# IntegraFin Holdings (IHP.LSE)

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

Analysis as of: 2026-10-16T07:42:02.083Z. Financial observations: FY2013–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 363.50 per share; close as of 2026-10-15.

Estimated value: low GBX 325.97 per share, central GBX 358.95 per share, high GBX 402.84 per share. Buy at or below the central value GBX 358.95 per share. Valuation as of 2026-10-16T07:42:02.083Z; scenarios are not confidence intervals.

Expected annual return: 9.9% at the stated quote. About 9.9% 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

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 2.36×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.66×

- FY2017: 0.55×

- FY2018: 0.53×

- FY2019: 0.57×

- FY2020: -0.72×

- FY2021: 0.51×

- FY2022: 0.40×

- FY2023: 0.42×

- FY2024: 0.39×

- FY2025: -0.98×

### moat: fail

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

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

- ROIC, median of available years: 18.4%

- ROIC, second-lowest year: -44.6%

- Typical minus recent gross margin: 2.2 pp

- Typical gross margin (annual median): 97.5%

- Recent gross margin (lower of latest and 3-year median): 95.4%

- Years with nonpositive capital: 8

- Capital spending / revenue: 0.6%

- ROIC including acquisitions, ten-year median: 0.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 30.8%

- FY2017: 27.9%

- FY2018: 0.2%

- FY2019: 0.2%

- FY2020: -44.6%

- FY2021: 24.4%

- FY2022: 30.5%

- FY2023: 19.7%

- FY2024: 17.0%

- FY2025: -51.6%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 1.01×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: GBP 252M

- Net income, five-year total: GBP 248M

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: -190.8 pp

- Working capital / revenue, change between three-year averages: 7.1 pp

- Working capital / revenue, final three-year average: 13.3%

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

- FY2021: 1.03×

- FY2022: 1.05×

- FY2023: 1.03×

- FY2024: 1.01×

- FY2025: 0.95×

### management: pass

- Historical market-dollar context (not the management verdict): 2018 to 2025 (7 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 27.9% vs 17.0%

- Per-share earnings: 0.06 to 0.15 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.0%

- Ordinary dilution, 5-year annual growth: -0.0%

- Market cap gain: GBP -28M

- Cumulative retained earnings: GBP 120M

- Diluted shares, 10-year annual growth: -0.0%

- Diluted shares, 5-year annual growth: -0.0%

- $1 test, starting fiscal year: FY2018

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 11.9%

- Per-share value change: GBP 0.09

- Per-share value, starting three-year median: GBP 0.06

- Per-share value, ending three-year median: GBP 0.15

- Buybacks concentrated in cheaper years (correlation): 0.79

- Average buyback yield: 0.1%

- Buyback history: 7 years

- Debt-funded buybacks: No

- Acquisition spending: GBP 39M

- Cumulative net income, 10 years: GBP 418M

- ROIC, first three-year median: 27.9%

- ROIC, last three-year median: 17.0%

Chart: Earnings per share; fiscal year observations.

- FY2016: GBP 0.06

- FY2017: GBP 0.20

- FY2018: GBP 0.10

- FY2019: GBP 0.12

- FY2020: GBP 0.14

- FY2021: GBP 0.15

- FY2022: GBP 0.13

- FY2023: GBP 0.15

- FY2024: GBP 0.16

- FY2025: GBP 0.15

### accounting: pass

- Sloan accruals: -0.8%

- Receivables to sales index (DSRI): 0.34×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.8%

- Earnings backed by cash: Yes

- Operating cash / earnings: 6.64×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.06×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -0.0%

- FY2017: -0.0%

- FY2018: -0.1%

- FY2019: -0.6%

- FY2020: -1.0%

- FY2021: 0.5%

- FY2022: -0.9%

- FY2023: 0.2%

- FY2024: -0.8%

- FY2025: -0.8%

## Holders

## Price story

Down 37% since Nov 2021 · sales +36.9%

Story as of 2026-10-16T10:00:12.206Z; price observation 2026-10-15.

Price needs cash profits to grow 1.1% a year for ten years

### Sales · FY2024–2025

sales +36.9%; source https://filings.xbrl.org/213800CYIZKXK9PQYE87/2024-09-30/ESEF/GB/0/213800CYIZKXK9PQYE87-2024-09-30/reports/213800CYIZKXK9PQYE87-2024-09-30-T01.html; observed 2025-01-30.

- FY2016: GBP 68M 

- FY2017: GBP 80M 

- FY2018: GBP 91M 

- FY2019: GBP 99M 

- FY2020: GBP 104M 

- FY2021: GBP 124M 

- FY2022: GBP 134M 

- FY2023: GBP 135M 

- FY2024: GBP 145M 

- FY2025: GBP 198M 

### Gross margin · FY2025

gross margin 95.4%; source https://filings.xbrl.org/213800CYIZKXK9PQYE87/2024-09-30/ESEF/GB/0/213800CYIZKXK9PQYE87-2024-09-30/reports/213800CYIZKXK9PQYE87-2024-09-30-T01.html; observed 2025-01-30.

