The company's acquisition strategy aligns with the board's goal to grow the underlying core business and deliver EPS of 20p by 2030. Recent wins include orders across unmanned aerial vehicles, maritime technologies, portable medical devices, industrial applications and energy sectors, positioning Solid State to capitalize on structural defense spending increases across UK and NATO.
Cyborg Score Rationale
With UK and NATO defense spending forecast to grow 8-9% through 2035, Solid State benefits from significant tailwinds. Recent analyst upgrades to Buy with 240-253p price targets, combined with a strong order pipeline and acquisition strategy targeting EPS doubling by 2030, support positive momentum.
Top Insights
Defense revenues grew 57% over three years, dramatically outpacing broader UK defense spending growth of 25%
Custom Power (power division) won $7.4m in orders for UAVs, maritime, medical, and autonomous vehicle applications with repeat US defense demand
Steatite subsidiary provides ruggedized mission-critical electronics and secure military-grade communication systems to UK MoD
Board targets EPS of 20p by 2030 with analyst consensus price target of 253p implying modest 24x forward PE ratio
Named Competitors
Electronic Components & Systems — Large diversified connectors and electronics suppliers
Defense Electronics — Large integrated defense systems suppliers
Battery & Power Systems — Specialized power conversion and battery management
Recent Developments
(2026 Q1) Berenberg initiated coverage with Buy rating and 240p price target citing defense tailwinds
(2026 Q1) Custom Power secured $7.4m in orders across UAVs, maritime, and autonomous vehicle sectors
(2026 Q1) Steatite MoD contract for mission-critical systems with delivery scheduled H1 2026
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