Johnson Matthey PLC (JMAT) fair value: what the stock is really worth
We calculate from audited financials what Johnson Matthey 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 19, 2026.
How to read this chart
60‑month range £12.04 – £28.67 · fair‑value band £12.80 – £35.26 · the £22.92 price screens below the £24.06 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 19, 2026.
Johnson Matthey Plc engages in the clean air, catalyst and hydrogen technology, and platinum group metals (PGM) service businesses in the United Kingdom, Germany, rest of Europe, the United States, rest of North America, China, rest of Asia, and internationally. It operates through Clean Air, PGM Services, and Hydrogen Technologies segments.
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Johnson Matthey Plc engages in the clean air, catalyst and hydrogen technology, and platinum group metals (PGM) service businesses in the United Kingdom, Germany, rest of Europe, the United States, rest of North America, China, rest of Asia, and internationally. It operates through Clean Air, PGM Services, and Hydrogen Technologies segments. The Clean Air segment provides catalysts for emission control after-treatment systems to reduce harmful emissions from cars, other light duty vehicles, trucks, buses, and non-road equipment powered by internal combustion engines. The PGM Services segment enables the energy transition that offers circular solutions as demand for critical materials. This segment also offers PGM refining and recycling services; engages in PGM trading activities; other precious metal products; and PGM chemicals, industrial products, and catalysts. The Hydrogen Technologies segment offers components across the value chain for fuel cells and electrolysers, including catalyst coated membranes and membrane electrode assemblies. The company was formerly known as Johnson & Cock and changed its name to Johnson Matthey Plc in 1851. Johnson Matthey Plc was founded in 1817 and is headquartered in London, the United Kingdom.
Stock analysis
Johnson Matthey PLC (JMAT) currently trades at £22.92, while our model-based Fair Value estimate is £24.06, implying the stock looks roughly 4.7% fairly valued today.
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Valuation
Bull case: the Multiples group reads highest at a median of £23.00 per share, and 2 of the 15 models we run sit above the £22.92 price.
Bear case: the Earnings-Based group reads lowest at £5.83, and 13 of the 15 models stay below the price. Evidence for this calculation is medium.
Scenario range: £12.80 (bear) to £35.26 (bull), the price of £22.92 sits inside 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 52/100 (solid quality), in the Basic Materials sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Johnson Matthey PLC reported revenue of £12.6B in FY2026 versus £16.0B in FY2022, a compound −5.9%/yr. Reported net income was −£96.0M in FY2026.
Key figures
Market cap 3.9B GBX · P/S ratio 0.26 · EPS (TTM) £−0.5400 · Dividend yield 3.4% · Net margin −0.8% · Return on equity −4.2% · Return on assets (EBIT) 6.6% · Operating margin 2.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).
What moves the price
For context, the median of 10 Basic Materials peers we cover trades at −53% fair-value upside, at 5%, JMAT screens cheaper than that median.
Fair Value models
Bear £12.80Fair Value £24.06Bull £35.26
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.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.24/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+7.7%
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.
−5.6%
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.
−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.
+6.1%
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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.
3.2% (2021) → 2.6% (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
A lot of optimism in the price
The price assumes more 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).
+17.7%
Yearly growth needed for the next five years to justify today's 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.Specialty Chemicals · 709 stocks
Beats the industry median on 5/13 measures
Overall it trails its industry peers.
Valuation
Quality Score52 · Below median
Fair Value upside+36% · Top 25%
Profitability
Return on assets3% · Above median
Net margin (TTM)−1% · Bottom 25%
Operating margin (TTM)2% · Below median
Growth and dividend
Revenue growth26% · Top 25%
Dividend yield (TTM)3.4% · Top 25%
Balance sheet
Debt / equity0.66× · Highest 25%
Valuation Multiplesvs Specialty Chemicals median · lower = cheaper
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Is Johnson Matthey PLC (JMAT) overvalued or undervalued?
As of Sep 19, 2026, our model estimates a fair value of £24.06 versus a price of £22.92, about +5% upside (fairly valued).
What is the fair value of JMAT?
Our model-based fair value for Johnson Matthey PLC is £24.06 (as of Sep 19, 2026), built from audited fundamentals. The current price: £22.92.
What is the quality score of JMAT?
Johnson Matthey PLC has a Quality Score of 52/100. 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 Johnson Matthey PLC (JMAT)?
Our model-based price target is the fair value of £24.06 (as of Sep 19, 2026) from 15 valuation models. Cautious scenario £12.80, optimistic scenario £35.26. It is a calculation from audited fundamentals, not an analyst target.
What is the Johnson Matthey PLC stock forecast for 2026?
Our models put fair value at £24.06, about +5% upside versus a price of £22.92 (fairly valued). Cautious scenario £12.80, optimistic scenario £35.26. The calculation is refreshed regularly with new filings.
What is the revenue of Johnson Matthey PLC (JMAT)?
Johnson Matthey PLC reported trailing-twelve-month revenue of about £12.6B (latest available figure, as of Sep 19, 2026).
Does Johnson Matthey PLC pay a dividend?
Johnson Matthey PLC currently shows a dividend yield of about 3.36% relative to its recent price (as of Sep 19, 2026).
What growth is priced into Johnson Matthey PLC (JMAT)?
