# IG Group Holdings (IGG.LSE)

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

Analysis as of: 2026-10-16T07:37:56.978Z. Financial observations: FY2002–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 978.50 per share; close as of 2026-10-15.

Estimated value: low GBX 2,072.64 per share, central GBX 2,808.20 per share, high GBX 3,290.62 per share. Buy at or below the central value GBX 2,808.20 per share. Valuation as of 2026-10-16T07:37:56.978Z; scenarios are not confidence intervals.

Expected annual return: 22.3% at the stated quote. About 22.3% 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: pass

- 2 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.11×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.42×

- FY2017: 0.41×

- FY2018: 0.46×

- FY2019: 0.38×

- FY2020: 0.44×

- FY2021: 0.53×

- FY2022: 0.49×

- FY2023: 0.42×

- FY2024: 0.37×

- FY2025: 0.38×

### moat: fail

- Recent gross margin fell 6.7pp below the typical margin (limit 4pp)

- ROIC, median of available years: 50.7%

- ROIC, second-lowest year: 36.2%

- Typical minus recent gross margin: 6.7 pp

- Typical gross margin (annual median): 89.3%

- Recent gross margin (lower of latest and 3-year median): 82.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.6%

- ROIC including acquisitions, ten-year median: 37.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 49.1%

- FY2017: 43.0%

- FY2018: 50.4%

- FY2019: 36.2%

- FY2020: 72.7%

- FY2021: >100%

- FY2022: >100%

- FY2023: 50.9%

- FY2024: 54.4%

- FY2025: 29.2%

### economics: pass

- Owner earnings / net income, 5-yr: 1.10×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: GBP 2.1B

- Net income, five-year total: GBP 1.9B

- Return on incremental invested capital: 568.3%

- Working capital / revenue, annual change: -15.5 pp

- Working capital / revenue, change between three-year averages: -104.5 pp

- Working capital / revenue, final three-year average: 3.1%

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

- FY2021: 1.01×

- FY2022: 1.09×

- FY2023: 1.08×

- FY2024: 1.18×

- FY2025: 1.12×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 49.1% vs 50.9%

- Per-share earnings: 0.44 to 0.91 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.7%

- Ordinary dilution, 5-year annual growth: -1.2%

- Market cap gain: GBP 2.4B

- Cumulative retained earnings: GBP 1.5B

- Diluted shares, 10-year annual growth: -0.7%

- Diluted shares, 5-year annual growth: -1.2%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 9.5%

- Per-share value change: GBP 0.47

- Per-share value, starting three-year median: GBP 0.44

- Per-share value, ending three-year median: GBP 0.91

- Buybacks concentrated in cheaper years (correlation): 0.63

- Average buyback yield: 2.3%

- Buyback history: 9 years

- Debt-funded buybacks: Yes

- Acquisition spending: GBP 1.5B

- Cumulative net income, 10 years: GBP 2.9B

- ROIC, first three-year median: 49.1%

- ROIC, last three-year median: 50.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: GBP 0.44

- FY2017: GBP 0.45

- FY2018: GBP 0.61

- FY2019: GBP 0.43

- FY2020: GBP 0.65

- FY2021: GBP 0.88

- FY2022: GBP 0.93

- FY2023: GBP 0.91

- FY2024: GBP 0.84

- FY2025: GBP 1.35

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: -0.4%

- Receivables to sales index (DSRI): 26.98×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 2.4%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.03×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.46×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.6%

- FY2017: -1.0%

- FY2018: -0.1%

- FY2019: -5.4%

- FY2020: -4.0%

- FY2021: -6.9%

- FY2022: -10.1%

- FY2023: 6.2%

- FY2024: -3.0%

- FY2025: -0.4%

## Holders

## Price story

Down 46% since Jun 2026 · "IG Group shares plunge 27% as Q3 revenue expected lower on weaker OTC retention" (finance.yahoo.com, Oct 2026) · sales +33.2%

Story as of 2026-10-16T10:00:09.607Z; price observation 2026-10-15.

