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.
Morgan Advanced Materials plc is a global manufacturer of advanced carbon and ceramic products, specializing in materials science and application engineering. Founded in 1856 and headquartered in Windsor, United Kingdom, the company operates approximately 60 sites across 18 countries, employing around 8,600 people. It serves diverse industries including aerospace, automotive, energy, healthcare, electronics, semiconductor, transportation, petrochemical, and defense through three key business segments: Thermal Products for heat resistance and insulation; Performance Carbon for components like semiconductor consumables, brushes, and seals; and Technical Ceramics for precision-engineered ceramics, coatings, and assemblies. With four global Centers of Excellence focused on innovation in insulating fibers, structural ceramics, metals joining, and carbon science, Morgan Advanced Materials plc develops solutions for demanding applications, such as safety-critical seals in aircraft engines, high-voltage assemblies in healthcare diagnostics, and emission-compliant materials in automotive. The company plays a significant role in advancing sustainable technologies and high-performance products worldwide.
£2.12
+£0.01 (+0.47%)
EOD Jul 3, 2026
Operating margin is thin at 9.37%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue declined 6.0% YoY. The question is whether this is cyclical or a structural shift.
ROIC dropped from 10.69% to 6.26%, capital efficiency is deteriorating. Net debt of £234M represents 4.6x FCF, leverage limits flexibility.
20.9x earnings, 11.9x 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)
£997M
▼ -6.0% YoY
Net Income (TTM)
£29M
▼ -51.0% YoY
Op. Margin
9.37%
▼ -1.8pp YoY
ROIC
6.26%
▼ -4.4pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
£51M
▲ +194.8% YoY
Op. Cash Flow (TTM)
£112M
▲ +22.2% YoY
Net Debt
£234M
Cash & Equiv.
£127M
3Y CAGR: -3.6%
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At a P/E of 20.9 and a price-to-free-cash-flow of 11.9, Morgan Advanced Materials (MGAM.XLON) trades around a two-stage DCF intrinsic value of about £2.27 per share, so at £2.12 the stock looks around fair value (6.9% 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, Morgan Advanced Materials scores 43/100 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 5.7%; 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 £2.27 per share for MGAM.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 £1.70. At today's £2.12, that puts the stock about 6.9% 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.
Morgan Advanced Materials scores 43 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 9.4% operating margin and a 6.3% 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, Morgan Advanced Materials pays a regular dividend of about £0.12 per share per year (typically in quarterly installments), a yield of roughly 5.7% at the current price. That is a payout ratio of about 118.4% of earnings, so the dividend is stretched at this level. Morgan Advanced Materials has grown the dividend at roughly 15.6% 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 MGAM.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. MGAM.XLON currently trades around its estimated intrinsic value and scores 43/100 on quality (mixed). It also yields about 5.7%. 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.