# Spirax Group (SPX.LSE)

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

Analysis as of: 2026-10-16T07:36:40.796Z. 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 7,335.00 per share; close as of 2026-10-15.

Estimated value: low GBX 3,433.43 per share, central GBX 3,842.51 per share, high GBX 4,387.08 per share. Buy at or below the central value GBX 3,842.51 per share. Valuation as of 2026-10-16T07:36:40.796Z; scenarios are not confidence intervals.

Expected annual return: 6.4% at the stated quote. About 6.4% 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

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

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.12×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.23×

- FY2017: 0.22×

- FY2018: 0.26×

- FY2019: 0.20×

- FY2020: 0.20×

- FY2021: 0.24×

- FY2022: 0.20×

- FY2023: 0.18×

- FY2024: 0.18×

- FY2025: 0.18×

### moat: fail

- Recent gross margin fell 4.5pp below the typical margin (limit 4pp)

- ROIC, median of available years: 24.8%

- ROIC, second-lowest year: 18.1%

- Typical minus recent gross margin: 4.5 pp

- Typical gross margin (annual median): 36.2%

- Recent gross margin (lower of latest and 3-year median): 31.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.3%

- ROIC including acquisitions, ten-year median: 15.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 29.9%

- FY2017: 28.2%

- FY2018: 36.2%

- FY2019: 24.1%

- FY2020: 25.4%

- FY2021: 30.3%

- FY2022: 18.8%

- FY2023: 18.1%

- FY2024: 18.3%

- FY2025: 17.9%

### economics: pass

- Owner earnings / net income, 5-yr: 1.00×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: GBP 996M

- Net income, five-year total: GBP 998M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -1.0 pp

- Working capital / revenue, change between three-year averages: -7.3 pp

- Working capital / revenue, final three-year average: 26.8%

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

- FY2021: 0.97×

- FY2022: 0.94×

- FY2023: 0.89×

- FY2024: 1.02×

- FY2025: 1.20×

### management: pass

- 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: 29.9% vs 18.1%

- Per-share earnings: 1.70 to 2.49 (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: -0.0%

- Market cap gain: GBP 2.1B

- Cumulative retained earnings: GBP 851M

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

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

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 4.8%

- Per-share value change: GBP 0.78

- Per-share value, starting three-year median: GBP 1.70

- Per-share value, ending three-year median: GBP 2.49

- Buybacks concentrated in cheaper years (correlation): -0.39

- Average buyback yield: 0.2%

- Buyback history: 7 years

- Debt-funded buybacks: No

- Acquisition spending: GBP 1.8B

- Cumulative net income, 10 years: GBP 1.8B

- ROIC, first three-year median: 29.9%

- ROIC, last three-year median: 18.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: GBP 1.70

- FY2017: GBP 2.04

- FY2018: GBP 3.02

- FY2019: GBP 2.25

- FY2020: GBP 2.35

- FY2021: GBP 3.17

- FY2022: GBP 3.04

- FY2023: GBP 2.49

- FY2024: GBP 2.58

- FY2025: GBP 2.21

### accounting: pass

- Sloan accruals: -3.6%

- Receivables to sales index (DSRI): 0.96×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 2.5%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.59×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.87×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.3%

- FY2017: -0.1%

- FY2018: 0.7%

- FY2019: -3.3%

- FY2020: -4.9%

- FY2021: -2.1%

- FY2022: -0.6%

- FY2023: -4.2%

- FY2024: -4.6%

- FY2025: -3.6%

## Holders

## Price story

Down 54% since Dec 2021 · sales +2.3%

Story as of 2026-10-16T10:00:07.881Z; price observation 2026-10-15.

Price needs cash profits to grow 9.8% a year for ten years

### Sales · FY2024–2025

sales +2.3%; source https://filings.xbrl.org/213800WFVZQMHOZP2W17/2025-12-31/ESEF/GB/0/213800WFVZQMHOZP2W17-2025-12-31/reports/213800WFVZQMHOZP2W17-2025-12-31-T01.xhtml; observed 2026-04-09.