Price needs cash profits to shrink 8.1% a year for ten years

- 2026-10-02: IG Group shares plunge 27% as Q3 revenue expected lower on weaker OTC retention ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/ig-group-shares-plunge-27-070017200.html))

### Sales · FY2024–2025

sales +33.2%; source https://filings.xbrl.org/2138003A5Q1M7ANOUD76/2024-05-31/ESEF/GB/0/2138003A5Q1M7ANOUD76-2024-05-31/reports/2138003A5Q1M7ANOUD76-2024-05-31-T01.xhtml; observed 2024-08-28.

- FY2016: GBP 494M 

- FY2017: GBP 527M 

- FY2018: GBP 598M 

- FY2019: GBP 497M 

- FY2020: GBP 665M 

- FY2021: GBP 856M 

- FY2022: GBP 994M 

- FY2023: GBP 1.0B 

- FY2024: GBP 1.0B 

- FY2025: GBP 1.3B 

### Gross margin · FY2025

gross margin 82.8%; source https://filings.xbrl.org/2138003A5Q1M7ANOUD76/2024-05-31/ESEF/GB/0/2138003A5Q1M7ANOUD76-2024-05-31/reports/2138003A5Q1M7ANOUD76-2024-05-31-T01.xhtml; observed 2024-08-28.

- FY2016: 97.4% 

- FY2017: 96.9% 

- FY2018: 89.6% 

- FY2019: 89.1% 

- FY2020: 89.8% 

- FY2021: 92.7% 

- FY2022: 87.0% 

- FY2023: 82.6% 

- FY2024: 79.6% 

- FY2025: 82.8% 

## Owner memo

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

### How it makes money

Operates in capital markets; annual sales are GBP 1.3 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-08-28); FY2025: revenue 1338900000; grossProfit 1108400000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); IGG.LSE: IG Group Holdings plc, a fintech company, engages in the online trading and investments business in the United Kingdom, Ireland, the Asia-Pacific, the Middle East, the United States, Europe, and institutional and emerging markets. The company offers retail over the counter derivatives, including contracts for difference, OTC FX and options; and exchange-traded derivatives options and futures under the tastytrade. It also provides stock trading and investment services, such as smart portfolios and ISA and SIPPs, as well as equities, exchange traded funds, and fixed income products, which include fractional shares, mutual funds, UK treasury bills, UK tax wrappers, securities lending, and proxy voting services; and cash crypto trading. In addition, the company offers content and education solutions, such as daily live programming, news and original content, and webinars and tutorials, as well as content, education, and support tools, including signals, analytics, charting applications, and proprietary insights through the Trade Live with IG and tastylive channels. Further, it engages in foreign exchange, and market risk management; spread betting; data distribution; software development and support services; turbo warrants issuing; financing; market maker; network and content provision; and brokerage activities. The company serves investors, customers, communities, colleagues, regulators, and suppliers. IG Group Holdings plc was founded in 1974 and is headquartered in London, the United Kingdom.

### Why customers stay

Margins ranged from 79.6% to 82.8% during 2023–25; it earns 50.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-08-28); FY2023: grossProfit / revenue = 82.6%.

- Source: https://filings.xbrl.org/2138003A5Q1M7ANOUD76/2024-05-31/ESEF/GB/0/2138003A5Q1M7ANOUD76-2024-05-31/reports/2138003A5Q1M7ANOUD76-2024-05-31-T01.xhtml (filed 2024-08-28); FY2024: grossProfit / revenue = 79.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-08-28); FY2025: grossProfit / revenue = 82.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-08-28); 10-year return on capital observations [[2016,0.4913778773167678],[2017,0.4297463280784789],[2018,0.5041895215162542],[2019,0.36237465191438456],[2020,0.7267874523465654],[2021,1.0965845006667643],[2022,1.5553187986888801],[2023,0.5088777185117285],[2024,0.5435578640756571],[2025,0.29214086651636717]]; median 0.5065336200139914. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back GBP 248 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-08-28); FY2016: growth capex 0; upkeep 5100000; owner earnings 171900000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-08-28); FY2017: growth capex 0; upkeep 10600000; owner earnings 175000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-08-28); FY2018: growth capex 0; upkeep 4400000; owner earnings 239600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-08-28); FY2019: growth capex 0; upkeep 5600000; owner earnings 170000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-08-28); FY2020: growth capex 0; upkeep 16300000; owner earnings 243840000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-08-28); FY2021: growth capex 0; upkeep 16000000; owner earnings 376980000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-08-28); FY2022: growth capex 0; upkeep 17500000; owner earnings 431720000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-08-28); FY2023: growth capex 0; upkeep 26200000; owner earnings 395660000. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/2138003A5Q1M7ANOUD76/2024-05-31/ESEF/GB/0/2138003A5Q1M7ANOUD76-2024-05-31/reports/2138003A5Q1M7ANOUD76-2024-05-31-T01.xhtml (filed 2024-08-28); FY2024: growth capex 0; upkeep 15200000; owner earnings 363540000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-08-28); FY2025: growth capex 0; upkeep 10100000; owner earnings 529000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-08-28); Dividend observations: [[2016,103100000],[2017,118700000],[2018,119600000],[2019,171100000],[2020,159200000],[2021,159700000],[2022,186200000],[2023,188100000],[2024,178300000],[2025,208800000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-08-28); FY2025: cash repurchases 248000000 GBP.

