olivLaw · European equity research
Quilter plc QLT.L
United Kingdom · London Stock Exchange · ISIN GB00BNHSJN34 · Vertical: Listed companies from United Kingdom
Quilter plc is a UK-focused wealth manager that administers client assets through its own adviser network and independent financial advisers. The company presents itself as the largest discrete platform in the retail advised market, and in 2025 it improved its operating margin, a point of interest for investors tracking efficiency after its business simplification programme. Assets under administration reached 105 billion GBP at 31 December 2025.
At the close of 05 Nov 2026, Quilter plc (QLT.L) stock was 1.88 GBP (−1.42% on the day), with market capitalisation 2.5 bn GBP, P/E 21.8 on diluted EPS of 0.09 GBP over the last 12 months, beta 0.87, 52-week range 1.70–2.08 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)
- 58.5
- strong (55–70)
- Bollinger (20, 2)
- 1.75 – 1.90
- in the upper half of the band · %B 0.83 · band width 8.4%
- SMA 50 / 200
- 1.83 / 1.88
- mixed trend
- MACD (12, 26, 9)
- 0.02 / 0.01
- 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 | +7.0% | −0.6% | +7.7 pp | — |
| 3 months | −4.2% | −4.2% | −0.0 pp | — |
| 6 months | +1.2% | +4.3% | −3.1 pp | — |
| Year to date | +2.6% | +7.5% | −4.9 pp | — |
| 1 year | +2.3% | +9.9% | −7.6 pp | +5.8% |
| 3 years | +113.9% | +49.8% | +64.0 pp | +26.3% |
| 5 years | +2.7% | +42.8% | −40.1 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 50 percentile of its own 2-quarter history (min 21.3, median 27.2, max 33.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 4.6 bn | 5.4 bn | 9.4 bn |
| Revenue YoY | unavailable | +17.8% | +71.8% |
| Net income | 42.0 m | -34.0 m | 120.0 m |
| Net income YoY | unavailable | −181.0% | unavailable |
| Diluted EPS | 0.03 | -0.03 | 0.09 |
| Diluted EPS YoY | unavailable | −180.6% | unavailable |
| net % | 0.9% | -0.6% | 1.3% |
| Free cash flow | 2.1 bn | 4.6 bn | 6.2 bn |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 2.2 bn GBP
- Financial debt
- unavailable GBP
- Net debt
- unavailable GBP
- Equity
- 1.5 bn GBP
- Total assets
- 76.5 bn GBP
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 8.3%
- ROA
- 0.2%
- FCF margin
- 66.1%
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 4.6 bn | 5.4 bn | 9.4 bn | esef· 18 Mar 2026verified |
| Interest expense | 22.0 m | 21.0 m | 21.0 m | esef· 18 Mar 2026verified |
| Pre-tax income | 88.0 m | 35.0 m | 324.0 m | esef· 18 Mar 2026verified |
| Net income | 42.0 m | -34.0 m | 120.0 m | esef· 18 Mar 2026verified |
| Diluted EPS | 0.03 | -0.03 | 0.09 | esef· 18 Mar 2026verified |
Balance sheet · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 1.9 bn | 1.9 bn | 2.2 bn | esef· 18 Mar 2026verified |
| Property, plant & equipment, net | 91.0 m | 91.0 m | — | esef· 17 Apr 2025verified |
| Total assets | 53.3 bn | 62.4 bn | 76.5 bn | esef· 18 Mar 2026verified |
| Total liabilities | 51.8 bn | 61.0 bn | 75.1 bn | esef· 18 Mar 2026verified |
| Equity | 1.5 bn | 1.4 bn | 1.5 bn | esef· 18 Mar 2026verified |
| Shares outstanding at year end | 1.4 bn | 1.4 bn | 1.3 bn | esef· 18 Mar 2026derived |
Cash flow · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 2.1 bn | 4.6 bn | 6.2 bn | esef· 18 Mar 2026verified |
| Capex | 1.0 m | 8.0 m | 4.0 m | esef· 18 Mar 2026verified |
| Free cash flow | 2.1 bn ≈ | 4.6 bn ≈ | 6.2 bn ≈ | esef· 18 Mar 2026derived |
| Investing cash flow | -1.9 bn | -4.4 bn | -5.9 bn | esef· 18 Mar 2026verified |
| Financing cash flow | -123.0 m | -108.0 m | -123.0 m | esef· 18 Mar 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: 31.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 2.5 bn GBP
Key indicators
Coverage and freshness
Score by group
31% · 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: 31.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 1.3% | 26 (vs peers) | 20% |
| FCF conversion · Quality | 5,160.0% | 100 (on a fixed band) | 20% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 21.8x | 28 (vs peers) | 33% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 244.5% | 100 (on a fixed band) | 27% |
| 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 sheet· partialunavailable · 0/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality63/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation60/100 · 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
QUILTER PLC (QLT.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 9.4 bn GBP in 2025; YoY growth 71.8%; net margin 1.3%; ROE 8.3%.
