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Judges Scientific plc (JDG) Fair Value & Analysis

Technology · GB · Market cap 303M GBX

JS Judges Scientific plc JDG · LSE
Price£40.00
Fair Value£17.91
Upside-55.2%
Quality57/100
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Healthy Growth
Thin margins · 3.8% net margin
Moderate debt · generates free cash flow
2.53% dividend yield
Mixed vs. peers (6/14)
Narrow moat 39/100
Evidence: High Range £13.01 – £25.35 Share as image

Fair value as of: Aug 13, 2026

From 26 valuation models · updated yesterday

Fair value updated Aug 13, 2026, revised from £17.34 to £17.91 (+3.3%) since Jul 19, 2026. Share price −12.1% over the past month.

A solid business, but screening 55% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (£25.35). The favourable scenario is already priced in.
  • Solid but not exceptional quality (57/100) and above fair value, neither a clear bargain nor a standout compounder.
  • A fairly wide model range (£13.01 to £25.35) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

£117.38 £35.83 Fair Value £17.91 May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range £35.83 – £117.38 · fair‑value band £13.01 – £25.35 · the £40.00 price screens above the £17.91 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Judges Scientific plc (JDG) currently trades at £40.00, while our model-based Fair Value estimate is £17.91, implying the stock looks roughly 55.2% overvalued today. The Quality Score stands at 57/100 (solid quality), in the Technology sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, Judges Scientific plc generated revenue of £146M at a net margin of 3.8%. Revenue grew 3.8% year over year. It earns a return on equity of 7.0%. Net debt stands at £45.8M. Fundamentals as of Aug 13, 2026

Our scenario range runs from £13.01 (bear case) to £25.35 (bull case); at £40.00, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. For context, the median of 10 Technology peers we cover trades at -46% fair-value upside, at -55%, JDG screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model 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
Highest evidence
Growth DCF £28.97 £56.12 £93.16 80
Residual Income £9.60 £9.92 £9.79 76
Rev-Margin DCF £17.90 £33.87 £55.84 74
All 26 models by family
DCF Models
FCF DCF £30.07 £56.61 £109.79 38
Owner Earnings £27.49 £55.27 £101.52 31
5Y Revenue Exit £17.90 £34.11 £56.16 39
5Y EBITDA Exit £35.00 £71.53 £119.38 41
5Y P/E Exit £14.54 £26.75 £40.75 38
10Y Revenue Exit £21.44 £38.16 £64.27 36
10Y EBITDA Exit £32.61 £64.10 £115.53 37
10Y P/E Exit £19.89 £33.06 £51.78 35
Earnings-Based
Graham-Dodd £5.62 £31.63 £43.95 54
Lynch FV £8.87 £12.67 £16.47 50
PEG = 1.0 £8.87 £12.67 £16.47 46
EPV £5.74 £7.34 £8.68 59
Dividend Discount
Gordon GGM £8.28 £14.92 £20.54 70
DDM Multi-Stage £8.28 £13.63 £15.94 61
Multiples
P/E Multiple £13.01 £17.34 £21.68 63
P/S Multiple £10.53 £14.04 £17.55 58
P/B Multiple £10.53 £14.04 £17.55 55
EV/EBIT £18.28 £26.38 £34.48 53
EV/EBITDA £40.95 £56.62 £72.28 54
EV/Revenue £11.32 £18.75 £26.19 43
Asset-Based
NCAV (Graham) £6.28 £8.42 £12.57 50
Growth DCF
Growth DCF £28.97 £56.12 £93.16 80
Rev-Margin DCF £17.90 £33.87 £55.84 74
Economic Profit
Residual Income £9.60 £9.92 £9.79 76
ROIC Compounder £5.74 £7.34 £8.68 72
Growth Earnings
Growth-Adj P/E £13.26 £18.94 £24.63 68

Widest divergence: DCF Models (£38.16) versus Economic Profit (£7.34). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 146M GBX
Revenue growth (YoY) +3.8%
Net margin 3.8%
Return on equity 7.0%
Free cash flow 21.0M GBX FY2025
P/E ratio 49.4
More key figures
Operating margin 5.2%
EPS (TTM) £0.8100
Dividend yield 2.5%
EPS growth (YoY) -88.8%
Net debt 45.8M GBX FY2025

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 57/100

Of which business quality 57 · Market factors (momentum, volatility) 29

Profitability 32
Margins and returns on capital today
Quality Growth 43
Are margins and returns improving?
Cashflow 76
Earnings quality: real cash, not paper profit
Fin. Strength 56
Balance sheet, leverage, solvency risk
Investment 70
Disciplined investing over empire-building
Low Volatility 65
Calm price path (market factor)
Momentum 17
Price trend over the last 3–12 months (market factor)
52W Momentum 6
Distance to the 52-week high (market factor)
Net Issuance 73
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Judges Scientific plc designs, manufactures, and sells scientific instruments and services in the United Kingdom and internationally. It operates through two segments, Materials Sciences and Vacuum.

