Filtronic (FTC) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Filtronic stock £0.33, price £2.12, that is 84.4% below the price, quality 37 out of 100. Rating: strongly overvalued. Calculated from audited financials with 23 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 6, 2026.
How to read this chart
60‑month range £0.0900 – £4.69 · fair‑value band £0.2040 – £0.4505 · the £2.12 price screens above the £0.3315 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 3 fiscal years are left out: there the valuation rested on only a fraction of the usual models. As of Nov 6, 2026.
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Filtronic plc designs, develops, manufactures, and sells radio frequency (RF) technology in the United Kingdom, Europe, the Americas, and rest of the world.
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It provides Morpheus II and X2, an E-band transceiver module; Cerus, an E-brand power amplifier for long range communications; Hercules II, a high power E-band transreceiver; Taurus, an E-brand power amplifier; Hades X2, an E-band active diplexer; tower top amplifiers; and transmit and receive modules.
The company also offers custom products, such as waveguide diplexers; cross-band and in band combiners; custom combiners; front end modules, such as power amplifiers, low noise amplifiers, switches, filters, power detectors, baluns, and other products; GaN amplifiers; and microwave and millimeter wave transceiver products.
In addition, it provides filter products, including ceramic, combline and interdigital, waveguide, custom, interference mitigation, lumped element, metal cavity, small cell, suspended substrate, and thin film filters, as well as switched filter banks.
Further, the company provides hybrid manufacturing, plastic packaging, outsourced semiconductor assembly and test, electromechanical manufacturing solutions, process engineering, RF design, and in-house testing services.
It serves space, aerospace, defense, telecoms infrastructure, critical communications, and adjacent markets. The company was formerly known as Filtronic Comtek plc and changed its name to Filtronic plc in March 1998.
Filtronic plc was founded in 1977 and is headquartered in Sedgefield, the United Kingdom.
Stock analysis
Filtronic (FTC) currently trades at £2.12, while our model-based Fair Value estimate is £0.3315, 84% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of £0.5250 per share, and 0 of the 23 models we run sit above the £2.12 price.
Bear case: the Asset-Based group reads lowest at £0.0600, and 23 of the 23 models stay below the price. Data coverage for this calculation is low.
Scenario range: £0.2040 (bear) to £0.4505 (bull), the price of £2.12 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 37/100 (below-average quality), in the Technology sector.
Mixed Growth: Spin-off in 2010: revenue and profit before it include the divested business. Growth is measured afresh from 2010.
Filtronic reported revenue of £55.5M in FY2026 versus £17.1M in FY2022, a compound +34.3%/yr. Reported net income was £4.6M in FY2026, compounding +32.7%/yr from FY2022.
Key figures
Market cap £634M Small · P/E ratio 106.0 · P/S ratio 11.4 · EPS (TTM) £0.0200 · Net margin 8.2% · Return on equity 12.0% · Return on assets (EBIT) 12.1% (5-year average) · Operating margin 4.5%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 47 out of 100 (low confidence).
What moves the price
The share trades about 55% below its 52-week high and 69% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at −45% fair-value upside, at −84%, FTC screens richer than that median.
