ITM Power Future Growth
Future criteria checks 2/6
ITM Power is forecast to grow earnings and revenue by 31.2% and 31.6% per annum respectively. EPS is expected to grow by 34.5% per annum. Return on equity is forecast to be -6.4% in 3 years.
Key information
31.2%
Earnings growth rate
34.52%
EPS growth rate
| Electrical earnings growth | 45.8% |
| Revenue growth rate | 31.6% |
| Future return on equity | -6.42% |
| Analyst coverage | Good |
| Last updated | 06 May 2026 |
Recent future growth updates
Recent updates
Narrative Update • May 11
ITM: Recent Contract Wins And Funding Support Will Drive Repricing
Analysts have raised their price targets for ITM Power by £0.26, reflecting updated views on fair value, risk, and earnings potential following recent research updates. Analyst Commentary Recent research updates on ITM Power show a cluster of bullish analysts revisiting their models, with both rating and price target changes pointing to a more constructive stance on the stock.
Narrative Update • Apr 25
ITM: Giga PtX Progress And 2026 Execution Will Still Likely Disappoint
Analysts have nudged their price target for ITM Power higher to £0.55, reflecting updated assumptions around discount rates, revenue growth and future P/E, along with a £0.10 price target increase in recent Street research. Analyst Commentary Recent Street commentary around ITM Power sits on a mixed footing, with the headline price target of £0.55 shaped by both more constructive and more cautious inputs.Narrative Update • Apr 10
ITM: Milford Haven Progress And 2026 Outlook Will Still Likely Disappoint
Analysts have modestly lowered their price target on ITM Power to £0.55, with the unchanged fair value reflecting small tweaks to assumptions around discount rate, revenue growth and future P/E rather than a shift in the core outlook. What's in the News ITM Power confirmed that the 20 MW Notice to Proceed announced in February 2026 relates to MorGen Energy's West Wales Hydrogen project in Milford Haven.Narrative Update • Mar 27
ITM: FID Backlog And 2026 Guidance Will Still Likely Disappoint
Analysts have kept their fair value target for ITM Power steady at £0.55, citing only slight tweaks to assumptions around the discount rate, revenue growth, profit margin and future P/E that do not materially shift their overall valuation view. What's in the News ITM Power confirmed that the previously announced 20 MW Notice to Proceed relates to MorGen Energy's West Wales Hydrogen project in Milford Haven, which has now reached Final Investment Decision, with commissioning targeted for 2028 and expected output of around 2,000 tonnes of hydrogen per year (Key Developments).Narrative Update • Mar 12
ITM: Raised 2026 Guidance Will Still Likely Underdeliver
Analysts have kept their £0.55 fair value estimate for ITM Power essentially unchanged, with only very small tweaks to assumptions around discount rate, revenue growth, profit margins and future P/E filtering into their updated price target rationale. What's in the News ITM Power raised earnings guidance for fiscal 2026, now expecting revenue between £40 million and £43 million, an 11% midpoint increase from the prior £35 million to £40 million range (Corporate guidance).Narrative Update • Feb 25
ITM: Raised 2026 Guidance And New Contracts Will Still Likely Underdeliver
Analysts have kept their fair value estimate for ITM Power steady at £0.55, reflecting only small tweaks to assumptions around discount rate, revenue growth and future P/E, rather than a shift in their overall view of the shares. What's in the News ITM Power raised earnings guidance for fiscal 2026, now expecting revenue between £40 million and £43 million, an 11% midpoint increase from the prior £35 million to £40 million range (Corporate Guidance).Narrative Update • Feb 11
ITM: Expanding Electrolyser Contract Wins Will Still Likely Underdeliver
