# XP Power (XPP.LSE)

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

Analysis as of: 2026-10-16T07:45:27.008Z. Financial observations: FY2006–FY2025.

Listing currency: GBX. Reporting currency: GBP.

## Verdict

Not a wonderful business

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

Share price: GBX 1,878.00 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

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

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 4

- Operating margin variation: 0.56×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.21×

- FY2017: 0.20×

- FY2018: 0.20×

- FY2019: 0.15×

- FY2020: 0.16×

- FY2021: 0.12×

- FY2022: 0.12×

- FY2023: 0.08×

- FY2024: 0.01×

- FY2025: 0.00×

### moat: fail

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 17.4%

- ROIC, second-lowest year: 1.3%

- Typical minus recent gross margin: 3.5 pp

- Typical gross margin (annual median): 45.0%

- Recent gross margin (lower of latest and 3-year median): 41.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 6.5%

- ROIC including acquisitions, ten-year median: 7.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 32.9%

- FY2017: 34.5%

- FY2018: 24.0%

- FY2019: 19.0%

- FY2020: 24.7%

- FY2021: 15.9%

- FY2022: 10.6%

- FY2023: 6.4%

- FY2024: 1.3%

- FY2025: 0.3%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: GBP -93M

- Net income, five-year total: GBP -28M

- Return on incremental invested capital: -24.6%

- Working capital / revenue, annual change: 1.9 pp

- Working capital / revenue, change between three-year averages: 11.5 pp

- Working capital / revenue, final three-year average: 45.1%

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: GBP 13M

- FY2022: GBP -30M

- FY2023: GBP -46M

- FY2024: GBP -22M

- FY2025: GBP -8.5M

### 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: 32.9% vs 1.3%

- Per-share earnings: 1.11 to -0.42 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- five-year and ten-year diluted share growth both above threshold

- 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: 3.5%

- Ordinary dilution, 5-year annual growth: 6.7%

- Market cap gain: GBP -88M

- Cumulative retained earnings: GBP -22M

- Diluted shares, 10-year annual growth: 3.5%

- Diluted shares, 5-year annual growth: 6.7%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: GBP -1.53

- Per-share value, starting three-year median: GBP 1.11

- Per-share value, ending three-year median: GBP -0.42

- Buybacks concentrated in cheaper years (correlation): -0.80

- Average buyback yield: 0.4%

- Buyback history: 4 years

- Debt-funded buybacks: No

- Acquisition spending: GBP 149M

- Cumulative net income, 10 years: GBP 104M

- ROIC, first three-year median: 32.9%

- ROIC, last three-year median: 1.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: GBP 1.11

- FY2017: GBP 1.46

- FY2018: GBP 1.55

- FY2019: GBP 1.05

- FY2020: GBP 1.60

- FY2021: GBP 1.14

- FY2022: GBP -1.02

- FY2023: GBP -0.45

- FY2024: GBP -0.40

- FY2025: GBP -0.42

### accounting: pass

- Sloan accruals: -11.7%

- Receivables to sales index (DSRI): 1.30×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 5.5%

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.74×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.8%

- FY2017: -0.8%

- FY2018: 1.5%

- FY2019: -11.0%

- FY2020: -5.8%

- FY2021: -5.1%

- FY2022: -3.7%

- FY2023: -14.9%

- FY2024: -15.6%

- FY2025: -11.7%

## Holders

## Price story

Down 64% since Oct 2021 · "XP Power faces potential upstream carbon price impacts, increasing transportation and goods costs." (XPP filing, Apr 2026) · sales -7%

Story as of 2026-10-16T10:00:13.397Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales -7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: GBP 130M 

- FY2017: GBP 167M 

- FY2018: GBP 195M 

- FY2019: GBP 200M 

- FY2020: GBP 233M 

- FY2021: GBP 240M 

- FY2022: GBP 290M 

- FY2023: GBP 316M 

- FY2024: GBP 247M 

- FY2025: GBP 230M 

### Gross margin · FY2025

gross margin 41.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 46.2% 

- FY2017: 45.0% 

- FY2018: 47.3% 

- FY2019: 45.1% 

- FY2020: 47.2% 

- FY2021: 45.1% 

- FY2022: 41.5% 

- FY2023: 41.5% 

- FY2024: 39.2% 

- FY2025: 41.9% 

## Owner memo

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

### How it makes money

Operates in electrical equipment & parts; annual sales are GBP 230.1 million.