### Are managers owners

Insiders own 0.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); IGG.LSE SharesStats.PercentInsiders = 0.27599999999999997 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 8.1% yearly over ten years; actual growth was 15.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-08-28); Ten-year compound average after fade. Initial solved rate -0.12620552139378377. Price 978.5; FX 100; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.36575093271842907 → FY2025 1.515816209720193. Closing-price date 2026-10-15.

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

- 2016-10: GBX 825.50 per share

- 2016-11: GBX 840.50 per share

- 2016-12: GBX 494.10 per share

- 2017-01: GBX 533.00 per share

- 2017-02: GBX 535.50 per share

- 2017-03: GBX 497.30 per share

- 2017-04: GBX 543.50 per share

- 2017-05: GBX 584.00 per share

- 2017-06: GBX 568.00 per share

- 2017-07: GBX 636.50 per share

- 2017-08: GBX 645.00 per share

- 2017-09: GBX 641.00 per share

- 2017-10: GBX 653.50 per share

- 2017-11: GBX 647.00 per share

- 2017-12: GBX 717.50 per share

- 2018-01: GBX 773.00 per share

- 2018-02: GBX 808.50 per share

- 2018-03: GBX 797.50 per share

- 2018-04: GBX 830.00 per share

- 2018-05: GBX 864.50 per share

- 2018-06: GBX 861.00 per share

- 2018-07: GBX 920.50 per share

- 2018-08: GBX 904.00 per share

- 2018-09: GBX 634.00 per share

- 2018-10: GBX 604.50 per share

- 2018-11: GBX 591.50 per share

- 2018-12: GBX 570.00 per share

- 2019-01: GBX 635.00 per share

- 2019-02: GBX 564.50 per share

- 2019-03: GBX 520.00 per share

- 2019-04: GBX 509.80 per share

- 2019-05: GBX 547.20 per share

- 2019-06: GBX 584.20 per share

- 2019-07: GBX 571.80 per share

- 2019-08: GBX 539.80 per share

- 2019-09: GBX 602.60 per share

- 2019-10: GBX 635.40 per share

- 2019-11: GBX 675.80 per share

- 2019-12: GBX 695.00 per share

- 2020-01: GBX 663.80 per share

- 2020-02: GBX 673.60 per share

- 2020-03: GBX 692.20 per share

- 2020-04: GBX 754.50 per share

- 2020-05: GBX 765.00 per share

- 2020-06: GBX 818.00 per share

- 2020-07: GBX 736.00 per share

- 2020-08: GBX 789.50 per share

- 2020-09: GBX 791.50 per share

- 2020-10: GBX 761.00 per share

- 2020-11: GBX 806.00 per share

- 2020-12: GBX 862.00 per share

- 2021-01: GBX 750.00 per share

- 2021-02: GBX 779.00 per share

- 2021-03: GBX 901.00 per share

- 2021-04: GBX 916.00 per share

- 2021-05: GBX 857.00 per share

- 2021-06: GBX 847.00 per share

- 2021-07: GBX 892.00 per share

- 2021-08: GBX 936.50 per share

- 2021-09: GBX 804.50 per share

- 2021-10: GBX 793.50 per share

- 2021-11: GBX 771.50 per share

- 2021-12: GBX 813.00 per share

- 2022-01: GBX 815.00 per share

- 2022-02: GBX 781.50 per share

- 2022-03: GBX 819.00 per share

- 2022-04: GBX 815.50 per share

- 2022-05: GBX 715.50 per share

- 2022-06: GBX 690.50 per share

- 2022-07: GBX 796.00 per share

- 2022-08: GBX 818.50 per share

- 2022-09: GBX 763.50 per share

