# Plus500 (PLUS.LSE)

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

Analysis as of: 2026-10-16T07:39:04.188Z. Financial observations: FY2010–FY2025.

Listing currency: GBX. Reporting currency: USD.

## Verdict

A wonderful business at a fair price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: yes.

Share price: GBX 3,370.00 per share; close as of 2026-10-15.

Estimated value: low GBX 3,592.42 per share, central GBX 4,087.74 per share, high GBX 4,747.11 per share. Buy at or below the central value GBX 4,087.74 per share. Valuation as of 2026-10-16T07:39:04.188Z; scenarios are not confidence intervals.

Expected annual return: 11.5% at the stated quote. About 11.5% 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

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

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 0

- Operating margin variation: 0.14×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.46×

- FY2017: 0.59×

- FY2018: 0.70×

- FY2019: 0.53×

- FY2020: 0.59×

- FY2021: 0.53×

- FY2022: 0.53×

- FY2023: 0.47×

- FY2024: 0.47×

- FY2025: 0.43×

### moat: pass

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

- ROIC, median of available years: 49.8%

- ROIC, second-lowest year: 41.2%

- Typical minus recent gross margin: 0.7 pp

- Typical gross margin (annual median): 100.0%

- Recent gross margin (lower of latest and 3-year median): 99.3%

- Years with nonpositive capital: 10

- Capital spending / revenue: 0.1%

- ROIC including acquisitions, ten-year median: >100%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 85.4%

- FY2017: 90.1%

- FY2018: >100%

- FY2019: 50.5%

- FY2020: 86.1%

- FY2021: 45.3%

- FY2022: 43.0%

- FY2023: 37.8%

- FY2024: 41.2%

- FY2025: 49.2%

### economics: pass

- Owner earnings / net income, 5-yr: 0.99×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $1.5B

- Net income, five-year total: $1.5B

- Return on incremental invested capital: 786.1%

- Working capital / revenue, annual change: -0.0 pp

- Working capital / revenue, change between three-year averages: -0.9 pp

- Working capital / revenue, final three-year average: -2.0%

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

- FY2021: 1.00×

- FY2022: 1.00×

- FY2023: 0.97×

- FY2024: 0.99×

- FY2025: 0.99×

### management: pass

- 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: 90.1% vs 41.2%

- Per-share earnings: 1.02 to 3.51 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -4.4%

- Ordinary dilution, 5-year annual growth: -7.0%

- Market cap gain: $2.9B

- Cumulative retained earnings: $1.4B

- Diluted shares, 10-year annual growth: -4.4%

- Diluted shares, 5-year annual growth: -7.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 16.7%

- Per-share value change: $2.49

- Per-share value, starting three-year median: $1.02

- Per-share value, ending three-year median: $3.51

- Buybacks concentrated in cheaper years (correlation): -0.45

- Average buyback yield: 5.2%

- Buyback history: 9 years

- Debt-funded buybacks: Yes

- Acquisition spending: $47M

- Cumulative net income, 10 years: $2.9B

- ROIC, first three-year median: 90.1%

- ROIC, last three-year median: 41.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: $1.02

- FY2017: $1.75

- FY2018: $3.33

- FY2019: $1.36

- FY2020: $4.76

- FY2021: $3.07

- FY2022: $3.86

- FY2023: $3.35

- FY2024: $3.51

- FY2025: $3.92

### accounting: pass

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

- Sloan accruals: -0.4%

- Receivables to sales index (DSRI): 11.83×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 8.9%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.01×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.08×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 5.4%

- FY2017: -4.5%

- FY2018: -6.4%

- FY2019: 7.7%

- FY2020: -4.6%

- FY2021: -11.5%

- FY2022: -8.3%

- FY2023: -7.7%

- FY2024: -6.9%

- FY2025: -0.4%

## Holders

## Price story

Down 30% since Jun 2026 · "Online trading platform Plus500's lack of forecast upgrade weighs on shares" (uk.finance.yahoo.com, Aug 2025) · sales +13.7%

Story as of 2026-10-16T10:00:10.412Z; price observation 2026-10-15.

