Renishaw: Precision, Innovation, and Long-Term Value

Renishaw is a global leader in precision measurement, manufacturing technologies, and analytical instruments, serving industries ranging from aerospace and semiconductors to healthcare and advanced manufacturing. Known for its engineering excellence and commitment to innovation, the company’s products enable customers to achieve higher accuracy, efficiency, and automation in production processes. With a growing presence in additive manufacturing and strong alignment with global trends such as digitalization and industrial automation, Renishaw is positioned to benefit from the ongoing transformation of modern industry. The question remains: Does this precision engineering specialist deserve a place in your portfolio?

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The Business

Renishaw is a world leader in precision measurement, manufacturing systems, and analytical instrumentation. Its technologies enable customers to design, measure, and manufacture with exceptional accuracy, giving them traceability and confidence in their processes. By gathering and analyzing high-quality data, Renishaw’s solutions help customers enhance productivity, reduce waste, and innovate in how products are made, from aerospace components and semiconductors to medical implants and scientific instruments. The company operates across two main segments: Manufacturing Technologies, which includes industrial metrology, position measurement, and additive manufacturing, and Analytical Instruments and Medical Devices, which covers spectroscopy systems for advanced materials analysis and neurological robotics for precise brain surgery. Renishaw works closely with its customers worldwide through 66 key locations, supported by local technical experts. Most of its R&D and manufacturing takes place in the UK, complemented by production sites in Ireland and India. Renishaw’s competitive moat is built on innovation, quality control, and deep customer integration. Decades of R&D investment and a strong intellectual property portfolio underpin its leadership in precision measurement, with products that often set the industry standard for accuracy and reliability in high-value sectors such as aerospace, semiconductors, and healthcare. The company manufactures its products in-house, maintaining full control over quality, cost, and delivery, which protects its proprietary processes and ensures consistency. Its solutions are deeply embedded in customers’ production workflows, creating long-term partnerships and high switching costs, particularly in mission-critical applications where precision and reliability are essential. A global network combined with local technical expertise allows Renishaw to respond quickly to customer needs and sustain its reputation for dependability and service excellence. Close collaboration with customers feeds directly into its R&D pipeline, creating a feedback loop that drives innovation and keeps its products at the forefront of automation, digital manufacturing, and data-driven process control. Operating under strong values of innovation, integrity, and involvement, Renishaw has established a trusted brand and a disciplined approach to long-term, responsible growth.

Management

​William Lee serves as the CEO of Renishaw, a position he has held since 2018. He brings over three decades of experience within the company, having joined Renishaw in 1996 and steadily advanced through various senior management and engineering roles. His deep technical background and understanding of the company’s culture have made him a natural successor to co-founder Sir David McMurtry. Before becoming CEO, William Lee held positions including General Manager of the Laser and Encoder Products Division, Director of Group Sales and Marketing, and member of the Executive Board. These roles gave him extensive exposure to Renishaw’s global operations and its broad product portfolio spanning industrial metrology, additive manufacturing, and analytical instruments. His leadership has been instrumental in driving Renishaw’s transition into a more agile, customer-focused organization while preserving its core values of innovation, integrity, and long-term thinking. As CEO, William Lee has continued to strengthen Renishaw’s position as a world leader in precision measurement and manufacturing technologies. He has overseen investments in automation, digital manufacturing, and advanced materials analysis, ensuring the company remains at the forefront of the “smart factory” era. Under his leadership, Renishaw has maintained its commitment to in-house manufacturing and R&D excellence, with significant operations in the UK and growing global reach across APAC, EMEA, and the Americas. William Lee holds a degree in Physics from Oxford University and an MBA from the University of Bath. His leadership style is described as analytical and collaborative, reflecting both his technical expertise and his belief in empowering teams to innovate. Guided by the company’s purpose, “Transforming Tomorrow Together,” William Lee is focused on delivering sustainable long-term growth while upholding Renishaw’s reputation for precision, reliability, and responsible engineering.