Fair Value models
The price assumes far more growth than our models allow for, so the models scatter widely (£0.0600 to £0.9400). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear£0.2040Fair Value £0.3315Bull£0.4505
Price £2.12 · Downside -84.4%
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. Based on fiscal year 2026 figures (about 5 months old). Earnings retained since then (£0.0088 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. 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£0.1300£0.1700£0.220082
Growth DCF£0.1300£0.1600£0.210080
5Y EBITDA Exit£0.3100£0.5300£0.800074
All 23 models by family
DCF Models
FCF DCF£0.1300£0.1700£0.220082
5Y Revenue Exit£0.1800£0.2700£0.400072
5Y EBITDA Exit£0.3100£0.5300£0.800074
5Y P/E Exit£0.3200£0.5400£0.790070
10Y Revenue Exit£0.1600£0.2300£0.340066
10Y EBITDA Exit£0.2400£0.3900£0.620067
10Y P/E Exit£0.2400£0.4000£0.610063
Earnings-Based
Graham-Dodd£0.1400£0.5300£0.720064
Lynch FV£0.1300£0.1800£0.240061
PEG = 1.0£0.1300£0.1800£0.240057
EPV£0.1800£0.2000£0.210074
Multiples
P/E Multiple£0.4400£0.5800£0.730063
P/S Multiple£0.2600£0.3500£0.440058
P/B Multiple£0.7100£0.9400£1.1855
EV/EBIT£0.3600£0.4700£0.570066
EV/EBITDA£0.4600£0.6000£0.740067
EV/Revenue£0.2000£0.2700£0.340054
Asset-Based
NCAV (Graham)£0.0400£0.0600£0.070055
Growth DCF
Growth DCF£0.1300£0.1600£0.210080
Rev-Margin DCF£0.1800£0.2700£0.380073
Economic Profit
Residual Income£0.1600£0.1700£0.200071
ROIC Compounder£0.1800£0.2000£0.230072
Growth Earnings
Growth-Adj P/E£0.2800£0.4000£0.530067
The fair value above starts from this blend and is adjusted for dilution from new shares.
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.55/100
Spin-off in 2010: revenue and profit before it include the divested business. Growth is measured afresh from 2010.
Revenue growth 1 year
−1.4%
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.
+50.6%
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.
+29.0%
Start year 2021 (pandemic). Over 10 years: +15.1% a year
Revenue growth 16 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.
+8.3%
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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.
+33.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+33.9%
Dividend (yield on the price)0.0%
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.33.9% vs 0.2%, picking up
Profit margin 2021 to 2026 ⓘ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.4% → 7%
Pace: the 5-year rate starts in 2021 (pandemic)
Growth Forecast
A lot of optimism in the price
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).
more than +80 %
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.
+16.6%
Yearly sales growth analysts expect, extended to five years.
After inflation (UK: IMF forecast 2.3% a year to 2030, 3.3% from 2016 to 2025) that is about +14.0% a year for the forecasts.
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.Communication Equipment · 302 stocks
Beats the industry median on 3/11 measures
Overall it trails its industry peers.
Valuation
Quality Score37 · Bottom 25%
Fair Value upside−84.4% · Bottom 25%
Profitability
Return on equity (12 months)12.0% · Above median
Return on assets7.0% · Top 25%
Net margin (12 months)8.2% · Above median
Operating margin (12 months)4.5% · Below median
Growth and dividend
Revenue growth (quarter YoY)−1.5% · Below median
Valuation Multiplesvs Communication Equipment median · lower = cheaper
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). "Filtronic Fair Value". https://www.fairvalue-calculator.com/stock/FTC
Frequently asked questions
Is Filtronic (FTC) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of £0.3315 versus a price of £2.12, about 84% lower (overvalued).
What is the fair value of FTC?
Our model-based fair value for Filtronic is £0.3315 (as of Nov 6, 2026), built from audited fundamentals. The current price: £2.12.
What is the quality score of FTC?
Filtronic has a Quality Score of 37/100. 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 Filtronic (FTC)?
Our model-based price target is the fair value of £0.3315 (as of Nov 6, 2026) from 23 valuation models. Cautious scenario £0.2040, optimistic scenario £0.4505. It is a calculation from audited fundamentals, not an analyst target.
What is the Filtronic stock forecast for 2026?
Our models put fair value at £0.3315, about 84% lower versus a price of £2.12 (overvalued). Cautious scenario £0.2040, optimistic scenario £0.4505. The calculation is refreshed regularly with new filings.
What is the revenue of Filtronic (FTC)?
Filtronic reported trailing-twelve-month revenue of about £55.5M (latest available figure, as of Nov 6, 2026).
What growth is priced into Filtronic (FTC)?
For today's price to be fair in a discounted-cash-flow model, Filtronic would have to grow free cash flow by more than 80 % per year for five years (discount rate 11.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +29.0 % per year. As of Nov 6, 2026.
What discount rate (WACC) does the fair value of FTC use?
Our models discount Filtronic at 11.7 %: a base by market capitalisation (small), damped by beta 0.97, 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 Filtronic that is more than 80 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (11.7 %) and the same formula as our fair value.