Analysts have slightly lifted their fair value estimate for ITM Power from £0.53 to £0.55. This reflects updated assumptions around the discount rate, revenue growth, profit margin and future P/E expectations.Narrative Update • Jan 28
ITM: Expanding Hydrogen Contract Pipeline Will Still Likely Underdeliver
Analysts have adjusted their price target on ITM Power, keeping fair value steady at £0.53 while fine tuning discount rate, revenue growth and profit margin assumptions. This reflects updated views on risk, earnings potential and a slightly lower future P/E multiple.Narrative Update • Jan 10
ITM: Large Hydrogen Project Pipeline Will Likely Underdeliver Despite New Contract Wins
Analysts have maintained their fair value estimate for ITM Power at £0.53, making only modest adjustments to assumptions around the discount rate, revenue growth, profit margin and future P/E. This reflects fine tuning of their views rather than a major shift in outlook.Narrative Update • Dec 27
ITM: Future Revenue From Large Hydrogen Projects Will Likely Disappoint
Analysts have nudged their price target for ITM Power slightly higher to reflect marginally improved revenue growth expectations and a modestly lower discount rate, while keeping fair value estimates broadly unchanged. What's in the News Signed a major contract with Octopus Energy Generation to deploy NEPTUNE V green hydrogen systems at Kimberly Clark's Northfleet plant, with the goal of decarbonising Andrex product manufacturing by 2027 (client announcement).Narrative Update • Dec 12
ITM: Future Multiple Expansion Will Likely Outrun Moderating Revenue Outlook
Analysts have lifted their price target for ITM Power from 0.40 to 0.53, citing a higher fair value assessment despite moderating revenue growth expectations and a richer future earnings multiple. What's in the News Reaffirmed fiscal 2026 revenue guidance at £35 million to £40 million, with expected half year revenue of £18 million.Analysis Article • Oct 04
Why Investors Shouldn't Be Surprised By ITM Power Plc's (LON:ITM) 25% Share Price Surge
Those holding ITM Power Plc ( LON:ITM ) shares would be relieved that the share price has rebounded 25% in the last...
Narrative Update • Aug 26
EU Renewable Hydrogen Demand Will Spur Electrolyzer Capacity Expansion
The analyst price target for ITM Power has increased, primarily reflecting a higher future P/E multiple rather than any meaningful change in revenue growth forecasts, with the new fair value now at £0.945. What's in the News ITM Power expects fiscal 2026 revenue of £35–40 million, representing approximately 50% year-on-year growth and over 600% increase in three years, predominantly from its contracted order backlog.
New Narrative • Apr 01
EU Renewable Hydrogen Demand Will Spur Electrolyzer Capacity Expansion
EU hydrogen strategy could boost ITM's revenues due to increased demand for their technology as electrolyzer capacity expands.Analysis Article • Aug 17
ITM Power Plc (LON:ITM) Just Reported And Analysts Have Been Cutting Their Estimates
Last week saw the newest annual earnings release from ITM Power Plc ( LON:ITM ), an important milestone in the...Analysis Article • Dec 12
Calculating The Intrinsic Value Of ITM Power Plc (LON:ITM)
Key Insights ITM Power's estimated fair value is UK£0.62 based on Dividend Discount Model Current share price of...Analysis Article • Oct 14
Is It Time To Consider Buying ITM Power Plc (LON:ITM)?
ITM Power Plc ( LON:ITM ), is not the largest company out there, but it received a lot of attention from a substantial...Analysis Article • Aug 23
Companies Like ITM Power (LON:ITM) Are In A Position To Invest In Growth
There's no doubt that money can be made by owning shares of unprofitable businesses. For example, although...Analysis Article • May 13
We Think ITM Power (LON:ITM) Needs To Drive Business Growth Carefully
We can readily understand why investors are attracted to unprofitable companies. For example, although...Analysis Article • Feb 02
Is ITM Power (LON:ITM) In A Good Position To Deliver On Growth Plans?
