Johnson Matthey Past Earnings Performance
Past criteria checks 0/6
Johnson Matthey's earnings have been declining at an average annual rate of -10.8%, while the Chemicals industry saw earnings growing at 3% annually. Revenues have been declining at an average rate of 7.8% per year.
Key information
-10.83%
Earnings growth rate
-9.93%
EPS growth rate
| Chemicals Industry Growth | 4.35% |
| Revenue growth rate | -7.77% |
| Return on equity | -4.51% |
| Net Margin | -0.72% |
| Last Earnings Update | 31 Mar 2026 |
Recent past performance updates
Recent updates
Narrative Update • Jun 02
JMAT: Future Returns Will Reflect Mixed Execution Risks And Reset Expectations
Analysts have nudged their fair value estimate for Johnson Matthey higher to £22.10 from £21.13, reflecting recent price target adjustments including a raised £2,400 target from Deutsche Bank and a trimmed target from Berenberg. Analyst Commentary Recent research updates show a mixed but engaged view on Johnson Matthey, with bullish analysts lifting targets while more cautious voices trim theirs.Narrative Update • May 15
JMAT: Future Returns Will Reflect Reset Expectations And Large £1b Shareholder Cash Return
Johnson Matthey’s analyst price targets have been reduced by up to £550 per share to around £2,000 to £2,250, as analysts reflect a more balanced risk and reward profile and adjust assumptions on discount rates and future P/E multiples. Analyst Commentary Recent research updates on Johnson Matthey cluster around price targets in the £2,000 to £2,250 range, with several firms revising their assumptions and one major bank changing its stance on the stock.Narrative Update • Apr 30
JMAT: Future Returns Will Stay Measured As Reset Expectations Meet Large Cash Return
Analysts have lowered Johnson Matthey price targets to a range of £2,000 to £2,250, reflecting slightly softer margin assumptions and a modestly higher future P/E, while still seeing balanced risk and reward at current levels. Analyst Commentary Recent research points to a tighter valuation range for Johnson Matthey, with price targets now clustered between £2,000 and £2,250 and a mix of rating changes that highlight both upside potential and execution risks.Narrative Update • Apr 16
JMAT: Future Returns Will Stay Measured As Payouts Offset Rating Resets
Analysts have trimmed the Johnson Matthey fair value estimate from £22.42 to £21.13, reflecting a series of recent price target cuts and rating changes that suggest a more balanced risk and reward profile for the shares. Analyst Commentary Recent Street research on Johnson Matthey shows a cluster of price target cuts and a key rating downgrade, pointing to a more mixed setup where upside potential is more closely balanced against execution and valuation risks.
Narrative Update • Apr 02
JMAT: Future Returns Will Reflect Cautious Ratings And Large Capital Return Plan
Analysts have trimmed their Johnson Matthey price targets, with recent adjustments such as Berenberg moving to £22.50 from £25.50 and Deutsche Bank to £21.20 from £24.00. These changes reflect reassessments of growth and margin assumptions, alongside a shift to Neutral ratings at some firms around the £20.00 level.Narrative Update • Mar 19
JMAT: Future Returns Will Balance Cautious Outlook With Higher Margin Expectations
Johnson Matthey's analyst fair value estimate has been raised from £13.95 to £19.00, even as price targets across the Street have been reset lower into a tighter £2,000 to £2,250 range. This reflects analysts' view that improved margin assumptions and a slightly lower future P/E balance a more cautious revenue outlook.
