# Allfunds Group (0AAL.LSE)

Canonical: https://gigainvestors.com/s/0AAL.LSE

Analysis as of: 2026-10-16T07:36:04.217Z. Financial observations: FY2019–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 14.94 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 1 revenue decline in the last 10 years (informational)

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 7 years

- Years with declining revenue: 1

- Years with a net loss: 3

- Operating margin variation: 1.12×

Chart: Operating margin; fiscal year observations.

- FY2019: -0.01×

- FY2020: 0.01×

- FY2021: 0.04×

- FY2022: 0.04×

- FY2023: 0.43×

- FY2024: 0.19×

- FY2025: 0.41×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 3.9%

- ROIC, second-lowest year: 0.6%

- Typical minus recent gross margin: -57.4 pp

- Typical gross margin (annual median): 15.4%

- Recent gross margin (lower of latest and 3-year median): 72.8%

- Years with nonpositive capital: 5

- Capital spending / revenue: 2.0%

- ROIC including acquisitions, ten-year median: 17.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2019: -0.8%

- FY2020: 0.6%

- FY2021: 3.9%

- FY2022: 2.5%

- FY2023: 5.0%

- FY2024: 9.4%

- FY2025: 11.6%

### economics: pass

- Owner earnings / net income, 5-yr: 6.80×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 520M

- Net income, five-year total: EUR 76M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 11.1 pp

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 2.25×

- FY2022: 3.60×

- FY2023: 1.74×

- FY2024: 0.60×

- FY2025: 22.28×

### management: pass

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 0.6% vs 9.4%

- Per-share earnings: -0.00 to 0.00 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -0.9%

- Diluted shares, 5-year annual growth: -0.9%

- Per-share value change: EUR 0.00

- Per-share value, starting three-year median: EUR -0.00

- Per-share value, ending three-year median: EUR 0.00

- Buybacks concentrated in cheaper years (correlation): -0.60

- Average buyback yield: 1.1%

- Buyback history: 5 years

- Debt-funded buybacks: Yes

- ROIC, first three-year median: 0.6%

- ROIC, last three-year median: 9.4%

Chart: Earnings per share; fiscal year observations.

- FY2019: EUR -0.05

- FY2020: EUR -0.00

- FY2021: EUR 0.17

- FY2022: EUR 0.08

- FY2023: EUR 0.14

- FY2024: EUR -0.28

- FY2025: EUR 0.00

### accounting: pass

- Sloan accruals: -4.2%

- Receivables to sales index (DSRI): 1.34×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 5.4%

- Earnings backed by cash: Yes

- Operating cash / earnings: 97.27×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.93×

Chart: Sloan accruals; fiscal year observations.

- FY2019: -13.9%

- FY2020: -16.9%

- FY2021: -7.1%

- FY2022: 7.0%

- FY2023: -10.0%

- FY2024: -17.8%

- FY2025: -4.2%

## Holders

## Price story

Up 210% since Oct 2023 · sales +11.9%

Story as of 2026-10-16T10:00:06.685Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales +11.9%; source https://filings.xbrl.org/9598005U8TZQ8Q64SC71/2025-12-31/ESEF/NL/0/afb-2025-12-31-1-en/reports/afb-2025-12-31-1-en.xhtml; observed 2026-04-07.

- FY2019: EUR 1.3B 

- FY2020: EUR 1.6B 

- FY2021: EUR 2.7B 

- FY2022: EUR 2.7B 

- FY2023: EUR 492M 

- FY2024: EUR 556M 

- FY2025: EUR 622M 

### Gross margin · FY2025

gross margin 72.8%; source https://filings.xbrl.org/9598005U8TZQ8Q64SC71/2025-12-31/ESEF/NL/0/afb-2025-12-31-1-en/reports/afb-2025-12-31-1-en.xhtml; observed 2026-04-07.

- FY2019: 13.0% 

- FY2020: 14.7% 

- FY2021: 15.4% 

- FY2022: 15.6% 

- FY2024: 75.6% 

- FY2025: 72.8% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in asset management; annual sales are EUR 621.9 million.

- Source: https://eodhd.com/api/fundamentals/ALLFG.AS.json#2025-12-31 (filed 2026-04-07); FY2025: revenue 621900000; grossProfit 452700000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 0AAL.LSE: Allfunds Group plc, together with its subsidiaries, operates as a B2B WealthTech company that connects fund houses and distributors in the United Kingdom and internationally. It operates through two segments, Net Platform, and Net Subscription and Other Revenues. The company offers Connect, an Allfunds professional workstation; and Nextportfolio, a portfolio management system; and end-investor platform for wealth management needs of asset managers, banks, wealth managers, and insurance companies. It also provides ESG solutions, such as ESG scoring, reporting, portfolio advisory and construction, audit and certification, analysis, investment proposal generator, reporting generator, and monitoring; model portfolio advisory, bespoke reporting, private assets, audit and certification, fund selection, and regulatory implementation services; and Sustainability Navigator, a tool for constructing sustainable investment portfolios in line with SFDR regulation. In addition, the company offers regulatory reporting corner, a specialized platform to provide fund registration, regulatory reporting, and distribution, as well as generate fund regulatory reporting. Further, it provides investment solutions for Distributors and Fund Houses, including Management Company (ManCo) white label services in connection with the creation and distribution of UCITs funds; White Label Fund Hosting Platform that provides supports mutual funds and ETFs; Allfunds Navigator which provides market insights and identify opportunities; and Allfunds Blockchain solutions. The company serves private bank, insurance, asset management, bank, custodian, and other customers. The company was founded in 2000 and is based in London, the United Kingdom.

