CML Microsystems Plc (CML) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of CML Microsystems Plc stock £4.64, price £2.90, upside +60.0%, quality 58 out of 100. Rating: strongly undervalued. Calculated from audited financials with 11 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 9, 2026.
How to read this chart
60‑month range £2.03 – £5.30 · fair‑value band £3.68 – £5.63 · the £2.90 price screens below the £4.64 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 9, 2026.
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CML Microsystems plc, through its subsidiaries, designs, manufactures, and semiconductor products for industrial, professional and commercial applications in the Americas, Europe, Far East, and internationally.
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The company offers radio frequency (RF) transceivers and millimetre wave products, as well as mixed-signal baseband/modem processors for wireless and satellite, mmWave MMICs, baseband processors, and data controllers and interface devices for wireless and satellite, Internet of Things, broadcast, network infrastructure, and aerospace and defense markets.
CML Microsystems Plc was incorporated in 1968 and is headquartered in Maldon, the United Kingdom.
Stock analysis
CML Microsystems Plc (CML) currently trades at £2.90, while our model-based Fair Value estimate is £4.64, implying the stock looks roughly 38% undervalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of £3.11 per share, and 5 of the 11 models we run sit above the £2.90 price.
Bear case: the Asset-Based group reads lowest at £0.5400, and 6 of the 11 models stay below the price. Data coverage for this calculation is low.
Scenario range: £3.68 (bear) to £5.63 (bull), the price of £2.90 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 58/100 (solid quality), in the Technology sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
CML Microsystems Plc reported revenue of £20.4M in FY2026 versus £17.0M in FY2022, a compound +4.8%/yr. Reported net income was −£54.0K in FY2026.
Key figures
Market cap £47.2M Micro · P/S ratio 2.48 · Dividend yield 3.8% · Net margin −0.3% · Return on equity −0.1% · Return on assets (EBIT) 0.7% (5-year average) · Operating margin −38.7% · Revenue (TTM) £20.4M.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 22 out of 100 (low confidence).
What moves the price
The share trades about 22% below its 52-week high and 41% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Technology peers we cover trades at −7% fair-value upside, at 60%, CML screens cheaper than that median.
Fair Value models
Bear£3.68Fair Value £4.64Bull£5.63
Price £2.90 · Upside +60.0%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
FCF DCF£2.35£2.90£3.6180
Growth DCF£2.38£2.90£3.5277
Owner Earnings£2.83£3.53£4.4175
All 11 models by family
DCF Models
FCF DCF£2.35£2.90£3.6180
Owner Earnings£2.83£3.53£4.4175
5Y Revenue Exit£2.38£3.27£4.4071
5Y EBITDA Exit£1.72£2.14£2.6074
10Y Revenue Exit£2.30£3.02£3.8666
10Y EBITDA Exit£1.99£2.35£2.7567
Multiples
EV/EBITDA£1.25£1.58£1.9164
EV/Revenue£2.44£3.38£4.3351
Asset-Based
NCAV (Graham)£0.3600£0.5400£0.680052
Growth DCF
Growth DCF£2.38£2.90£3.5277
Rev-Margin DCF£2.38£3.31£4.3371
The fair value above starts from this blend and is adjusted for a cyclical trough year.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.50/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−10.7%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−0.3%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+9.3%
Start year 2021 (pandemic). Over 10 years: −1.1% a year
Revenue growth 40 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+3.2%
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Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
−3.3% (2021) → −13.1% (2026)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2026 is a loss year, no rate is defined from a loss
not computed
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−2.4%
The company could shrink this much every year for the next five years and today's price would still be justified.
What forecasts expect
n/a
No analyst forecast available.
After inflation (UK: IMF forecast 2.3% a year to 2030, 3.3% from 2016 to 2025) that is about −4.6% a year for the price.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Semiconductors · 369 stocks
Beats the industry median on 6/10 measures
Overall it ranks above its industry peers.
Valuation
Quality Score58 · Above median
Fair Value upside+60.0% · Top 25%
Profitability
Return on assets−0.1% · Below median
Net margin (12 months)−0.3% · Below median
Operating margin (12 months)−38.7% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY)8.7% · Below median
Dividend yield (12 months)3.8% · Top 25%
Valuation Multiplesvs Semiconductors median · lower = cheaper
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Is CML Microsystems Plc (CML) overvalued or undervalued?
As of Nov 9, 2026, our model estimates a fair value of £4.64 versus a price of £2.90, about +60% upside (undervalued).
What is the fair value of CML?
Our model-based fair value for CML Microsystems Plc is £4.64 (as of Nov 9, 2026), built from audited fundamentals. The current price: £2.90.
What is the quality score of CML?
CML Microsystems Plc has a Quality Score of 58/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for CML Microsystems Plc (CML)?
Our model-based price target is the fair value of £4.64 (as of Nov 9, 2026) from 11 valuation models. Cautious scenario £3.68, optimistic scenario £5.63. It is a calculation from audited fundamentals, not an analyst target.
What is the CML Microsystems Plc stock forecast for 2026?
Our models put fair value at £4.64, about +60% upside versus a price of £2.90 (undervalued). Cautious scenario £3.68, optimistic scenario £5.63. The calculation is refreshed regularly with new filings.
What is the revenue of CML Microsystems Plc (CML)?
CML Microsystems Plc reported trailing-twelve-month revenue of about £20.4M (latest available figure, as of Nov 9, 2026).
Does CML Microsystems Plc pay a dividend?
