Johnson Matthey JMAT.L
United KingdomBasic Materials · Specialty ChemicalsLondon Stock Exchange · GBP
26.43 GBP (+9.6%)
8 analysts
Trading 2120.30 €Open account ↗
Trade Republic1.00 €Open account ↗
XTB1.00 €affiliateOpen account ↗XTB1.00 €★ featured · affiliateOpen account ↗Trading 2120.30 €Open account ↗Trade Republic1.00 €Open account ↗XTB1.00 €★ featured · affiliateOpen account ↗200.00 € order · cheapest cheapest available in your country iCompare all 22 brokers →What does it do?
Johnson Matthey is a specialized chemicals company that develops and manufactures catalysts, clean emissions technologies, and solutions for the energy transition, selling to sectors such as automotive, chemical, and pharmaceutical.
Listed on London Stock Exchange · Symbol JMAT.L · LON: JMAT · Currency GBP
Key points
from its scores- ✓Strong growth8.8
- ✓Attractive dividend8.4
- ✕Poor share-price trend1.6
- ✕Little competitive advantage1.9
- !Somewhat demanding valuation5.0
AI analysis
bottom line, main risk, context and newsThe combination of growth and an attractive dividend is weighed down by weak profitability and negative cash generation.
Johnson Matthey shows solid revenue growth (26.40%) and an attractive dividend yield (4.27%), but its quality is weak (ROE -4.22%, operating margin 2.20%) and its valuation is moderate (forward P/E 10.48). The balance sheet is manageable (ND/EBITDA 2.20), although free cash flow conversion is very negative.
Weak profitability (ROE -4.22%) and very negative free cash flow conversion (-107.52%) indicate the business is not generating value efficiently, which could limit the sustainability of the dividend in the long term.
Context and risks
Johnson Matthey operates in the United Kingdom, with moderate governance risk. Its catalyst and energy transition technology business is exposed to environmental regulation, but there are no specific litigations or investigations that justify a larger adjustment.
Is Johnson Matthey stock cheap or expensive?
at the analysis dateOn EV / EBITDA, it trades in line with the Basic Materials median (within 15%).
| Multiple | Company | Sector | Difference |
|---|---|---|---|
| EV / EBITDA | 9.8 | 10.0 | −2% |
| Price / book | 1.5 | 2.3 | −33% |
| Price / sales | 0.2 | 2.2 | −89% |
Sector: median of the 141 Basic Materials companies analysed. In bold, the multiples used for the comparison.
Valuation score: 5.0 out of 10 (median for Basic Materials: 5.8).
Average analyst target: 26.43 GBP, +9.6% versus the price.
Classic formulas with standard assumptions (5.0% growth, 8-9% discount rate). Indicative only: they change a lot with the assumptions and are not a recommendation.
Work out its fair value yourself →How much would you have made investing every month? →
Comparing it with its sector does not say whether it is a good buy: this is not investment advice.
Score by category
0 to 10 · hover overtap each one to see what it measuresKey metrics
at the analysis date · compared with the Basic Materials medianValuation
- Forward P/E
- 10.5
- EV / EBITDA
- 9.8
- Price / book
- 1.5
- Price / sales
- 0.2
- PEG
- 2.00
- Market cap
- 3.0B GBP
- Enterprise value
- 3.9B GBP
Profitability
- ROE
- −4.2%
- ROA
- 3.1%
- ROIC (approx.)
- 8.1%
- Gross margin
- 4.7%
- Operating margin
- 2.2%
- Net margin
- −0.8%
- Free cash flow
- −429.0M GBP
- FCF yield
- −14.2%
- Cash conversion
- −108%
Solvency
- Total debt
- 1.4B GBP
- Net debt
- 878.0M GBP
- Cash
- 540.0M GBP
- EBITDA
- 399.0M GBP
- Net debt / EBITDA
- 2.20
- Debt / equity
- 70.34
- Current ratio
- 1.55
- Quick ratio
- 0.76
Growth
- Revenue growth
- +26.4%
- EPS (TTM)
- −0.72 GBP
- EPS (forward)
- 2.30 GBP
Dividend
- Dividend yield
- 4.3%
- Payout
- 43.9%
Risk and market
- Beta
- 0.88
- Analyst consensus
- Buy (8)
- Target price
- 26.43 GBP
Recent news
All JMAT.L news →Compare it with its sector
All 141 in Basic Materials →Frequently asked questions about Johnson Matthey
Is Johnson Matthey stock cheap or expensive?
On EV / EBITDA, it trades in line with the Basic Materials median (within 15%). Valuation score: 5.0 out of 10 (median for Basic Materials: 5.8). Average analyst target: 26.43 GBP, +9.6% versus the price. This is not investment advice.
What score does Johnson Matthey get on MeridIAn Screener?
It scores 5.1 out of 10, rank 1,652 of 2,130 (better than 21% of the companies analysed). Its strongest category is Growth (8.8) and its weakest, Momentum (1.6). Analysis of 08/10/2026.
How much is Johnson Matthey worth on the stock market?
Its market capitalisation is 3.0B GBP and its enterprise value, debt included, is 3.9B GBP.
How much debt does Johnson Matthey have?
Its net debt (debt minus cash) is 878.0M GBP. That is 2.20 times its EBITDA; the Basic Materials median is 1.41.
Does Johnson Matthey pay a dividend?
Yes: its dividend yield is 4.27% and it pays out 44% of its earnings.
How has Johnson Matthey stock performed over the last year?
It has fallen 12.3% over the last year, excluding dividends. Over the last 52 weeks it has traded between 0.00 and 32.45 GBP. Past performance does not guarantee future results.
What do analysts think of Johnson Matthey?
8 analysts cover it; their average recommendation is “Buy” and their average target is 26.43 GBP (+9.6% versus the price). It is an estimate, not market data.