### Why customers stay

It earns 3.9% on its capital.

- Source: https://eodhd.com/api/fundamentals/ALLFG.AS.json#2023-12-31 (filed 2026-04-07); FY2023: grossProfit / revenue = -393.4%.

- Source: https://eodhd.com/api/fundamentals/ALLFG.AS.json#2024-12-31 (filed 2026-04-07); FY2024: grossProfit / revenue = 75.6%.

- Source: https://eodhd.com/api/fundamentals/ALLFG.AS.json#2025-12-31 (filed 2026-04-07); FY2025: grossProfit / revenue = 72.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); 7-year return on capital observations [[2019,-0.008393846491490347],[2020,0.006090856741262193],[2021,0.03934960585653788],[2022,0.024861398060713608],[2023,0.05019581214436549],[2024,0.09448605923915757],[2025,0.11575474814959356]]; median 0.03934960585653788. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 7 of 7 years; bought back EUR 80 million of shares.

- Source: https://eodhd.com/api/fundamentals/ALLFG.AS.json#2019-12-31 (filed 2026-04-07); FY2019: growth capex 0; upkeep 27020000; owner earnings 44504000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/ALLFG.AS.json#2020-12-31 (filed 2026-04-07); FY2020: growth capex 0; upkeep 28506000; owner earnings 97588600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/ALLFG.AS.json#2021-12-31 (filed 2026-04-07); FY2021: growth capex 0; upkeep 23510000; owner earnings 242074200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/ALLFG.AS.json#2022-12-31 (filed 2026-04-07); FY2022: growth capex 0; upkeep 39717000; owner earnings 177161200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/ALLFG.AS.json#2023-12-31 (filed 2026-04-07); FY2023: growth capex 0; upkeep 79658000; owner earnings 149344400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/ALLFG.AS.json#2025-12-31 (filed 2026-04-07); FY2025: growth capex 0; upkeep 115817000; owner earnings 52239600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); Dividend observations: [[2019,70873000],[2020,12000000],[2021,185000000],[2022,216471000],[2023,56538000],[2024,57898000],[2025,80034000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/ALLFG.AS.json#2025-12-31 (filed 2026-04-07); FY2025: cash repurchases 80000000 EUR.

### Are managers owners

Insiders own 2.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 0AAL.LSE SharesStats.PercentInsiders = 2.834 percentage points; cache date 2026-10-16.

### What the price says

The price is 14.5 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); Closing price 14.944 EUR; reporting-to-trading FX 1; FY2025 annual sales per share 1.0335784183374994; price multiple 14.458506229297315. FY2025 cash earnings/share 0.08682058714034994. Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2021-12: EUR 17.27 per share

- 2022-01: EUR 12.38 per share

- 2022-02: EUR 10.24 per share

- 2022-03: EUR 10.44 per share

- 2022-04: EUR 8.19 per share

- 2022-05: EUR 8.60 per share

- 2022-06: EUR 7.29 per share

- 2022-07: EUR 7.96 per share

- 2022-08: EUR 7.94 per share

- 2022-09: EUR 7.52 per share

- 2022-10: EUR 6.46 per share

- 2022-11: EUR 6.96 per share

- 2022-12: EUR 6.60 per share

- 2023-01: EUR 7.26 per share

- 2023-02: EUR 8.36 per share

- 2023-03: EUR 6.08 per share

- 2023-04: EUR 5.97 per share

- 2023-05: EUR 6.38 per share

- 2023-06: EUR 5.59 per share

- 2023-07: EUR 5.97 per share

- 2023-08: EUR 5.46 per share

- 2023-09: EUR 5.24 per share

- 2023-10: EUR 4.82 per share

- 2023-11: EUR 5.79 per share

- 2023-12: EUR 6.43 per share

- 2024-01: EUR 6.60 per share

- 2024-02: EUR 6.56 per share

- 2024-03: EUR 6.66 per share

- 2024-04: EUR 6.01 per share

- 2024-05: EUR 5.50 per share

- 2024-06: EUR 5.26 per share

- 2024-07: EUR 5.47 per share

- 2024-08: EUR 5.47 per share

- 2024-09: EUR 5.53 per share

- 2024-10: EUR 5.64 per share

- 2024-11: EUR 5.55 per share

- 2024-12: EUR 5.06 per share

- 2025-01: EUR 5.05 per share

- 2025-02: EUR 5.01 per share

- 2025-03: EUR 5.26 per share

- 2025-04: EUR 4.92 per share

- 2025-05: EUR 5.56 per share

- 2025-06: EUR 6.52 per share

- 2025-07: EUR 6.17 per share

- 2025-08: EUR 6.05 per share

- 2025-09: EUR 6.37 per share

- 2025-10: EUR 6.54 per share

- 2025-11: EUR 8.13 per share

- 2025-12: EUR 8.04 per share

- 2026-01: EUR 8.20 per share

- 2026-02: EUR 8.35 per share

- 2026-03: EUR 8.54 per share

- 2026-04: EUR 8.75 per share

- 2026-05: EUR 14.94 per share

- 2026-06: EUR 8.44 per share

- 2026-07: EUR 14.94 per share

- 2026-08: EUR 14.94 per share

- 2026-09: EUR 14.94 per share

- 2026-10: EUR 14.94 per share

## Annual estimated value (EUR per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original ESEF filing](https://filings.xbrl.org/9598005U8TZQ8Q64SC71/2025-12-31/ESEF/NL/0/afb-2025-12-31-1-en/reports/afb-2025-12-31-1-en.xhtml); period 2025-12-31, filed 2026-04-07.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.