Bodycote PLC (BOY) fair value: what the stock is really worth
We calculate from audited financials what Bodycote PLC is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 21, 2026.
How to read this chart
60‑month range £3.96 – £9.61 · fair‑value band £3.05 – £7.26 · the £9.55 price screens above the £5.14 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 21, 2026.
Bodycote plc provides heat treatment and thermal processing services worldwide. It operates in Specialist Technologies and Precision Heat Treatment divisions.
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Bodycote plc provides heat treatment and thermal processing services worldwide. It operates in Specialist Technologies and Precision Heat Treatment divisions. The company offers heat treatment services, including altering the microstructure of metals and alloys, which include steel and aluminum to impart properties comprising surface hardness, temperature resistance, ductility, and strength; metal joining services consisting of electron beam welding, HIP diffusion bonding, hydrogen brazing, induction brazing, and furnace/vacuum brazing; and hot isostatic pressing (HIP) services, such as isostatic pressing and HIP supporting services, as well as Powdermet technologies. It also provides surface technologies, which are used to prolong the working life of components and protect from environmental factors, such as corrosion and abrasion. The company's surface technologies include anodising, flame and combustion spraying, high-velocity oxygen fuel coatings, plasma spray, electric arc wire, vapor phase aluminide, liquid and ceramic coatings, and thermochemically formed ceramic coatings to enhance corrosion protection and wear resistance. It serves automotive, aerospace and defense, energy, and general industrial markets. Bodycote plc was founded in 1923 and is headquartered in Macclesfield, the United Kingdom.
Stock analysis
Bodycote PLC (BOY) currently trades at £9.55, while our model-based Fair Value estimate is £5.14, implying the stock looks roughly 85.8% overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of £6.79 per share, and 2 of the 25 models we run sit above the £9.55 price.
Bear case: the Asset-Based group reads lowest at £2.53, and 23 of the 25 models stay below the price. Evidence for this calculation is high.
Scenario range: £3.05 (bear) to £7.26 (bull), the price of £9.55 sits above 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 71/100 (solid quality), in the Industrials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Bodycote PLC reported revenue of £727M in FY2025 versus £616M in FY2021, a compound +4.2%/yr. Reported net income was £54.9M in FY2025, compounding −2.0%/yr from FY2021.
Key figures
Market cap 1.7B GBX · P/E ratio 30.8 · P/S ratio 2.33 · EPS (TTM) £0.3100 · Dividend yield 2.4% · Net margin 7.6% · Return on equity 8.5% · Return on assets (EBIT) 8.0%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The last reported earnings sit well below what analysts expect (earnings in transition, for example after write-downs or an earnings dip); whether the stock is cheap or expensive hinges on the expected recovery actually arriving. Read the fair value with that caveat.
For context, the median of 10 Industrials peers we cover trades at −46% fair-value upside, at −46%, BOY screens cheaper than that median.
Fair Value models
Bear £3.05Fair Value £5.14Bull £7.26
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (£0.0559 per share) are deliberately not added.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.Evidence ⓘEvidence = 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.
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.60/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−4.0%
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.
−0.7%
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.
+4.0%
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.
+7.5%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+2.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year−0.1%
Dividend (yield on the price)2.4%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.0% vs −1%, steady
Profit margin 2020 to 2025 ⓘ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.1% → 14%
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
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).
+21.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+1.3%
Yearly sales growth analysts expect, extended to five years.
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.Specialty Industrial Machinery · 830 stocks
Beats the industry median on 7/15 measures
A mixed picture versus its industry peers.
Valuation
Quality Score71 · Top 25%
Fair Value upside−46% · Below median
Profitability
Return on equity (TTM)8% · Above median
Return on assets6% · Top 25%
Net margin (TTM)8% · Above median
Operating margin (TTM)15% · Top 25%
Growth and dividend
Revenue growth0% · Below median
Dividend yield (TTM)2.4% · Above median
Balance sheet
Debt / equity0.20× · Above median
Valuation Multiplesvs Specialty Industrial Machinery median · lower = cheaper
P/E (TTM)30.8× · Pricier than median
P/B2.45× · Pricier than median
P/S (TTM)2.16× · Pricier than median
P/FCF26.7× · Priciest 25%
EV/EBITDA9.9× · Cheaper than median
PEG2.66× · Pricier than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 0
FUTURE (revenue growth)0· sector 21
PAST (return on equity)34· sector 27
HEALTH (low debt)90· sector 96
DIVIDEND (yield)49· sector 24
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Bodycote PLC Fair Value". https://www.fairvalue-calculator.com/stock/BOY
Frequently asked questions
Is Bodycote PLC (BOY) overvalued or undervalued?
As of Sep 21, 2026, our model estimates a fair value of £5.14 versus a price of £9.55, about −46% upside (overvalued).
What is the fair value of BOY?
Our model-based fair value for Bodycote PLC is £5.14 (as of Sep 21, 2026), built from audited fundamentals. The current price: £9.55.
What is the quality score of BOY?
Bodycote PLC has a Quality Score of 71/100. 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 Bodycote PLC (BOY)?
Our model-based price target is the fair value of £5.14 (as of Sep 21, 2026) from 25 valuation models. Cautious scenario £3.05, optimistic scenario £7.26. It is a calculation from audited fundamentals, not an analyst target.
What is the Bodycote PLC stock forecast for 2026?
Our models put fair value at £5.14, about −46% upside versus a price of £9.55 (overvalued). Cautious scenario £3.05, optimistic scenario £7.26. The calculation is refreshed regularly with new filings.
What is the revenue of Bodycote PLC (BOY)?