Price needs cash profits to shrink 1.5% a year for ten years

- 2025-08-11: Online trading platform Plus500's lack of forecast upgrade weighs on shares ([uk.finance.yahoo.com](https://uk.finance.yahoo.com/news/online-trading-platform-plus500s-profit-062511786.html))

### Sales · FY2024–2025

sales +13.7%; source https://filings.xbrl.org/549300X8NGW9C5OJZU13/2025-12-31/ESEF/GB/0/549300X8NGW9C5OJZU13-2025-12-31/reports/549300X8NGW9C5OJZU13-2025-12-31-T01.xhtml; observed 2026-04-29.

- FY2016: $328M 

- FY2017: $437M 

- FY2018: $720M 

- FY2019: $347M 

- FY2020: $866M 

- FY2021: $710M 

- FY2022: $815M 

- FY2023: $719M 

- FY2024: $712M 

- FY2025: $809M 

### Gross margin · FY2025

gross margin 99.3%; source https://filings.xbrl.org/549300X8NGW9C5OJZU13/2025-12-31/ESEF/GB/0/549300X8NGW9C5OJZU13-2025-12-31/reports/549300X8NGW9C5OJZU13-2025-12-31-T01.xhtml; observed 2026-04-29.

- FY2025: 99.3% 

## Owner memo

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

### How it makes money

Operates in capital markets; annual sales are USD 809 million.

- Source: https://filings.xbrl.org/549300X8NGW9C5OJZU13/2025-12-31/ESEF/GB/0/549300X8NGW9C5OJZU13-2025-12-31/reports/549300X8NGW9C5OJZU13-2025-12-31-T01.xhtml (filed 2026-04-29); FY2025: revenue 809024792; grossProfit 803409401; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 99.3% to 100% during 2023–25; it earns 49.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2023: grossProfit / revenue = 100%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2024: grossProfit / revenue = 100%.

- Source: https://filings.xbrl.org/549300X8NGW9C5OJZU13/2025-12-31/ESEF/GB/0/549300X8NGW9C5OJZU13-2025-12-31/reports/549300X8NGW9C5OJZU13-2025-12-31-T01.xhtml (filed 2026-04-29); FY2025: grossProfit / revenue = 99.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); 10-year return on capital observations [[2016,0.853537204445359],[2017,0.9009022262907609],[2018,1.3563697968937356],[2019,0.5049371900470916],[2020,0.8608639021593731],[2021,0.45279425562767034],[2022,0.4301579496782101],[2023,0.3781139675813898],[2024,0.41237555580834206],[2025,0.4915914883633488]]; median 0.4982643392052202. 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 USD 219.5 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2016: growth capex 322580.32202904765; upkeep 1582419.6779709524; owner earnings 116138580.32202905. Growth capex / owner earnings = 0.0027775466269227412.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2017: growth capex 0; upkeep 600000; owner earnings 199775000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2018: growth capex 0; upkeep 600000; owner earnings 379100000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2019: growth capex 0; upkeep 100000; owner earnings 152660000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2020: growth capex 0; upkeep 300000; owner earnings 500720000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2021: growth capex 0; upkeep 800000; owner earnings 311060000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2022: growth capex 0; upkeep 800000; owner earnings 371880000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2023: growth capex 0; upkeep 8200000; owner earnings 263620000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2024: growth capex 0; upkeep 4800000; owner earnings 271340000. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/549300X8NGW9C5OJZU13/2025-12-31/ESEF/GB/0/549300X8NGW9C5OJZU13-2025-12-31/reports/549300X8NGW9C5OJZU13-2025-12-31-T01.xhtml (filed 2026-04-29); FY2025: growth capex 0; upkeep 4696514; owner earnings 283525244. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); Dividend observations: [[2016,123264000],[2017,102212000],[2018,321900000],[2019,101100000],[2020,141600000],[2021,144900000],[2022,119900000],[2023,89800000],[2024,150200000],[2025,164400000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://filings.xbrl.org/549300X8NGW9C5OJZU13/2025-12-31/ESEF/GB/0/549300X8NGW9C5OJZU13-2025-12-31/reports/549300X8NGW9C5OJZU13-2025-12-31-T01.xhtml (filed 2026-04-29); FY2025: cash repurchases 219510764 USD.

### Are managers owners

Insiders own 2.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); PLUS.LSE SharesStats.PercentInsiders = 2.406 percentage points; cache date 2026-10-16.