Narrative Update • Mar 04
JMAT: Firmer Margins And Balanced Risk Profile Will Support Future Upside
The updated analyst price target for Johnson Matthey edges lower to around £21.20 to £22.50 per share, from previous levels closer to £22.50 to £25.50, as analysts factor in softer revenue expectations, a higher discount rate and adjusted P/E assumptions, partly offset by a firmer profit margin view. Analyst Commentary Recent street research shows a mixed but generally constructive stance on Johnson Matthey, with several bullish analysts reaffirming supportive views on the share price even as they adjust their models.Narrative Update • Feb 18
JMAT: Future Outlook Will Stay Measured As New Leadership Supports Neutral Repricing
Analysts have lifted their fair value estimate for Johnson Matthey from £21.03 to £22.42, citing updated assumptions around profit margins and future P/E multiples, alongside recent Street research that raised the price target to £24.00. Analyst Commentary Bullish Takeaways Bullish analysts see the £24.00 price target as consistent with the updated fair value range, suggesting the market is willing to recognise higher earnings power if profit margins align with current assumptions.Narrative Update • Feb 04
JMAT: Leaner Leadership And Stable Margins Will Support A Balanced Outlook
Analysts have lifted their price target for Johnson Matthey to £24.00, reflecting updated views on discount rates, expected revenue growth, profit margins and future P/E assumptions, which are now broadly in line with recent Street research. Analyst Commentary Recent research points to a more constructive stance on Johnson Matthey, with bullish analysts aligning their £24.00 target with a 2,400 GBp level highlighted in Street work.Analysis Article • Jan 27
We Think Johnson Matthey (LON:JMAT) Can Stay On Top Of Its Debt
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...Narrative Update • Jan 21
JMAT: Leaner Leadership And Higher Margins Will Support An Undervalued Outlook
Analysts have nudged their fair value estimate for Johnson Matthey slightly higher to £25.70 from £25.50, citing updated views on discount rates, revenue trends, profit margins and future P/E assumptions. What's in the News Johnson Matthey plans to appoint Alastair Judge as Chief Financial Officer from 1 January 2026, with current CFO Richard Pike moving to Chief Operating Officer while remaining an Executive Director.Narrative Update • Jan 06
JMAT: Higher Profit Outlook And Leaner Leadership Will Shape Fairly Valued Shares
Johnson Matthey’s analyst price targets have moved higher to £21.00, supported by updated assumptions around fair value, discount rate, revenue growth, profit margin and future P/E that align with recent target increases from £18.00 and £19.50 to £21.00 at major banks. Analyst Commentary Recent research points to a more constructive stance on Johnson Matthey, with bullish analysts aligning around a £21.00 fair value view.Narrative Update • Dec 23
JMAT: Future Outlook Will Remain Measured As Profit Initiatives Support Neutral Market Repricing
The analyst price target for Johnson Matthey has been lifted modestly, by about £0.10 per share, as analysts cite improved fair value estimates supported by slightly lower discount rates and marginally stronger long term profit expectations. Analyst Commentary Recent research updates highlight a converging view around a fair value range near 2,100 GBp, with analysts modestly more constructive on the company’s earnings resilience and capital allocation, while still flagging execution risks and macro uncertainty.Analysis Article • Dec 14
Is Johnson Matthey Plc (LON:JMAT) Trading At A 37% Discount?
Key Insights Using the 2 Stage Free Cash Flow to Equity, Johnson Matthey fair value estimate is UK£32.31 Johnson...Narrative Update • Dec 09
JMAT: Fair Value Outlook Will Remain Measured As Profitability Initiatives Strengthen Margins
Analysts have nudged their price target for Johnson Matthey higher to £21.00 from £19.50, reflecting increased confidence in improving profitability even as revenue growth expectations edge slightly lower. Analyst Commentary Recent research updates point to a cautiously constructive stance on Johnson Matthey, with modestly higher price targets reflecting improving confidence in execution and earnings resilience.Narrative Update • Nov 25
JMAT: Fair Value Outlook Will Remain Measured Amid Improving Margins And Earnings
Analysts have recently raised their price targets for Johnson Matthey, increasing the fair value estimate from £20.29 to £21.05. They cite improved profit margins and updated outlooks reflected in recent research commentary.Analysis Article • Nov 14
What Is Johnson Matthey Plc's (LON:JMAT) Share Price Doing?
While Johnson Matthey Plc ( LON:JMAT ) might not have the largest market cap around , it received a lot of attention...Narrative Update • Nov 07
JMAT: Cautious Optimism Will Persist After Price Target Increases
Johnson Matthey's analyst price target has been revised upward to £21.00. This reflects a consensus among analysts who cite improved market outlook despite maintaining a cautious stance on the shares.Narrative Update • Oct 24
Resilient Margins Will Face Headwinds Despite Improved Market Confidence This Year
Analysts have raised their price target for Johnson Matthey from £19.54 to £20.29. This change reflects improved revenue trends and slightly lower discount rates.Analysis Article • Oct 12
Johnson Matthey Plc's (LON:JMAT) Earnings Are Not Doing Enough For Some Investors
When close to half the companies in the United Kingdom have price-to-earnings ratios (or "P/E's") above 17x, you may...Narrative Update • Oct 10
Transformation Efforts Boost Margins, But Market Challenges Threaten Clean Air And Hydrogen Technologies
Johnson Matthey’s analyst price target was raised from £19.09 to £19.54, as analysts cited modest improvements in profit margin expectations and adjusted future earnings estimates. Analyst Commentary Bullish Takeaways Bullish analysts have noted an upward revision in the price target, reflecting improved confidence in Johnson Matthey’s valuation prospects.Analysis Article • Sep 24
Here's Why Johnson Matthey (LON:JMAT) Has Caught The Eye Of Investors
For beginners, it can seem like a good idea (and an exciting prospect) to buy a company that tells a good story to...Analysis Article • Aug 12
Are Investors Undervaluing Johnson Matthey Plc (LON:JMAT) By 42%?
Key Insights The projected fair value for Johnson Matthey is UK£30.37 based on 2 Stage Free Cash Flow to Equity Current...Analysis Article • Jul 28
Should You Investigate Johnson Matthey Plc (LON:JMAT) At UK£18.38?
