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U.K. (FTSE) Machinery Industry Analysis

UpdatedFeb 21, 2026
DataAggregated Company Financials
Companies20
  • 7D1.0%
  • 3M21.7%
  • 1Y30.8%
  • YTD16.3%

IMI is up 2.6%, leading the way for the Machinery industry, which has gained 1.0%. Meanwhile, Goodwin actually underperformed within the industry, shrinking 6.0% in the last week. This takes the industry's 12 month performance to a gain of 31%. Looking forward, earnings are forecast to grow by 15% annually.

Industry Valuation and Performance

Has the U.K. Machinery Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 21 Feb 2026UK£31.8bUK£12.2bUK£999.7m28.8x31.9x2.6x
Mon, 19 Jan 2026UK£29.4bUK£12.2bUK£998.6m27.1x29.4x2.4x
Wed, 17 Dec 2025UK£26.9bUK£12.2bUK£983.4m24.2x27.4x2.2x
Fri, 14 Nov 2025UK£27.4bUK£12.2bUK£983.4m25.5x27.9x2.2x
Sun, 12 Oct 2025UK£26.5bUK£12.4bUK£998.5m23.6x26.6x2.1x
Tue, 09 Sep 2025UK£25.9bUK£12.4bUK£1.0b23.5x25.6x2.1x
Thu, 07 Aug 2025UK£24.4bUK£12.5bUK£1.1b22.6x22.9x2x
Sat, 05 Jul 2025UK£24.2bUK£12.5bUK£1.1b22.5x22.5x1.9x
Mon, 02 Jun 2025UK£23.2bUK£12.5bUK£1.1b22.5x21.6x1.9x
Wed, 30 Apr 2025UK£21.5bUK£12.5bUK£1.1b20.5x19.8x1.7x
Fri, 28 Mar 2025UK£23.7bUK£12.5bUK£1.1b20.2x21.8x1.9x
Sun, 23 Feb 2025UK£24.8bUK£12.6bUK£1.1b21.8x22.7x2x
Tue, 21 Jan 2025UK£24.8bUK£12.6bUK£1.1b22.2x22.7x2x
Thu, 19 Dec 2024UK£24.0bUK£12.6bUK£1.1b21.5x21.9x1.9x
Sat, 16 Nov 2024UK£22.9bUK£12.6bUK£1.1b21.1x20.9x1.8x
Mon, 14 Oct 2024UK£23.4bUK£12.6bUK£1.1b20.6x21.4x1.9x
Wed, 11 Sep 2024UK£23.7bUK£12.6bUK£1.1b20.5x21.7x1.9x
Fri, 09 Aug 2024UK£23.8bUK£12.6bUK£1.1b20.3x21.9x1.9x
Sun, 07 Jul 2024UK£25.3bUK£12.8bUK£1.1b19.4x23.2x2x
Tue, 04 Jun 2024UK£26.0bUK£12.8bUK£1.1b20.2x23.6x2x
Thu, 02 May 2024UK£25.3bUK£12.8bUK£1.1b19.1x22.9x2x
Sat, 30 Mar 2024UK£26.1bUK£12.8bUK£1.1b18.9x23.5x2x
Mon, 26 Feb 2024UK£25.6bUK£12.9bUK£1.2b17.2x21.3x2x
Wed, 24 Jan 2024UK£25.7bUK£15.8bUK£1.3b17.2x19.4x1.6x
Fri, 22 Dec 2023UK£26.7bUK£15.8bUK£1.3b17.2x20.1x1.7x
Sun, 19 Nov 2023UK£24.7bUK£15.8bUK£1.3b15.9x18.6x1.6x
Tue, 17 Oct 2023UK£24.0bUK£15.8bUK£1.3b16.5x18.1x1.5x
Thu, 14 Sep 2023UK£25.3bUK£15.8bUK£1.3b15.7x19.1x1.6x
Sat, 12 Aug 2023UK£26.0bUK£15.8bUK£1.3b16.7x19.6x1.7x
Mon, 10 Jul 2023UK£25.1bUK£15.2bUK£1.3b17.1x18.9x1.7x
Wed, 07 Jun 2023UK£26.9bUK£15.2bUK£1.3b16.8x20.3x1.8x
Fri, 05 May 2023UK£27.0bUK£15.1bUK£1.3b17.9x20.3x1.8x
Sun, 02 Apr 2023UK£27.0bUK£15.1bUK£1.3b17.2x20.4x1.8x
Tue, 28 Feb 2023UK£27.5bUK£13.9bUK£1.2b16x23.2x2x
Price to Earnings Ratio

23.2x


Total Market Cap: UK£27.5bTotal Earnings: UK£1.2bTotal Revenue: UK£13.9bTotal Market Cap vs Earnings and Revenue0%0%0%
U.K. Machinery Industry Price to Earnings3Y Average 22.2x202420252026
Current Industry PE
  • Investors are optimistic on the British Machinery industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 31.9x which is higher than its 3-year average PE of 22.2x.
  • The 3-year average PS ratio of 1.9x is lower than the industry's current PS ratio of 2.6x.
Past Earnings Growth
  • The earnings for companies in the Machinery industry have declined 5.6% per year over the last three years,
  • Revenues have also declined 4.2% per year.
  • This means overall sales from these companies are declining and profits are subsequently falling as well.

Industry Trends

Which industries have driven the changes within the U.K. Industrials industry?