- Source: https://eodhd.com/api/fundamentals/XPP.LSE.json#2025-12-31 (filed 2026-10-16T07:45:27.008Z); FY2025: revenue 230099999; grossProfit 96299999; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); XPP.LSE: XP Power Limited, an investment holding company, designs, manufactures, and sells power supply solutions in Europe, North America, and Asia. It offers AC-DC power supplies, DC-DC converters, high voltage AC-DC power supplies, RF power systems, and EMI filters. The company also provides custom power solutions, such as mechanical and electrical design; PCB design and software programming; and safety compliance, quality, and testing. It serves semiconductor equipment manufacturing, industrial technology, healthcare, and custom power industries. XP Power Limited was founded in 1988 and is based in Singapore.

### Why customers stay

Margins ranged from 39.2% to 41.9% during 2023–25; it earns 17.4% on its capital.

- Source: https://eodhd.com/api/fundamentals/XPP.LSE.json#2023-12-31 (filed 2026-10-16T07:45:27.008Z); FY2023: grossProfit / revenue = 41.5%.

- Source: https://eodhd.com/api/fundamentals/XPP.LSE.json#2024-12-31 (filed 2026-10-16T07:45:27.008Z); FY2024: grossProfit / revenue = 39.2%.

- Source: https://eodhd.com/api/fundamentals/XPP.LSE.json#2025-12-31 (filed 2026-10-16T07:45:27.008Z); FY2025: grossProfit / revenue = 41.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:27.008Z); 10-year return on capital observations [[2016,0.3287169337173229],[2017,0.34453261422161313],[2018,0.2401397268974278],[2019,0.1900527505651846],[2020,0.24709467120181403],[2021,0.15855515426109726],[2022,0.1063289224952741],[2023,0.06426553672316385],[2024,0.012845528455284553],[2025,0.0028519814853017024]]; median 0.17430395241314095. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 9 of 10 years.

- Source: https://eodhd.com/api/fundamentals/XPP.LSE.json#2016-12-31 (filed 2026-10-16T07:45:27.008Z); FY2016: growth capex 0; upkeep 2600000; owner earnings 23300000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/XPP.LSE.json#2017-12-31 (filed 2026-10-16T07:45:27.008Z); FY2017: growth capex 0; upkeep 4900000; owner earnings 29300000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/XPP.LSE.json#2018-12-31 (filed 2026-10-16T07:45:27.008Z); FY2018: growth capex 0; upkeep 7900000; owner earnings 31400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/XPP.LSE.json#2019-12-31 (filed 2026-10-16T07:45:27.008Z); FY2019: growth capex 735120.4281092398; upkeep 15564879.57189076; owner earnings 16355120.42810924. Growth capex / owner earnings = 0.04494741762009909.

- Source: https://eodhd.com/api/fundamentals/XPP.LSE.json#2020-12-31 (filed 2026-10-16T07:45:27.008Z); FY2020: growth capex 900000; upkeep 14000000; owner earnings 30520000. Growth capex / owner earnings = 0.02948885976408912.