The Numbers

The first number we will look into is the return on invested capital, also known as ROIC. We want to see a 10-year history, with all numbers exceeding 10% in each year. Renishaw has come close to this ideal, achieving a double-digit ROIC in seven of the past ten years, supported by its high-margin, capital-efficient business model. Its strong returns reflect the company’s ability to maintain premium pricing, leverage proprietary technology, and run highly efficient in-house manufacturing operations. In the past two fiscal years, ROIC has dipped slightly below 10%, 9,9% in fiscal 2024 and 9,3% in fiscal 2025, mainly due to increased capital investment and softer demand in certain cyclical markets such as industrial metrology and semiconductors. Renishaw has been expanding and upgrading its manufacturing infrastructure, particularly in the UK and Ireland, to enhance capacity and support future growth. These initiatives have temporarily increased the capital base faster than profits have grown, resulting in lower near-term returns. Despite this short-term compression, Renishaw remains firmly focused on ROIC as a key performance measure, explicitly targeting a long-term level above 15%. Management uses this metric to assess how efficiently capital is deployed toward profitable opportunities. As the recent investments begin to bear fruit and demand recovers, ROIC is expected to improve gradually, supported by growth in higher-margin areas such as additive manufacturing, advanced metrology, and spectroscopy. With a strong balance sheet, a disciplined reinvestment strategy, and a clear emphasis on sustainable profitability, Renishaw appears well positioned to move closer to its target in the coming years.

The next numbers are the book value + dividend. In my old format this was known as the equity growth rate. It was the most important of the four growth rates I used to use in my analyses, which is why I will continue to use it moving forward. As you are used to see the numbers in percentage, I have decided to share both the numbers and the percentage growth year over year. To put it simply, equity is the part of the company that belongs to its shareholders – like the portion of a house you truly own after paying off part of the mortgage. Growing equity over time means the company is becoming more valuable for its owners. So, when we track book value plus dividends, we’re essentially looking at how much value is being built for shareholders year after year. I don't have the growth rate from 2015 to 2016 as Finbox only provides data for the past ten years. Renishaw has managed to increase its equity in most years because of its consistent profitability, conservative financial management, and disciplined reinvestment strategy. The company operates with little debt and generates solid free cash flow, allowing it to fund research, expansion, and capital projects internally while still returning cash to shareholders through dividends. Its focus on high-value, innovation-driven products has historically supported robust gross margins and resilient earnings, even in periods of softer industrial demand. The two years that saw minor declines in equity were linked to short-term fluctuations in profitability and more challenging macroeconomic conditions, rather than any structural weakness in the business. Overall, Renishaw’s balance sheet strength reflects its policy of retaining a significant portion of earnings to reinvest in R&D, manufacturing capacity, and digital infrastructure, all of which support long-term growth and enhance shareholder value. Looking ahead, the trend of rising equity is likely to continue. Management maintains a cautious approach to leverage, preferring organic investment over debt-financed expansion or large-scale acquisitions. With healthy margins, a growing global customer base, and ongoing capital investments in productivity and innovation, Renishaw should continue generating sufficient profits to expand its equity over time.

