olivLaw · European equity research
PensionBee Group plc PBEE.L
United Kingdom · London Stock Exchange · ISIN GB00BNDRLN84 · Vertical: Listed companies from United Kingdom
PensionBee Group plc runs private pension accounts for customers in the United Kingdom and, since 2024, in the United States, letting them consolidate existing pensions into one account. In 2025 the group reported a second consecutive year of Adjusted EBITDA profitability at group level, while the US expansion remains funded by capital raised in 2024.
At the close of 05 Nov 2026, PensionBee Group plc (PBEE.L) stock was 1.23 GBP (−0.81% on the day), with market capitalisation 292.1 m GBP, beta 0.42, 52-week range 1.20–1.70 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)
- 45.3
- neutral
- Bollinger (20, 2)
- 1.19 – 1.32
- in the lower half of the band · %B 0.30 · band width 9.8%
- SMA 50 / 200
- 1.31 / 1.41
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.02 / -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 | −5.0% | −0.6% | −4.4 pp | — |
| 3 months | −18.0% | −4.2% | −13.8 pp | — |
| 6 months | −12.1% | +4.3% | −16.5 pp | — |
| Year to date | −24.1% | +7.5% | −31.6 pp | — |
| 1 year | −23.1% | +9.9% | −33.0 pp | +5.8% |
| 3 years | +97.7% | +49.8% | +47.9 pp | +26.3% |
| 5 years | −15.9% | +42.8% | −58.7 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.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 23.8 m | 33.2 m | 42.6 m |
| Revenue YoY | unavailable | +39.4% | +28.3% |
| Net income | -10.6 m | -3.1 m | -2.9 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.05 | -0.01 | -0.01 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -44.4% | -9.4% | -6.7% |
| Free cash flow | -8.9 m | 3.9 m | -1.8 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 32.6 m GBP
- Financial debt
- unavailable GBP
- Net debt
- unavailable GBP
- Equity
- 36.1 m GBP
- Total assets
- 40.3 m GBP
- Debt / equity
- unavailable
- Current ratio
- 9.34x
- ROE
- -8.1%
- ROA
- -7.0%
- FCF margin
- -4.1%
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 23.8 m | 33.2 m | 42.6 m | esef· 09 Apr 2026verified |
| Operating income | -10.7 m | -3.2 m | -3.8 m | esef· 09 Apr 2026verified |
| Depreciation & amortisation | 288.0 k | 289.0 k | 357.0 k | esef· 09 Apr 2026verified |
| EBITDA | -10.4 m ≈ | -2.9 m ≈ | -3.4 m ≈ | esef· 09 Apr 2026derived |
| Interest expense | 36.0 k | 26.0 k | 17.0 k | esef· 09 Apr 2026verified |
| Pre-tax income | -10.7 m | -3.1 m | -2.8 m | esef· 09 Apr 2026verified |
| Income tax | -150.0 k | -11.0 k | 61.0 k | esef· 09 Apr 2026verified |
| Net income | -10.6 m | -3.1 m | -2.9 m | esef· 09 Apr 2026verified |
| Diluted EPS | -0.05 | -0.01 | -0.01 | esef· 09 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 12.2 m | 35.0 m | 32.6 m | esef· 09 Apr 2026verified |
| Receivables | 4.3 m | 5.2 m | 6.4 m | esef· 09 Apr 2026verified |
| Current assets | 16.6 m | 40.2 m | 39.3 m | esef· 09 Apr 2026verified |
| Property, plant & equipment, net | 305.0 k | 276.0 k | 283.0 k | esef· 09 Apr 2026verified |
| Intangibles (excl. goodwill) | 0 | 264.0 k | 584.0 k | esef· 09 Apr 2026verified |
| Total assets | 17.4 m | 41.3 m | 40.3 m | esef· 09 Apr 2026verified |
| Accounts payable | 1.8 m | 6.6 m | 4.0 m | esef· 09 Apr 2026verified |
| Current liabilities | 1.9 m | 6.7 m | 4.2 m | esef· 09 Apr 2026verified |
| Total liabilities | 2.3 m | 6.9 m | 4.2 m | esef· 09 Apr 2026verified |
| Equity | 15.1 m | 34.4 m | 36.1 m | esef· 09 Apr 2026verified |
| Shares outstanding at year end | 223.4 m | 227.2 m | 237.5 m | esef· 09 Apr 2026derived |
Cash flow · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -8.8 m | 4.0 m | -1.6 m | esef· 09 Apr 2026verified |
| Capex | 96.0 k | 117.0 k | 178.0 k | esef· 09 Apr 2026verified |
| Free cash flow | -8.9 m ≈ | 3.9 m ≈ | -1.8 m ≈ | esef· 09 Apr 2026derived |
| Investing cash flow | -96.0 k | -384.0 k | -543.0 k | esef· 09 Apr 2026verified |
| Financing cash flow | -186.0 k | 19.1 m | -180.0 k | esef· 09 Apr 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
- indicators available: 4 of at least 6
- score weight coverage: 25.0% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 292.1 m GBP
Key indicators
Coverage and freshness
Score by group
25% · 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: indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -6.7% | 26 (vs peers) | 25% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -222.9x | 0 (on a fixed band) | 25% |
| Current ratio · Balance sheet | 9.3x | 100 (on a fixed band) | 17% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -0.6% | 0 (on a fixed band) | 33% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial26/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 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
PENSIONBEE GROUP PLC (PBEE.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 42.6 m GBP in 2025; YoY growth 28.3%; net margin -6.7%; ROE -8.1%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 9.3x
What contradicts it
- Net margin: -6.7%
- Interest coverage: -222.9x
- FCF yield: -0.6%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
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% |
| PBEE.LPensionbee Group PLC | 292.1 m | — | -8.1% | -6.7% | +28.3% | −25% / +68% |
| 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% |
| 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 PBEE.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 | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
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
PensionBee Group plc runs private pension accounts for customers in the United Kingdom and, since 2024, in the United States, letting them consolidate existing pensions into one account. In 2025 the group reported a second consecutive year of Adjusted EBITDA profitability at group level, while the US expansion remains funded by capital raised in 2024.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Dependence on 2024 capitalmedium
US expansion is funded by capital raised in October 2024, and without new funding sources the pace could be limited 1.
