# Abrdn (ABDN.LSE)

Canonical: https://gigainvestors.com/s/ABDN.LSE

Analysis as of: 2026-10-16T07:37:09.716Z. Financial observations: FY2004–FY2025.

Listing currency: GBX. Reporting currency: GBP.

## Verdict

Not a wonderful business

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

Share price: GBX 238.60 per share; close as of 2026-10-15.

Estimated value: low GBX 165.41 per share, central GBX 175.98 per share, high GBX 190.04 per share. Buy at or below the central value GBX 175.98 per share. Valuation as of 2026-10-16T07:37:09.716Z; scenarios are not confidence intervals.

Expected annual return: 7.0% at the stated quote. About 7.0% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; GB 10-year bond 5.4% + 4 points).

## Checklist

### understandable: fail

- 7 revenue declines in the last 10 years

- more than 5 revenue declines in ten years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 7

- Years with a net loss: 1

- Operating margin variation: 0.53×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.06×

- FY2017: 0.27×

- FY2018: 0.16×

- FY2019: 0.46×

- FY2020: 0.11×

- FY2021: 0.20×

- FY2022: 0.16×

- FY2023: 0.18×

- FY2024: 0.16×

- FY2025: 0.19×

### 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: 5.3%

- ROIC, second-lowest year: 2.7%

- Typical minus recent gross margin: -1.0 pp

- Typical gross margin (annual median): 93.9%

- Recent gross margin (lower of latest and 3-year median): 94.9%

- Years with nonpositive capital: 2

- Capital spending / revenue: 1.7%

- ROIC including acquisitions, ten-year median: 2.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 13.2%

- FY2017: 4.9%

- FY2018: 5.2%

- FY2019: 31.7%

- FY2020: 2.6%

- FY2021: 4.7%

- FY2022: 2.7%

- FY2023: 5.4%

- FY2024: 6.4%

- FY2025: 8.2%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.79×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: GBP 834M

- Net income, five-year total: GBP 1.1B

- Return on incremental invested capital: -257.3%

- Working capital / revenue, annual change: 1.5 pp

- Working capital / revenue, change between three-year averages: 12.9 pp

- Working capital / revenue, final three-year average: -18.2%

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

- FY2021: -0.04×

- FY2022: -0.11×

- FY2023: 138.00×

- FY2024: 0.76×

- FY2025: 1.28×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 5.2% vs 6.4%

- Per-share earnings: 0.38 to 0.13 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.5%

- Ordinary dilution, 5-year annual growth: -1.0%

- Market cap gain: GBP -2.9B

- Cumulative retained earnings: GBP 817M

- Diluted shares, 10-year annual growth: -0.5%

- Diluted shares, 5-year annual growth: -1.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -12.5%

- Per-share value change: GBP -0.25

- Per-share value, starting three-year median: GBP 0.38

- Per-share value, ending three-year median: GBP 0.13

- Buybacks concentrated in cheaper years (correlation): -0.37

- Average buyback yield: 4.7%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: GBP 5.1B

- Cumulative net income, 10 years: GBP 4.1B

- ROIC, first three-year median: 5.2%

- ROIC, last three-year median: 6.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: GBP 0.21

- FY2017: GBP 0.38

- FY2018: GBP 0.44

- FY2019: GBP 0.13

- FY2020: GBP 0.43

- FY2021: GBP 0.53

- FY2022: GBP -0.29

- FY2023: GBP 0.00

- FY2024: GBP 0.13

- FY2025: GBP 0.21

### accounting: pass

- Sloan accruals: -0.4%

- Receivables to sales index (DSRI): 0.02×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.10×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.27×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -0.2%

- FY2017: -0.8%

- FY2018: 0.0%

- FY2019: 0.6%

- FY2020: 7.4%

- FY2021: 8.6%

- FY2022: -7.2%

- FY2023: -2.7%

- FY2024: 0.3%

- FY2025: -0.4%

## Holders

## Price story

Price needs cash profits to grow 7.7% a year for ten years · sales -2.1%

Story as of 2026-10-16T10:00:08.764Z; price observation 2026-10-15.