The estimated value range is 0.97–1.50 GBP per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 1.24 GBP, the price of 1.88 GBP leaves a potential of -33.9% (value / price − 1) and a margin of safety of -51.4% (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 (indicators available: 4 of at least 6; score weight coverage: 31.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 5,160.0%
- FCF yield: 244.5%
What contradicts it
- Net margin: 1.3%
- P/E (TTM): 21.8x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, 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% |
| QLT.LQuilter PLC | 2.5 bn | 21.8 | 8.3% | 1.3% | +71.8% | −2% / +102% |
| 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% |
1- and 3-year price returns: for QLT.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 | 1.27 Total return -32% · Per year -32% | 2.24 Total return 19% · Per year 19% | 3.35 Total return 79% · Per year 79% |
| 3 years | 1.51 Total return -20% · Per year -7% | 2.96 Total return 57% · Per year 16% | 4.83 Total return 157% · Per year 37% |
| 5 years | 1.79 Total return -5% · Per year -1% | 3.91 Total return 108% · Per year 16% | 6.95 Total return 270% · Per year 30% |
- Exit P/E± 0.74
- Net margin± 0.52
- 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
Quilter plc is a UK-focused wealth manager that administers client assets through its own adviser network and independent financial advisers. The company presents itself as the largest discrete platform in the retail advised market, and in 2025 it improved its operating margin, a point of interest for investors tracking efficiency after its business simplification programme. Assets under administration reached 105 billion GBP at 31 December 2025 1.
SWOT
Strengths
- Large-scale platform with a stated leadership position in the UK retail advised segment, supported by an own network of advisers that strengthens distribution.
- Improved operating margin in 2025 and sector awards add credibility with advisers and clients.
- A clear distribution policy based on dividends and share buybacks provides a predictable framework for shareholders.
Weaknesses
- Revenues depend on the value of assets under administration, making them sensitive to market performance and margin pressure.
- Senior management diversity targets were not met in 2025, which raises questions about progress in this area.
- IFRS profit after tax can vary significantly year on year because of changes in policyholder tax.
Opportunities
- Expanding distribution and adviser numbers could open new sources of clients and assets under administration.
- Integrating AI capabilities into back-office operations could reduce costs and improve adviser productivity.
- If investor sentiment improves, the company could benefit from greater operating leverage.
Threats
- Geopolitical and macroeconomic risks could weigh on the global economy and clients' investment performance.
- Regulatory changes or shifts in regulatory focus in the UK could create compliance costs or sanctions.
- Reliance on third-party suppliers for critical services could disrupt service delivery to clients and advisers.
Risks
- Market and performance riskhigh
Revenues are tied to assets under administration, and global economic conditions could affect investment performance and client flows.
- Revenue margin pressuremedium
Changing investor preferences and market dynamics could reduce the margins the company retains from fees.
- Operational and third-party riskmedium
Dependence on external suppliers for important services could disrupt client services and change programmes.
- Technology and security riskmedium
A technology outage or information security incident could affect reputation, regulatory standing and services provided.
- Regulatory and conduct riskhigh
Failure to meet regulatory requirements, including Consumer Duty obligations, could lead to sanctions and reputational damage.
Investment thesis
What would need to be true (bull case)
- The company presents itself as the largest platform in the retail advised segment, and its scale could support efficiency and a competitive offer for advisers.
- Positive net flows in 2025 and a higher platform market share suggest the distribution strategy could continue to deliver results.