Full company description

Judges Scientific plc designs, manufactures, and sells scientific instruments and services in the United Kingdom and internationally. It operates through two segments, Materials Sciences and Vacuum. The company provides engineering teaching and research equipment for universities, colleges, schools, and research centres; and research and development systems for food, beverages, edible oils, ingredients and pharmaceuticals industries. It offers cutting edge LED illumination systems for researchers and clinicians; tensile testing, motion control, and specimen cooling for microscopy applications; automated measurement systems for fibres; edge welded metal bellows; and fire testing instruments, such as cone and large-scale calorimeters, NBS smoke chambers and oxygen index test, and related fire testing instruments. In addition, the company offers equipment and software for computer-controlled testing of soils and rocks; high-resolution fibre optic instruments using photon-counting OTDR technology; thin film deposition systems; physical and chemical vapour deposition instruments to cover materials with thin films; open-flow and closed-cycle devices for sample cooling in X-ray diffraction; test equipment for the measurement of optical fibers; scientific equipment used by electrophysiology researchers; rare gas purifiers for metal analysis; and polarization imaging systems, and cosmetic testing turn-key instruments. Further, it provides specialist instrumentation for geoscience applications; specialized calorimeters for chemical and battery industries; sample heating and manipulation products for use in vacuum markets for materials research and production; and sheet metalwork, including components and casting, fabrication, bespoke engineering solutions, laser cutting and CNC machining. Judges Scientific plc is based in London, the United Kingdom.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Judges Scientific plc reported revenue of £146M in FY2025 versus £91.3M in FY2021, a compound +12.4%/yr. Reported net income was £5.5M in FY2025, compounding −18.8%/yr from FY2021.

Growth Quality 88/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
£146M
Latest YoY
+9.1%
Avg. growth/yr (3Y) 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.
+8.8%
Avg. growth/yr (5Y) 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.
+12.8%
Avg. growth/yr (20Y) 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.
+23.3%
Revenue +12.4%/yr
FY21 £91.3M
FY22 £113M
FY23 £136M
FY24 £134M
FY25 £146M
Net income −18.8%/yr
FY21 £12.7M
FY22 £12.5M
FY23 £9.5M
FY24 £10.4M
FY25 £5.5M

JDG screens 55% overvalued. Compare with Keysight Technologies, Inc →

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Cite: Fair Value Calculator (2026). "Judges Scientific plc Fair Value". https://www.fairvalue-calculator.com/stock/JDG

Peer Group

Scientific & Technical Instruments · 170 stocks

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.

Quality Score 57 · Above median
Fair Value upside −57% · Below median
Return on equity (TTM) 7% · Above median
Return on assets 4% · Above median
Net margin (TTM) 4% · Below median
Operating margin (TTM) 5% · Below median
Revenue growth 4% · Below median
Dividend yield (TTM) 2.5% · Top 25%
Debt / equity 0.71× · Higher than 75% of peers

Valuation Multiples vs Scientific & Technical Instruments median · lower = cheaper

P/E (TTM) 49.4× · Pricier than median
P/B 4.90× · Pricier than 75% of peers
P/S (TTM) 2.81× · Cheaper than median
P/FCF 19.5× · Pricier than median
EV/EBITDA 15.4× · Cheaper than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0 · sector 0
FUTURE 19 · sector 26
PAST 28 · sector 22
HEALTH 64 · sector 99
DIVIDEND 51 · sector 19

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Scientific & Technical Instruments stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Keysight Technologies, Inc KEYS $354.50 $107.22 -70%
Garmin Ltd GRMN $309.98 $139.44 -55%
Teledyne Technologies Incorporated TDY $686.49 $488.95 -29%
Chroma ATE Inc 2360 2,195 TWD 322.57 TWD -85%
Hexagon AB HEXAB kr 95.06 kr 73.99 -22%
MKS Inc MKSI $294.38 $76.00 -74%
AVIC Chengdu Aircraft Company 302132 ¥57.89 ¥34.47 -40%
Fortive Corporation FTV $61.54 $33.48 -46%
Trimble Inc TRMB $57.98 $34.12 -41%
Cognex Corporation CGNX $60.67 $19.25 -68%

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Frequently asked questions

Is Judges Scientific plc (JDG) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of £17.91 versus a price of £40.00, about −55% (overvalued).
What is the fair value of JDG?
Our model-based fair value for Judges Scientific plc is £17.91 (as of Aug 13, 2026), built from audited fundamentals. The current price is £40.00.
What is the quality score of JDG?
Judges Scientific plc has a Quality Score of 57/100. 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 revenue of Judges Scientific plc (JDG)?
Judges Scientific plc reported trailing-twelve-month revenue of about £146M (latest available figure, as of Aug 13, 2026).
What is the net profit margin of JDG?
The net profit margin of Judges Scientific plc is about 3.8%, meaning it keeps roughly 3.8% of revenue as net income. Based on the latest reported figures.
Does Judges Scientific plc pay a dividend?
Judges Scientific plc currently shows a dividend yield of about 2.70% relative to its recent price (as of Aug 13, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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