Finally, we will analyze the free cash flow. Free cash flow, in short, refers to the cash that a company generates after covering its operating expenses and capital expenditures. I use levered free cash flow margin because I believe that margins provide a better understanding of the numbers. Free cash flow yield refers to the amount of free cash flow per share that a company is expected to generate in relation to its market value per share. Renishaw’s free cash flow has fluctuated in recent years, largely reflecting the timing of major capital investments and shifts in market demand. The company typically generates strong operating cash flows thanks to its high-margin products and disciplined cost control, but free cash flow can vary significantly depending on capital expenditure cycles. Fiscal year 2023 was a clear example of this dynamic. Free cash flow fell sharply that year as Renishaw undertook record levels of capital expenditure, mainly related to the large-scale expansion of its Miskin manufacturing site in Wales. The construction of new production halls represented a strategic investment to increase capacity and efficiency, ensuring the company could meet long-term growth in demand for its metrology and manufacturing technologies. This heavy investment temporarily reduced free cash flow, even as underlying profitability remained solid. In contrast, fiscal year 2025 marked a major rebound. Renishaw achieved its second-highest free cash flow in history and its third-highest levered free cash flow margin, driven by a combination of factors: lower capital expenditure following the completion of the Miskin expansion, and higher operating profits. With much of the heavy infrastructure investment now behind it, annual capex has normalized to around £40 million, freeing up more cash for dividends, R&D, and strategic flexibility. Looking ahead, Renishaw’s free cash flow is expected to remain strong and more stable. The company has signaled that future capex will stay moderate relative to recent peaks, while margins and cash generation should benefit from operational leverage, automation, and disciplined cost management. Management has also emphasized that its capital allocation priorities are to maintain a strong financial position, reinvest in organic growth, particularly in R&D and digital manufacturing, and return cash to shareholders through a progressive dividend policy. This approach reflects Renishaw’s conservative financial philosophy. The company values holding substantial cash reserves to safeguard against volatility in its cyclical markets, while keeping the flexibility to seize attractive investment or acquisition opportunities. The free cash flow yield is at its highest level in the past decade. While a yield of 4,1% doesn’t necessarily suggest that the shares are cheap, it does indicate that they are trading at their most attractive valuations in ten years. We will, however, revisit valuation later in the analysis.

Debt

Another important aspect to consider is debt. It is crucial to evaluate whether a business maintains a manageable debt level that can be repaid within three years, typically assessed by dividing total long-term debt by earnings. An analysis of Renishaw’s financials shows that the company currently has debt equivalent to only 0,02 years of earnings, which is well below the three-year threshold. This indicates that debt is not a concern when investing in Renishaw. The company also values holding substantial cash reserves to safeguard against volatility in its cyclical markets, suggesting that debt is unlikely to become an issue in the future.

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Risks

Macroeconomic factors are a risk for Renishaw. The company’s performance is closely tied to industrial production cycles, capital investment trends, and the overall health of the global manufacturing sector. As a supplier of high-precision metrology and manufacturing technologies, Renishaw’s products are often used in capital-intensive industries such as automotive, aerospace, semiconductors, and consumer electronics. When macroeconomic conditions weaken, these industries typically scale back investment in new machinery and automation, leading to slower order intake for Renishaw’s systems and sensors. In recent years, several regions and sectors have illustrated this vulnerability. The industrial metrology market has faced particular challenges in Germany and Taiwan, where subdued economic activity and weaker demand from machine tool manufacturers have pressured sales. The first half of fiscal year 2025 also saw lower demand from the consumer electronics sector, which further weighed on results. These fluctuations highlight how cyclical investment patterns and shifts in customer confidence can quickly affect Renishaw’s revenue, margins, and cash generation. Beyond general demand cycles, Renishaw is also exposed to broader macroeconomic and geopolitical developments such as international trade tensions, and tariffs. The company has experienced the direct impact of tariffs imposed by the United States and retaliatory measures from China, which have increased cost. While Renishaw has managed to offset some of these effects through price adjustments, such measures depend on customer acceptance and market conditions. In a downturn, the combination of weaker customer demand, longer sales cycles, and potential cost inflation can compress margins and reduce free cash flow.

