# Vesuvius (VSVS.LSE)

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

Analysis as of: 2026-10-16T07:42:17.633Z. Financial observations: FY1996–FY2025.

Listing currency: GBX. Reporting currency: GBP.

## Verdict

A wonderful business at a fair price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: yes.

Share price: GBX 460.60 per share; close as of 2026-10-15.

Estimated value: low GBX 454.03 per share, central GBX 507.98 per share, high GBX 579.80 per share. Buy at or below the central value GBX 507.98 per share. Valuation as of 2026-10-16T07:42:17.633Z; scenarios are not confidence intervals.

Expected annual return: 10.9% at the stated quote. About 10.9% 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

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

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 0

- Operating margin variation: 0.17×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.09×

- FY2017: 0.09×

- FY2018: 0.10×

- FY2019: 0.10×

- FY2020: 0.05×

- FY2021: 0.08×

- FY2022: 0.11×

- FY2023: 0.10×

- FY2024: 0.08×

- FY2025: 0.08×

### moat: pass

- ROIC, median of available years: 15.1%

- ROIC, second-lowest year: 10.1%

- Typical minus recent gross margin: 2.5 pp

- Typical gross margin (annual median): 27.4%

- Recent gross margin (lower of latest and 3-year median): 24.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.3%

- ROIC including acquisitions, ten-year median: 5.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 11.2%

- FY2017: 14.3%

- FY2018: 23.7%

- FY2019: 18.1%

- FY2020: 8.4%

- FY2021: 15.9%

- FY2022: 23.0%

- FY2023: 16.1%

- FY2024: 12.6%

- FY2025: 10.1%

### economics: pass

- Owner earnings / net income, 5-yr: 0.95×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: GBP 513M

- Net income, five-year total: GBP 541M

- Return on incremental invested capital: 3548.4%

- Working capital / revenue, annual change: -0.8 pp

- Working capital / revenue, change between three-year averages: -5.8 pp

- Working capital / revenue, final three-year average: 23.2%

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

- FY2021: 1.14×

- FY2022: 1.00×

- FY2023: 0.79×

- FY2024: 0.82×

- FY2025: 0.97×

### management: pass

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

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 14.3% vs 12.6%

- Per-share earnings: 0.18 to 0.33 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.8%

- Ordinary dilution, 5-year annual growth: -1.7%

- Market cap gain: GBP -78M

- Cumulative retained earnings: GBP 1.7B

- Diluted shares, 10-year annual growth: -0.8%

- Diluted shares, 5-year annual growth: -1.7%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 7.9%

- Per-share value change: GBP 0.15

- Per-share value, starting three-year median: GBP 0.18

- Per-share value, ending three-year median: GBP 0.33

- Buybacks concentrated in cheaper years (correlation): -0.43

- Average buyback yield: 2.1%

- Buyback history: 6 years

- Debt-funded buybacks: Yes

- Acquisition spending: GBP 744M

- Cumulative net income, 10 years: GBP 896M

- ROIC, first three-year median: 14.3%

- ROIC, last three-year median: 12.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: GBP 0.21

- FY2017: GBP 0.14

- FY2018: GBP 0.51

- FY2019: GBP 0.30

- FY2020: GBP 0.15

- FY2021: GBP 0.37

- FY2022: GBP 0.67

- FY2023: GBP 0.44

- FY2024: GBP 0.33

- FY2025: GBP 0.21

### accounting: pass

- Sloan accruals: -2.7%

- Receivables to sales index (DSRI): 1.25×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.25×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.67×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -1.3%

- FY2017: -4.2%

- FY2018: -0.2%

- FY2019: -4.9%

- FY2020: -5.4%

- FY2021: 2.7%

- FY2022: -1.3%

- FY2023: -4.3%

- FY2024: -3.1%

- FY2025: -2.7%

## Holders

## Price story

Price needs cash profits to shrink 0.5% a year for ten years · "Vesuvius shares jump 23% after confirming RHI Magnesita takeover proposal" (finance.yahoo.com, Sep 2026) · sales -0.6%

Story as of 2026-10-16T10:00:12.300Z; price observation 2026-10-15.

Price needs cash profits to shrink 0.5% a year for ten years

- 2026-09-29: Vesuvius shares jump 23% after confirming RHI Magnesita takeover proposal ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/vesuvius-shares-jump-23-confirming-084708623.html))

### Sales · FY2024–2025

sales -0.6%; source https://filings.xbrl.org/213800ORZ521W585SY02/2025-12-31/ESEF/GB/0/213800ORZ521W585SY02-2025-12-31/reports/213800ORZ521W585SY02-2025-12-31-T01.html; observed 2026-04-15.