While Johnson Matthey Plc ( LON:JMAT ) might not have the largest market cap around , it led the LSE gainers with a...Analysis Article • Jun 29
Does Johnson Matthey (LON:JMAT) Have A Healthy Balance Sheet?
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...Analysis Article • Jun 13
Johnson Matthey Plc's (LON:JMAT) Shares Bounce 27% But Its Business Still Trails The Market
The Johnson Matthey Plc ( LON:JMAT ) share price has done very well over the last month, posting an excellent gain of...Analysis Article • May 25
Johnson Matthey (LON:JMAT) Has Affirmed Its Dividend Of £0.55
The board of Johnson Matthey Plc ( LON:JMAT ) has announced that it will pay a dividend of £0.55 per share on the 5th...Analysis Article • Mar 31
Is There An Opportunity With Johnson Matthey Plc's (LON:JMAT) 50% Undervaluation?
Key Insights The projected fair value for Johnson Matthey is UK£27.21 based on 2 Stage Free Cash Flow to Equity Johnson...Analysis Article • Mar 13
Is Now An Opportune Moment To Examine Johnson Matthey Plc (LON:JMAT)?
Johnson Matthey Plc ( LON:JMAT ), is not the largest company out there, but it saw a decent share price growth of 11...Analysis Article • Feb 21
Johnson Matthey Plc's (LON:JMAT) Shares Lagging The Market But So Is The Business
With a price-to-earnings (or "P/E") ratio of 4.6x Johnson Matthey Plc ( LON:JMAT ) may be sending very bullish signals...
New Narrative • Dec 27
Transformation Efforts Boost Margins, But Market Challenges Threaten Clean Air And Hydrogen Technologies
Transformation and cost-reduction efforts are set to improve net margins and boost overall earnings.Analysis Article • Nov 29
Why Johnson Matthey Plc (LON:JMAT) Could Be Worth Watching
Johnson Matthey Plc ( LON:JMAT ), might not be a large cap stock, but it saw significant share price movement during...Analysis Article • Nov 08
Getting In Cheap On Johnson Matthey Plc (LON:JMAT) Might Be Difficult
When close to half the companies in the United Kingdom have price-to-earnings ratios (or "P/E's") below 16x, you may...Analysis Article • Oct 15
Estimating The Intrinsic Value Of Johnson Matthey Plc (LON:JMAT)
Key Insights Johnson Matthey's estimated fair value is UK£16.48 based on 2 Stage Free Cash Flow to Equity Johnson...Analysis Article • Aug 05
Johnson Matthey Plc's (LON:JMAT) Popularity With Investors Is Clear
When close to half the companies in the United Kingdom have price-to-earnings ratios (or "P/E's") below 16x, you may...Analysis Article • Jul 18
Should You Investigate Johnson Matthey Plc (LON:JMAT) At UK£16.95?
Johnson Matthey Plc ( LON:JMAT ), might not be a large cap stock, but it saw significant share price movement during...Analysis Article • Jul 02
Johnson Matthey Plc (LON:JMAT) Shares Could Be 48% Below Their Intrinsic Value Estimate
Key Insights The projected fair value for Johnson Matthey is UK£30.32 based on 2 Stage Free Cash Flow to Equity Current...Analysis Article • Jun 15
Investors Can Find Comfort In Johnson Matthey's (LON:JMAT) Earnings Quality
The market for Johnson Matthey Plc's ( LON:JMAT ) shares didn't move much after it posted weak earnings recently. We...Analysis Article • May 25
Here's Why Johnson Matthey (LON:JMAT) Has A Meaningful Debt Burden
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...Analysis Article • Apr 16
Market Participants Recognise Johnson Matthey Plc's (LON:JMAT) Earnings
With a price-to-earnings (or "P/E") ratio of 18.6x Johnson Matthey Plc ( LON:JMAT ) may be sending bearish signals at...Analysis Article • Mar 01
A Look At The Fair Value Of Johnson Matthey Plc (LON:JMAT)
Key Insights The projected fair value for Johnson Matthey is UK£18.16 based on 2 Stage Free Cash Flow to Equity Current...Analysis Article • Feb 18
Why Johnson Matthey Plc (LON:JMAT) Could Be Worth Watching
While Johnson Matthey Plc ( LON:JMAT ) might not have the largest market cap around , it saw a decent share price...Analysis Article • Jan 07
Be Wary Of Johnson Matthey (LON:JMAT) And Its Returns On Capital
What financial metrics can indicate to us that a company is maturing or even in decline? A business that's potentially...Analysis Article • Dec 24
What You Can Learn From Johnson Matthey Plc's (LON:JMAT) P/E
Johnson Matthey Plc's ( LON:JMAT ) price-to-earnings (or "P/E") ratio of 17.5x might make it look like a sell right now...Revenue & Expenses Breakdown
Revenue & Expenses Breakdown
How Johnson Matthey makes and spends money. Based on latest reported earnings, on an LTM basis.
