olivLaw · European equity research
Liontrust Asset Management PLC LIO.L
United Kingdom · London Stock Exchange · ISIN GB0007388407 · Vertical: Listed companies from United Kingdom
Liontrust Asset Management is a UK asset manager focused entirely on active fund management. In the year ended 31 March 2026 profit before tax fell sharply amid net fund outflows, and the company is now integrating the River Global Holdings acquisition.
At the close of 05 Nov 2026, Liontrust Asset Management PLC (LIO.L) stock was 2.85 GBP (−3.23% on the day), with market capitalisation 1.8 m GBP, P/E 0.2 on diluted EPS of 15.39 GBP over the last 12 months, dividend yield 2,012.86%, beta 0.92, 52-week range 2.32–3.51 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 47.6
- neutral
- Bollinger (20, 2)
- 2.71 – 3.09
- in the lower half of the band · %B 0.36 · band width 13.0%
- SMA 50 / 200
- 2.89 / 2.82
- mixed trend
- MACD (12, 26, 9)
- -0.01 / -0.02
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −4.4% | −0.6% | −3.7 pp | — |
| 3 months | −5.9% | −4.2% | −1.8 pp | — |
| 6 months | +8.4% | +4.3% | +4.0 pp | — |
| Year to date | +7.3% | +7.5% | −0.2 pp | — |
| 1 year | −4.7% | +9.9% | −14.6 pp | +5.8% |
| 3 years | −49.5% | +49.8% | −99.4 pp | +26.3% |
| 5 years | −87.3% | +42.8% | −130.1 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 2-quarter history (min 0.1, median 0.1, max 0.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2024 | 2025 | 2026 |
|---|---|---|---|
| Revenue | 197.9 m | 169.8 m | 134.4 m |
| Revenue YoY | unavailable | −14.2% | −20.9% |
| Net income | -3.5 m | 16.7 m | 9.6 m |
| Net income YoY | unavailable | unavailable | −42.5% |
| Diluted EPS | -5.46 | 26.20 | 15.39 |
| Diluted EPS YoY | unavailable | unavailable | −41.3% |
| net % | -1.8% | 9.8% | 7.1% |
| Free cash flow | 28.1 m | 20.0 m | 14.5 m |
Balance sheet & financial health
Fiscal year 2026 · 31 Mar 2026
- Cash
- 50.6 m GBP
- Financial debt
- unavailable GBP
- Net debt
- unavailable GBP
- Equity
- 107.9 m GBP
- Total assets
- unavailable GBP
- Debt / equity
- unavailable
- Current ratio
- 1.34x
- ROE
- 7.8%
- ROA
- unavailable
- FCF margin
- 10.8%
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 197.9 m | 169.8 m | 134.4 m | esef· 02 Sept 2026verified |
| Cost of revenue | 11.8 m | 12.1 m | 11.4 m | esef· 02 Sept 2026verified |
| Gross profit | 186.1 m | 157.7 m | 123.0 m | esef· 02 Sept 2026verified |
| Operating income | -1.8 m | 20.2 m | 13.5 m | esef· 02 Sept 2026verified |
| Interest expense | — | 82.0 k | 152.0 k | esef· 02 Sept 2026verified |
| Pre-tax income | -579.0 k | 22.3 m | 14.4 m | esef· 02 Sept 2026verified |
| Income tax | 2.9 m | 5.6 m | 4.8 m | esef· 02 Sept 2026verified |
| Net income | -3.5 m | 16.7 m | 9.6 m | esef· 02 Sept 2026verified |
| Diluted EPS | -5.46 | 26.20 | 15.39 | esef· 02 Sept 2026verified |
| Dividend per share | 72.21 | 72.21 | 57.37 | esef· 02 Sept 2026derived |
Balance sheet · GBP
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Cash | 104.3 m | 75.9 m | 50.6 m | esef· 02 Sept 2026verified |
| Receivables | 229.6 m | 201.0 m | 152.7 m | esef· 02 Sept 2026verified |
| Current assets | 342.1 m | 280.8 m | 205.3 m | esef· 02 Sept 2026verified |
| Property, plant & equipment, net | 3.7 m | 2.2 m | 2.6 m | esef· 02 Sept 2026verified |
| Goodwill | 32.1 m | 32.1 m | 32.1 m | esef· 02 Sept 2026verified |
| Intangibles (excl. goodwill) | 48.5 m | 39.4 m | 29.2 m | esef· 02 Sept 2026verified |
| Accounts payable | 241.4 m | 205.9 m | 152.2 m | esef· 02 Sept 2026verified |
| Current liabilities | 241.4 m | 205.9 m | 152.9 m | esef· 02 Sept 2026verified |
| Equity | 171.2 m | 138.2 m | 107.9 m | esef· 02 Sept 2026verified |
| Shares outstanding at year end | 639.2 k | 637.3 k | 623.4 k | esef· 02 Sept 2026derived |
Cash flow · GBP
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 28.2 m | 20.6 m | 14.6 m | esef· 02 Sept 2026verified |