- FY2016: GBP 1.4B 

- FY2017: GBP 1.7B 

- FY2018: GBP 1.8B 

- FY2019: GBP 1.7B 

- FY2020: GBP 1.5B 

- FY2021: GBP 1.6B 

- FY2022: GBP 2.0B 

- FY2023: GBP 1.9B 

- FY2024: GBP 1.8B 

- FY2025: GBP 1.8B 

### Gross margin · FY2025

gross margin 24.9%; source https://filings.xbrl.org/213800ORZ521W585SY02/2025-12-31/ESEF/GB/0/213800ORZ521W585SY02-2025-12-31/reports/213800ORZ521W585SY02-2025-12-31-T01.html; observed 2026-04-15.

- FY2016: 27.3% 

- FY2017: 27.6% 

- FY2018: 28.2% 

- FY2019: 27.3% 

- FY2020: 24.9% 

- FY2021: 25.0% 

- FY2022: 27.4% 

- FY2023: 27.9% 

- FY2024: 27.7% 

- FY2025: 24.9% 

## Owner memo

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

### How it makes money

Operates in steel; annual sales are GBP 1.8 billion.

- Source: https://eodhd.com/api/fundamentals/VSVS.LSE.json#2025-12-31 (filed 2026-04-15); FY2025: revenue 1809500000; grossProfit 450100000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); VSVS.LSE: Vesuvius plc provides molten metal flow engineering and technology services to steel and foundry casting industries worldwide. It operates through Steel Flow Control, Steel Advanced Refractories, Steel Sensors & Probes, and Foundry segments. The company offers feeder sleeves and risers, including insulating, exothermic insulating, and highly exothermic sleeves, as well as boards, lids, and powders. It also provides coatings for sand moulds and cores comprising high-production foundry jobbing, foundry coating equipment, and speciality foundry coatings; filters and gating systems for steel, iron, and nonferrous castings; metal treatment products; refractory linings and flow control products, such as furnace linings, ladle linings, and stoppers and nozzles for iron and steel foundries; die coatings for permanent mould casting; and crucibles and retorts under the Salamander and Noltina brands. In addition, the company offers organic and inorganic mould and core binder systems, including self-setting binders, ester-setting silicates, gas-setting binders, and heat-setting resins, as well as ancillary products comprising release and parting agents, glues and sealants, and sand additives. Further, it provides foundry services and support. The company was formerly known as Vesuvius Technologies plc and changed its name to Vesuvius plc in October 2012. Vesuvius plc was founded in 1916 and is headquartered in London, the United Kingdom.

### Why customers stay

Margins ranged from 24.9% to 27.9% during 2023–25; it earns 15.1% on its capital.

- Source: https://eodhd.com/api/fundamentals/VSVS.LSE.json#2023-12-31 (filed 2026-04-15); FY2023: grossProfit / revenue = 27.9%.

- Source: https://eodhd.com/api/fundamentals/VSVS.LSE.json#2024-12-31 (filed 2026-04-15); FY2024: grossProfit / revenue = 27.7%.

- Source: https://eodhd.com/api/fundamentals/VSVS.LSE.json#2025-12-31 (filed 2026-04-15); FY2025: grossProfit / revenue = 24.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-15); 10-year return on capital observations [[2016,0.11220084856155244],[2017,0.1432403758714762],[2018,0.23710775589579774],[2019,0.18098442687446617],[2020,0.08371748602018801],[2021,0.1593929226631519],[2022,0.2300074292532475],[2023,0.1606563839581879],[2024,0.1255387639699152],[2025,0.10125031528123087]]; median 0.15131664926731403. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 77% of cash earnings; earns over 100% on new investment.

