# M&G (MNG.LSE) Canonical: https://gigainvestors.com/s/MNG.LSE Analysis as of: 2026-10-16T07:35:56.405Z. Financial observations: FY2019–FY2025. Listing currency: GBX. Reporting currency: GBP. ## 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: GBX 310.60 per share; close as of 2026-10-15. ## Checklist ### understandable: fail - 2 revenue declines in the last 10 years (informational) - operating margin variation exceeds 0.35 - Financial history: 7 years - Years with declining revenue: 2 - Years with a net loss: 2 - Operating margin variation: 0.64× Chart: Operating margin; fiscal year observations. - FY2019: 0.13× - FY2020: 0.19× - FY2021: 0.07× - FY2023: -0.00× - FY2024: 0.12× - FY2025: 0.06× ### moat: fail - ROIC worst years below threshold (more than 1 bad year allowed) - ROIC, median of available years: 22.3% - ROIC, second-lowest year: -0.3% - Years with nonpositive capital: 0 - Capital spending / revenue: 3.6% - ROIC including acquisitions, ten-year median: 3.3% - Typical minus recent gross margin: -42.1 pp Chart: ROIC excluding acquisitions; fiscal year observations. - FY2019: 48.6% - FY2020: 36.4% - FY2021: 12.3% - FY2022: -29.5% - FY2023: -0.3% - FY2024: 22.3% - FY2025: 23.0% ### economics: fail - owner earnings cash conversion below threshold - incremental invested capital return below threshold - Cash conversion uses consolidated totals: No - Owner earnings, five-year total: GBP -2.7B - Net income, five-year total: GBP -1.3B - Return on incremental invested capital: 0.0% - Working capital / revenue, annual change: -0.4 pp Chart: Owner earnings · five years; fiscal year observations. - FY2021: GBP -568M - FY2022: GBP -2.1B - FY2023: GBP 220M - FY2024: GBP -451M - FY2025: GBP 223M ### management: fail - buybacks unrelated to price (informational) - ROIC first 3 years vs last 3 years: 36.4% vs 22.3% - Per-share earnings: 0.43 to 0.12 (three-year endpoint medians) - per-share value declined or ends nonpositive - Management verdict uses per-share economic progress: Yes - Ordinary dilution, 5-year annual growth: -0.1% - Diluted shares, 5-year annual growth: -0.1% - Per-share value growth: -27.6% - Per-share value change: GBP -0.31 - Per-share value, starting three-year median: GBP 0.43 - Per-share value, ending three-year median: GBP 0.12 - Buybacks concentrated in cheaper years (correlation): -1.00 - Average buyback yield: 6.7% - Buyback history: 2 years - Debt-funded buybacks: No - ROIC, first three-year median: 36.4% - ROIC, last three-year median: 22.3% Chart: Earnings per share; fiscal year observations. - FY2019: GBP 0.43 - FY2020: GBP 0.44 - FY2021: GBP 0.03 - FY2022: GBP -0.69 - FY2023: GBP 0.12 - FY2024: GBP -0.15 - FY2025: GBP 0.12 ### accounting: pass - Sloan accruals: -0.3% - Receivables to sales index (DSRI): 0.23× - Restructuring years, last five: 0 - Stock compensation / operating cash flow: 0.0% - Earnings backed by cash: Yes - Operating cash / earnings: 2.61× - Accounting red flags: 0 - Goodwill and intangibles / equity: 0.56× Chart: Sloan accruals; fiscal year observations. - FY2019: 0.4% - FY2020: -0.5% - FY2021: -0.5% - FY2022: -0.5% - FY2023: -0.9% - FY2024: -0.6% - FY2025: -0.3% ## Holders ## Price story Up 57% since Oct 2023 · sales +92.6% Story as of 2026-10-16T10:00:06.355Z; price observation 2026-10-15. ### Sales · FY2024–2025 sales +92.6%; source https://filings.xbrl.org/254900TWUJUQ44TQJY84/2025-12-31/ESEF/GB/0/254900TWUJUQ44TQJY84-2025-12-31/reports/254900TWUJUQ44TQJY84-2025-12-31-T01.html; observed 2026-03-18. - FY2019: GBP 33B - FY2020: GBP 16B - FY2021: GBP 16B - FY2022: GBP -7.9B - FY2023: GBP 11B - FY2024: GBP 11B - FY2025: GBP 22B ## Owner memo Memo as of 2026-10-16T08:06:05.509Z. ### How it makes money Operates in asset management; annual sales are GBP 21.7 billion. - Source: https://eodhd.com/api/fundamentals/MNG.LSE.json#2025-12-31 (filed 2026-03-18); FY2025: revenue 21682000000; grossProfit 21682000000; margin = grossProfit / revenue. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MNG.LSE: M&G plc, through its subsidiaries, provides investment and savings products to institutional clients and individual policyholders in the United Kingdom and internationally. The company operates through Asset Management and Life segments. The Asset Management segment offers managed investment products, such as equities, fixed income, and multi-asset, as well as real estate investment products and services to wholesale clients and institutional investors. The Life segment provides corporate pension solutions, individual life and pensions, and international solutions and advice; and Prudential guaranteed income plan. This segment also offers level annuities, which provide a fixed annuity payment; fixed increase annuities, which incorporate a periodic automatic fixed increase in annuity payments; inflation-linked annuities, which incorporate a periodic increase based on a defined inflation index; and with-profits annuities, written in the with-profits fund, combining income features of annuity contracts with the investment-smoothing features of with-profits products. The company was formerly known as M&G Prudential PLC and changed its name to M&G plc in September 2019. M&G plc was founded in 1848 and is headquartered in London, the United Kingdom. ### Why customers stay It earns 22.3% on its capital. - Source: https://eodhd.com/api/fundamentals/MNG.LSE.json#2023-12-31 (filed 2026-03-18); FY2023: grossProfit / revenue = 142.1%. - Source: https://eodhd.com/api/fundamentals/MNG.LSE.json#2024-12-31 (filed 2026-03-18); FY2024: grossProfit / revenue = 100%. - Source: https://eodhd.com/api/fundamentals/MNG.LSE.json#2025-12-31 (filed 2026-03-18); FY2025: grossProfit / revenue = 100%. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); 7-year return on capital observations [[2019,0.4856053811659193],[2020,0.3640483476679091],[2021,0.12343848580441641],[2022,-0.2949699074074074],[2023,-0.0030104712041884815],[2024,0.2232289527720739],[2025,0.23001080497028634]]; median 0.2232289527720739. ROIC follows the displayed moat series; financial companies use return on tangible equity. ### Where the cash goes Spends 2.7% of cash earnings on expansion; paid dividends in 7 of 7 years. - Source: https://eodhd.com/api/fundamentals/MNG.LSE.json#2019-12-31 (filed 2026-03-18); FY2019: growth capex 0; upkeep 393000000; owner earnings 763000000. Growth capex / owner earnings = 0. - Source: https://eodhd.com/api/fundamentals/MNG.LSE.json#2020-12-31 (filed 2026-03-18); FY2020: growth capex 0; upkeep 821000000; owner earnings 374200000. Growth capex / owner earnings = 0. - Source: https://eodhd.com/api/fundamentals/MNG.LSE.json#2023-12-31 (filed 2026-03-18); FY2023: growth capex 320000000; upkeep 176000000; owner earnings 219600000. Growth capex / owner earnings = 1.4571948998178506. - Source: https://eodhd.com/api/fundamentals/MNG.LSE.json#2025-12-31 (filed 2026-03-18); FY2025: growth capex 6000000; upkeep 169000000; owner earnings 223400000. Growth capex / owner earnings = 0.02685765443151298. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); Dividend observations: [[2019,3514000000],[2020,562000000],[2021,466000000],[2022,465000000],[2023,462000000],[2024,468000000],[2025,482000000]]. Zero only counted when supported by a complete cash-flow statement. ### Are managers owners Insiders own 17.5% of the company. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MNG.LSE SharesStats.PercentInsiders = 17.497 percentage points; cache date 2026-10-16. ### What the price says The price is 0.4 times annual sales. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); Closing price 310.6 GBX; reporting-to-trading FX 100; FY2025 annual sales per share 8.47121854466247; price multiple 0.3666532723272761. FY2025 cash earnings/share 0.08728301000265638. Closing-price date 2026-10-15. ## Monthly share-price history (GBX per share) - 2019-10: GBX 213.80 per share - 2019-11: GBX 236.00 per share - 2019-12: GBX 237.20 per share - 2020-01: GBX 240.20 per share - 2020-02: GBX 198.80 per share - 2020-03: GBX 112.60 per share - 2020-04: GBX 132.25 per share - 2020-05: GBX 140.00 per share - 2020-06: GBX 167.55 per share - 2020-07: GBX 160.60 per share - 2020-08: GBX 173.00 per share - 2020-09: GBX 159.50 per share - 2020-10: GBX 146.65 per share - 2020-11: GBX 187.50 per share - 2020-12: GBX 197.95 per share - 2021-01: GBX 175.90 per share - 2021-02: GBX 183.90 per share - 2021-03: GBX 207.40 per share - 2021-04: GBX 217.30 per share - 2021-05: GBX 244.50 per share - 2021-06: GBX 228.90 per share - 2021-07: GBX 225.40 per share - 2021-08: GBX 206.00 per share - 2021-09: GBX 203.60 per share - 2021-10: GBX 199.80 per share - 2021-11: GBX 186.90 per share - 2021-12: GBX 199.50 per share - 2022-01: GBX 215.60 per share - 2022-02: GBX 205.80 per share - 2022-03: GBX 221.20 per share - 2022-04: GBX 214.20 per share - 2022-05: GBX 216.10 per share - 2022-06: GBX 194.60 per share - 2022-07: GBX 213.30 per share - 2022-08: GBX 195.75 per share - 2022-09: GBX 166.55 per share - 2022-10: GBX 175.20 per share - 2022-11: GBX 192.20 per share - 2022-12: GBX 187.85 per share - 2023-01: GBX 201.90 per share - 2023-02: GBX 214.30 per share - 2023-03: GBX 198.00 per share - 2023-04: GBX 205.10 per share - 2023-05: GBX 198.20 per share - 2023-06: GBX 191.40 per share - 2023-07: GBX 200.60 per share - 2023-08: GBX 191.00 per share - 2023-09: GBX 197.30 per share - 2023-10: GBX 198.20 per share - 2023-11: GBX 209.20 per share - 2023-12: GBX 222.40 per share - 2024-01: GBX 224.10 per share - 2024-02: GBX 224.70 per share - 2024-03: GBX 220.50 per share - 2024-04: GBX 201.10 per share - 2024-05: GBX 199.10 per share - 2024-06: GBX 204.00 per share - 2024-07: GBX 212.30 per share - 2024-08: GBX 214.40 per share - 2024-09: GBX 207.40 per share - 2024-10: GBX 193.95 per share - 2024-11: GBX 198.20 per share - 2024-12: GBX 197.85 per share - 2025-01: GBX 208.50 per share - 2025-02: GBX 211.60 per share - 2025-03: GBX 198.50 per share - 2025-04: GBX 207.40 per share - 2025-05: GBX 236.70 per share - 2025-06: GBX 257.00 per share - 2025-07: GBX 261.60 per share - 2025-08: GBX 265.10 per share - 2025-09: GBX 253.00 per share - 2025-10: GBX 263.30 per share - 2025-11: GBX 272.40 per share - 2025-12: GBX 286.40 per share - 2026-01: GBX 309.40 per share - 2026-02: GBX 317.70 per share - 2026-03: GBX 272.00 per share - 2026-04: GBX 302.70 per share - 2026-05: GBX 316.00 per share - 2026-06: GBX 336.20 per share - 2026-07: GBX 357.50 per share - 2026-08: GBX 351.00 per share - 2026-09: GBX 320.60 per share - 2026-10: GBX 310.60 per share ## Annual estimated value (GBX 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 2026-10-15T06:41:42.041Z where newer inputs omit a numeric field or fiscal period. ## Sources [Original ESEF filing](https://filings.xbrl.org/254900TWUJUQ44TQJY84/2025-12-31/ESEF/GB/0/254900TWUJUQ44TQJY84-2025-12-31/reports/254900TWUJUQ44TQJY84-2025-12-31-T01.html); period 2025-12-31, filed 2026-03-18. 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