| Capex | 142.0 k | 592.0 k | 63.0 k | esef· 02 Sept 2026verified |
| Free cash flow | 28.1 m ≈ | 20.0 m ≈ | 14.5 m ≈ | esef· 02 Sept 2026derived |
| Investing cash flow | 2.8 m | 3.3 m | 2.0 m | esef· 02 Sept 2026verified |
| Financing cash flow | -47.7 m | -52.4 m | -41.9 m | esef· 02 Sept 2026verified |
| Dividends paid | 46.2 m | 46.0 m | 35.8 m | esef· 02 Sept 2026verified |
| Share repurchases | 0 | 5.1 m | 5.1 m | esef· 02 Sept 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 52.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 1.8 m GBP
Key indicators
Coverage and freshness
Score by group
52% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 52.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 7.1% | 43 (vs peers) | 12% |
| FCF conversion · Quality | 151.5% | 100 (on a fixed band) | 12% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 88.9x | 100 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 1.3x | 45 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 0.2x | 94 (vs peers) | 20% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 818.5% | 100 (on a fixed band) | 16% |
| Shareholder yield (distributions) · Returns | 2,299.1% | 100 (on a fixed band) | 12% |
| Payout ratio (FCF) · Returns | 245.9% | 0 (on a fixed band) | 8% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet78/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality71/100 · 2/3 factors with a value
- Returns60/100 · 2/2 factors with a value
- Valuation97/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
LIONTRUST ASSET MANAGEMENT PLC (LIO.L). Latest full fiscal year: 2026; data up to 2026-03-31.
Figures computed from the financial statements: revenue 134.4 m GBP in 2026; YoY growth -20.9%; net margin 7.1%; ROE 7.8%.
The estimated value range is 368.24–481.55 GBP per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 421.99 GBP, the price of 2.85 GBP leaves a potential of 14,706.8% (value / price − 1) and a margin of safety of 99.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 52.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 151.5%
- Interest coverage: 88.9x
- P/E (TTM): 0.2x
- FCF yield: 818.5%
- Shareholder yield (distributions): 2,299.1%
- The price is below the estimated value range
What contradicts it
- Payout ratio (FCF): 245.9%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA.
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| LIO.LLiontrust Asset Management PLC | 1.8 m | 0.2 | 7.8% | 7.1% | −20.9% | +8% / −47% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
1- and 3-year price returns: for LIO.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (GBP)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 1.52 Total return 339% · Per year 339% | 2.71 Total return 508% · Per year 508% | 4.10 Total return 665% · Per year 665% |
| 3 years | 1.21 Total return 977% · Per year 121% | 2.45 Total return 1,450% · Per year 149% | 4.10 Total return 1,908% · Per year 172% |
| 5 years | 0.96 Total return 1,483% · Per year 74% | 2.21 Total return 2,300% · Per year 89% | 4.10 Total return 3,151% · Per year 101% |
- Exit P/E± 0.61
- Net margin± 0.43
- Annual revenue growth± 0.39
- Annual dilution± 0.04
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Liontrust Asset Management is a UK asset manager focused entirely on active fund management. In the year ended 31 March 2026 profit before tax fell sharply amid net fund outflows, and the company is now integrating the River Global Holdings acquisition 1.
SWOT
Strengths
- The company has repeatable investment processes, recognised through awards and brand rankings that support client relationships 1.
- The modernised operating platform, with Aladdin and outsourcing to BNY, ran stably with no material client-facing incidents 1.
- Heavy adoption of artificial intelligence has been built into many functions, from investment to compliance 1.