- FY2016: 99.3% 

- FY2017: 99.3% 

- FY2018: 99.1% 

- FY2019: 52.5% 

- FY2020: 96.7% 

- FY2022: 67.4% 

- FY2023: 97.1% 

- FY2024: 97.9% 

- FY2025: 95.4% 

## Owner memo

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

### How it makes money

Operates in asset management; annual sales are GBP 198.3 million.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-01-30); FY2025: revenue 198300000; grossProfit 189100000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); IHP.LSE: IntegraFin Holdings plc, together with its subsidiaries, provides software and services for clients and UK financial advisers in the United Kingdom and Isle of Man. It operates through three segments: Investment Administration Services, Insurance and Life Assurance Business, and Adviser Back-Office Technology. The company operates Transact, a wrap platform that enable advisers to consolidate their client investments using tax efficient wrappers and provide range of investment choice; and Time4Advice, an adviser practice management solution. It also provides software provision and development, and maintenance; life insurance and assurance; financial planning software; and investment administration services. IntegraFin Holdings plc was founded in 1999 and is headquartered in London, the United Kingdom.

### Why customers stay

Margins ranged from 95.4% to 97.9% during 2023–25; it earns 18.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-01-30); FY2023: grossProfit / revenue = 97.1%.

- Source: https://filings.xbrl.org/213800CYIZKXK9PQYE87/2024-09-30/ESEF/GB/0/213800CYIZKXK9PQYE87-2024-09-30/reports/213800CYIZKXK9PQYE87-2024-09-30-T01.html (filed 2025-01-30); FY2024: grossProfit / revenue = 97.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-01-30); FY2025: grossProfit / revenue = 95.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-01-30); 10-year return on capital observations [[2016,0.30790012602394456],[2017,0.27899152228441354],[2018,0.0023809495939668053],[2019,0.0024569173715260476],[2020,-0.44646211999327795],[2021,0.24413290623941428],[2022,0.30454545454545456],[2023,0.19690419619139737],[2024,0.1701883325677538],[2025,-0.5157002858309514]]; median 0.18354626437957558. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 3.5% of cash earnings on expansion; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-01-30); FY2016: growth capex 0; upkeep 730000; owner earnings 22018000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-01-30); FY2017: growth capex 0; upkeep 434000; owner earnings 30026000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-01-30); FY2018: growth capex 0; upkeep 542000; owner earnings 32972000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-01-30); FY2019: growth capex 190737.1911326307; upkeep 1055262.8088673693; owner earnings 39760737.19113263. Growth capex / owner earnings = 0.004797124113060171.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-01-30); FY2020: growth capex 0; upkeep 859000; owner earnings 45978600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-01-30); FY2021: growth capex 0; upkeep 660000; owner earnings 52532600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-01-30); FY2022: growth capex 0; upkeep 400000; owner earnings 46040000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-01-30); FY2023: growth capex 0; upkeep 700000; owner earnings 51480000. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/213800CYIZKXK9PQYE87/2024-09-30/ESEF/GB/0/213800CYIZKXK9PQYE87-2024-09-30/reports/213800CYIZKXK9PQYE87-2024-09-30-T01.html (filed 2025-01-30); FY2024: growth capex 0; upkeep 900000; owner earnings 52820000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-01-30); FY2025: growth capex 1700000; upkeep 2900000; owner earnings 48700000. Growth capex / owner earnings = 0.03490759753593429.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-01-30); Dividend observations: [[2016,9652000],[2017,13521000],[2018,19380000],[2019,29807000],[2020,26158000],[2021,28500000],[2022,33700000],[2023,33700000],[2024,33700000],[2025,34700000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-01-30); FY2025: cash repurchases 2800000 GBP.

### Are managers owners

Insiders own 14.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); IHP.LSE SharesStats.PercentInsiders = 14.882000000000001 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 1.1% yearly over ten years; actual growth was 10.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-01-30); Ten-year compound average after fade. Initial solved rate 0.002952835886412264. Price 363.5; FX 100; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.05576750110164734 → FY2025 0.14712990936555892. Closing-price date 2026-10-15.

