Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
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Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
Macfarlane Group PLC is a leading packaging company headquartered in Glasgow, Scotland, specializing in the design, manufacture, and distribution of protective packaging products to businesses across the United Kingdom, Ireland, and Europe. Operating through two primary segments—Packaging Distribution and Manufacturing Operations—it distributes a wide range of packaging materials while also producing bespoke timber, corrugated, foam-based, and other specialist solutions. The Packaging Distribution division, contributing the majority of revenue, serves sectors including e-commerce retail, third-party logistics, electronics, aerospace, automotive, medical, industrial, food, and hospitality. The Manufacturing Operations focus on customized protective packaging for high-value goods in transit and storage, targeting industries like defence and electronics. Founded in 1899, Macfarlane Group PLC maintains a network of regional distribution centres for responsive service and engages in waste paper recycling. With approximately 1,000 employees, it plays a vital role in the consumer cyclical sector, particularly packaging and containers, supporting efficient supply chains for diverse manufacturing and retail needs.
£0.65
+£0.00 (+0.31%)
EOD Jul 3, 2026
Operating margin is thin at 4.15%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue grew 11.2%, still solid. Margins contracted 4.6pp, which offsets some of the top-line progress.
Free cash flow declined 11% versus the prior year, cash generation momentum has weakened. ROIC dropped from 10.35% to 5.02%, capital efficiency is deteriorating.
16.4x earnings, 5.1x FCF. Valuation is in a reasonable range. The main question is whether the business can re-accelerate or if current trajectory is already priced in.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
£301M
▲ +11.2% YoY
Net Income (TTM)
£6M
▼ -59.3% YoY
Op. Margin
4.15%
▼ -4.6pp YoY
ROIC
5.02%
▼ -5.3pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
£20M
▼ -10.6% YoY
Op. Cash Flow (TTM)
£25M
▲ +3.8% YoY
Net Debt
£75M
Cash & Equiv.
£14M
3Y CAGR: +1.2%
3Y CAGR: +11.0%
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At a P/E of 16.4 and a price-to-free-cash-flow of 5.1, Macfarlane Group (MACF.XLON) trades below a two-stage DCF intrinsic value of about £1.73 per share, so at £0.65 the stock looks undervalued (165.0% below estimated intrinsic value). A high multiple is not the same as overvalued: fast-growing, high-quality businesses can deserve a premium. See the general approach in how to tell if a stock is overvalued.
On quality, Macfarlane Group scores 45/100 on Intrinsiqq's quality scorecard (a mixed business on these measures), weighing growth, margins, returns on capital, share count, and balance-sheet strength. It currently yields about 5.6%; see dividend safety for coverage and history. All figures are computed from SEC filings; read the full methodology. This is analysis, not investment advice.
Intrinsiqq's two-stage DCF estimates an intrinsic value of about £1.73 per share for MACF.XLON, projecting its recent free cash flow forward with a growth rate that fades toward a long-run rate and discounting it back to today. Applying a 25% margin of safety gives a more conservative fair-value entry around £1.30. At today's £0.65, that puts the stock about 165.0% below estimated intrinsic value. The result is sensitive to the growth and discount-rate inputs, so it is best to run conservative, base and optimistic cases. You can adjust all of them yourself with the sliders on the DCF tab.
Macfarlane Group scores 45 out of 100 on Intrinsiqq's quality score, a weighted blend of 8 metrics each scored 0 to 100, which makes it a mixed business on these measures. Recent fundamentals include a 4.2% operating margin and a 5.0% return on invested capital. The score weighs revenue and free-cash-flow growth, operating margins, return on invested capital, share-count change, and balance-sheet strength, all computed from SEC filings, not opinion. Because valuation only means something relative to quality, the full metric-by-metric breakdown is on the quality scorecard.
Yes, Macfarlane Group pays a regular dividend of about £0.04 per share per year (typically in quarterly installments), a yield of roughly 5.6% at the current price. That is a payout ratio of about 92.2% of earnings, so the dividend is stretched at this level. Macfarlane Group has grown the dividend at roughly 7.9% a year over the past few years. A low headline yield is not the same as a weak dividend: what matters is how well earnings and free cash flow cover the payout and whether it is growing, not the percentage alone. For MACF.XLON's full payout history, growth streak and dividend-safety score, see the dividends tab.
That depends on valuation and quality together, not either alone. MACF.XLON currently trades below its estimated intrinsic value and scores 45/100 on quality (mixed). It also yields about 5.6%. A cheap price is only a bargain if the business is durable, and a premium can be justified by genuine quality, so the two questions, "is it cheap?" and "is it good?", only make sense side by side. Read the valuation against the quality scorecard, run the DCF on your own assumptions, and decide for yourself. This is analysis from SEC filings, not investment advice.