Weaknesses
Opportunities
Risks
- Net asset outflowshigh
Lower assets under management hurt revenue and profit, and continued outflows could deepen the decline 1.
- River Global integrationmedium
Completion of the acquisition depends on conditions, and operational and control integration could prove difficult 1.
- Dependence on outsourcingmedium
Key operations are outsourced to BNY, and quality problems there could affect clients 1.
- Cyber securitymedium
The company reports low cyber vulnerability, but a breach could still expose client data 1.
- Consumer Duty compliancelow
FCA requirements on value and outcomes for clients could bring extra costs or penalties if not met 1.
Investment thesis
What would need to be true (bull case)
- If investment processes keep delivering good performance, the company could recover capital flows and revenue 1.
- Integrating the River Global acquisition could add assets and diversify the product range if it completes as planned 1.
- Adopting artificial intelligence and modernising operations could lower costs over the longer term 1.
What to watch
- Completion of the River Global Holdings acquisition and operational integration30 June 2026
- Trend in net outflows and assets under management2026/27
- Dividend policy and dividend margin relative to adjusted earningsnext annual report
- Appointment of the new non-executive director and departure of the senior independent directorAGM September 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Liontrust aims to help clients enjoy a better financial future through the power of active management and distinct investment processes 1. The company concentrates on one direction, active management, and runs its business through a governance structure with an independent-majority board. Operations are partly outsourced to BNY, and investments are managed on the BlackRock Aladdin front-to-back platform 1.
The company announced the acquisition of River Global Holdings, with completion scheduled for 30 June 2026, and integrating it is a priority operational task for 2026/27 1. If integration proceeds as planned, it could widen the product range and client base of the group.
Segments
Active fund management
The core segment comprises funds and portfolios run by in-house investment teams, including the high yield bond fund and the European Dynamic fund, which were highlighted for performance 1. The company argues that repeatable investment processes are essential to long-term results 1.
Market context
The company operates in the UK and European fund market, competing with larger asset managers and with distribution through financial advisers and wealth managers 1. The company says the FCA Consumer Duty regime and the requirement to evidence value for clients shape how it distributes products 1. Management treats investor interest in active management as a condition for long-term growth, not a certainty 1.
Management cites sector consolidation as a source of attractive acquisition opportunities, which is the rationale for the River Global deal 1. Fee pressure and outflows, however, weigh directly on revenue, as the decline in revenue excluding performance fees shows 1.
Trends
- Net asset outflowsheadwind
Lower assets under management and net fund outflows reduced revenue and profit in fiscal 2026 1. If the pattern persists, pressure on results could continue.
- Consolidation in asset managementmixed
Management sees sector consolidation as a chance to buy attractive assets, as with River Global 1. The effect depends on price and on how well acquisitions are integrated.
- Digitalisation and artificial intelligencetailwind
AI adoption has risen quickly, with active use reaching 96% of licensed users by the first quarter of 2026, above a 75% target 1. The company says this improves operational efficiency 1.
- Regulatory client protection requirementsmixed
The FCA Consumer Duty regime requires evidence of value and outcomes for clients, which raises compliance and oversight costs 1. The effect is mixed: it strengthens trust but adds operational pressure.
Competitive position
The supplied sources do not explicitly name the company's competitors. Liontrust presents itself as an asset manager competing on investment performance and brand recognition among financial advisers and wealth managers 1. The company notes it is ranked the sixth best asset manager by financial advisers, according to Research in Finance 1.
The company differentiates itself through repeatable investment processes, sustainable investing and diversified distribution 1. Its brand strength is signalled by second place for advertising recall among UK professional intermediaries 1.
- Other UK and European asset managers
The sources do not name specific competitors; the company compares itself only through brand rankings from the Research in Finance study 1.
- Asset managers leading sustainable investment
The company ranks second for sustainable investment among wealth managers in the cited study 1.
- Financial adviser distribution platforms
Competition for adviser attention is implicit in the brand rankings the company cites 1.
- Managers of bond funds
The company's high yield bond fund was shortlisted for the Fund Manager of the Year 2026 awards 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202602 Sept 2026
- Annual report 202522 Jul 2025
Sources
- [1] Annual report, fiscal year ended 2026-03-31 (ESEF) · SEC / Liontrust Asset Management PLC · 31 Mar 2026
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.