There's no doubt that money can be made by owning shares of unprofitable businesses. For example, although Amazon.com...Earnings and Revenue Growth Forecasts
| Date | Revenue | Earnings | Free Cash Flow | Cash from Op | Avg. No. Analysts |
|---|---|---|---|---|---|
| 4/30/2029 | 118 | N/A | N/A | N/A | 1 |
| 4/30/2028 | 92 | -11 | -51 | -16 | 6 |
| 4/30/2027 | 59 | -24 | -54 | -29 | 8 |
| 4/30/2026 | 41 | -28 | -38 | -26 | 8 |
| 10/31/2025 | 29 | -31 | -13 | 1 | N/A |
| 7/31/2025 | 27 | -38 | -23 | -9 | N/A |
| 4/30/2025 | 26 | -46 | -33 | -20 | N/A |
| 1/31/2025 | 25 | -43 | -48 | -35 | N/A |
| 10/31/2024 | 23 | -41 | -62 | -50 | N/A |
| 7/31/2024 | 20 | -34 | -64 | -50 | N/A |
| 4/30/2024 | 17 | -27 | -65 | -51 | N/A |
| 1/31/2024 | 14 | -44 | -69 | -54 | N/A |
| 10/31/2023 | 12 | -60 | -73 | -58 | N/A |
| 7/31/2023 | 9 | -81 | -80 | -65 | N/A |
| 4/30/2023 | 5 | -101 | -88 | -73 | N/A |
| 1/31/2023 | 4 | -95 | -87 | -71 | N/A |
| 10/31/2022 | 4 | -88 | -86 | -70 | N/A |
| 7/31/2022 | 5 | -67 | -68 | -54 | N/A |
| 4/30/2022 | 6 | -47 | -49 | -38 | N/A |
| 1/31/2022 | 7 | -39 | -39 | -30 | N/A |
| 10/31/2021 | 9 | -31 | -29 | -22 | N/A |
| 7/31/2021 | 7 | -29 | -33 | -21 | N/A |
| 4/30/2021 | 6 | -28 | -36 | -20 | N/A |
| 1/31/2021 | 4 | -30 | N/A | N/A | N/A |
| 10/31/2020 | 2 | -32 | -35 | -18 | N/A |
| 7/31/2020 | 4 | -31 | -29 | -15 | N/A |
| 4/30/2020 | 5 | -30 | -23 | -12 | N/A |
| 1/31/2020 | 6 | -22 | N/A | N/A | N/A |
| 10/31/2019 | 7 | -14 | -18 | -10 | N/A |
| 7/31/2019 | 6 | -12 | N/A | -11 | N/A |
| 4/30/2019 | 5 | -9 | N/A | -12 | N/A |
| 1/31/2019 | 4 | -9 | N/A | -12 | N/A |
| 10/31/2018 | 3 | -9 | N/A | -11 | N/A |
| 7/31/2018 | 3 | -7 | N/A | -10 | N/A |
| 4/30/2018 | 3 | -6 | N/A | -8 | N/A |
| 1/31/2018 | 4 | -5 | N/A | -6 | N/A |
| 10/31/2017 | 4 | -4 | N/A | -5 | N/A |
| 7/31/2017 | 3 | -4 | N/A | -5 | N/A |
| 4/30/2017 | 2 | -4 | N/A | -5 | N/A |
| 1/31/2017 | 2 | -4 | N/A | -5 | N/A |
| 10/31/2016 | 2 | -3 | N/A | -5 | N/A |
| 7/31/2016 | 2 | -4 | N/A | -6 | N/A |
| 4/30/2016 | 2 | -4 | N/A | -7 | N/A |
| 1/31/2016 | 2 | -4 | N/A | -7 | N/A |
| 10/31/2015 | 2 | -5 | N/A | -7 | N/A |
| 7/31/2015 | 2 | -5 | N/A | -7 | N/A |
Analyst Future Growth Forecasts
Earnings vs Savings Rate: ITM is forecast to remain unprofitable over the next 3 years.
Earnings vs Market: ITM is forecast to remain unprofitable over the next 3 years.
High Growth Earnings: ITM is forecast to remain unprofitable over the next 3 years.
Revenue vs Market: ITM's revenue (31.6% per year) is forecast to grow faster than the UK market (4.5% per year).
High Growth Revenue: ITM's revenue (31.6% per year) is forecast to grow faster than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: ITM is forecast to be unprofitable in 3 years.
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Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/05/21 05:27 |
| End of Day Share Price | 2026/05/21 00:00 |
| Earnings | 2025/10/31 |
| Annual Earnings | 2025/04/30 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
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Industry and Sector Metrics
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Analyst Sources
ITM Power Plc is covered by 25 analysts. 8 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Tom McColm | Allenby Capital Limited |
| Jesús Gómez Dominguez | Banco Santander |
| Anthony Plom | Berenberg |