### What could break it

This will have the emergent benefit of further mitigating the impact of Risk 1 outlined on page 39.

- Source: https://filings.xbrl.org/549300X8NGW9C5OJZU13/2025-12-31/ESEF/GB/0/549300X8NGW9C5OJZU13-2025-12-31/reports/549300X8NGW9C5OJZU13-2025-12-31-T01.xhtml (filed 2026-04-29); Energy savings Decreasing energy consumption and increasing energy efficiency may reduce operating costs, support delivery of our net zero target and mitigate exposure to future carbon pricing. This will have the emergent benefit of further mitigating the impact of Risk 1 outlined on page 39. As the Group’s offices are leased, realisation of this opportunity will partly involve engagement with landlords to introduce energy saving measures.

### What the price says

The price assumes cash profits shrink 1.5% yearly over ten years; actual growth was 16.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); Ten-year compound average after fade. Initial solved rate -0.03426484304528227. Price 3370; FX 75.34943299551671; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.8376408447684631 → FY2025 3.869964975499229. Closing-price date 2026-10-15.

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

- 2016-10: GBX 618.50 per share

- 2016-11: GBX 598.50 per share

- 2016-12: GBX 384.50 per share

- 2017-01: GBX 410.00 per share

- 2017-02: GBX 462.50 per share

- 2017-03: GBX 420.00 per share

- 2017-04: GBX 473.00 per share

- 2017-05: GBX 512.00 per share

- 2017-06: GBX 545.50 per share

- 2017-07: GBX 631.00 per share

- 2017-08: GBX 913.50 per share

- 2017-09: GBX 897.00 per share

- 2017-10: GBX 1,025.00 per share

- 2017-11: GBX 957.50 per share

- 2017-12: GBX 908.50 per share

- 2018-01: GBX 1,126.00 per share

- 2018-02: GBX 1,197.00 per share

- 2018-03: GBX 1,140.00 per share

- 2018-04: GBX 1,409.00 per share

- 2018-05: GBX 1,630.00 per share

- 2018-06: GBX 1,615.00 per share

- 2018-07: GBX 1,856.00 per share

- 2018-08: GBX 1,534.00 per share

- 2018-09: GBX 1,333.00 per share

- 2018-10: GBX 1,354.00 per share

- 2018-11: GBX 1,515.00 per share

- 2018-12: GBX 1,370.00 per share

- 2019-01: GBX 1,535.00 per share

- 2019-02: GBX 787.50 per share

- 2019-03: GBX 752.00 per share

- 2019-04: GBX 528.00 per share

- 2019-05: GBX 631.80 per share

- 2019-06: GBX 522.00 per share

- 2019-07: GBX 599.40 per share

- 2019-08: GBX 681.60 per share

- 2019-09: GBX 763.20 per share

- 2019-10: GBX 800.00 per share

- 2019-11: GBX 770.00 per share

- 2019-12: GBX 886.00 per share

- 2020-01: GBX 891.20 per share

- 2020-02: GBX 949.60 per share

- 2020-03: GBX 1,080.00 per share

- 2020-04: GBX 1,250.50 per share

- 2020-05: GBX 1,326.50 per share

- 2020-06: GBX 1,315.50 per share

- 2020-07: GBX 1,196.50 per share

- 2020-08: GBX 1,458.50 per share

- 2020-09: GBX 1,568.50 per share

- 2020-10: GBX 1,475.50 per share

- 2020-11: GBX 1,554.00 per share

- 2020-12: GBX 1,450.00 per share

- 2021-01: GBX 1,343.50 per share

- 2021-02: GBX 1,367.00 per share

- 2021-03: GBX 1,400.00 per share

- 2021-04: GBX 1,420.00 per share

- 2021-05: GBX 1,511.00 per share

- 2021-06: GBX 1,335.00 per share

- 2021-07: GBX 1,401.00 per share

- 2021-08: GBX 1,494.50 per share

- 2021-09: GBX 1,390.00 per share

- 2021-10: GBX 1,316.50 per share

- 2021-11: GBX 1,276.50 per share