- Market volatilityhigh
Falls in capital markets could reduce revenue and the number of pension transfers 1.
- US costsmedium
US operating costs remain fully factored into resource calculations but could exceed initial estimates 1.
- Regulationlow
Changes to the FCA framework or the Consumer Duty could impose additional costs 1.
- Accounting estimateslow
The value of investments in subsidiaries depends on assumptions about discount rates and revenue projections, which are uncertain 1.
Investment thesis
What would need to be true (bull case)
- If UK profitability holds, the group could fund growth from its own resources.
- A solid cash position provides a safety margin against market declines.
- If US expansion succeeds, it could open a significant growth market.
What would break the thesis
- US expansion could consume more capital than currently estimated.
- If capital markets fall, revenue and transfer volumes could be affected.
- The parent company continues to report a loss, and profitability is not yet broad-based.
What to watch
- US revenue and cost development2026
- Sustaining UK Adjusted EBITDA profitability2026
- Cash position and funding needsnext 10-K
- Impact of market volatility on transfers2026
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
According to the annual report for fiscal 2025, the group operates through PensionBee Limited in the United Kingdom and PensionBee Inc. in the United States, both retirement savings providers. The UK business became profitable at Adjusted EBITDA level for a second consecutive year and, per the report, remains a profitable cornerstone of the group 1.
The parent company, PensionBee Group plc, has no employees of its own, and its results are included in the consolidated financial statements of the group 1. The parent's loss for 2025 is 0.29 million GBP, compared with a larger loss in the prior year 1.
The group said it has adequate financial resources to continue in operational existence for the foreseeable future, with a cash balance of 32.6 million GBP at end-2025 1. US expansion is funded by capital raised in October 2024 and by marketing support from its long-standing partner State Street Investment Management 1.
Segments
United Kingdom
The UK business reported a profit before tax of 2.2 million GBP in 2025, compared with a loss of 1.0 million GBP in 2024, and is described as a profitable cornerstone of the group 1.
United States
US expansion, through PensionBee Inc. with its operational headquarters in New York, is funded by capital raised in 2024, and US revenue is excluded from the group's prudent financial modelling 1.
Market context
The annual report describes a market shaped by capital market volatility and the geopolitical and macroeconomic environment, factors that were included in the group's stress tests 1. The company operates under FCA rules in the UK, including the Consumer Duty 1.
In the United States the group aims to grow its customer base, but operating costs and short-term funding needs are still being assessed, according to the report 1.
Trends
- Macroeconomic volatilityheadwind
The group's stress tests include a significant decline in equity markets and a reduction in conversion rates, showing that volatility could affect pension transfer volumes 1.
- UK profitabilitytailwind
Consolidated UK profitability, a second consecutive year of positive Adjusted EBITDA, could support self-funded growth 1.
- US expansionmixed
Development in the US depends on capital raised in 2024 and partner marketing support, and costs could remain higher than revenue in early phases 1.
- Regulatory and compliance costsheadwind
Pension firms must meet FCA rules and the Consumer Duty, which could raise compliance costs 1.
Competitive position
The annual report does not name competitors, so the competitive landscape cannot be described from the source 1.
The advantage the company describes rests on its strong UK market position and self-funded growth, but the source gives no market share data 1.
- Not identified in source
The annual report does not name competitors, so no other companies are indicated.
- Not identified in source
The source contains no information on other pension providers in the UK or US.
- Not identified in source
Competition cannot be assessed from the official document reviewed.
- Not identified in source
Comparisons would require other sources, not the annual report.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202509 Apr 2026
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / PensionBee Group plc · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.