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

- 2018-02: GBX 258.00 per share

- 2018-03: GBX 257.00 per share

- 2018-04: GBX 286.00 per share

- 2018-05: GBX 360.00 per share

- 2018-06: GBX 360.00 per share

- 2018-07: GBX 375.00 per share

- 2018-08: GBX 360.00 per share

- 2018-09: GBX 355.00 per share

- 2018-10: GBX 270.00 per share

- 2018-11: GBX 304.75 per share

- 2018-12: GBX 307.00 per share

- 2019-01: GBX 342.65 per share

- 2019-02: GBX 356.10 per share

- 2019-03: GBX 350.00 per share

- 2019-04: GBX 394.80 per share

- 2019-05: GBX 389.15 per share

- 2019-06: GBX 380.00 per share

- 2019-07: GBX 385.00 per share

- 2019-08: GBX 386.50 per share

- 2019-09: GBX 396.00 per share

- 2019-10: GBX 369.00 per share

- 2019-11: GBX 400.00 per share

- 2019-12: GBX 445.00 per share

- 2020-01: GBX 495.00 per share

- 2020-02: GBX 479.00 per share

- 2020-03: GBX 435.50 per share

- 2020-04: GBX 495.50 per share

- 2020-05: GBX 535.00 per share

- 2020-06: GBX 458.00 per share

- 2020-07: GBX 542.00 per share

- 2020-08: GBX 537.00 per share

- 2020-09: GBX 508.00 per share

- 2020-10: GBX 486.50 per share

- 2020-11: GBX 482.50 per share

- 2020-12: GBX 556.00 per share

- 2021-01: GBX 548.00 per share

- 2021-02: GBX 499.00 per share

- 2021-03: GBX 507.00 per share

- 2021-04: GBX 561.50 per share

- 2021-05: GBX 544.00 per share

- 2021-06: GBX 515.00 per share

- 2021-07: GBX 530.50 per share

- 2021-08: GBX 579.00 per share

- 2021-09: GBX 519.00 per share

- 2021-10: GBX 571.50 per share

- 2021-11: GBX 577.50 per share

- 2021-12: GBX 560.50 per share

- 2022-01: GBX 492.40 per share

- 2022-02: GBX 432.20 per share

- 2022-03: GBX 421.00 per share

- 2022-04: GBX 360.40 per share

- 2022-05: GBX 301.60 per share

- 2022-06: GBX 224.80 per share

- 2022-07: GBX 273.60 per share

- 2022-08: GBX 268.60 per share

- 2022-09: GBX 219.80 per share

- 2022-10: GBX 252.00 per share

- 2022-11: GBX 293.00 per share

- 2022-12: GBX 302.20 per share

- 2023-01: GBX 312.80 per share

- 2023-02: GBX 283.40 per share

- 2023-03: GBX 272.00 per share

- 2023-04: GBX 272.20 per share

- 2023-05: GBX 251.60 per share

- 2023-06: GBX 237.00 per share

- 2023-07: GBX 245.00 per share

- 2023-08: GBX 241.00 per share

- 2023-09: GBX 237.20 per share

- 2023-10: GBX 218.80 per share

- 2023-11: GBX 252.80 per share

- 2023-12: GBX 303.20 per share

- 2024-01: GBX 295.40 per share

- 2024-02: GBX 273.00 per share

- 2024-03: GBX 278.00 per share

- 2024-04: GBX 300.00 per share

- 2024-05: GBX 351.00 per share

- 2024-06: GBX 347.00 per share

- 2024-07: GBX 385.00 per share

- 2024-08: GBX 387.00 per share

- 2024-09: GBX 370.00 per share

- 2024-10: GBX 368.00 per share

- 2024-11: GBX 394.00 per share

- 2024-12: GBX 345.50 per share

- 2025-01: GBX 364.50 per share

- 2025-02: GBX 323.50 per share

- 2025-03: GBX 306.00 per share

- 2025-04: GBX 304.50 per share

- 2025-05: GBX 318.00 per share

- 2025-06: GBX 326.00 per share

- 2025-07: GBX 359.50 per share

- 2025-08: GBX 349.00 per share

- 2025-09: GBX 347.00 per share

- 2025-10: GBX 362.50 per share

- 2025-11: GBX 347.00 per share

- 2025-12: GBX 360.00 per share

- 2026-01: GBX 351.50 per share

- 2026-02: GBX 318.00 per share

- 2026-03: GBX 306.00 per share

- 2026-04: GBX 326.00 per share

- 2026-05: GBX 338.50 per share

- 2026-06: GBX 354.50 per share

- 2026-07: GBX 368.50 per share

- 2026-08: GBX 398.50 per share

- 2026-09: GBX 377.50 per share

- 2026-10: GBX 363.50 per share

## Annual estimated value (GBX per share)

- FY2017: low GBX 251.95 per share, central GBX 276.01 per share, high GBX 308.03 per share

- FY2018: low GBX 133.50 per share, central GBX 146.86 per share, high GBX 164.64 per share

- FY2019: low GBX 159.16 per share, central GBX 175.46 per share, high GBX 197.17 per share

- FY2020: low GBX 594.35 per share, central GBX 612.09 per share, high GBX 635.72 per share

- FY2021: low GBX 599.76 per share, central GBX 622.32 per share, high GBX 652.35 per share

- FY2022: low GBX 232.08 per share, central GBX 256.45 per share, high GBX 288.88 per share

- FY2023: low GBX 281.58 per share, central GBX 376.69 per share, high GBX 432.07 per share

- FY2024: low GBX 286.60 per share, central GBX 383.83 per share, high GBX 440.44 per share

- FY2025: low GBX 318.59 per share, central GBX 351.50 per share, high GBX 395.31 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 2026-10-15T06:47:45.561Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/213800CYIZKXK9PQYE87/2024-09-30/ESEF/GB/0/213800CYIZKXK9PQYE87-2024-09-30/reports/213800CYIZKXK9PQYE87-2024-09-30-T01.html); period 2024-09-30, filed 2025-01-30.

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