- FY2016: GBP 757M 

- FY2017: GBP 999M 

- FY2018: GBP 1.2B 

- FY2019: GBP 1.2B 

- FY2020: GBP 1.2B 

- FY2021: GBP 1.3B 

- FY2022: GBP 1.6B 

- FY2023: GBP 1.7B 

- FY2024: GBP 1.7B 

- FY2025: GBP 1.7B 

### Gross margin · FY2025

gross margin 31.7%; source https://filings.xbrl.org/213800WFVZQMHOZP2W17/2025-12-31/ESEF/GB/0/213800WFVZQMHOZP2W17-2025-12-31/reports/213800WFVZQMHOZP2W17-2025-12-31-T01.xhtml; observed 2026-04-09.

- FY2016: 76.1% 

- FY2017: 75.8% 

- FY2018: 75.4% 

- FY2019: 34.9% 

- FY2020: 33.4% 

- FY2021: 36.6% 

- FY2022: 35.8% 

- FY2023: 76.1% 

- FY2024: 20.1% 

- FY2025: 31.7% 

## Owner memo

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

### How it makes money

Operates in specialty industrial machinery; annual sales are GBP 1.7 billion.

- Source: https://filings.xbrl.org/213800WFVZQMHOZP2W17/2025-12-31/ESEF/GB/0/213800WFVZQMHOZP2W17-2025-12-31/reports/213800WFVZQMHOZP2W17-2025-12-31-T01.xhtml (filed 2026-04-09); FY2025: revenue 1702900000; grossProfit 539700000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SPX.LSE: Spirax Group plc provides thermal energy and fluid technology solutions in Europe, the Middle East, Africa, the Asia Pacific, and the Americas. It operates through three segments: Steam Thermal Solutions, Electric Thermal Solutions, and Watson-Marlow Fluid Technology Solutions. The company offers industrial and commercial steam systems, including condensate management, controls, and thermal energy management products and solutions for heating, curing, cooking, drying, cleaning, sterilizing, space heating, humidifying, vacuum packing, and producing hot water; electrical process heating and temperature management solutions, such as industrial heaters and systems, heat tracing, and various component technologies; and designs and manufactures peristaltic and niche pumps and associated fluid path technologies, including tubing, specialised filling systems and products for single use applications. The company serves food and beverage, pharmaceutical and biotechnology, oil and gas, chemical, power generation, healthcare, buildings, water and wastewater, semiconductor, transport, original equipment manufacturers machinery, and mining and precious metal processing industries. The company was formerly known as Spirax-Sarco Engineering plc and changed its name to Spirax Group PLC in June 2024. Spirax Group PLC was founded in 1888 and is headquartered in Cheltenham, the United Kingdom.

### Why customers stay

Margins ranged from 20.1% to 76.1% during 2023–25; it earns 24.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-09); FY2023: grossProfit / revenue = 76.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-09); FY2024: grossProfit / revenue = 20.1%.

- Source: https://filings.xbrl.org/213800WFVZQMHOZP2W17/2025-12-31/ESEF/GB/0/213800WFVZQMHOZP2W17-2025-12-31/reports/213800WFVZQMHOZP2W17-2025-12-31-T01.xhtml (filed 2026-04-09); FY2025: grossProfit / revenue = 31.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-09); 10-year return on capital observations [[2016,0.29871072581626584],[2017,0.28235038783952693],[2018,0.36247746247097007],[2019,0.2410473027454805],[2020,0.25396635481546687],[2021,0.3028714855064573],[2022,0.18823621707869348],[2023,0.18112823131641723],[2024,0.18301785437137513],[2025,0.1785951811011191]]; median 0.2475068287804737. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-09); FY2016: growth capex 0; upkeep 28100000; owner earnings 126100000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-09); FY2017: growth capex 0; upkeep 29700000; owner earnings 178900000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-09); FY2018: growth capex 0; upkeep 33500000; owner earnings 247700000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-09); FY2019: growth capex 0; upkeep 62400000; owner earnings 168820000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-09); FY2020: growth capex 0; upkeep 49600000; owner earnings 192580000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-09); FY2021: growth capex 0; upkeep 64100000; owner earnings 227480000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-09); FY2022: growth capex 39000000; upkeep 78500000; owner earnings 211660000. Growth capex / owner earnings = 0.1842577718983275.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-09); FY2023: growth capex 8400000; upkeep 97000000; owner earnings 164260000. Growth capex / owner earnings = 0.05113843906002679.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-09); FY2024: growth capex 0; upkeep 74300000; owner earnings 195880000. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/213800WFVZQMHOZP2W17/2025-12-31/ESEF/GB/0/213800WFVZQMHOZP2W17-2025-12-31/reports/213800WFVZQMHOZP2W17-2025-12-31-T01.xhtml (filed 2026-04-09); FY2025: growth capex 0; upkeep 47800000; owner earnings 196860000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-09); Dividend observations: [[2016,52100000],[2017,58400000],[2018,67300000],[2019,76300000],[2020,82500000],[2021,91000000],[2022,103600000],[2023,114500000],[2024,119300000],[2025,122800000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 0.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SPX.LSE SharesStats.PercentInsiders = 0.5499999999999999 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 9.8% yearly over ten years; actual growth was 7.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-09); Ten-year compound average after fade. Initial solved rate 0.12838581913748104. Price 7335; FX 100; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.2682824990951103 → FY2025 2.668275095556941. Closing-price date 2026-10-15.