- Source: https://eodhd.com/api/fundamentals/VSVS.LSE.json#2016-12-31 (filed 2026-04-15); FY2016: growth capex 0; upkeep 31300000; owner earnings 85000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/VSVS.LSE.json#2017-12-31 (filed 2026-04-15); FY2017: growth capex 0; upkeep 39000000; owner earnings 62200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/VSVS.LSE.json#2018-12-31 (filed 2026-04-15); FY2018: growth capex 0; upkeep 41200000; owner earnings 151000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/VSVS.LSE.json#2019-12-31 (filed 2026-04-15); FY2019: growth capex 0; upkeep 65400000; owner earnings 74600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/VSVS.LSE.json#2020-12-31 (filed 2026-04-15); FY2020: growth capex 0; upkeep 40500000; owner earnings 61300000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/VSVS.LSE.json#2021-12-31 (filed 2026-04-15); FY2021: growth capex 0; upkeep 45500000; owner earnings 116100000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/VSVS.LSE.json#2022-12-31 (filed 2026-04-15); FY2022: growth capex 23300000; upkeep 65900000; cash acquisitions 3500000; owner earnings 181100000. Growth capex plus acquisitions / owner earnings = 0.14798453892876864.

- Source: https://eodhd.com/api/fundamentals/VSVS.LSE.json#2023-12-31 (filed 2026-04-15); FY2023: growth capex 0; upkeep 92600000; cash acquisitions 0; owner earnings 94000000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/VSVS.LSE.json#2024-12-31 (filed 2026-04-15); FY2024: growth capex 0; upkeep 88100000; cash acquisitions 0; owner earnings 71300000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/VSVS.LSE.json#2025-12-31 (filed 2026-04-15); FY2025: growth capex 0; upkeep 78100000; cash acquisitions 38900000; owner earnings 50500000. Growth capex plus acquisitions / owner earnings = 0.7702970297029703.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-15); Incremental return on capital 35.484496124031025, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-15); Dividend observations: [[2016,43900000],[2017,45600000],[2018,50000000],[2019,53900000],[2020,8400000],[2021,55500000],[2022,58100000],[2023,60700000],[2024,61100000],[2025,57900000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/VSVS.LSE.json#2025-12-31 (filed 2026-04-15); FY2025: cash repurchases 34800000 GBP.

### Are managers owners

Insiders own 7.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); VSVS.LSE SharesStats.PercentInsiders = 7.074 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 0.5% yearly over ten years; actual decline was 1.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-15); Ten-year compound average after fade. Initial solved rate -0.019985393800132437. Price 460.6; FX 100; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.2382537920828709 → FY2025 0.20191923230707717. Closing-price date 2026-10-15.