For today's price to be fair in a discounted-cash-flow model, Johnson Matthey PLC would have to grow free cash flow by +17.7 % per year for five years (discount rate 10.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -4.0 % per year. As of Sep 19, 2026.
What discount rate (WACC) does the fair value of JMAT use?
Our models discount Johnson Matthey PLC at 10.1 %: a base by market capitalisation (mid), damped by beta 0.94, 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 Johnson Matthey PLC that is +17.7 % per year a year over ten years, using the same discount rate (10.1 %) and the same formula as our fair value.
How much growth has Johnson Matthey PLC (JMAT) delivered so far?
Over the past 5 years revenue at Johnson Matthey PLC grew -4.0 % a year. The price currently implies +17.7 % 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 Johnson Matthey PLC (JMAT) growing?
The median revenue growth in the sector is +3.4 % a year. That is the yardstick for the growth priced into Johnson Matthey PLC (+17.7 % 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 Johnson Matthey PLC (JMAT)?
The free-cash-flow yield on the price is 4.13 %: that much free cash flow Johnson Matthey PLC produces per unit of market value. When it exceeds the discount rate of our models (10.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Johnson Matthey PLC (JMAT)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Johnson Matthey PLC it is £24.06 per share (as of Sep 19, 2026), against a price of £22.92. It is the blended result of 15 valuation models (cash flow, earnings, asset, dividend).
Is Johnson Matthey PLC stock overvalued or undervalued in 2026?
As of Sep 19, 2026, JMAT trades below its calculated fair value: price £22.92, fair value £24.06, a gap of about +5% (fairly valued). 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 JMAT?
No. The price is what the market pays today (£22.92); the fair value is what the company's own numbers justify (£24.06). For Johnson Matthey PLC the two are £1.14 per share apart. That gap is exactly why we show both numbers side by side.
How much is Johnson Matthey PLC worth?
The market values Johnson Matthey PLC at about 3.9B GBX (market capitalisation, as of Sep 19, 2026). Per share that is £22.92; our models calculate a fair value of £24.06 per share.
What do the bullish and bearish scenarios say about JMAT?
Our models span a range for Johnson Matthey PLC: cautious scenario £12.80, base £24.06, optimistic £35.26 per share (as of Sep 19, 2026, price £22.92). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the PEG ratio of JMAT?
The PEG ratio of Johnson Matthey PLC is 2.00 (P/E divided by earnings growth, as of Sep 19, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Johnson Matthey PLC (JMAT)?
Balance-sheet figures for Johnson Matthey PLC (as of Sep 19, 2026): return on equity −4.2%, debt of 0.66 per unit of equity. They feed the Quality Score of 52/100, which measures business quality independently of the share price.
Which stocks are comparable to Johnson Matthey PLC?
From the same area (Basic Materials) we also value Linde plc, The Sherwin-Williams Company, Ecolab Inc, Air Products and Chemicals, 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 Johnson Matthey PLC stock attractive at the current price?
The data as of Sep 19, 2026: price £22.92, calculated fair value £24.06 (+5%), Quality Score 52/100, from 15 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 JMAT calculated?
We run Johnson Matthey PLC through 15 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 £24.06, 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 15.8 % above its aggregate fair value. Johnson Matthey PLC currently trades 5 % 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 Johnson Matthey PLC (JMAT)?
The closing price on Sep 18, 2026 was £22.92. Our model-based fair value is £24.06, about +5% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Johnson Matthey PLC right now?
The model range is unusually wide (£12.80 to £35.26). The outcome hinges heavily on assumptions, so read the point estimate with caution. The price sits close to our fair value, market and models broadly agree here, little valuation tension.
Where does the earnings growth of Johnson Matthey PLC (JMAT) come from?
Earnings per share at Johnson Matthey PLC grew −4.4 % a year from 2015 to 2026. Broken into its drivers: revenue per share +2.3 %, EBIT margin −3.9 %, tax rate −1.6 %, residual (interest, one-offs) −1.2 %. 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 Johnson Matthey PLC
How large is the market capitalisation of Johnson Matthey PLC (JMAT)?
The market capitalisation of Johnson Matthey PLC is 3.9B 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 Johnson Matthey PLC (JMAT)?
The price-to-sales ratio of Johnson Matthey PLC is 0.26 (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 Johnson Matthey PLC (JMAT)?
Earnings per share at Johnson Matthey PLC are £−0.5400. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Johnson Matthey PLC (JMAT)?
The dividend yield of Johnson Matthey PLC is 3.4%. 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 Johnson Matthey PLC (JMAT)?
The net margin of Johnson Matthey PLC is −0.8% (fiscal year 2026). 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 Johnson Matthey PLC (JMAT)?
The return on equity (ROE) of Johnson Matthey PLC is −4.2% (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 Johnson Matthey PLC (JMAT)?
On an EBIT basis the return on assets of Johnson Matthey PLC is 6.6% (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 Johnson Matthey PLC (JMAT)?
The operating margin of Johnson Matthey PLC is 2.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Johnson Matthey PLC (JMAT)?
Revenue at Johnson Matthey PLC is growing +26.4% versus a year earlier (3y avg −5.6%). 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 Johnson Matthey PLC (JMAT)?
Earnings per share at Johnson Matthey PLC are growing +675% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Johnson Matthey PLC (JMAT) carry?
The net debt of Johnson Matthey PLC is 841M GBX (fiscal year 2026, ≈ 5.3 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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Some data
Sep 19, 2026