Price needs cash profits to grow 7.7% a year for ten years

### Sales · FY2024–2025

sales -2.1%; source https://filings.xbrl.org/0TMBS544NMO7GLCE7H90/2025-12-31/ESEF/GB/0/0TMBS544NMO7GLCE7H90-2025-12-31/reports/0TMBS544NMO7GLCE7H90-2025-12-31-T01.html; observed 2026-04-07.

- FY2016: GBP 19B 

- FY2017: GBP 2.2B 

- FY2018: GBP 2.1B 

- FY2019: GBP 3.9B 

- FY2020: GBP 1.5B 

- FY2021: GBP 1.7B 

- FY2022: GBP 1.5B 

- FY2023: GBP 1.5B 

- FY2024: GBP 1.4B 

- FY2025: GBP 1.3B 

### Gross margin · FY2025

gross margin 94.9%; source https://filings.xbrl.org/0TMBS544NMO7GLCE7H90/2025-12-31/ESEF/GB/0/0TMBS544NMO7GLCE7H90-2025-12-31/reports/0TMBS544NMO7GLCE7H90-2025-12-31-T01.html; observed 2026-04-07.

- FY2016: 14.2% 

- FY2017: 87.3% 

- FY2019: 89.1% 

- FY2020: 93.2% 

- FY2021: 91.6% 

- FY2022: 94.7% 

- FY2023: 94.8% 

- FY2024: 95.3% 

- FY2025: 94.9% 

## Owner memo

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

### How it makes money

Operates in asset management; annual sales are GBP 1.3 billion.

- Source: https://filings.xbrl.org/0TMBS544NMO7GLCE7H90/2025-12-31/ESEF/GB/0/0TMBS544NMO7GLCE7H90-2025-12-31/reports/0TMBS544NMO7GLCE7H90-2025-12-31-T01.html (filed 2026-04-07); FY2025: revenue 1341000000; grossProfit 1273000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ABDN.LSE: Aberdeen Group Plc provides asset management services in the United Kingdom, Europe, North America, and Asia. It makes traditional, private equity/ buyout, venture capital, secondary (direct), secondary (indirect), real estate investments & blend investments in early venture, middle market, growth capital & buyout investments. The company offers investment solutions and funds; long-term savings and investment products to individual and corporate customers; and life insurance and savings products. It provides its products through institutional, wholesale, and retail distribution channels. It invests in healthcare, information technology, telecommunication services, media & real estate investments. The firm invests globally. It prefers to have majority stakes in its portfolio companies. Aberdeen Group Plc was founded in 1825 and is based in Edinburgh, United Kingdom with additional offices across Europe, Middle East, Asia Pacific, North America and South America.

### Why customers stay

Margins ranged from 94.8% to 95.3% during 2023–25; it earns 5.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2023: grossProfit / revenue = 94.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2024: grossProfit / revenue = 95.3%.

- Source: https://filings.xbrl.org/0TMBS544NMO7GLCE7H90/2025-12-31/ESEF/GB/0/0TMBS544NMO7GLCE7H90-2025-12-31/reports/0TMBS544NMO7GLCE7H90-2025-12-31-T01.html (filed 2026-04-07); FY2025: grossProfit / revenue = 94.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); 10-year return on capital observations [[2016,0.1317321178120617],[2017,0.048532255292761804],[2018,0.05180327868852459],[2019,0.31670671975991455],[2020,0.026314958429289527],[2021,0.04697466310660779],[2022,0.026824750947102568],[2023,0.05363954068896655],[2024,0.06357568545181728],[2025,0.081830144196502]]; median 0.05272140968874557. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

The repricing, while necessary, has resulted in a decrease in revenue margin with revenue 14% lower year-on-year.

- Source: https://filings.xbrl.org/0TMBS544NMO7GLCE7H90/2025-12-31/ESEF/GB/0/0TMBS544NMO7GLCE7H90-2025-12-31/reports/0TMBS544NMO7GLCE7H90-2025-12-31-T01.html (filed 2026-04-07); This repricing was delivered for new customers in mid-2024, and to existing customers early in 2025. The repricing, while necessary, has resulted in a decrease in revenue margin with revenue 14% lower year-on-year. In 2025, we also repriced our Managed Portfolio Service (MPS).