- 2022-10: GBX 795.50 per share

- 2022-11: GBX 819.50 per share

- 2022-12: GBX 782.00 per share

- 2023-01: GBX 796.00 per share

- 2023-02: GBX 803.00 per share

- 2023-03: GBX 698.50 per share

- 2023-04: GBX 733.50 per share

- 2023-05: GBX 672.00 per share

- 2023-06: GBX 677.00 per share

- 2023-07: GBX 708.00 per share

- 2023-08: GBX 676.50 per share

- 2023-09: GBX 643.50 per share

- 2023-10: GBX 638.00 per share

- 2023-11: GBX 684.00 per share

- 2023-12: GBX 765.50 per share

- 2024-01: GBX 713.50 per share

- 2024-02: GBX 699.00 per share

- 2024-03: GBX 730.00 per share

- 2024-04: GBX 748.00 per share

- 2024-05: GBX 810.00 per share

- 2024-06: GBX 819.00 per share

- 2024-07: GBX 937.50 per share

- 2024-08: GBX 972.00 per share

- 2024-09: GBX 920.50 per share

- 2024-10: GBX 895.00 per share

- 2024-11: GBX 957.50 per share

- 2024-12: GBX 990.50 per share

- 2025-01: GBX 1,019.00 per share

- 2025-02: GBX 952.00 per share

- 2025-03: GBX 951.50 per share

- 2025-04: GBX 1,065.00 per share

- 2025-05: GBX 1,122.00 per share

- 2025-06: GBX 1,064.00 per share

- 2025-07: GBX 1,130.00 per share

- 2025-08: GBX 1,130.00 per share

- 2025-09: GBX 1,077.00 per share

- 2025-10: GBX 1,114.00 per share

- 2025-11: GBX 1,135.00 per share

- 2025-12: GBX 1,315.00 per share

- 2026-01: GBX 1,352.00 per share

- 2026-02: GBX 1,301.00 per share

- 2026-03: GBX 1,432.00 per share

- 2026-04: GBX 1,503.00 per share

- 2026-05: GBX 1,795.00 per share

- 2026-06: GBX 1,818.00 per share

- 2026-07: GBX 1,460.00 per share

- 2026-08: GBX 1,400.00 per share

- 2026-09: GBX 1,325.00 per share

- 2026-10: GBX 978.50 per share

## Annual estimated value (GBX per share)

- FY2016: low GBX 601.17 per share, central GBX 858.79 per share, high GBX 1,008.80 per share

- FY2017: low GBX 597.91 per share, central GBX 797.53 per share, high GBX 933.83 per share

- FY2018: low GBX 727.96 per share, central GBX 987.99 per share, high GBX 1,157.81 per share

- FY2019: low GBX 573.34 per share, central GBX 751.99 per share, high GBX 879.79 per share

- FY2020: low GBX 785.31 per share, central GBX 1,038.62 per share, high GBX 1,215.62 per share

- FY2021: low GBX 807.68 per share, central GBX 919.04 per share, high GBX 1,067.29 per share

- FY2022: low GBX 1,016.58 per share, central GBX 1,156.75 per share, high GBX 1,343.34 per share

- FY2023: low GBX 1,077.52 per share, central GBX 1,226.09 per share, high GBX 1,423.86 per share

- FY2024: low GBX 1,132.68 per share, central GBX 1,288.85 per share, high GBX 1,496.74 per share

- FY2025: low GBX 1,957.70 per share, central GBX 2,652.48 per share, high GBX 3,108.14 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 2026-10-15T06:43:44.467Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/2138003A5Q1M7ANOUD76/2024-05-31/ESEF/GB/0/2138003A5Q1M7ANOUD76-2024-05-31/reports/2138003A5Q1M7ANOUD76-2024-05-31-T01.xhtml); period 2024-05-31, filed 2024-08-28.

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.