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Filtronic is downgraded to sell due to unattractive valuation despite operational improvements and diversification beyond SpaceX. FY2026 saw customer concentration fall, major contract wins, and expanded capacity, but adjusted EBITDA dropped 34% and margins compressed to ~20%. The FY2027 outlook hinges on a successful GaN E-band ramp, defense revenue doubling, and further customer diversification, but execution and dilution risks remain high.

Shares in Filtronic PLC (LSE:FTC) fell 10%, or 25p, to 225p after the radio frequency specialist reported a sharp drop in annual profits. Operating profit at the AIM-listed designer of products for the aerospace, defence, telecoms and space markets fell to £4 million from £13.4 million.