- Source: https://eodhd.com/api/fundamentals/XPP.LSE.json#2021-12-31 (filed 2026-10-16T07:45:27.008Z); FY2021: growth capex 1085903.5901925005; upkeep 20814096.4098075; cash acquisitions 0; owner earnings 13365903.5901925. Growth capex plus acquisitions / owner earnings = 0.08124430816554026.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:27.008Z); Dividend observations: [[2016,12900000],[2017,14000000],[2018,15300000],[2019,16700000],[2020,7300000],[2021,18200000],[2022,18600000],[2023,14800000],[2024,0],[2025,100000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 8.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); XPP.LSE SharesStats.PercentInsiders = 8.315999999999999 percentage points; cache date 2026-10-16.

### What the price says

The price is 2.2 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:27.008Z); Closing price 1878 GBX; reporting-to-trading FX 100; FY2025 annual sales per share 8.482636547961366; price multiple 2.213934299060992. FY2025 cash earnings/share -0.31261520312615204. Closing-price date 2026-10-15.

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

- 2016-10: GBX 1,700.00 per share

- 2016-11: GBX 1,745.00 per share

- 2016-12: GBX 1,736.00 per share

- 2017-01: GBX 1,805.00 per share

- 2017-02: GBX 1,905.00 per share

- 2017-03: GBX 2,110.00 per share

- 2017-04: GBX 2,643.00 per share

- 2017-05: GBX 2,680.00 per share

- 2017-06: GBX 2,429.00 per share

- 2017-07: GBX 2,640.00 per share

- 2017-08: GBX 2,640.00 per share

- 2017-09: GBX 2,776.00 per share

- 2017-10: GBX 3,494.00 per share

- 2017-11: GBX 3,478.00 per share

- 2017-12: GBX 3,430.00 per share

- 2018-01: GBX 3,340.00 per share

- 2018-02: GBX 3,130.00 per share

- 2018-03: GBX 3,190.00 per share

- 2018-04: GBX 3,500.00 per share

- 2018-05: GBX 3,420.00 per share

- 2018-06: GBX 3,530.00 per share

- 2018-07: GBX 3,590.00 per share

- 2018-08: GBX 3,070.00 per share

- 2018-09: GBX 2,960.00 per share

- 2018-10: GBX 2,530.00 per share

- 2018-11: GBX 2,320.00 per share

- 2018-12: GBX 2,105.00 per share

- 2019-01: GBX 2,050.00 per share

- 2019-02: GBX 2,030.00 per share

- 2019-03: GBX 2,500.00 per share

- 2019-04: GBX 2,680.00 per share

- 2019-05: GBX 2,320.00 per share

- 2019-06: GBX 2,210.00 per share

- 2019-07: GBX 2,040.00 per share

- 2019-08: GBX 2,300.00 per share

- 2019-09: GBX 2,410.00 per share

- 2019-10: GBX 2,630.00 per share

- 2019-11: GBX 2,940.00 per share

- 2019-12: GBX 3,100.00 per share

- 2020-01: GBX 3,580.00 per share

- 2020-02: GBX 3,030.00 per share

- 2020-03: GBX 2,610.00 per share

- 2020-04: GBX 3,180.00 per share

- 2020-05: GBX 3,150.00 per share

- 2020-06: GBX 3,550.00 per share

- 2020-07: GBX 3,810.00 per share

- 2020-08: GBX 4,500.00 per share

- 2020-09: GBX 4,430.00 per share

- 2020-10: GBX 4,000.00 per share

- 2020-11: GBX 4,550.00 per share

- 2020-12: GBX 4,690.00 per share

- 2021-01: GBX 5,020.00 per share

- 2021-02: GBX 5,480.00 per share

- 2021-03: GBX 4,700.00 per share

- 2021-04: GBX 5,080.00 per share

- 2021-05: GBX 5,000.00 per share

- 2021-06: GBX 5,580.00 per share

- 2021-07: GBX 5,140.00 per share

