olivLaw · European equity research
Plus500 Ltd. PLUS.L
United Kingdom · London Stock Exchange · Vertical: Listed companies from United Kingdom
Plus500 is a global multi-asset fintech group offering OTC trading and, increasingly, futures and share dealing. Its non-OTC business generated more than 100 million dollars of revenue for the first time in 2025, making the group more diversified, with customer deposits of 6.5 billion dollars.
At the close of 05 Nov 2026, Plus500 Ltd. (PLUS.L) stock was 32.84 GBP (−1.50% on the day), with beta 0.34, 52-week range 29.50–50.70 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)
- 44.3
- weak (30–45)
- Bollinger (20, 2)
- 32.42 – 34.07
- in the lower half of the band · %B 0.25 · band width 5.0%
- SMA 50 / 200
- 34.38 / 41.24
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.37 / -0.44
- 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 | +1.2% | −0.6% | +1.9 pp | — |
| 3 months | −14.2% | −4.2% | −10.0 pp | — |
| 6 months | −27.2% | +4.3% | −31.5 pp | — |
| Year to date | −9.5% | +7.5% | −17.0 pp | — |
| 1 year | +5.1% | +9.9% | −4.9 pp | +5.8% |
| 3 years | +134.6% | +49.8% | +84.7 pp | +26.3% |
| 5 years | +152.4% | +42.8% | +109.6 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
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 | 726.2 m | 768.3 m | 792.4 m |
| Revenue YoY | unavailable | +5.8% | +3.1% |
| Net income | 271.4 m | 273.1 m | 281.3 m |
| Net income YoY | unavailable | +0.6% | +3.0% |
| Diluted EPS | 3.12 | 3.45 | 3.79 |
| Diluted EPS YoY | unavailable | +10.6% | +9.9% |
| net % | 37.4% | 35.5% | 35.5% |
| Free cash flow | 340.7 m | 336.7 m | 280.1 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 801.6 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 568.0 m USD
- Total assets
- 944.1 m USD
- Debt / equity
- unavailable
- Current ratio
- 2.46x
- ROE
- 46.4%
- ROA
- 29.1%
- FCF margin
- 35.3%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 726.2 m | 768.3 m | 792.4 m | esef· 29 Apr 2026verified |
| Operating income | 336.4 m | 336.1 m | 342.6 m | esef· 29 Apr 2026verified |
| Interest expense | 7.1 m | 5.6 m | 10.5 m | esef· 29 Apr 2026verified |
| Pre-tax income | 336.2 m | 337.2 m | 338.9 m | esef· 29 Apr 2026verified |
| Income tax | 64.8 m | 64.1 m | 57.6 m | esef· 29 Apr 2026verified |
| Net income | 271.4 m | 273.1 m | 281.3 m | esef· 29 Apr 2026verified |
| Diluted EPS | 3.12 | 3.45 | 3.79 | esef· 29 Apr 2026verified |
| Dividend per share | 1.05 | 1.96 | 2.30 | esef· 29 Apr 2026derived |
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 906.7 m | 890.0 m | 801.6 m | esef· 29 Apr 2026verified |
| Current assets | 932.1 m | 920.2 m | 860.5 m | esef· 29 Apr 2026verified |
| Property, plant & equipment, net | 9.7 m | 11.8 m | 14.3 m | esef· 29 Apr 2026verified |
| Total assets | 1.0 bn | 991.8 m | 944.1 m | esef· 29 Apr 2026verified |
| Current liabilities | 282.2 m | 327.4 m | 349.7 m | esef· 29 Apr 2026verified |
| Total liabilities | 304.9 m | 347.5 m | 376.1 m | esef· 29 Apr 2026verified |
| Equity | 699.8 m | 644.3 m | 568.0 m | esef· 29 Apr 2026verified |
| Shares outstanding at year end | 85.6 m | 76.5 m | 71.6 m | esef· 29 Apr 2026derived |
Cash flow · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 348.9 m | 341.5 m | 284.7 m | esef· 29 Apr 2026verified |
| Capex | 8.2 m | 4.8 m | 4.6 m | esef· 29 Apr 2026verified |
| Free cash flow | 340.7 m ≈ | 336.7 m ≈ | 280.1 m ≈ | esef· 29 Apr 2026derived |
| Investing cash flow | -8.2 m | -4.8 m | -4.6 m | esef· 29 Apr 2026verified |
| Financing cash flow | -367.8 m | -348.5 m | -383.1 m | esef· 29 Apr 2026verified |
| Dividends paid | 89.8 m | 150.2 m | 164.4 m | esef· 29 Apr 2026verified |
| Share repurchases | 275.3 m | 195.0 m | 215.0 m | esef· 29 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: 5 of at least 6
- score weight coverage: 27.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
27% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 30.18 – 65.99 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E42.79 – 65.99 (Mid 54.67)17 companies used · median multiple 14.4x · quartiles 11.3x – 17.4x0EV1.L, ABDN.L, ABF.L, AIRE.L, AJB.L, ALFA.L, AMIF.L, APTD.L, ASHM.L, AUTO.L, BAB.L, BAG.L, BATS.L, BBY.L, BCG.L, BKG.L, BME.L
- Dividend discount (DDM)30.18 – 40.59 (Mid 34.62)
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 27.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 35.5% | 91 (vs peers) | 23% |
| FCF conversion · Quality | 99.6% | 99 (on a fixed band) | 23% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 32.6x | 100 (on a fixed band) | 23% |
| Current ratio · Balance sheet | 2.5x | 100 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | 58.7% | 88 (on a fixed band) | 15% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality95/100 · 2/3 factors with a value
- Returns· partial88/100 · 1/2 factors with a value
- Valuation· partialunavailable · 0/3 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
PLUS500 LTD (PLUS.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 792.4 m USD in 2025; YoY growth 3.1%; net margin 35.5%; ROE 46.4%.
