# Quilter (QLT.LSE)

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

Analysis as of: 2026-10-16T07:38:59.832Z. 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 181.30 per share; close as of 2026-10-15.

Estimated value: low GBX 275.10 per share, central GBX 307.60 per share, high GBX 332.68 per share. Buy at or below the central value GBX 307.60 per share. Valuation as of 2026-10-16T07:38:59.832Z; scenarios are not confidence intervals.

Expected annual return: 47.9% at the stated quote. About 47.9% 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

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 1

- Operating margin variation: 1.06×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.01×

- FY2017: 0.01×

- FY2019: 0.10×

- FY2020: 0.03×

- FY2021: 0.02×

- FY2023: 0.15×

- FY2024: 0.01×

- FY2025: 0.04×

### 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: 3.9%

- ROIC, second-lowest year: 1.1%

- Years with nonpositive capital: 8

- Capital spending / revenue: 0.2%

- ROIC including acquisitions, ten-year median: 11.1%

- Typical minus recent gross margin: 55.3 pp

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 15.3%

- FY2017: 2.6%

- FY2018: -1.5%

- FY2019: 3.2%

- FY2020: 43.6%

- FY2021: 3.1%

- FY2022: 4.6%

- FY2023: 25.9%

- FY2024: 1.1%

- FY2025: 12.9%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 1.30×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: GBP 596M

- Net income, five-year total: GBP 457M

- Return on incremental invested capital: 7.9%

- Working capital / revenue, annual change: -6.3 pp

- Working capital / revenue, final three-year average: 1.3%

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

- FY2021: 1.19×

- FY2022: 1.22×

- FY2023: 1.83×

- FY2024: 0.16×

- FY2025: 1.06×

### management: fail

- 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: 2.6% vs 12.9%

- Per-share earnings: 0.05 to 0.03 (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: -1.8%

- Ordinary dilution, 5-year annual growth: -2.2%

- Market cap gain: GBP 547M

- Cumulative retained earnings: GBP -284M

- Diluted shares, 10-year annual growth: -1.8%

- Diluted shares, 5-year annual growth: -2.2%

- $1 test, starting fiscal year: FY2018

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -6.5%

- Per-share value change: GBP -0.02

- Per-share value, starting three-year median: GBP 0.05

- Per-share value, ending three-year median: GBP 0.03

- Buybacks concentrated in cheaper years (correlation): 0.83

- Average buyback yield: 8.2%

- Buyback history: 6 years

- Debt-funded buybacks: No

- Acquisition spending: GBP 392M

- Cumulative net income, 10 years: GBP 1.2B

- ROIC, first three-year median: 2.6%

- ROIC, last three-year median: 12.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: GBP 0.02

- FY2017: GBP 0.26

- FY2018: GBP 0.11

- FY2019: GBP 0.03

- FY2020: GBP 0.06

- FY2021: GBP 0.11

- FY2022: GBP 0.13

- FY2023: GBP 0.03

- FY2024: GBP -0.03

- FY2025: GBP 0.09

### accounting: pass

- Sloan accruals: -7.9%

- Receivables to sales index (DSRI): 0.55×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 51.39×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.22×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.3%

- FY2017: -6.9%

- FY2018: 0.0%

- FY2019: 3.3%

- FY2020: -2.0%

- FY2021: -5.7%

- FY2022: -3.2%

- FY2023: -3.9%

- FY2024: -7.4%

- FY2025: -7.9%

## Holders

## Price story

Price needs cash profits to shrink 20.9% a year for ten years · sales +72.8%

Story as of 2026-10-16T10:00:10.373Z; price observation 2026-10-15.

Price needs cash profits to shrink 20.9% a year for ten years

### Sales · FY2024–2025

sales +72.8%; source https://filings.xbrl.org/54930092XIVK28RZGM95/2025-12-31/ESEF/GB/0/54930092XIVK28RZGM95-2025-12-31/reports/54930092XIVK28RZGM95-2025-12-31-T01.xhtml; observed 2026-03-18.

- FY2016: GBP 7.3B 

- FY2017: GBP 6.2B 

- FY2018: GBP -2.3B 

- FY2019: GBP 1.2B 

- FY2020: GBP 3.5B 

- FY2021: GBP 4.7B 

- FY2022: GBP -4.0B 

- FY2023: GBP 4.6B 

- FY2024: GBP 5.4B 

- FY2025: GBP 9.4B 

### Gross margin · FY2025

gross margin 98.9%; source https://filings.xbrl.org/54930092XIVK28RZGM95/2025-12-31/ESEF/GB/0/54930092XIVK28RZGM95-2025-12-31/reports/54930092XIVK28RZGM95-2025-12-31-T01.xhtml; observed 2026-03-18.

- FY2016: 94.7% 

- FY2017: 93.5% 

- FY2019: 68.6% 

- FY2020: 96.7% 

- FY2021: 97.4% 

- FY2023: 27.3% 

- FY2024: 99.1% 

- FY2025: 98.9% 

## Owner memo

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

### How it makes money

Operates in asset management; annual sales are GBP 9.4 billion.

- Source: https://filings.xbrl.org/54930092XIVK28RZGM95/2025-12-31/ESEF/GB/0/54930092XIVK28RZGM95-2025-12-31/reports/54930092XIVK28RZGM95-2025-12-31-T01.xhtml (filed 2026-03-18); FY2025: revenue 9364000000; grossProfit 9261000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); QLT.LSE: Quilter plc provides advice-led investment solutions in the United Kingdom and internationally. It operates through High Net Worth and Affluent segments. The High Net Worth segment provides discretionary investment management services to high-net worth clients, charities, companies, and institutions through a network of branches; and financial advice services for protection, mortgages, savings, investment, and pensions primarily to high-net-worth clients. Its Affluent segment comprises Quilter Investment Platform, an investment platform for advice-based wealth management products and services; Quilter Investor, which offers investment solutions in the form of funds for the group and third-party clients; and Quilter Financial planning, a restricted and independent financial adviser network that provides mortgage and financial planning advice, and solution for individuals and business through a network of intermediaries. The company was incorporated in 2007 and is based in London, the United Kingdom.