- 2021-08: GBX 5,520.00 per share

- 2021-09: GBX 5,140.00 per share

- 2021-10: GBX 5,230.00 per share

- 2021-11: GBX 4,840.00 per share

- 2021-12: GBX 5,100.00 per share

- 2022-01: GBX 4,860.00 per share

- 2022-02: GBX 4,340.00 per share

- 2022-03: GBX 3,465.00 per share

- 2022-04: GBX 3,220.00 per share

- 2022-05: GBX 3,250.00 per share

- 2022-06: GBX 2,850.00 per share

- 2022-07: GBX 3,040.00 per share

- 2022-08: GBX 1,956.00 per share

- 2022-09: GBX 1,670.00 per share

- 2022-10: GBX 1,752.00 per share

- 2022-11: GBX 1,954.00 per share

- 2022-12: GBX 2,035.00 per share

- 2023-01: GBX 2,425.00 per share

- 2023-02: GBX 2,340.00 per share

- 2023-03: GBX 2,035.00 per share

- 2023-04: GBX 2,215.00 per share

- 2023-05: GBX 2,085.00 per share

- 2023-06: GBX 1,968.00 per share

- 2023-07: GBX 2,040.00 per share

- 2023-08: GBX 2,155.00 per share

- 2023-09: GBX 2,360.00 per share

- 2023-10: GBX 1,096.00 per share

- 2023-11: GBX 1,200.00 per share

- 2023-12: GBX 1,356.00 per share

- 2024-01: GBX 1,408.00 per share

- 2024-02: GBX 1,040.00 per share

- 2024-03: GBX 1,090.00 per share

- 2024-04: GBX 1,100.00 per share

- 2024-05: GBX 1,520.00 per share

- 2024-06: GBX 1,480.00 per share

- 2024-07: GBX 1,300.00 per share

- 2024-08: GBX 1,474.00 per share

- 2024-09: GBX 1,318.00 per share

- 2024-10: GBX 1,230.00 per share

- 2024-11: GBX 1,300.00 per share

- 2024-12: GBX 1,306.00 per share

- 2025-01: GBX 1,242.00 per share

- 2025-02: GBX 1,028.00 per share

- 2025-03: GBX 768.00 per share

- 2025-04: GBX 700.00 per share

- 2025-05: GBX 782.00 per share

- 2025-06: GBX 925.00 per share

- 2025-07: GBX 860.00 per share

- 2025-08: GBX 892.00 per share

- 2025-09: GBX 947.00 per share

- 2025-10: GBX 1,012.00 per share

- 2025-11: GBX 911.00 per share

- 2025-12: GBX 900.00 per share

- 2026-01: GBX 1,240.00 per share

- 2026-02: GBX 1,386.00 per share

- 2026-03: GBX 1,228.00 per share

- 2026-04: GBX 1,752.00 per share

- 2026-05: GBX 1,920.00 per share

- 2026-06: GBX 1,942.00 per share

- 2026-07: GBX 1,616.00 per share

- 2026-08: GBX 1,786.00 per share

- 2026-09: GBX 2,050.00 per share

- 2026-10: GBX 1,878.00 per share

## Annual estimated value (GBX per share)

- FY2016: low GBX 1,808.07 per share, central GBX 2,621.73 per share, high GBX 3,075.53 per share

- FY2017: low GBX 2,303.24 per share, central GBX 3,331.68 per share, high GBX 3,905.28 per share

- FY2018: low GBX 2,641.51 per share, central GBX 3,828.18 per share, high GBX 4,492.26 per share

- FY2019: low GBX 2,456.97 per share, central GBX 3,310.28 per share, high GBX 3,873.08 per share

- FY2020: low GBX 2,619.65 per share, central GBX 3,526.76 per share, high GBX 4,125.04 per share

- FY2021: low GBX 1,748.13 per share, central GBX 1,986.25 per share, high GBX 2,303.25 per share

- FY2022: low GBX 1,583.97 per share, central GBX 2,036.40 per share, high GBX 2,367.38 per share

- FY2023: low GBX 975.33 per share, central GBX 1,105.95 per share, high GBX 1,279.84 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

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