Competition is a risk for Renishaw. The company operates in highly technical markets such as industrial metrology, position measurement, and additive manufacturing, where innovation and precision are key differentiators. However, the competitive landscape has become more challenging as new entrants, particularly from emerging markets, have begun offering lower-cost alternatives. These competitors often target the lower end of the market with products that are not as advanced as Renishaw’s but still meet the basic requirements of certain customers, especially in commoditizing applications such as encoders used in electronics and semiconductor manufacturing. This growing presence of low-cost manufacturers has the potential to erode Renishaw’s pricing power and margins if customers in cost-sensitive segments shift away from premium solutions. While Renishaw has long maintained its leadership through quality, reliability, and technical excellence, it now faces the challenge of balancing innovation-led differentiation with competitive pricing. The company’s products are deeply embedded in its customers’ production processes, which helps create stickiness and recurring relationships. However, as parts of the measurement and motion control markets mature, some applications are becoming more standardized, making it easier for lower-priced competitors to enter. Competition also extends beyond pricing pressure. Technological disruption, particularly through artificial intelligence and digital manufacturing tools, introduces new risks. If competitors adopt AI more effectively in design, automation, or manufacturing processes, they could improve their efficiency and responsiveness, potentially gaining an edge in both cost structure and product performance. The potential impacts of intensifying competition include reduced revenue and profit margins, slower market share growth, and a risk of losing its reputation as the leading innovator in precision engineering.

Laws and regulations are a risk for Renishaw. As a global business operating across more than 30 countries, the company is exposed to a wide range of legal frameworks, trade restrictions, and regulatory requirements that can vary significantly by region. The complexity of this environment has increased in recent years due to heightened geopolitical tensions, evolving trade relationships, and a growing emphasis on corporate transparency and sustainability reporting. Geopolitical developments, particularly the strained trade relations between the United States, China, and the European Union, have led to tighter export controls, sanctions, and tariffs that directly affect how Renishaw operates and sells its products. The company’s exposure to industries such as aerospace, defence, and semiconductors means that some of its products and components fall under sensitive trade classifications, requiring specific export licenses and strict compliance oversight. Any failure to comply with these evolving rules could result in penalties, shipment delays, or reputational damage. The global shortage of rare-earth materials, combined with export restrictions from key suppliers such as China, has also created additional supply chain challenges that require careful navigation of procurement and regulatory processes. Beyond trade compliance, Renishaw faces a broader regulatory burden as governments and stakeholders demand greater transparency in areas such as environmental performance, human rights, data protection, and corporate governance. The trend toward increased disclosure requirements adds administrative complexity and places higher expectations on management systems and reporting accuracy. Non-compliance in any of these areas could lead to fines, investigations, or the loss of customer trust.

Reasons to invest

Global trends are a reason to invest in Renishaw. The company is strongly positioned to benefit from several long-term structural shifts that are reshaping the global industrial landscape, including automation, digitalization, electrification, and advanced manufacturing. Across its core markets, industrial metrology, position measurement, and additive manufacturing, Renishaw’s products and technologies are aligned with the ongoing transformation toward smarter, more efficient, and more sustainable production systems. One of the most important drivers is the accelerating adoption of industrial automation and robotics. Manufacturers across industries are seeking to enhance precision, productivity, and cost efficiency, leading to growing demand for Renishaw’s sensors, probes, and encoder systems. The company’s products enable high-accuracy measurement and process control directly on the shop floor, a segment management describes as a “high-growth area” with strong momentum. As factories worldwide embrace automation, Renishaw’s measurement solutions are becoming integral to the smart factory ecosystem, allowing customers to monitor and optimize production in real time. The semiconductor and electronics sectors also represent powerful growth opportunities. The global expansion of semiconductor manufacturing capacity, driven by artificial intelligence, data centers, and electrification, has created rising demand for wafer inspection and motion control systems. Renishaw’s laser and optical encoders play a crucial role in these applications, where accuracy and reliability are essential. Management has noted that semiconductor-related demand has been unusually steady rather than cyclical, providing a solid and growing base of business. In addition, early successes in applying Renishaw’s automation technologies to robotic and defense applications signal promising diversification opportunities. Additive manufacturing (AM), or metal 3D printing, is another key global trend supporting Renishaw’s growth. Industries such as aerospace, defense, and healthcare increasingly rely on AM for producing lightweight, complex, or customized parts that cannot be made using traditional methods. AM’s ability to reduce material waste and enable on-demand production aligns perfectly with global sustainability and efficiency goals. Renishaw is recognized as one of the few companies that design and produce both AM machines and supporting software in-house, allowing it to capture more of the value chain.