Earnings and Revenue History
| Date | Revenue | Earnings | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 31 Mar 26 | 12,573 | -91 | 289 | 0 |
| 31 Dec 25 | 12,307 | -73 | 418 | 0 |
| 30 Sep 25 | 11,718 | -91 | 487 | 0 |
| 30 Jun 25 | 11,696 | 141 | 499 | 0 |
| 31 Mar 25 | 11,674 | 373 | 510 | 0 |
| 31 Dec 24 | 11,486 | 415 | 448 | 0 |
| 30 Sep 24 | 11,621 | 493 | 445 | 0 |
| 30 Jun 24 | 12,232 | 301 | 487 | 0 |
| 31 Mar 24 | 12,843 | 108 | 529 | 0 |
| 31 Dec 23 | 13,490 | 143 | 531 | 0 |
| 30 Sep 23 | 14,136 | 177 | 532 | 0 |
| 30 Jun 23 | 14,535 | 221 | 526 | 0 |
| 31 Mar 23 | 14,933 | 264 | 520 | 0 |
| 31 Dec 22 | 14,892 | 277 | 533 | 0 |
| 30 Sep 22 | 14,850 | 290 | 545 | 0 |
| 30 Jun 22 | 15,438 | 203 | 531 | 0 |
| 31 Mar 22 | 16,025 | 116 | 517 | 0 |
| 30 Sep 21 | 16,959 | 146 | 461 | 0 |
| 30 Jun 21 | 16,197 | 170 | 463 | 0 |
| 31 Mar 21 | 15,435 | 194 | 465 | 0 |
| 31 Dec 20 | 15,206 | 154 | 484 | 0 |
| 30 Sep 20 | 14,738 | 103 | 468 | 0 |
| 30 Jun 20 | 14,658 | 179 | 464 | 0 |
| 31 Mar 20 | 14,577 | 255 | 459 | 0 |
| 31 Dec 19 | 13,587 | 320 | 467 | 0 |
| 30 Sep 19 | 12,596 | 385 | 474 | 0 |
| 30 Jun 19 | 11,671 | 399 | 460 | 0 |
| 31 Mar 19 | 10,745 | 413 | 445 | 0 |
| 31 Dec 18 | 9,754 | 373 | 425 | 0 |
| 30 Sep 18 | 8,763 | 333 | 404 | 0 |
| 30 Jun 18 | 9,519 | 316 | 394 | 0 |
| 31 Mar 18 | 10,274 | 298 | 384 | 0 |
| 31 Dec 17 | 11,579 | 338 | 378 | 0 |
| 30 Sep 17 | 12,884 | 377 | 372 | 0 |
| 30 Jun 17 | 12,458 | 382 | 361 | 0 |
| 31 Mar 17 | 12,031 | 386 | 349 | 0 |
| 31 Dec 16 | 11,307 | 308 | 327 | 0 |
| 30 Sep 16 | 10,584 | 231 | 304 | 0 |
| 30 Jun 16 | 10,649 | 282 | 313 | 0 |
| 31 Mar 16 | 10,714 | 333 | 323 | 0 |
| 31 Dec 15 | 10,864 | 434 | 343 | 0 |
| 30 Sep 15 | 11,015 | 535 | 364 | 0 |
| 30 Jun 15 | 10,537 | 482 | 356 | 0 |
Quality Earnings: JMAT is currently unprofitable.
Growing Profit Margin: JMAT is currently unprofitable.
Free Cash Flow vs Earnings Analysis
Past Earnings Growth Analysis
Earnings Trend: JMAT is unprofitable, and losses have increased over the past 5 years at a rate of 10.8% per year.
Accelerating Growth: Unable to compare JMAT's earnings growth over the past year to its 5-year average as it is currently unprofitable
Earnings vs Industry: JMAT is unprofitable, making it difficult to compare its past year earnings growth to the Chemicals industry (-59.9%).
Return on Equity
High ROE: JMAT has a negative Return on Equity (-4.51%), as it is currently unprofitable.
Return on Assets
Return on Capital Employed
Discover strong past performing companies
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/06/11 05:10 |
| End of Day Share Price | 2026/06/11 00:00 |
| Earnings | 2026/03/31 |
| Annual Earnings | 2026/03/31 |
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 |
| |
| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
| |
| Ownership | 10 years |
| |
| 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.
Analysis Model and Snowflake
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Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Johnson Matthey Plc is covered by 30 analysts. 5 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 |
|---|---|
| Sebastian Bray | Berenberg |
| Gunther Zechmann | Bernstein |
| Laurent Favre | BNP Paribas |