 per share

- 2019-02: GBX 229.00 per share

- 2019-03: GBX 218.20 per share

- 2019-04: GBX 231.80 per share

- 2019-05: GBX 230.00 per share

- 2019-06: GBX 215.80 per share

- 2019-07: GBX 200.80 per share

- 2019-08: GBX 202.40 per share

- 2019-09: GBX 187.60 per share

- 2019-10: GBX 184.70 per share

- 2019-11: GBX 180.70 per share

- 2019-12: GBX 172.90 per share

- 2020-01: GBX 166.50 per share

- 2020-02: GBX 141.20 per share

- 2020-03: GBX 70.25 per share

- 2020-04: GBX 65.00 per share

- 2020-05: GBX 62.00 per share

- 2020-06: GBX 69.85 per share

- 2020-07: GBX 52.20 per share

- 2020-08: GBX 52.20 per share

- 2020-09: GBX 44.50 per share

- 2020-10: GBX 54.80 per share

- 2020-11: GBX 72.10 per share

- 2020-12: GBX 89.25 per share

- 2021-01: GBX 95.35 per share

- 2021-02: GBX 102.30 per share

- 2021-03: GBX 110.70 per share

- 2021-04: GBX 108.20 per share

- 2021-05: GBX 159.00 per share

- 2021-06: GBX 151.50 per share

- 2021-07: GBX 162.00 per share

- 2021-08: GBX 177.60 per share

- 2021-09: GBX 172.20 per share

- 2021-10: GBX 160.20 per share

- 2021-11: GBX 131.60 per share

- 2021-12: GBX 147.00 per share

- 2022-01: GBX 133.20 per share

- 2022-02: GBX 140.30 per share

- 2022-03: GBX 127.60 per share

- 2022-04: GBX 128.00 per share

- 2022-05: GBX 126.40 per share

- 2022-06: GBX 115.80 per share

- 2022-07: GBX 145.20 per share

- 2022-08: GBX 130.40 per share

- 2022-09: GBX 117.00 per share

- 2022-10: GBX 130.00 per share

- 2022-11: GBX 122.80 per share

- 2022-12: GBX 125.20 per share

- 2023-01: GBX 152.60 per share

- 2023-02: GBX 166.80 per share

- 2023-03: GBX 157.00 per share

- 2023-04: GBX 164.40 per share

- 2023-05: GBX 167.40 per share

- 2023-06: GBX 175.40 per share

- 2023-07: GBX 166.60 per share

- 2023-08: GBX 180.20 per share

- 2023-09: GBX 163.00 per share

- 2023-10: GBX 156.40 per share

- 2023-11: GBX 171.00 per share

- 2023-12: GBX 177.60 per share

- 2024-01: GBX 157.80 per share

- 2024-02: GBX 158.00 per share

- 2024-03: GBX 176.80 per share

- 2024-04: GBX 164.60 per share

- 2024-05: GBX 159.80 per share

- 2024-06: GBX 160.00 per share

- 2024-07: GBX 163.60 per share

- 2024-08: GBX 164.60 per share

- 2024-09: GBX 152.80 per share

- 2024-10: GBX 132.40 per share

- 2024-11: GBX 145.20 per share

- 2024-12: GBX 159.60 per share

- 2025-01: GBX 165.20 per share

- 2025-02: GBX 161.60 per share

- 2025-03: GBX 148.80 per share

- 2025-04: GBX 138.60 per share

- 2025-05: GBX 169.60 per share

- 2025-06: GBX 184.00 per share

- 2025-07: GBX 202.00 per share

- 2025-08: GBX 200.50 per share

- 2025-09: GBX 198.60 per share

- 2025-10: GBX 190.60 per share

- 2025-11: GBX 182.60 per share

- 2025-12: GBX 194.80 per share

- 2026-01: GBX 245.00 per share

- 2026-02: GBX 308.00 per share

- 2026-03: GBX 286.00 per share

- 2026-04: GBX 285.50 per share

- 2026-05: GBX 287.50 per share

- 2026-06: GBX 288.00 per share

- 2026-07: GBX 290.50 per share

- 2026-08: GBX 294.50 per share

- 2026-09: GBX 297.00 per share

- 2026-10: GBX 297.50 per share

## Annual estimated value (GBX per share)

- FY2016: low GBX 218.33 per share, central GBX 287.21 per share, high GBX 336.07 per share

- FY2017: low GBX 191.93 per share, central GBX 247.35 per share, high GBX 289.14 per share

- FY2018: low GBX 163.83 per share, central GBX 199.56 per share, high GBX 232.61 per share

- FY2019: low GBX 155.68 per share, central GBX 177.14 per share, high GBX 205.72 per share

- FY2020: low GBX 95.70 per share, central GBX 108.59 per share, high GBX 125.76 per share

- FY2021: low GBX 90.76 per share, central GBX 102.04 per share, high GBX 117.07 per share

- FY2022: low GBX 67.13 per share, central GBX 75.54 per share, high GBX 86.74 per share

- FY2023: low GBX 76.24 per share, central GBX 85.83 per share, high GBX 98.60 per share

- FY2024: low GBX 76.93 per share, central GBX 86.70 per share, high GBX 99.69 per share

- FY2025: low GBX 68.99 per share, central GBX 76.33 per share, high GBX 86.09 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

Prior published observations retained from 2026-10-15T06:47:37.854Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/5493002HQHWN5JQHKQ51/2025-12-31/ESEF/GB/0/5493002HQHWN5JQHKQ51-2025-12-31/reports/5493002HQHWN5JQHKQ51-2025-12-31-T01.xhtml); period 2025-12-31, filed 2026-03-18.

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.