### Where the cash goes

Paid dividends in 10 of 10 years; bought back GBP 34 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2016: growth capex 0; upkeep 71000000; owner earnings 375000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2017: growth capex 0; upkeep 106000000; owner earnings 732000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2018: growth capex 0; upkeep 156000000; owner earnings 918000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2019: growth capex 0; upkeep 43000000; owner earnings 61400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2022: growth capex 0; upkeep 27000000; owner earnings 59000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2023: growth capex 0; upkeep 59000000; owner earnings 138000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2024: growth capex 0; upkeep 33000000; owner earnings 180000000. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/0TMBS544NMO7GLCE7H90/2025-12-31/ESEF/GB/0/0TMBS544NMO7GLCE7H90-2025-12-31/reports/0TMBS544NMO7GLCE7H90-2025-12-31-T01.html (filed 2026-04-07); FY2025: growth capex 0; upkeep 21000000; owner earnings 498000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); Dividend observations: [[2016,370000000],[2017,469000000],[2018,1622000000],[2019,523000000],[2020,484000000],[2021,308000000],[2022,307000000],[2023,279000000],[2024,260000000],[2025,261000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://filings.xbrl.org/0TMBS544NMO7GLCE7H90/2025-12-31/ESEF/GB/0/0TMBS544NMO7GLCE7H90-2025-12-31/reports/0TMBS544NMO7GLCE7H90-2025-12-31-T01.html (filed 2026-04-07); FY2025: cash repurchases 34000000 GBP.

### Are managers owners

Insiders own 0.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ABDN.LSE SharesStats.PercentInsiders = 0.158 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 7.7% yearly over ten years; actual decline was 9.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); Ten-year compound average after fade. Initial solved rate 0.09740337687984527. Price 238.6; FX 100; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.7447081307506234 → FY2025 0.27317608337904553. Closing-price date 2026-10-15.

