DPC Holdings PLC (DPC)

Price$43.44Cached quoteAs of 2026-09-04 16:23 UTC

AI: Overvalued

Price checkThe shares look expensive because the current valuation already assumes years of strong profit growth.

At the verified market close, DPC’s total market value was about $6.59 billion. After transaction-adjusted net cash of $118 million, meaning cash minus debt after remaining offering-related settlements, the business value was about $6.47 billion. Against 2026 guidance of $182 million to $187 million of adjusted profit before interest, tax, depreciation and amortization, that is roughly 35 times. Free cash flow, meaning cash left after operations and plant spending, was negative $54 million in the first half. The price therefore requires rapid profit growth and much better cash conversion.

Big pictureSales are accelerating, but losses and cash burn still leave little room for mistakes.

Revenue rose 12% in 2025 to $837 million while gross profit rose 37% to $193 million, lifting gross margin, the share of sales left after direct production costs, from about 19% to 23%. First-half 2026 revenue then grew about 30%, and gross profit about 37%. The concern is durability: 2025 still lost $173 million, first-half 2026 lost $179 million, and free cash flow fell to negative $54 million from positive $11 million. Inventory absorbed $69 million as metal costs rose, showing growth is still consuming cash.

Business strengthThe stock listing repaired the balance sheet while core aerospace and turbine profitability improved sharply.

The June offering changed the risk profile. Cash reached about $845 million against $573 million of debt at quarter-end, and transaction-adjusted net cash was $118 million after later settlement items. That contrasts with liabilities far exceeding assets at year-end 2025. Operating quality also improved: second-quarter Engine Products revenue rose 39%, its adjusted operating profit rose 53%, and its profit margin reached 23.5%. Four customer partnerships are expected to add more than $200 million of annual revenue at better margins, supported by customer funding and volume commitments.

What could change the storyRapid cash improvement could justify the high price; slower growth or more new shares would not.

The bull case needs new capacity and customer agreements to turn accounting growth into sustained cash. The bear case is specific: aerospace and industrial gas turbines supplied about 80% of first-half revenue, so delayed engine or turbine build rates would hurt factory use and profits. Capital spending is set to stay elevated. Share count increased about 32% from year-end 2025, while 5.6 million employee options equal nearly 4% of current shares. Positive free cash flow and partnership revenue arriving on schedule would strengthen the thesis; continued cash burn would weaken it.

AI: News

Upsized public listingDoncasters raised over a billion dollars, cut debt sharply, and debuted far above the offering level.

On June 24-26, Doncasters completed an upsized public offering and concurrent private placements. The offering ultimately issued about 32.0 million shares and produced roughly $994 million of net proceeds, while private placements added about $141 million net. Proceeds repaid the shareholder loan whose interest could accumulate instead of being paid in cash and other borrowing, transforming leverage. Reuters reported that shares opened about one-third above the offer level on their first trading day, signaling unusually strong initial demand rather than proof of long-term value.

Strong first public quarterThe first public quarterly report showed fast growth, better core profits, and ambitious full-year targets.

On August 11, DPC reported second-quarter revenue of $269 million, up 34% year over year, and adjusted profit before interest, tax, depreciation and amortization of $48 million, up 33%. Engine Products margin reached 23.5%. Management guided to $1.00-$1.04 billion of 2026 revenue and $182-$187 million of adjusted operating profit. Shares rose about 6% in early trading, but timing alone cannot prove the earnings report caused the move.

Credit rating upgradeA major credit upgrade confirmed that the public offering materially reduced the company’s financial risk.

DPC said on July 30 that Moody’s raised Doncasters’ corporate family rating three levels to Ba2 from B2 and changed the outlook to positive. Moody’s cited the stronger post-offering balance sheet, diversified revenue, and positions on long-term programs. The change matters because lower perceived default risk can reduce borrowing costs and expand funding options for capacity projects or acquisitions. Any direct effect on the share price is uncertain because no clean, isolated market reaction was reliably established.

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Revenue

2024

2025

Net income

2024

2025

Free cash flow

2024

2025

Total cash / debt

CashTotal debt

2024

2025

Financial statements

	2025	2024
Revenue	$837.0M	$746.0M
Gross profit	$193.0M	$141.0M
Gross margin	23.06%	18.90%
Operating expenses	$198.0M	$110.0M
Operating income	−$5.0M	$31.0M
Operating margin	−0.60%	4.16%
EBITDA	$50.0M	$50.0M
EBITDA margin	5.97%	6.70%
Net income	−$173.0M	−$193.0M
Net profit margin	−20.67%	−25.87%
Basic EPSper basic share	-$1.19	-$1.33
Diluted EPSper diluted share	-$1.19	-$1.33

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 10 reported holders of DPC
Holder	Shares held
JFL Credit Opportunities Fund GP Rollover, L.P. / JFL Credit Opportunities Fund I, L.P. / JFL GP Investors VI, LLC / JFL Equity Investors VI, L.P. / JFL Parallel Fund VI, L.P. / JFL Fund VI Alloy Holdings, LLC / JFL Fund VI Credit Opps Holdings, LLC / JFL Credit GP Investors I, LLC / J.F. Lehman & Company, LLC / JFL Executive Investors VI, L.P.	23.22M
Charles Dirkson R	2.34M
Sanders Nick	742.07K
Quinn Michael (Mike) Joseph	462.85K
Egan David John	294.53K
Mays Jason	93.46K
Danmola Taiwo K.	75.76K
Deal Stanley A	20.45K
Brooks Henry F	13.26K
Meixner Willibald	4.73K

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 3 ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys11$75.82M disclosed value

Sells (SEC code S)0$0.00 disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 26, 2026Form 4	Sanders NickDirector	BuyOrdinary Shares · indirect	6.0K	$33.00	$199.0K	149.8K
Jun 26, 2026Form 4	Sanders NickDirector	BuyOrdinary Shares	288.2K	$33.00	$9.51M	288.2K
Jun 26, 2026Form 4	Quinn Michael (Mike) JosephCEO & Executive Director	BuyOrdinary Shares	435.1K	$33.00	$14.36M	435.1K
Jun 26, 2026Form 4	Meixner WillibaldDirector	BuyOrdinary Shares	3.8K	$33.00	$124.9K	3.8K
Jun 26, 2026Form 4	Mays JasonChief Operating Officer	BuyOrdinary Shares	86.0K	$33.00	$2.84M	93.5K

Review ownership filings at SEC.gov ↗

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DPC Holdings PLC (DPC)

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