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

- 2016-10: GBX 4,412.00 per share

- 2016-11: GBX 4,271.00 per share

- 2016-12: GBX 4,184.00 per share

- 2017-01: GBX 4,305.00 per share

- 2017-02: GBX 4,449.00 per share

- 2017-03: GBX 4,769.00 per share

- 2017-04: GBX 5,200.00 per share

- 2017-05: GBX 5,675.00 per share

- 2017-06: GBX 5,350.00 per share

- 2017-07: GBX 5,560.00 per share

- 2017-08: GBX 5,620.00 per share

- 2017-09: GBX 5,525.00 per share

- 2017-10: GBX 5,650.00 per share

- 2017-11: GBX 5,765.00 per share

- 2017-12: GBX 5,620.00 per share

- 2018-01: GBX 5,675.00 per share

- 2018-02: GBX 5,710.00 per share

- 2018-03: GBX 5,755.00 per share

- 2018-04: GBX 5,765.00 per share

- 2018-05: GBX 6,180.00 per share

- 2018-06: GBX 6,520.00 per share

- 2018-07: GBX 6,945.00 per share

- 2018-08: GBX 7,130.00 per share

- 2018-09: GBX 7,300.00 per share

- 2018-10: GBX 6,470.00 per share

- 2018-11: GBX 6,135.00 per share

- 2018-12: GBX 6,240.00 per share

- 2019-01: GBX 6,405.00 per share

- 2019-02: GBX 6,665.00 per share

- 2019-03: GBX 7,190.00 per share

- 2019-04: GBX 8,250.00 per share

- 2019-05: GBX 8,360.00 per share

- 2019-06: GBX 9,185.00 per share

- 2019-07: GBX 8,995.00 per share

- 2019-08: GBX 8,025.00 per share

- 2019-09: GBX 7,845.00 per share

- 2019-10: GBX 7,925.00 per share

- 2019-11: GBX 8,925.00 per share

- 2019-12: GBX 8,890.00 per share

- 2020-01: GBX 8,920.00 per share

- 2020-02: GBX 8,395.00 per share

- 2020-03: GBX 8,165.00 per share

- 2020-04: GBX 8,728.00 per share

- 2020-05: GBX 9,870.00 per share

- 2020-06: GBX 9,976.00 per share

- 2020-07: GBX 10,310.00 per share

- 2020-08: GBX 10,245.00 per share

- 2020-09: GBX 11,065.00 per share

- 2020-10: GBX 11,280.00 per share

- 2020-11: GBX 11,135.00 per share

- 2020-12: GBX 11,295.00 per share

- 2021-01: GBX 11,080.00 per share

- 2021-02: GBX 10,710.00 per share

- 2021-03: GBX 11,400.00 per share

- 2021-04: GBX 11,815.00 per share

- 2021-05: GBX 12,700.00 per share

- 2021-06: GBX 13,615.00 per share

- 2021-07: GBX 15,010.00 per share

- 2021-08: GBX 16,110.00 per share

- 2021-09: GBX 14,970.00 per share

- 2021-10: GBX 15,605.00 per share

- 2021-11: GBX 15,630.00 per share

- 2021-12: GBX 16,050.00 per share

- 2022-01: GBX 13,255.00 per share

- 2022-02: GBX 11,945.00 per share

- 2022-03: GBX 12,535.00 per share

- 2022-04: GBX 12,150.00 per share

- 2022-05: GBX 10,565.00 per share

- 2022-06: GBX 9,878.00 per share

- 2022-07: GBX 11,935.00 per share

- 2022-08: GBX 10,535.00 per share

- 2022-09: GBX 10,400.00 per share

- 2022-10: GBX 10,750.00 per share

- 2022-11: GBX 11,205.00 per share

- 2022-12: GBX 10,615.00 per share

- 2023-01: GBX 11,530.00 per share

- 2023-02: GBX 11,685.00 per share

- 2023-03: GBX 11,855.00 per share

- 2023-04: GBX 11,090.00 per share