Innovation is a reason to invest in Renishaw. The company’s long-term growth strategy is built around continuous innovation and new product development, which have consistently strengthened its market position and expanded its addressable opportunities. Management has made it clear that innovation is not only part of Renishaw’s heritage but the primary driver of its future growth. In recent years, this focus has translated into a wave of new product launches that are improving competitiveness, deepening customer relationships, and opening new markets. A clear example is the success of Renishaw’s NC4 Blue laser tool setting line, which has helped the company gain market share in a segment where it has traditionally ranked second. This reflects how targeted innovation allows Renishaw to penetrate areas previously dominated by competitors. The company’s new ASTRiA inductive encoder exemplifies Renishaw’s ability to innovate efficiently through its minimum viable product approach, which accelerates product development and allows early customer testing before full-scale rollout. This approach has already yielded success with defense customers, highlighting Renishaw’s agility in tailoring its technology to specialized applications. Similarly, the RenAM 500D dual-laser additive manufacturing system demonstrates the company’s leadership in high-performance 3D printing, offering production speeds up to three times faster than conventional single-laser systems. Renishaw’s innovation pipeline remains strong across all divisions, from next-generation laser encoders with enhanced metrology performance and plug-and-play functionality to new Raman spectroscopy instruments designed for industrial users. These developments reflect a broader company-wide focus on improving returns from R&D investment, ensuring that each new product contributes directly to growth, differentiation, and customer value. With a deep culture of engineering excellence, strong intellectual property, and a proven track record of successful product launches, Renishaw’s commitment to innovation continues to underpin its competitive advantage.

Cost reduction and portfolio optimization are reasons to invest in Renishaw. The company is actively improving its operational efficiency and sharpening its strategic focus, which together are expected to drive stronger profitability and higher returns over the coming years. Management has launched a series of initiatives aimed at lowering costs, streamlining operations, and concentrating resources on its most profitable and scalable businesses. A key element of this effort is the ongoing cost reduction program, which includes workforce restructuring, process optimization, and the closure of non-core operations. The company has exited its loss-making drug delivery business and is consolidating R&D facilities, actions expected to generate annualized cost savings of around £24 million. These steps are not only improving the company’s cost base but also allowing Renishaw to redirect resources toward its core strengths in industrial metrology, position measurement, and additive manufacturing. Beyond structural changes, Renishaw is investing heavily in automation and digital systems to boost productivity across the organization. The rollout of its global 1ERP program, investments in logistics automation, and upgrades to manufacturing equipment are designed to reduce manual processes, increase efficiency, and improve gross margins. Renishaw is equally focused on improving operating margins by reducing production, engineering, distribution, and administrative costs as a percentage of revenue. Management has set an ambitious target to raise adjusted operating profit margins from 15,7 percent to over 20 percent in the coming years. Initiatives such as automating more of its manufacturing operations, prioritizing high-return R&D projects, and developing software that reduces the need for field support all contribute to this goal. The decision to streamline its business portfolio further reinforces this efficiency-driven strategy. Exiting non-core and underperforming activities strengthens the company’s focus on its high-margin, innovation-led product lines while improving overall capital allocation. The divestment of the drug delivery division alone is expected to add roughly £3 million to group operating profit annually once complete.

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Valuation

Now it is time to calculate the share price. I perform three different calculations that I learned at a Phil Town seminar. If you want to make the calculations yourself for this or other stocks, you can do so through the tools page on my website, where you have access to all three calculators for free.