Bodycote PLC reported trailing-twelve-month revenue of about £727M (latest available figure, as of Sep 21, 2026).
Does Bodycote PLC pay a dividend?
Bodycote PLC currently shows a dividend yield of about 2.44% relative to its recent price (as of Sep 21, 2026).
What growth is priced into Bodycote PLC (BOY)?
For today's price to be fair in a discounted-cash-flow model, Bodycote PLC would have to grow free cash flow by +21.3 % per year for five years (discount rate 11.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +4.0 % per year. As of Sep 21, 2026.
What discount rate (WACC) does the fair value of BOY use?
Our models discount Bodycote PLC at 11.2 %: a base by market capitalisation (mid), damped by beta 1.35, 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 Bodycote PLC that is +21.3 % per year a year over ten years, using the same discount rate (11.2 %) and the same formula as our fair value.
How much growth has Bodycote PLC (BOY) delivered so far?
Over the past 5 years revenue at Bodycote PLC grew +4.0 % a year. The price currently implies +21.3 % per year free-cash-flow growth a 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 Bodycote PLC (BOY) growing?
The median revenue growth in the sector is +4.6 % a year. That is the yardstick for the growth priced into Bodycote PLC (+21.3 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Bodycote PLC (BOY)?
The free-cash-flow yield on the price is 3.48 %: that much free cash flow Bodycote PLC produces per unit of market value. When it exceeds the discount rate of our models (11.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Bodycote PLC (BOY)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Bodycote PLC it is £5.14 per share (as of Sep 21, 2026), against a price of £9.55. It is the blended result of 25 valuation models (cash flow, earnings, asset, dividend).
Is Bodycote PLC stock overvalued or undervalued in 2026?
As of Sep 21, 2026, BOY trades above its calculated fair value: price £9.55, fair value £5.14, a gap of about −46% (overvalued). 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 BOY?
No. The price is what the market pays today (£9.55); the fair value is what the company's own numbers justify (£5.14). For Bodycote PLC the two are £4.41 per share apart. That gap is exactly why we show both numbers side by side.
How much is Bodycote PLC worth?
The market values Bodycote PLC at about 1.7B GBX (market capitalisation, as of Sep 21, 2026). Per share that is £9.55; our models calculate a fair value of £5.14 per share.
What do the bullish and bearish scenarios say about BOY?
Our models span a range for Bodycote PLC: cautious scenario £3.05, base £5.14, optimistic £7.26 per share (as of Sep 21, 2026, price £9.55). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of BOY?
Bodycote PLC trades at a price-to-earnings ratio of 30.8 (as of Sep 21, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of £5.14 is built from several models across several years. Other multiples: PEG 2.7, P/B 2.5, P/S 2.2, EV/EBITDA 9.9.
What is the PEG ratio of BOY?
The PEG ratio of Bodycote PLC is 2.66 (P/E divided by earnings growth, as of Sep 21, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Bodycote PLC (BOY)?
Balance-sheet figures for Bodycote PLC (as of Sep 21, 2026): return on equity 8.5%, debt of 0.20 per unit of equity. They feed the Quality Score of 71/100, which measures business quality independently of the share price.
Which stocks are comparable to Bodycote PLC?
From the same area (Industrials) we also value GE Vernova Inc, SIE, Eaton Corporation, Parker-Hannifin Corporation, 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 Bodycote PLC stock attractive at the current price?
The data as of Sep 21, 2026: price £9.55, calculated fair value £5.14 (−46%), Quality Score 71/100, from 25 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 BOY calculated?
We run Bodycote PLC through 25 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of £5.14, 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 16.1 % above its aggregate fair value. Bodycote PLC itself currently trades above fair value. 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 Bodycote PLC (BOY)?
The closing price on Sep 21, 2026 was £9.55. Our model-based fair value is £5.14, about −46% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Bodycote PLC right now?
A high-quality business (quality 71/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety. The price sits above even our optimistic bull case (£7.26). The favourable scenario is already priced in. A fairly wide model range (£3.05 to £7.26) leaves room in how you read the outcome.
Where does the earnings growth of Bodycote PLC (BOY) come from?
Earnings per share at Bodycote PLC grew −2.3 % a year from 2014 to 2025. Broken into its drivers: revenue per share +3.2 %, EBIT margin −4.4 %, tax rate +0.1 %, residual (interest, one-offs) −1.0 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Bodycote PLC
How large is the market capitalisation of Bodycote PLC (BOY)?
The market capitalisation of Bodycote PLC is 1.7B GBX. 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 Bodycote PLC (BOY)?
The price-to-sales ratio of Bodycote PLC is 2.33 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Bodycote PLC (BOY)?
Earnings per share at Bodycote PLC are £0.3100 (price ÷ EPS = P/E 30.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Bodycote PLC (BOY)?
The dividend yield of Bodycote PLC is 2.4% (payout 75.2%). 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 Bodycote PLC (BOY)?
The net margin of Bodycote PLC is 7.6% (fiscal year 2025). 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 Bodycote PLC (BOY)?
The return on equity (ROE) of Bodycote PLC is 8.5% (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 Bodycote PLC (BOY)?
On an EBIT basis the return on assets of Bodycote PLC is 8.0% (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 Bodycote PLC (BOY)?
The operating margin of Bodycote PLC is 14.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast are earnings growing at Bodycote PLC (BOY)?
Earnings per share at Bodycote PLC are growing +39.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Bodycote PLC (BOY) carry?
The net debt of Bodycote PLC is 166M GBX (fiscal year 2025, ≈ 2.8 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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