- 2021-12: GBX 1,360.50 per share

- 2022-01: GBX 1,470.00 per share

- 2022-02: GBX 1,395.50 per share

- 2022-03: GBX 1,412.50 per share

- 2022-04: GBX 1,559.00 per share

- 2022-05: GBX 1,560.00 per share

- 2022-06: GBX 1,673.00 per share

- 2022-07: GBX 1,666.00 per share

- 2022-08: GBX 1,698.00 per share

- 2022-09: GBX 1,647.00 per share

- 2022-10: GBX 1,805.00 per share

- 2022-11: GBX 1,907.00 per share

- 2022-12: GBX 1,804.00 per share

- 2023-01: GBX 1,859.00 per share

- 2023-02: GBX 1,795.00 per share

- 2023-03: GBX 1,692.00 per share

- 2023-04: GBX 1,665.00 per share

- 2023-05: GBX 1,442.00 per share

- 2023-06: GBX 1,465.00 per share

- 2023-07: GBX 1,506.00 per share

- 2023-08: GBX 1,428.00 per share

- 2023-09: GBX 1,377.00 per share

- 2023-10: GBX 1,411.00 per share

- 2023-11: GBX 1,441.00 per share

- 2023-12: GBX 1,663.00 per share

- 2024-01: GBX 1,790.00 per share

- 2024-02: GBX 1,700.00 per share

- 2024-03: GBX 1,805.00 per share

- 2024-04: GBX 2,162.00 per share

- 2024-05: GBX 2,236.00 per share

- 2024-06: GBX 2,266.00 per share

- 2024-07: GBX 2,346.00 per share

- 2024-08: GBX 2,592.00 per share

- 2024-09: GBX 2,504.00 per share

- 2024-10: GBX 2,342.00 per share

- 2024-11: GBX 2,566.00 per share

- 2024-12: GBX 2,708.00 per share

- 2025-01: GBX 2,830.00 per share

- 2025-02: GBX 2,804.00 per share

- 2025-03: GBX 2,744.00 per share

- 2025-04: GBX 3,066.00 per share

- 2025-05: GBX 3,408.00 per share

- 2025-06: GBX 3,396.00 per share

- 2025-07: GBX 3,366.00 per share

- 2025-08: GBX 3,032.00 per share

- 2025-09: GBX 3,220.00 per share

- 2025-10: GBX 3,166.00 per share

- 2025-11: GBX 3,174.00 per share

- 2025-12: GBX 3,630.00 per share

- 2026-01: GBX 4,194.00 per share

- 2026-02: GBX 4,008.00 per share

- 2026-03: GBX 4,068.00 per share

- 2026-04: GBX 4,498.00 per share

- 2026-05: GBX 4,432.00 per share

- 2026-06: GBX 4,786.00 per share

- 2026-07: GBX 3,910.00 per share

- 2026-08: GBX 3,774.00 per share

- 2026-09: GBX 3,424.00 per share

- 2026-10: GBX 3,370.00 per share

## Annual estimated value (GBX per share)

- FY2016: low GBX 832.55 per share, central GBX 947.34 per share, high GBX 1,100.15 per share

- FY2017: low GBX 1,402.68 per share, central GBX 1,596.08 per share, high GBX 1,853.53 per share

- FY2018: low GBX 2,313.43 per share, central GBX 2,632.41 per share, high GBX 3,057.02 per share

- FY2019: low GBX 1,127.22 per share, central GBX 1,282.64 per share, high GBX 1,489.54 per share

- FY2020: low GBX 3,097.97 per share, central GBX 3,525.11 per share, high GBX 4,093.73 per share

- FY2021: low GBX 2,640.45 per share, central GBX 3,004.51 per share, high GBX 3,489.15 per share

- FY2022: low GBX 3,189.09 per share, central GBX 3,628.79 per share, high GBX 4,214.13 per share

- FY2023: low GBX 3,211.78 per share, central GBX 3,654.61 per share, high GBX 4,244.12 per share

- FY2024: low GBX 3,302.77 per share, central GBX 3,758.15 per share, high GBX 4,364.35 per share

- FY2025: low GBX 3,467.89 per share, central GBX 3,946.03 per share, high GBX 4,582.55 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/549300X8NGW9C5OJZU13/2025-12-31/ESEF/GB/0/549300X8NGW9C5OJZU13-2025-12-31/reports/549300X8NGW9C5OJZU13-2025-12-31-T01.xhtml); period 2025-12-31, filed 2026-04-29.

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.