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

- 2016-10: GBX 364.50 per share

- 2016-11: GBX 393.40 per share

- 2016-12: GBX 395.30 per share

- 2017-01: GBX 472.20 per share

- 2017-02: GBX 456.80 per share

- 2017-03: GBX 520.50 per share

- 2017-04: GBX 530.00 per share

- 2017-05: GBX 579.50 per share

- 2017-06: GBX 530.50 per share

- 2017-07: GBX 543.50 per share

- 2017-08: GBX 578.00 per share

- 2017-09: GBX 590.00 per share

- 2017-10: GBX 588.00 per share

- 2017-11: GBX 560.50 per share

- 2017-12: GBX 584.00 per share

- 2018-01: GBX 602.00 per share

- 2018-02: GBX 590.50 per share

- 2018-03: GBX 583.50 per share

- 2018-04: GBX 588.50 per share

- 2018-05: GBX 627.50 per share

- 2018-06: GBX 598.00 per share

- 2018-07: GBX 634.50 per share

- 2018-08: GBX 620.00 per share

- 2018-09: GBX 645.50 per share

- 2018-10: GBX 544.00 per share

- 2018-11: GBX 527.00 per share

- 2018-12: GBX 506.50 per share

- 2019-01: GBX 562.50 per share

- 2019-02: GBX 607.50 per share

- 2019-03: GBX 593.50 per share

- 2019-04: GBX 617.50 per share

- 2019-05: GBX 499.40 per share

- 2019-06: GBX 548.00 per share

- 2019-07: GBX 501.50 per share

- 2019-08: GBX 465.60 per share

- 2019-09: GBX 455.40 per share

- 2019-10: GBX 399.40 per share

- 2019-11: GBX 453.60 per share

- 2019-12: GBX 500.00 per share

- 2020-01: GBX 435.00 per share

- 2020-02: GBX 422.60 per share

- 2020-03: GBX 322.40 per share

- 2020-04: GBX 400.80 per share

- 2020-05: GBX 368.20 per share

- 2020-06: GBX 387.60 per share

- 2020-07: GBX 408.00 per share

- 2020-08: GBX 409.00 per share

- 2020-09: GBX 395.40 per share

- 2020-10: GBX 399.20 per share

- 2020-11: GBX 490.00 per share

- 2020-12: GBX 536.50 per share

- 2021-01: GBX 498.00 per share

- 2021-02: GBX 521.00 per share

- 2021-03: GBX 539.00 per share

- 2021-04: GBX 538.00 per share

- 2021-05: GBX 562.50 per share

- 2021-06: GBX 528.00 per share

- 2021-07: GBX 533.00 per share

- 2021-08: GBX 562.00 per share

- 2021-09: GBX 488.00 per share

- 2021-10: GBX 472.00 per share

- 2021-11: GBX 414.00 per share

- 2021-12: GBX 450.20 per share

- 2022-01: GBX 456.80 per share

- 2022-02: GBX 396.00 per share

- 2022-03: GBX 341.60 per share

- 2022-04: GBX 323.40 per share

- 2022-05: GBX 353.00 per share

- 2022-06: GBX 304.00 per share

- 2022-07: GBX 359.80 per share

- 2022-08: GBX 347.40 per share

- 2022-09: GBX 309.40 per share

- 2022-10: GBX 339.20 per share

- 2022-11: GBX 379.60 per share

- 2022-12: GBX 404.20 per share

- 2023-01: GBX 409.00 per share

- 2023-02: GBX 413.60 per share

- 2023-03: GBX 413.80 per share

- 2023-04: GBX 405.40 per share

- 2023-05: GBX 413.20 per share

- 2023-06: GBX 398.40 per share

- 2023-07: GBX 442.00 per share

- 2023-08: GBX 440.80 per share

- 2023-09: GBX 434.20 per share

- 2023-10: GBX 403.00 per share

- 2023-11: GBX 429.80 per share

- 2023-12: GBX 481.20 per share

- 2024-01: GBX 478.20 per share

- 2024-02: GBX 484.60 per share

- 2024-03: GBX 495.20 per share

- 2024-04: GBX 480.50 per share

- 2024-05: GBX 488.50 per share

- 2024-06: GBX 461.50 per share

- 2024-07: GBX 483.50 per share

- 2024-08: GBX 406.50 per share

- 2024-09: GBX 390.50 per share

- 2024-10: GBX 357.50 per share

- 2024-11: GBX 417.50 per share

- 2024-12: GBX 423.00 per share

- 2025-01: GBX 410.50 per share

- 2025-02: GBX 409.50 per share

- 2025-03: GBX 390.50 per share

- 2025-04: GBX 342.20 per share

- 2025-05: GBX 360.20 per share

- 2025-06: GBX 392.40 per share

- 2025-07: GBX 356.40 per share

- 2025-08: GBX 373.80 per share

- 2025-09: GBX 374.00 per share

- 2025-10: GBX 375.60 per share

- 2025-11: GBX 382.40 per share

- 2025-12: GBX 396.80 per share

- 2026-01: GBX 459.60 per share

- 2026-02: GBX 499.40 per share

- 2026-03: GBX 397.20 per share

- 2026-04: GBX 440.80 per share

- 2026-05: GBX 464.20 per share

- 2026-06: GBX 448.00 per share

- 2026-07: GBX 371.00 per share

- 2026-08: GBX 388.60 per share

- 2026-09: GBX 472.80 per share

- 2026-10: GBX 460.60 per share

## Annual estimated value (GBX per share)

- FY2016: low GBX 428.09 per share, central GBX 481.18 per share, high GBX 551.87 per share

- FY2017: low GBX 459.25 per share, central GBX 516.05 per share, high GBX 591.66 per share

- FY2018: low GBX 513.62 per share, central GBX 574.22 per share, high GBX 654.90 per share

- FY2019: low GBX 408.29 per share, central GBX 454.66 per share, high GBX 516.38 per share

- FY2020: low GBX 322.15 per share, central GBX 357.41 per share, high GBX 404.35 per share

- FY2021: low GBX 337.30 per share, central GBX 376.92 per share, high GBX 429.65 per share

- FY2022: low GBX 635.25 per share, central GBX 715.56 per share, high GBX 822.47 per share

- FY2023: low GBX 423.76 per share, central GBX 475.82 per share, high GBX 545.13 per share

- FY2024: low GBX 424.36 per share, central GBX 475.03 per share, high GBX 542.48 per share

- FY2025: low GBX 446.94 per share, central GBX 500.05 per share, high GBX 570.76 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/213800ORZ521W585SY02/2025-12-31/ESEF/GB/0/213800ORZ521W585SY02-2025-12-31/reports/213800ORZ521W585SY02-2025-12-31-T01.html); period 2025-12-31, filed 2026-04-15.

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.