- The improved operating margin and clear distribution policy could support shareholder returns if the efficiency trend holds.
What would break the thesis
- Revenues depend on the value of assets under administration, so a market decline could quickly reduce revenues and margins.
- Margin pressure and shifting investor preferences could limit revenue growth even if gross flows remain solid.
- Regulatory risks and unmet diversity targets could bring additional costs and pressure from investors.
What to watch
- Evolution of net flows and platform market sharenext 10-K
- Development of the operating margin from its c.30% base2026
- Progress toward around 300 client-facing professionals (IMs and RFPs)2027
- Impact of the business simplification programme on transformation expenses2026
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
Quilter is a UK-focused wealth manager whose proposition is built around financial advice. It serves both customers and their advisers, and its platform and investment solutions are available on similar terms to its own advisers and to independent advisers 1. Its revenue model combines advice fees, platform fees, management fees and investment revenue on cash balances 1. The company's distribution policy targets 70% of post-tax, post-interest earnings, paid through cash dividends and annual share buyback programmes 1.
Activity runs through two distribution channels: Quilter advisers and Independent Financial Advisers (IFAs). For IFAs, the company provides its investment platform, back-office and technical support, which it says strengthens its market position 1. Affluent customers, typically with at least 50,000 GBP to invest, access funds across a large range of fund management groups 1.
For 2026, management aims to broaden its customer base, increase its platform market share and deliver peer-leading net flows. If its recruitment and productivity plans succeed, the company could accelerate medium-term growth, as the annual report states 1.
Segments
High Net Worth
The High Net Worth segment targets clients with at least 250,000 GBP to invest and is served through specialist intermediaries and the company's own advisers, with relationship-led advice and bespoke investment solutions. Segment revenues in FY 2025 were 455 million GBP 1.
Affluent
The Affluent segment aims to be the leading scale provider of administration and investment services to financial advisers. Its FY 2025 revenues were 233 million GBP, and clients are administered on the Quilter Platform, which offers access to a large range of fund offerings 1.
Market context
The UK advice and investment platform market is the core of Quilter's activity, and the value of assets under administration depends on global market conditions. The company describes itself as the largest discrete platform in the UK retail advised market, with 105 billion GBP under administration at 31 December 2025 1. Its platform market share in gross flows increased during 2025 1.
Gross inflows of 20 billion GBP in 2025 point to strong customer demand, but revenues remain exposed to margin pressure as investment preferences change 1. The company says actions to grow net flows could support revenues under favourable market conditions 1.
Trends
- Growing net flowstailwind
In 2025 core net flows were positive, supported by strategic initiatives and supportive market conditions, according to the annual report 1. If this trend continues, it could support growth in assets under administration.
- Pressure on revenue marginsheadwind
The company notes that revenues are exposed to margin pressure from changing investor preferences and market dynamics. If this pressure intensifies, it could limit revenue growth 1.
- Macroeconomic and geopolitical uncertaintyheadwind
The report notes that geopolitical and macroeconomic risks remain elevated, which could affect investment performance and the value of assets administered 1.
- Artificial intelligence and digitalisationmixed
The company is investing in technology and plans to roll out AI capabilities to support back-office efficiency. If these investments succeed, they could reduce costs and improve productivity, although implementation carries data risks 1.
Competitive position
Quilter competes with other investment platforms and administration providers for financial advisers, which offer comparable pricing and propositions. The company says it stays competitive through its pricing and proposition relative to third-party market offerings 1. The sources provided do not identify US-listed competitors.
The company's stated advantage comes from scale, its platform market share and its own restricted adviser network, which gives it control over distribution. Whether these advantages translate into net flows above those of competitors remains to be seen 1.
- Third-party UK investment platform providers
Competing platforms for financial advisers with comparable propositions, referred to generically in the company report; not named in the source.
- Independent Financial Advisers (IFAs)
A distribution channel for the Quilter platform that can also choose third-party products, making it a potential competitor for adviser business.
- Other UK wealth managers
Firms offering advice and administration to clients with similar asset levels, not named in the source.
- Pension and drawdown product providers
Competitors in the retirement segment, where the company has received public recognition in third-party ratings; not named in the source.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202518 Mar 2026
- Annual report 202417 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Quilter 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.