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.
Spirax Group plc is a British manufacturer specializing in steam management systems, peristaltic pumps, and associated fluid path technologies, headquartered in Cheltenham, England. Founded in 1888, the company has evolved over 135 years into a world-leading provider of mission-critical thermal energy and fluid technology solutions, enhancing the operating efficiency, safety, and sustainability of industrial processes across diverse sectors including food, pharmaceuticals, biotechnology, healthcare, and energy. Spirax Group plc operates through three core businesses: Steam Thermal Solutions, Electric Thermal Solutions, and Watson-Marlow Fluid Technology Solutions, employing over 10,000 colleagues across 68 countries with 37 manufacturing sites serving more than 100,000 direct customers in 168 nations. Committed to its 'One Planet: Engineering with Purpose' sustainability strategy, it develops innovative decarbonization solutions like electrified boilers to eliminate scope 1 and 2 emissions, supporting the global transition to net zero. With a direct sales model driving steady revenues, Spirax Group plc plays a pivotal role in optimizing critical processes essential to everyday life, from energy generation and food production to medicine manufacturing and building heating.
£67.75
+£0.05 (+0.07%)
EOD Jul 3, 2026
15.59% operating margin is respectable but not wide. ROIC at 8.56%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue growth slowed to 2.3%, essentially flat. Margins also contracted 2.7pp. This is a business that needs a catalyst.
At 31x earnings, the current multiple leaves limited room for execution misses or growth deceleration.
30.6x earnings, 21.9x FCF. Not cheap, the quality is already reflected in the price. Upside from here requires either margin expansion or growth re-acceleration, not just continuation.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
£1.70B
▲ +2.3% YoY
Net Income (TTM)
£164M
▼ -14.5% YoY
Op. Margin
15.59%
▼ -2.7pp YoY
ROIC
8.56%
▼ -1.4pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
£228M
▲ +3.7% YoY
Op. Cash Flow (TTM)
£254M
▼ -10.4% YoY
Net Debt
£655M
Cash & Equiv.
£369M
3Y CAGR: +1.9%
3Y CAGR: +22.7%
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At a P/E of 30.6 and a price-to-free-cash-flow of 21.9, Spirax Group (SPX.XLON) trades above a two-stage DCF intrinsic value of about £44.77 per share, so at £67.75 the stock looks overvalued (33.9% above 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, Spirax Group scores 41/100 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 2.5%; 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 £44.77 per share for SPX.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 £33.58. At today's £67.75, that puts the stock about 33.9% above 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.
Spirax Group scores 41 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 15.6% operating margin and a 8.6% 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, Spirax Group pays a regular dividend of about £1.66 per share per year (typically in quarterly installments), a yield of roughly 2.5% at the current price. That is a payout ratio of about 74.9% of earnings, so the dividend is covered, with less cushion. Spirax Group has grown the dividend at roughly 7.7% 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 SPX.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. SPX.XLON currently trades above its estimated intrinsic value and scores 41/100 on quality (mixed). It also yields about 2.5%. 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.