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

- 2016-10: GBX 337.80 per share

- 2016-11: GBX 345.60 per share

- 2016-12: GBX 372.00 per share

- 2017-01: GBX 345.70 per share

- 2017-02: GBX 368.70 per share

- 2017-03: GBX 354.70 per share

- 2017-04: GBX 363.90 per share

- 2017-05: GBX 382.80 per share

- 2017-06: GBX 399.10 per share

- 2017-07: GBX 436.40 per share

- 2017-08: GBX 429.60 per share

- 2017-09: GBX 433.50 per share

- 2017-10: GBX 429.80 per share

- 2017-11: GBX 430.20 per share

- 2017-12: GBX 436.60 per share

- 2018-01: GBX 425.50 per share

- 2018-02: GBX 368.10 per share

- 2018-03: GBX 359.70 per share

- 2018-04: GBX 365.30 per share

- 2018-05: GBX 350.50 per share

- 2018-06: GBX 325.70 per share

- 2018-07: GBX 312.30 per share

- 2018-08: GBX 316.90 per share

- 2018-09: GBX 305.90 per share

- 2018-10: GBX 270.50 per share

- 2018-11: GBX 265.40 per share

- 2018-12: GBX 256.75 per share

- 2019-01: GBX 251.65 per share

- 2019-02: GBX 246.75 per share

- 2019-03: GBX 263.95 per share

- 2019-04: GBX 278.90 per share

- 2019-05: GBX 267.30 per share

- 2019-06: GBX 294.60 per share

- 2019-07: GBX 298.80 per share

- 2019-08: GBX 249.30 per share

- 2019-09: GBX 285.80 per share

- 2019-10: GBX 303.50 per share

- 2019-11: GBX 316.90 per share

- 2019-12: GBX 328.10 per share

- 2020-01: GBX 301.50 per share

- 2020-02: GBX 276.40 per share

- 2020-03: GBX 223.90 per share

- 2020-04: GBX 221.10 per share

- 2020-05: GBX 258.30 per share

- 2020-06: GBX 267.60 per share

- 2020-07: GBX 250.40 per share

- 2020-08: GBX 237.20 per share

- 2020-09: GBX 226.00 per share

- 2020-10: GBX 224.50 per share

- 2020-11: GBX 270.90 per share

- 2020-12: GBX 281.30 per share

- 2021-01: GBX 302.10 per share

- 2021-02: GBX 310.80 per share

- 2021-03: GBX 289.90 per share

- 2021-04: GBX 277.50 per share

- 2021-05: GBX 275.00 per share

- 2021-06: GBX 271.00 per share

- 2021-07: GBX 284.00 per share

- 2021-08: GBX 265.50 per share

- 2021-09: GBX 255.60 per share

- 2021-10: GBX 254.00 per share

- 2021-11: GBX 233.30 per share

- 2021-12: GBX 240.90 per share

- 2022-01: GBX 240.90 per share

- 2022-02: GBX 206.70 per share

- 2022-03: GBX 214.90 per share

- 2022-04: GBX 189.30 per share

- 2022-05: GBX 195.00 per share

- 2022-06: GBX 159.85 per share

- 2022-07: GBX 165.70 per share

- 2022-08: GBX 146.85 per share

- 2022-09: GBX 139.10 per share

- 2022-10: GBX 159.00 per share

- 2022-11: GBX 194.40 per share

- 2022-12: GBX 189.25 per share

- 2023-01: GBX 212.60 per share

- 2023-02: GBX 224.60 per share

- 2023-03: GBX 203.50 per share

- 2023-04: GBX 212.70 per share

- 2023-05: GBX 198.50 per share

- 2023-06: GBX 218.20 per share

- 2023-07: GBX 231.90 per share

- 2023-08: GBX 165.10 per share

- 2023-09: GBX 155.75 per share

- 2023-10: GBX 156.65 per share

- 2023-11: GBX 162.95 per share

- 2023-12: GBX 178.65 per share

- 2024-01: GBX 168.50 per share

- 2024-02: GBX 157.40 per share

- 2024-03: GBX 141.10 per share

- 2024-04: GBX 146.50 per share

- 2024-05: GBX 155.05 per share

- 2024-06: GBX 148.20 per share

- 2024-07: GBX 170.05 per share

- 2024-08: GBX 149.80 per share

- 2024-09: GBX 163.35 per share

- 2024-10: GBX 132.15 per share

- 2024-11: GBX 140.90 per share

- 2024-12: GBX 141.15 per share

- 2025-01: GBX 154.75 per share

- 2025-02: GBX 158.55 per share

- 2025-03: GBX 154.65 per share

- 2025-04: GBX 147.60 per share

- 2025-05: GBX 173.60 per share

- 2025-06: GBX 187.20 per share

- 2025-07: GBX 200.60 per share

- 2025-08: GBX 194.70 per share

- 2025-09: GBX 197.50 per share

- 2025-10: GBX 203.00 per share

- 2025-11: GBX 207.20 per share

- 2025-12: GBX 205.60 per share

- 2026-01: GBX 217.40 per share

- 2026-02: GBX 219.80 per share

- 2026-03: GBX 189.80 per share

- 2026-04: GBX 208.10 per share

- 2026-05: GBX 248.20 per share

- 2026-06: GBX 238.20 per share

- 2026-07: GBX 240.60 per share

- 2026-08: GBX 252.20 per share

- 2026-09: GBX 248.40 per share

- 2026-10: GBX 238.60 per share

## Annual estimated value (GBX per share)

- FY2016: low GBX 763.31 per share, central GBX 809.81 per share, high GBX 871.70 per share

- FY2017: low GBX 591.35 per share, central GBX 596.54 per share, high GBX 603.45 per share

- FY2018: low GBX 256.19 per share, central GBX 283.47 per share, high GBX 319.79 per share

- FY2019: low GBX 404.03 per share, central GBX 449.38 per share, high GBX 509.74 per share

- FY2020: low GBX 371.47 per share, central GBX 411.99 per share, high GBX 465.95 per share

- FY2021: low GBX 116.27 per share, central GBX 118.41 per share, high GBX 121.26 per share

- FY2022: low GBX 71.78 per share, central GBX 73.68 per share, high GBX 76.21 per share

- FY2023: low GBX 77.32 per share, central GBX 79.24 per share, high GBX 81.80 per share

- FY2024: low GBX 103.26 per share, central GBX 107.61 per share, high GBX 113.39 per share

- FY2025: low GBX 172.27 per share, central GBX 182.65 per share, high GBX 196.46 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

Prior published observations retained from 2026-10-15T06:42:56.260Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/0TMBS544NMO7GLCE7H90/2025-12-31/ESEF/GB/0/0TMBS544NMO7GLCE7H90-2025-12-31/reports/0TMBS544NMO7GLCE7H90-2025-12-31-T01.html); 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.

## Reported holder observations