The first is called the Margin of Safety price, which is calculated based on earnings per share (EPS), estimated future EPS growth, and estimated future price-to-earnings ratio (P/E). The minimum acceptable rate of return is 15%. I chose to use an EPS of 1,15, which is from the fiscal year 2025. I have selected a projected future EPS growth rate of 13%. Finbox expects EPS to grow by 13,3% over the next five years. Additionally, I have selected a projected future P/E ratio of 26, which is double the growth rate. This decision is based on Renishaw's historically higher price-to-earnings (P/E) ratio. Finally, our minimum acceptable rate of return has already been established at 15%. After performing the calculations, we determined the sticker price (also known as fair value or intrinsic value) to be £25,09. We want to have a margin of safety of 50%, so we will divide it by 2. This means that we want to buy Renishaw at a price of £12,54 (or lower, obviously) if we use the Margin of Safety price.

The second calculation is known as the Ten Cap price. The rate of return that a company owner (or stockholder) receives on the purchase price of the company essentially represents its return on investment. The minimum annual return should be at least 10%, which I calculate as follows: The operating cash flow last year was 148, and capital expenditures were 46. I attempted to analyze their annual report to calculate the percentage of capital expenditures allocated to maintenance. I couldn't find it, but as a rule of thumb, you can expect that 70% of the capital expenditures will be allocated to maintenance purposes. This means that we will use 32 in our calculations. The tax provision was 34. We have 72,72 outstanding shares. Hence, the calculation will be as follows: (148 – 32 + 34) / 72,72 x 10 = £20,63 in Ten Cap price. 

The final calculation is called the Payback Time price. It is a calculation based on the free cash flow per share. With Ashtead's Free Cash Flow Per Share at £1,40 and a growth rate of 13%, if you want to recoup your investment in 8 years, the Payback Time price is £20,18.

Conclusion

I believe Renishaw is an intriguing company with excellent management. It has built a strong competitive moat through innovation, quality control, and deep customer integration. The company has historically achieved double-digit ROIC, although in the past couple of years ROIC has been affected by macroeconomic conditions and higher capital expenditures. It is expected to rise above 10% again in the coming years. Renishaw achieved its second-highest free cash flow ever in fiscal year 2025, and while free cash flow will remain volatile due to the cyclical nature of its markets, it is expected to grow over the long term. Macroeconomic factors remain a key risk because the company’s performance depends heavily on global industrial activity and capital investment cycles. Weaker economic conditions, particularly in key manufacturing regions such as Germany and Taiwan, can reduce demand for its precision measurement systems, while trade tensions and tariffs add cost and uncertainty, pressuring margins and cash generation. Competition is another risk as lower-cost manufacturers, especially from emerging markets, increasingly offer comparable products that threaten pricing power and margins. Rapid technological advances such as AI-driven design and automation could also allow rivals to innovate more efficiently, challenging Renishaw’s leadership in precision engineering. Laws and regulations pose additional risk because operating across multiple jurisdictions exposes the company to evolving trade controls, export restrictions, and compliance requirements. Heightened geopolitical tensions and growing expectations for transparency and sustainability reporting add complexity, and any compliance failure could result in fines, shipment delays, or reputational damage. On the positive side, global trends support Renishaw’s long-term growth prospects. The company is well positioned to benefit from the global shift toward automation, digitalization, and advanced manufacturing, with its precision measurement and additive manufacturing technologies playing a key role in smart factories, semiconductor production, and sustainable manufacturing. Innovation is another major strength, as Renishaw’s steady stream of new product launches, from advanced laser encoders to high-speed additive manufacturing system, drives growth, deepens customer relationships, and reinforces its technological leadership. Finally, the company’s focus on cost reduction and portfolio optimization enhances profitability through efficiency gains and a sharper strategic focus. By exiting non-core operations, consolidating facilities, and investing in automation and digital systems, Renishaw is streamlining its cost base and targeting higher operating margins, positioning itself for stronger long-term returns. I believe Renishaw is a high-quality business, and buying shares at the Ten Cap and Payback Time price of around £20 could offer an attractive long-term investment opportunity.

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