# Weir Group (WEIR.LSE) Canonical: https://gigainvestors.com/s/WEIR.LSE Analysis as of: 2026-10-16T07:36:07.548Z. 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 2,614.00 per share; close as of 2026-10-15. Estimated value: low GBX 1,186.03 per share, central GBX 1,331.75 per share, high GBX 1,525.73 per share. Buy at or below the central value GBX 1,331.75 per share. Valuation as of 2026-10-16T07:36:07.548Z; scenarios are not confidence intervals. Expected annual return: 6.3% at the stated quote. About 6.3% 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: 2 - Operating margin variation: 0.20× Chart: Operating margin; fiscal year observations. - FY2016: 0.08× - FY2017: 0.12× - FY2018: 0.11× - FY2019: 0.13× - FY2020: 0.13× - FY2021: 0.13× - FY2022: 0.15× - FY2023: 0.14× - FY2024: 0.16× - FY2025: 0.19× ### moat: fail - ROIC median below threshold - ROIC, median of available years: 13.9% - ROIC, second-lowest year: 11.3% - Typical minus recent gross margin: -5.1 pp - Typical gross margin (annual median): 35.6% - Recent gross margin (lower of latest and 3-year median): 40.7% - Years with nonpositive capital: 0 - Capital spending / revenue: 3.0% - ROIC including acquisitions, ten-year median: 8.2% Chart: ROIC excluding acquisitions; fiscal year observations. - FY2016: 11.5% - FY2017: 14.8% - FY2018: 8.6% - FY2019: 11.3% - FY2020: 12.7% - FY2021: 13.0% - FY2022: 17.9% - FY2023: 17.1% - FY2024: 23.0% - FY2025: 17.8% ### economics: pass - Owner earnings / net income, 5-yr: 1.08× - Cash conversion uses consolidated totals: No - Owner earnings, five-year total: GBP 1.2B - Net income, five-year total: GBP 1.2B - Return on incremental invested capital: >100% - Working capital / revenue, annual change: -1.9 pp - Working capital / revenue, change between three-year averages: -13.2 pp - Working capital / revenue, final three-year average: 28.4% Chart: Annual owner cash / profit; fiscal year observations. - FY2021: 1.21× - FY2022: 1.13× - FY2023: 1.00× - FY2024: 1.04× - FY2025: 1.07× ### management: pass - Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years) - buybacks leaned toward cheaper years (informational) - ROIC first 3 years vs last 3 years: 11.5% vs 17.8% - Per-share earnings: 0.18 to 0.95 (three-year endpoint medians) - Management verdict uses per-share economic progress: Yes - Ordinary dilution, 10-year annual growth: 2.0% - Ordinary dilution, 5-year annual growth: 0.0% - Market cap gain: GBP 3.3B - Cumulative retained earnings: GBP 634M - Diluted shares, 10-year annual growth: 2.0% - Diluted shares, 5-year annual growth: 0.0% - $1 test, starting fiscal year: FY2016 - $1 test, ending fiscal year: FY2025 - Per-share value growth: 23.4% - Per-share value change: GBP 0.77 - Per-share value, starting three-year median: GBP 0.18 - Per-share value, ending three-year median: GBP 0.95 - Buybacks concentrated in cheaper years (correlation): 0.48 - Average buyback yield: 0.2% - Buyback history: 9 years - Debt-funded buybacks: No - Acquisition spending: GBP 2.2B - Cumulative net income, 10 years: GBP 894M - ROIC, first three-year median: 11.5% - ROIC, last three-year median: 17.8% Chart: Earnings per share; fiscal year observations. - FY2016: GBP 0.18 - FY2017: GBP 0.73 - FY2018: GBP 0.20 - FY2019: GBP -1.38 - FY2020: GBP -0.60 - FY2021: GBP 0.59 - FY2022: GBP 0.82 - FY2023: GBP 0.88 - FY2024: GBP 1.20 - FY2025: GBP 0.95 ### accounting: pass - Sloan accruals: -1.7% - Receivables to sales index (DSRI): 1.24× - Restructuring years, last five: 0 - Stock compensation / operating cash flow: 3.6% - Earnings backed by cash: Yes - Operating cash / earnings: 1.31× - Accounting red flags: 0 - Goodwill and intangibles / equity: 1.04× Chart: Sloan accruals; fiscal year observations. - FY2016: -5.0% - FY2017: 0.9% - FY2018: -3.5% - FY2019: -16.1% - FY2020: -10.7% - FY2021: -0.1% - FY2022: -2.6% - FY2023: -4.3% - FY2024: -3.6% - FY2025: -1.7% ## Holders ## Price story Down 26% since Feb 2026 · sales +2.4% Story as of 2026-10-16T10:00:06.888Z; price observation 2026-10-15. Price needs cash profits to grow 10% a year for ten years ### Sales · FY2024–2025 sales +2.4%; source https://filings.xbrl.org/549300KDR56WHY9I3D10/2025-12-31/ESEF/GB/0/549300KDR56WHY9I3D10-2025-12-31/reports/549300KDR56WHY9I3D10-2025-12-31-T01.html; observed 2026-03-24. - FY2016: GBP 1.8B - FY2017: GBP 2.0B - FY2018: GBP 2.4B - FY2019: GBP 2.0B - FY2020: GBP 2.0B - FY2021: GBP 1.9B - FY2022: GBP 2.5B - FY2023: GBP 2.6B - FY2024: GBP 2.5B - FY2025: GBP 2.6B ### Gross margin · FY2025 gross margin 42.5%; source https://filings.xbrl.org/549300KDR56WHY9I3D10/2025-12-31/ESEF/GB/0/549300KDR56WHY9I3D10-2025-12-31/reports/549300KDR56WHY9I3D10-2025-12-31-T01.html; observed 2026-03-24. - FY2016: 32.7% - FY2017: 33.7% - FY2018: 33.3% - FY2019: 35.5% - FY2020: 35.0% - FY2021: 35.8% - FY2022: 36.8% - FY2023: 37.7% - FY2024: 40.7% - FY2025: 42.5% ## Owner memo Memo as of 2026-10-16T08:06:05.509Z. ### How it makes money Operates in specialty industrial machinery; annual sales are GBP 2.6 billion. - Source: https://filings.xbrl.org/549300KDR56WHY9I3D10/2025-12-31/ESEF/GB/0/549300KDR56WHY9I3D10-2025-12-31/reports/549300KDR56WHY9I3D10-2025-12-31-T01.html (filed 2026-03-24); FY2025: revenue 2564500000; grossProfit 1090200000; margin = grossProfit / revenue. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); WEIR.LSE: Weir PLC, together with its subsidiaries, produces and sells highly engineered original equipment worldwide. The company operates in two segments, Minerals and ESCO. The Minerals segment offers engineering, manufacturing, and service processing technology for the use in abrasive and high-wear mining applications; and differentiated technology for the use in infrastructure and general industrial markets. This segment provides cloud-based artificial intelligence solutions to the mining industry. The ESCO segment provides ground engaging tools for mining machines. In addition, the company offers aftermarket products, wear parts, equipment attachments, and processing equipment. Further, it provides field services comprising commissioning and ongoing support services; rebuild and repair services; digital services; and process optimization services. The company offers its products and services under the Cavex, Enduron, ESCO, GEHO, Linatex, Motion Metrics, Next, Warman, Accumin, All-Cast, Arterra, Aspir, Bucyrus Blades, Carbide Plus, Delta Industrial, GeoVor, HYDRAU-FLO, Infinity, Isogate, Kwik-Lok, Lewis, Linacure, Linagard, Linard, Loadmaster, MaxTemp, Multiflo, Nemisys, Nexsys, Posilok, Production Master, ProFill, Sandmaster, Super V, SV2, TopLock, Trio, UltraEdge, Ultrlok, Uni-Lok, Vertasys, Vulco, and Whisler Plus brands. The company was formerly known as The Weir Group PLC and changed its name to Weir PLC in August 2026. The Weir Group PLC was founded in 1871 and is headquartered in Glasgow, United Kingdom. ### Why customers stay Margins ranged from 37.7% to 42.5% during 2023–25; it earns 13.9% on its capital. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2023: grossProfit / revenue = 37.7%. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2024: grossProfit / revenue = 40.7%. - Source: https://filings.xbrl.org/549300KDR56WHY9I3D10/2025-12-31/ESEF/GB/0/549300KDR56WHY9I3D10-2025-12-31/reports/549300KDR56WHY9I3D10-2025-12-31-T01.html (filed 2026-03-24); FY2025: grossProfit / revenue = 42.5%. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); 10-year return on capital observations [[2016,0.11517696460707859],[2017,0.14827111309402574],[2018,0.08580786026200873],[2019,0.11288104362818059],[2020,0.12721336555843404],[2021,0.13000903293819657],[2022,0.17850550634054022],[2023,0.17143438358580868],[2024,0.23045384596510485],[2025,0.177892450044589]]; median 0.13914007301611114. ROIC follows the displayed moat series; financial companies use return on tangible equity. ### Can it raise prices Kept about a 37% gross margin through 2022 cost inflation. - Source: https://filings.xbrl.org/549300KDR56WHY9I3D10/2025-12-31/ESEF/GB/0/549300KDR56WHY9I3D10-2025-12-31/reports/549300KDR56WHY9I3D10-2025-12-31-T01.html (filed 2026-03-24); Gross margin observations: [[2021,0.35793338849813816],[2022,0.36798673192832004],[2023,0.3774279210925645]]; range within 2 percentage points. ### Where the cash goes Paid dividends in 10 of 10 years; bought back GBP 10 million of shares. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2016: growth capex 0; upkeep 50500000; owner earnings 93900000. Growth capex / owner earnings = 0. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2017: growth capex 0; upkeep 67800000; owner earnings 195600000. Growth capex / owner earnings = 0. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2018: growth capex 0; upkeep 77700000; owner earnings 103400000. Growth capex / owner earnings = 0. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2021: growth capex 0; upkeep 52800000; owner earnings 185060000. Growth capex / owner earnings = 0. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2022: growth capex 0; upkeep 62700000; owner earnings 241980000. Growth capex / owner earnings = 0. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2023: growth capex 0; upkeep 86700000; owner earnings 226900000. Growth capex / owner earnings = 0. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2024: growth capex 0; upkeep 72500000; owner earnings 324800000. Growth capex / owner earnings = 0. - Source: https://filings.xbrl.org/549300KDR56WHY9I3D10/2025-12-31/ESEF/GB/0/549300KDR56WHY9I3D10-2025-12-31/reports/549300KDR56WHY9I3D10-2025-12-31-T01.html (filed 2026-03-24); FY2025: growth capex 0; upkeep 60000000; owner earnings 263720000. Growth capex / owner earnings = 0. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); Dividend observations: [[2016,45800000],[2017,74200000],[2018,79600000],[2019,121700000],[2020,10900000],[2021,29800000],[2022,66700000],[2023,95900000],[2024,99800000],[2025,107600000]]. Zero only counted when supported by a complete cash-flow statement. - Source: https://filings.xbrl.org/549300KDR56WHY9I3D10/2025-12-31/ESEF/GB/0/549300KDR56WHY9I3D10-2025-12-31/reports/549300KDR56WHY9I3D10-2025-12-31-T01.html (filed 2026-03-24); FY2025: cash repurchases 10000000 GBP. ### Are managers owners Insiders own 0.3% of the company. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); WEIR.LSE SharesStats.PercentInsiders = 0.301 percentage points; cache date 2026-10-16. ### What could break it The 2025 KPI was subject to independent limited assurance by SLR Consulting. - Source: https://filings.xbrl.org/549300KDR56WHY9I3D10/2025-12-31/ESEF/GB/0/549300KDR56WHY9I3D10-2025-12-31/reports/549300KDR56WHY9I3D10-2025-12-31-T01.html (filed 2026-03-24); 5. The 2025 KPI was subject to independent limited assurance by SLR Consulting. 6. ### What the price says The price assumes cash profits grow 10% yearly over ten years. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); Ten-year compound average after fade. Initial solved rate 0.13124246761039127. Price 2614; FX 100; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share -0.5214953271028038 → FY2025 1.0138709478993664. Closing-price date 2026-10-15. ## Monthly share-price history (GBX per share) - 2016-10: GBX 1,700.00 per share - 2016-11: GBX 1,808.00 per share - 2016-12: GBX 1,890.00 per share - 2017-01: GBX 2,005.00 per share - 2017-02: GBX 1,883.00 per share - 2017-03: GBX 1,917.00 per share - 2017-04: GBX 1,991.00 per share - 2017-05: GBX 1,816.00 per share - 2017-06: GBX 1,731.00 per share - 2017-07: GBX 1,834.00 per share - 2017-08: GBX 1,795.00 per share - 2017-09: GBX 1,965.00 per share - 2017-10: GBX 1,953.00 per share - 2017-11: GBX 1,962.00 per share - 2017-12: GBX 2,123.00 per share - 2018-01: GBX 2,209.00 per share - 2018-02: GBX 2,036.00 per share - 2018-03: GBX 1,994.50 per share - 2018-04: GBX 2,136.00 per share - 2018-05: GBX 2,191.00 per share - 2018-06: GBX 2,000.00 per share - 2018-07: GBX 1,948.50 per share - 2018-08: GBX 1,874.50 per share - 2018-09: GBX 1,763.00 per share - 2018-10: GBX 1,586.00 per share - 2018-11: GBX 1,474.00 per share - 2018-12: GBX 1,298.00 per share - 2019-01: GBX 1,505.00 per share - 2019-02: GBX 1,640.00 per share - 2019-03: GBX 1,558.00 per share - 2019-04: GBX 1,659.50 per share - 2019-05: GBX 1,470.00 per share - 2019-06: GBX 1,546.50 per share - 2019-07: GBX 1,497.00 per share - 2019-08: GBX 1,464.50 per share - 2019-09: GBX 1,425.50 per share - 2019-10: GBX 1,346.50 per share - 2019-11: GBX 1,395.50 per share - 2019-12: GBX 1,509.50 per share - 2020-01: GBX 1,348.00 per share - 2020-02: GBX 1,305.50 per share - 2020-03: GBX 721.00 per share - 2020-04: GBX 954.60 per share - 2020-05: GBX 966.00 per share - 2020-06: GBX 1,063.50 per share - 2020-07: GBX 1,196.50 per share - 2020-08: GBX 1,268.50 per share - 2020-09: GBX 1,252.50 per share - 2020-10: GBX 1,433.50 per share - 2020-11: GBX 1,675.00 per share - 2020-12: GBX 1,989.50 per share - 2021-01: GBX 1,895.00 per share - 2021-02: GBX 1,982.00 per share - 2021-03: GBX 1,777.00 per share - 2021-04: GBX 1,917.00 per share - 2021-05: GBX 1,920.00 per share - 2021-06: GBX 1,851.00 per share - 2021-07: GBX 1,728.00 per share - 2021-08: GBX 1,751.50 per share - 2021-09: GBX 1,691.50 per share - 2021-10: GBX 1,735.00 per share - 2021-11: GBX 1,667.50 per share - 2021-12: GBX 1,711.50 per share - 2022-01: GBX 1,729.00 per share - 2022-02: GBX 1,582.50 per share - 2022-03: GBX 1,641.00 per share - 2022-04: GBX 1,559.00 per share - 2022-05: GBX 1,588.50 per share - 2022-06: GBX 1,363.00 per share - 2022-07: GBX 1,670.00 per share - 2022-08: GBX 1,457.50 per share - 2022-09: GBX 1,406.50 per share - 2022-10: GBX 1,522.50 per share - 2022-11: GBX 1,771.50 per share - 2022-12: GBX 1,669.00 per share - 2023-01: GBX 1,782.00 per share - 2023-02: GBX 1,899.00 per share - 2023-03: GBX 1,859.00 per share - 2023-04: GBX 1,840.00 per share - 2023-05: GBX 1,694.50 per share - 2023-06: GBX 1,756.00 per share - 2023-07: GBX 1,835.00 per share - 2023-08: GBX 1,834.50 per share - 2023-09: GBX 1,901.50 per share - 2023-10: GBX 1,707.00 per share - 2023-11: GBX 1,873.00 per share - 2023-12: GBX 1,886.50 per share - 2024-01: GBX 1,819.50 per share - 2024-02: GBX 1,833.00 per share - 2024-03: GBX 2,022.00 per share - 2024-04: GBX 2,050.00 per share - 2024-05: GBX 2,124.00 per share - 2024-06: GBX 1,984.00 per share - 2024-07: GBX 2,032.00 per share - 2024-08: GBX 2,006.00 per share - 2024-09: GBX 2,166.00 per share - 2024-10: GBX 2,090.00 per share - 2024-11: GBX 2,224.00 per share - 2024-12: GBX 2,184.00 per share - 2025-01: GBX 2,426.00 per share - 2025-02: GBX 2,430.00 per share - 2025-03: GBX 2,320.00 per share - 2025-04: GBX 2,248.00 per share - 2025-05: GBX 2,426.00 per share - 2025-06: GBX 2,490.00 per share - 2025-07: GBX 2,666.00 per share - 2025-08: GBX 2,464.00 per share - 2025-09: GBX 2,732.00 per share - 2025-10: GBX 2,960.00 per share - 2025-11: GBX 2,772.00 per share - 2025-12: GBX 2,846.00 per share - 2026-01: GBX 3,226.00 per share - 2026-02: GBX 3,522.00 per share - 2026-03: GBX 2,798.00 per share - 2026-04: GBX 2,654.00 per share - 2026-05: GBX 2,446.00 per share - 2026-06: GBX 2,404.00 per share - 2026-07: GBX 2,636.00 per share - 2026-08: GBX 2,846.00 per share - 2026-09: GBX 2,702.00 per share - 2026-10: GBX 2,614.00 per share ## Annual estimated value (GBX per share) - FY2016: low GBX 575.40 per share, central GBX 640.65 per share, high GBX 727.50 per share - FY2017: low GBX 609.81 per share, central GBX 678.63 per share, high GBX 770.25 per share - FY2018: low GBX 503.73 per share, central GBX 562.12 per share, high GBX 639.86 per share - FY2019: low GBX 460.69 per share, central GBX 519.96 per share, high GBX 589.89 per share - FY2020: low GBX 469.66 per share, central GBX 517.81 per share, high GBX 581.92 per share - FY2021: low GBX 543.40 per share, central GBX 590.54 per share, high GBX 653.29 per share - FY2022: low GBX 685.07 per share, central GBX 745.51 per share, high GBX 825.97 per share - FY2023: low GBX 1,207.46 per share, central GBX 1,339.18 per share, high GBX 1,514.52 per share - FY2024: low GBX 1,204.70 per share, central GBX 1,343.92 per share, high GBX 1,529.24 per share - FY2025: low GBX 1,230.80 per share, central GBX 1,376.24 per share, high GBX 1,569.85 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 2026-10-15T06:41:46.818Z where newer inputs omit a numeric field or fiscal period. ## Sources [Original ESEF filing](https://filings.xbrl.org/549300KDR56WHY9I3D10/2025-12-31/ESEF/GB/0/549300KDR56WHY9I3D10-2025-12-31/reports/549300KDR56WHY9I3D10-2025-12-31-T01.html); period 2025-12-31, filed 2026-03-24. 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