GB Market2.09%
Industrials3.71%
Machinery1.04%
Industrial Machinery1.05%
Construction Machinery and Vehicles-1.83%
Industry PE
  • Investors are most optimistic about the Industrial Machinery industry which is trading above its 3-year average PE ratio of 22.4x.
    • Analysts are expecting annual earnings growth of 15.1%, which is higher than its past year's earnings decline of 9.4% per year.
  • Investors are most pessimistic about the Construction Machinery and Vehicles industry, although it looks like investor sentiment has improved given that it's trading above its 3-year average of 10.0x.
Forecasted Growth
  • Analysts are most optimistic on the Industrial Machinery industry, expecting annual earnings growth of 15% over the next 5 years.
  • This is better than its past earnings decline of 9.4% per year.
  • In contrast, the Industrial Machinery industry is expected to see its earnings grow by 15% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
IMI IMIUK£29.042.6%
+UK£181.5m		52.4%PE29.8x
SPX Spirax GroupUK£78.952.8%
+UK£158.5m		3.7%PE35.8x
ROR RotorkUK£3.863.0%
+UK£91.4m		16.4%PE31.8x
VSVS VesuviusUK£4.903.0%
+UK£35.2m		18.3%PE17x
TRI TrifastUK£0.8713.0%
+UK£13.5m		15.7%PE101.1x

Latest News

SPX
UK£78.95
Spirax Group
7D
2.8%
1Y
3.7%

SPX: Stable Assumptions And Modest Uplift Will Guide Future Share Price

Analysts lifted their price target on Spirax Group by £3.50, citing updated assumptions that leave fair value, discount rate, revenue growth, profit margin, and future P/E expectations broadly in line with prior estimates. Analyst Commentary Analysts reviewing the updated price target for Spirax Group are largely treating the move as a fine tuning exercise, with valuation inputs and long term assumptions kept broadly consistent.
ROR
UK£3.86
Rotork
7D
3.0%
1Y
16.4%

ROR: Fair Outlook Will Rely On Margin Delivery And Higher Future P/E Assumptions

Analysts have raised their fair value estimate for Rotork from £3.92 to £3.99 per share, reflecting updated assumptions on discount rates, margins, and a slightly higher future P/E, in line with recent positive Street research and price target changes. Analyst Commentary Bullish Takeaways Bullish analysts point to the higher fair value estimate of £3.99 per share as consistent with recent positive research and higher price targets, which they see as support for the current valuation assumptions.
GDWN
UK£251.00
Goodwin
7D
-6.0%
1Y
249.6%
JDG
UK£49.60
Judges Scientific
7D
-0.6%
1Y
-39.4%

JDG: Leadership Transition And Trimmed Expectations Will Support Long Term Upside

Analysts have trimmed their price targets on Judges Scientific, including a reported £23.00 cut from one firm. This reflects updated views on risk, growth and margins, while leaving their fair value assessment broadly unchanged.
TRI
UK£0.87
Trifast
7D
13.0%
1Y
15.7%
BOY
UK£7.82
Bodycote
7D
0.8%
1Y
18.6%

BOY: Elevated Revenue Assumptions Will Drive Future Downside Risk To Margins

Analysts have lifted their price target on Bodycote by £1.00, citing refreshed assumptions around revenue growth, margins and a slightly higher discount rate, with Street research, such as the recent £1.00 target increase from Berenberg, supporting the updated view. Analyst Commentary Recent Street research on Bodycote highlights a mix of optimism and caution.
IMI
UK£29.04
IMI
7D
2.6%
1Y
52.4%

IMI: Stable Assumptions And Higher Discount Rate Will Shape Fair Value Outlook

Analysts have modestly lifted their price target on IMI to £28.50, reflecting updated assumptions around a 9.0% discount rate and a forward P/E of about 24x, while keeping revenue growth and profit margin expectations broadly unchanged. Valuation Changes Fair Value: Modelled fair value per share is unchanged at £28.50.
MGAM
UK£2.39
Morgan Advanced Materials
7D
-0.6%
1Y
-10.8%

MGAM: Portfolio Actions And Higher Margin Framework Will Support Future Upside Potential

Analysts have raised their price target on Morgan Advanced Materials to £2.65 per share, citing updated assumptions around the discount rate, profit margin, and future P/E ratio as the main drivers of the change. Analyst Commentary Recent Street research on Morgan Advanced Materials has centered on the updated price target of £2.65 per share, with bullish analysts highlighting how their refreshed assumptions feed into this valuation.
VSVS
UK£4.90
Vesuvius
7D
3.0%
1Y
18.3%

VSVS: Robust Q3 Update And 2025 Guidance Will Support Mixed Rating Reactions

Our updated view on Vesuvius edges the fair value estimate slightly higher to 4.76. This reflects a series of recent analyst price target increases to £4.40, £4.60 and £5.50, supported by what they describe as a robust Q3 trading update and a fresh upgrade at a major European bank.
SOM
UK£2.15
Somero Enterprises
7D
-1.8%
1Y
-22.7%
TAND
UK£0.33
Tan Delta Systems
7D
-10.8%
1Y
73.7%

Companies Like Tan Delta Systems (LON:TAND) Are In A Position To Invest In Growth

Jan 23
Companies Like Tan Delta Systems (LON:TAND) Are In A Position To Invest In Growth
AVG
UK£5.75
Avingtrans
7D
-0.9%
1Y
59.7%
MPAC
UK£3.55
Mpac Group
7D
-2.1%
1Y
-32.4%
LSC
UK£25.50
London Security
7D
-8.9%
1Y
-29.2%