CML Microsystems Plc currently shows a dividend yield of 3.79% relative to its recent price (as of Nov 9, 2026).
How much is the dividend of CML Microsystems Plc (CML) and when is the ex-dividend date?
CML Microsystems Plc pays a dividend of £0.11 per share a year, a dividend yield of 3.8%. The last ex-dividend date was Aug 6, 2026. A dividend has been paid every year since 2011. Free cash flow covers the dividend 2.19 times. Our assessment: Cash covered. The dividend is fully funded by free cash flow. The payout ratio on earnings is not available for this company.
What growth is priced into CML Microsystems Plc (CML)?
For today's price to be fair in a discounted-cash-flow model, CML Microsystems Plc would have to grow free cash flow by -2.4 % per year for five years (discount rate 11.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +9.3 % per year. As of Nov 9, 2026.
What discount rate (WACC) does the fair value of CML use?
Our models discount CML Microsystems Plc at 11.8 %: a base by market capitalisation (micro), damped by beta 0.26, country premium for United Kingdom. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For CML Microsystems Plc that is -2.4 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (11.8 %) and the same formula as our fair value.
How much growth has CML Microsystems Plc (CML) delivered so far?
Over the past 5 years revenue at CML Microsystems Plc grew +9.3 % a year. The price currently implies free-cash-flow growth of -2.4 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of CML Microsystems Plc (CML) growing?
The median revenue growth in the sector is +11.5 % a year. That is the yardstick for the growth priced into CML Microsystems Plc (-2.4 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of CML Microsystems Plc (CML)?
The free-cash-flow yield on the price is 8.81 %: that much free cash flow CML Microsystems Plc produces per unit of market value. When it exceeds the discount rate of our models (11.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of CML Microsystems Plc (CML)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For CML Microsystems Plc it is £4.64 per share (as of Nov 9, 2026), against a price of £2.90. It is the blended result of 11 valuation models in 4 families (DCF Models, Multiples, Asset-Based, Growth DCF).
Is CML Microsystems Plc stock overvalued or undervalued in 2026?
As of Nov 9, 2026, CML trades below its calculated fair value: price £2.90, fair value £4.64, a gap of about +60% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of CML?
No. The price is what the market pays today (£2.90); the fair value is what the company's own numbers justify (£4.64). For CML Microsystems Plc the two are £1.74 per share apart. That gap is exactly why we show both numbers side by side.
How much is CML Microsystems Plc worth?
The market values CML Microsystems Plc at about £47.2M (market capitalisation, as of Nov 9, 2026). Per share that is £2.90; our models calculate a fair value of £4.64 per share.
What do the bullish and bearish scenarios say about CML?
Our models span a range for CML Microsystems Plc: cautious scenario £3.68, base £4.64, optimistic £5.63 per share (as of Nov 9, 2026, price £2.90). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of CML Microsystems Plc (CML)?
Balance-sheet figures for CML Microsystems Plc (as of Nov 9, 2026): return on equity −0.1%. They feed the Quality Score of 58/100, which measures business quality independently of the share price.
How far is CML from its 52-week high?
CML Microsystems Plc trades at £2.90, about 22% below its 52-week high of £3.70 and 41% above the low of £2.05 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of £4.64 is for.
Which stocks are comparable to CML Microsystems Plc?
From the same area (Technology) we also value NVIDIA Corporation, Taiwan Semiconductor Manufacturing Company, Broadcom Inc, Micron Technology, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is CML Microsystems Plc stock attractive at the current price?
The data as of Nov 9, 2026: price £2.90, calculated fair value £4.64 (+60%), Quality Score 58/100, from 11 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of CML calculated?
We run CML Microsystems Plc through 11 models from 4 families: DCF Models, Multiples, Asset-Based, Growth DCF. Every model gets the same audited fundamentals; the fair value of £4.64 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. CML Microsystems Plc currently trades 38% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of CML Microsystems Plc (CML)?
The closing price on Nov 6, 2026 was £2.90. Our model-based fair value is £4.64, about +60% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with CML Microsystems Plc right now?
The price is below even our cautious bear case (£3.68). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (58/100) at a price below fair value, the discount is the argument here, not the business quality.
Key figures of CML Microsystems Plc
How large is the market capitalisation of CML Microsystems Plc (CML)?
The market capitalisation of CML Microsystems Plc is £47.2M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of CML Microsystems Plc (CML)?
The price-to-sales ratio of CML Microsystems Plc is 2.48 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the dividend yield of CML Microsystems Plc (CML)?
The dividend yield of CML Microsystems Plc is 3.8%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of CML Microsystems Plc (CML)?
The net margin of CML Microsystems Plc is −0.3% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of CML Microsystems Plc (CML)?
The return on equity (ROE) of CML Microsystems Plc is −0.1% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of CML Microsystems Plc (CML)?
On an EBIT basis the return on assets of CML Microsystems Plc is 0.7% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of CML Microsystems Plc (CML)?
The operating margin of CML Microsystems Plc is −38.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at CML Microsystems Plc (CML)?
Revenue at CML Microsystems Plc is growing +8.7% versus a year earlier (3y avg −0.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at CML Microsystems Plc (CML)?
Earnings per share at CML Microsystems Plc are growing +167% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does CML Microsystems Plc (CML) hold?
CML Microsystems Plc holds more cash than debt, £4.3M net (fiscal year 2026). The company holds more cash than debt, a safety cushion.
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Thin data
Nov 9, 2026