The estimated value range is 36.49–53.29 USD per share (median of 2 methods, agreement: high); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 27.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 35.5%
- FCF conversion: 99.6%
- Interest coverage: 32.6x
- Current ratio: 2.5x
- Payout ratio (FCF): 58.7%
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions).
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% |
| 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% |
| AEP.LAnglo-Eastern Plantations PLC | — | — | 16.1% | 19.5% | +25.0% | +5% / +113% |
1- and 3-year price returns: for PLUS.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
Scenarios are not available. input data missing
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
Plus500 is a global multi-asset fintech group offering OTC trading and, increasingly, futures and share dealing. Its non-OTC business generated more than 100 million dollars of revenue for the first time in 2025 1, making the group more diversified, with customer deposits of 6.5 billion dollars 1.
SWOT
Strengths
Weaknesses
- Significant reliance on OTC trading, which remains the main revenue source and is sensitive to market volatility 1.
- OTC revenue can be volatile, and the group itself expects client trading performance to be broadly neutral over time 1.
- Exposure to different regulations across many jurisdictions adds compliance complexity 1.
Opportunities
- Growth in the non-OTC segment, including futures and US B2B partnerships, could open new revenue streams 1.
- Expansion into new markets and products such as prediction markets could diversify the business 1.
- Targeted acquisitions could complement the offer, such as the Indian acquisition mentioned in the report 1.
Risks
- Regulationhigh
Legislative changes could make some products less profitable or ban offerings in certain jurisdictions 1.
- Market riskmedium
Sharp price movements can create losses for clients and, in extreme cases, for the group despite exposure limits 1.
- Technology dependencemedium
System or third-party failures could interrupt trading and damage the group's reputation 1.
- Client protectionmedium
If client care and protection standards are not met, sanctions and loss of trust could follow 1.
- Climate targetslow
Failing to meet net zero targets could affect reputation and costs, although the group views this risk as limited 1.
Investment thesis
What would need to be true (bull case)
- If the non-OTC segment keeps growing, the group could become more diversified and less dependent on OTC trading 1.
- Proprietary technology and a debt-free balance sheet could support expansion into new products and markets 1.
- Institutional partnerships and clearing could build more stable revenue over the longer term 1.
What to watch
- Development of non-OTC revenue against the level of over 100 million dollars2026
- Results of the prediction markets launch for US B2C clients2026
- Integration of the Indian acquisition and its effect on the offer2026
- Regulatory changes in the main jurisdictionsnext 10-K
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
Plus500 describes its purpose as trusted and intuitive access to financial opportunities across a wide range of instruments, geographies and devices 1. Proprietary technology is its main competitive advantage, and the group has remained debt-free since inception 1. The business model combines OTC trading with futures and institutional activities 1.
The group grew from a single product into a multi-asset platform, with seven asset classes for OTC and a non-OTC segment including futures, clearing and SaaS infrastructure 1. The T4-Pro platform and institutional clearing services are being expanded through US partnerships 1.
Market risk is managed through real-time monitoring, exposure limits and selective hedging, and OTC clients pre-fund their accounts with negative balance protection 1. The group states these elements support more stable revenue over time 1.
Segments
OTC trading (B2C)
The OTC segment remains the core, with contracts for difference across multiple asset classes accessed through mobile apps 1. Most OTC revenue comes from mobile or tablet devices, and a large share from clients trading for over three years 1.
Market context
The group operates in the global online margin trading market, where clients fund accounts and access multiple markets from mobile devices 1. The source points to sustained demand as global financial markets were positive at the start of 2026 1.
The market is subject to strict regulation in the jurisdictions where Plus500 operates, which can change the profitability of certain products or limit their marketing 1. Geographic and product diversification is presented as the response 1.
Trends
- Growth of non-OTC productstailwind
Growth in futures, prediction markets and clearing could diversify revenue if the expansion of these services continues 1.
- Shift to mobile tradingmixed
The predominance of mobile trading supports wider client access but makes platforms dependent on technology ecosystems and user experience demands 1.
- Regulation of leveraged productsheadwind
Regulatory changes could restrict OTC marketing or products, possibly reducing revenue in some jurisdictions if requirements tighten 1.
- Carbon and energy cost pressureheadwind
Higher carbon prices could raise supplier costs, although the group considers its exposure limited because of its asset-light model 1.
Competitive position
Online CFD and futures trading is competitive, with global brokers and specialist platforms competing on price, products and user experience 1. The group's stated advantage is proprietary technology and a reputation for innovation 1.
In B2B and infrastructure, competition comes from clearing and technology providers serving brokers and exchanges, and the group aims to differentiate through certifications and partnerships 1.
- IG Group
UK CFD and online trading broker, a direct competitor in OTC; no US ticker confirmed in the sources.
- CMC Markets
UK online margin trading provider active in the same product markets; US ticker not confirmed in the sources.
- Interactive BrokersIBKR
Global broker offering futures and share trading, competing in the non-OTC segment.
- RobinhoodHOOD
Retail trading platform with shares and new products, competing for mobile clients.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202529 Apr 2026
- Annual report 202529 Apr 2026
- Annual report 202429 Apr 2025
- Annual report 202429 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Plus500 Ltd. · 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.