- 2023-05: GBX 10,925.00 per share

- 2023-06: GBX 10,365.00 per share

- 2023-07: GBX 11,125.00 per share

- 2023-08: GBX 10,135.00 per share

- 2023-09: GBX 9,526.00 per share

- 2023-10: GBX 8,192.00 per share

- 2023-11: GBX 9,248.00 per share

- 2023-12: GBX 10,505.00 per share

- 2024-01: GBX 10,005.00 per share

- 2024-02: GBX 10,325.00 per share

- 2024-03: GBX 10,050.00 per share

- 2024-04: GBX 8,845.00 per share

- 2024-05: GBX 8,910.00 per share

- 2024-06: GBX 8,480.00 per share

- 2024-07: GBX 9,060.00 per share

- 2024-08: GBX 7,695.00 per share

- 2024-09: GBX 7,515.00 per share

- 2024-10: GBX 6,455.00 per share

- 2024-11: GBX 7,170.00 per share

- 2024-12: GBX 6,855.00 per share

- 2025-01: GBX 8,095.00 per share

- 2025-02: GBX 7,275.00 per share

- 2025-03: GBX 6,180.00 per share

- 2025-04: GBX 5,875.00 per share

- 2025-05: GBX 5,715.00 per share

- 2025-06: GBX 5,955.00 per share

- 2025-07: GBX 6,345.00 per share

- 2025-08: GBX 7,295.00 per share

- 2025-09: GBX 6,815.00 per share

- 2025-10: GBX 7,095.00 per share

- 2025-11: GBX 6,705.00 per share

- 2025-12: GBX 6,820.00 per share

- 2026-01: GBX 7,265.00 per share

- 2026-02: GBX 7,905.00 per share

- 2026-03: GBX 6,675.00 per share

- 2026-04: GBX 7,168.00 per share

- 2026-05: GBX 6,965.00 per share

- 2026-06: GBX 6,835.00 per share

- 2026-07: GBX 6,945.00 per share

- 2026-08: GBX 7,110.00 per share

- 2026-09: GBX 7,255.00 per share

- 2026-10: GBX 7,335.00 per share

## Annual estimated value (GBX per share)

- FY2016: low GBX 2,006.49 per share, central GBX 2,553.03 per share, high GBX 2,960.16 per share

- FY2017: low GBX 2,984.78 per share, central GBX 4,271.17 per share, high GBX 4,990.21 per share

- FY2018: low GBX 3,991.64 per share, central GBX 5,721.15 per share, high GBX 6,685.76 per share

- FY2019: low GBX 3,639.97 per share, central GBX 4,301.10 per share, high GBX 4,942.23 per share

- FY2020: low GBX 3,348.86 per share, central GBX 3,905.12 per share, high GBX 4,495.30 per share

- FY2021: low GBX 3,868.01 per share, central GBX 4,567.06 per share, high GBX 5,263.41 per share

- FY2022: low GBX 4,423.05 per share, central GBX 5,192.66 per share, high GBX 5,979.34 per share

- FY2023: low GBX 3,969.64 per share, central GBX 4,638.70 per share, high GBX 5,327.58 per share

- FY2024: low GBX 3,767.27 per share, central GBX 4,390.72 per share, high GBX 5,043.74 per share

- FY2025: low GBX 3,421.66 per share, central GBX 3,830.84 per share, high GBX 4,375.54 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 2026-10-15T06:42:21.041Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/213800WFVZQMHOZP2W17/2025-12-31/ESEF/GB/0/213800WFVZQMHOZP2W17-2025-12-31/reports/213800WFVZQMHOZP2W17-2025-12-31-T01.xhtml); period 2025-12-31, filed 2026-04-09.

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.

## Reported holder observations