How much growth has Filtronic (FTC) delivered so far?
Over the past 5 years revenue at Filtronic grew +29.0 % a year. The price currently implies free-cash-flow growth of more than 80 % 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 Filtronic (FTC) growing?
The median revenue growth in the sector is +11.5 % a year. That is the yardstick for the growth priced into Filtronic (more than 80 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Filtronic (FTC)?
The free-cash-flow yield on the price is 0.20 %: that much free cash flow Filtronic produces per unit of market value. When it exceeds the discount rate of our models (11.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Filtronic (FTC)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Filtronic it is £0.3315 per share (as of Nov 6, 2026), against a price of £2.12. It is the blended result of 23 valuation models in 7 families (DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Filtronic stock overvalued or undervalued in 2026?
As of Nov 6, 2026, FTC trades above its calculated fair value: price £2.12, fair value £0.3315, a gap of about −84% (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 FTC?
No. The price is what the market pays today (£2.12); the fair value is what the company's own numbers justify (£0.3315). For Filtronic the two are £1.79 per share apart. That gap is exactly why we show both numbers side by side.
How much is Filtronic worth?
The market values Filtronic at about £634M (market capitalisation, as of Nov 6, 2026). Per share that is £2.12; our models calculate a fair value of £0.3315 per share.
What do the bullish and bearish scenarios say about FTC?
Our models span a range for Filtronic: cautious scenario £0.2040, base £0.3315, optimistic £0.4505 per share (as of Nov 6, 2026, price £2.12). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of FTC?
Filtronic trades at a price-to-earnings ratio of 106.0 (as of Nov 6, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of £0.3315 is built from several models across several years. Median P/E at fiscal year-end, 8 fiscal years (2017 to 2026), reported earnings: 31.3. Other multiples: P/B 15.5, P/S 11.4.
How solid is the balance sheet of Filtronic (FTC)?
Balance-sheet figures for Filtronic (as of Nov 6, 2026): return on equity 12.0%. They feed the Quality Score of 37/100, which measures business quality independently of the share price.
How far is FTC from its 52-week high?
Filtronic trades at £2.12, about 55% below its 52-week high of £4.69 and 69% above the low of £1.26 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of £0.3315 is for.
Which stocks are comparable to Filtronic?
From the same area (Technology) we also value Cisco Systems, Inc, Foxconn Industrial Internet Co, Zhongji Innolight Co, Motorola Solutions, 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 Filtronic stock attractive at the current price?
The data as of Nov 6, 2026: price £2.12, calculated fair value £0.3315 (−84%), Quality Score 37/100, from 23 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 FTC calculated?
We run Filtronic through 23 models from 7 families: DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of £0.3315 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 13.0% above its aggregate fair value. Filtronic 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 Filtronic (FTC)?
The closing price on Nov 6, 2026 was £2.12. Our model-based fair value is £0.3315, about 84% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Filtronic right now?
The price sits above even our optimistic bull case (£0.4505). The favourable scenario is already priced in. Weak quality (37/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range (£0.2040 to £0.4505) leaves room in how you read the outcome.
Key figures of Filtronic
How large is the market capitalisation of Filtronic (FTC)?
The market capitalisation of Filtronic is £634M. 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 Filtronic (FTC)?
The price-to-sales ratio of Filtronic is 11.4 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Filtronic (FTC)?
Earnings per share at Filtronic are £0.0200 (price ÷ EPS = P/E 106.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Filtronic (FTC)?
The net margin of Filtronic is 8.2% (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 Filtronic (FTC)?
The return on equity (ROE) of Filtronic is 12.0% (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 Filtronic (FTC)?
On an EBIT basis the return on assets of Filtronic is 12.1% (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 Filtronic (FTC)?
The operating margin of Filtronic is 4.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Filtronic (FTC)?
Revenue at Filtronic is growing −1.5% versus a year earlier (3y avg +50.6%). 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 Filtronic (FTC)?
Earnings per share at Filtronic are growing −77.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Filtronic (FTC) hold?
Filtronic holds more cash than debt, £7.3M net (fiscal year 2026). The company holds more cash than debt, a safety cushion.
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Thin data
Nov 6, 2026