### Why customers stay

Margins ranged from 27.3% to 99.1% during 2023–25; it earns 3.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2023: grossProfit / revenue = 27.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2024: grossProfit / revenue = 99.1%.

- Source: https://filings.xbrl.org/54930092XIVK28RZGM95/2025-12-31/ESEF/GB/0/54930092XIVK28RZGM95-2025-12-31/reports/54930092XIVK28RZGM95-2025-12-31-T01.xhtml (filed 2026-03-18); FY2025: grossProfit / revenue = 98.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); 10-year return on capital observations [[2016,0.15265151515151515],[2017,0.026034330985915493],[2018,-0.015440508628519528],[2019,0.032418952618453865],[2020,0.43612334801762115],[2021,0.03093719332679097],[2022,0.046245919477693145],[2023,0.2588431590656285],[2024,0.011101295641931684],[2025,0.12872769142199195]]; median 0.0393324360480735. 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 13 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2016: growth capex 0; upkeep 13000000; owner earnings 69000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2017: growth capex 0; upkeep 17000000; owner earnings 448000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2018: growth capex 0; upkeep 11000000; owner earnings 216000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2019: growth capex 0; upkeep 13000000; owner earnings 68600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2020: growth capex 0; upkeep 32000000; owner earnings 95000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2021: growth capex 0; upkeep 13000000; owner earnings 184000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2022: growth capex 0; upkeep 3000000; owner earnings 213000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2023: growth capex 0; upkeep 1000000; owner earnings 76800000. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/54930092XIVK28RZGM95/2025-12-31/ESEF/GB/0/54930092XIVK28RZGM95-2025-12-31/reports/54930092XIVK28RZGM95-2025-12-31-T01.xhtml (filed 2026-03-18); FY2025: growth capex 0; upkeep 4000000; owner earnings 127600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); Dividend observations: [[2016,92000000],[2017,210000000],[2018,221000000],[2019,92000000],[2020,81000000],[2021,89000000],[2022,78000000],[2023,65000000],[2024,73000000],[2025,84000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://filings.xbrl.org/54930092XIVK28RZGM95/2025-12-31/ESEF/GB/0/54930092XIVK28RZGM95-2025-12-31/reports/54930092XIVK28RZGM95-2025-12-31-T01.xhtml (filed 2026-03-18); FY2025: cash repurchases 13000000 GBP.

### Are managers owners

Insiders own 3.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); QLT.LSE SharesStats.PercentInsiders = 3.356 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 20.9% yearly over ten years; actual growth was 3.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); Ten-year compound average after fade. Initial solved rate -0.29930450809990494. Price 181.3; FX 100; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.06623730175727562 → FY2025 0.09432051530342969. Closing-price date 2026-10-15.

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

- 2018-06: GBX 144.92 per share

- 2018-07: GBX 154.70 per share

- 2018-08: GBX 140.84 per share

- 2018-09: GBX 134.30 per share

- 2018-10: GBX 115.82 per share

- 2018-11: GBX 116.10 per share

- 2018-12: GBX 118.32 per share

- 2019-01: GBX 122.80 per share

- 2019-02: GBX 129.98 per share

- 2019-03: GBX 146.84 per share

- 2019-04: GBX 147.58 per share

- 2019-05: GBX 132.26 per share

- 2019-06: GBX 140.38 per share

- 2019-07: GBX 144.70 per share

- 2019-08: GBX 124.90 per share

- 2019-09: GBX 136.35 per share

- 2019-10: GBX 136.90 per share

- 2019-11: GBX 147.30 per share

- 2019-12: GBX 161.05 per share

- 2020-01: GBX 170.15 per share

- 2020-02: GBX 146.00 per share

- 2020-03: GBX 118.00 per share

- 2020-04: GBX 123.25 per share

- 2020-05: GBX 129.50 per share

- 2020-06: GBX 139.15 per share

- 2020-07: GBX 146.30 per share

- 2020-08: GBX 143.05 per share

- 2020-09: GBX 128.20 per share

- 2020-10: GBX 122.20 per share

- 2020-11: GBX 139.55 per share

- 2020-12: GBX 153.60 per share

- 2021-01: GBX 155.10 per share

- 2021-02: GBX 146.00 per share

- 2021-03: GBX 159.85 per share

- 2021-04: GBX 163.50 per share

- 2021-05: GBX 153.70 per share

- 2021-06: GBX 148.75 per share

- 2021-07: GBX 160.40 per share

- 2021-08: GBX 150.95 per share

- 2021-09: GBX 142.50 per share

- 2021-10: GBX 155.60 per share

- 2021-11: GBX 140.20 per share

- 2021-12: GBX 148.50 per share

- 2022-01: GBX 136.80 per share

- 2022-02: GBX 129.70 per share

- 2022-03: GBX 142.40 per share

- 2022-04: GBX 131.80 per share

- 2022-05: GBX 120.40 per share

- 2022-06: GBX 102.50 per share

- 2022-07: GBX 105.00 per share

- 2022-08: GBX 105.25 per share

- 2022-09: GBX 91.72 per share

- 2022-10: GBX 96.66 per share

- 2022-11: GBX 101.40 per share

- 2022-12: GBX 92.92 per share

- 2023-01: GBX 96.28 per share

- 2023-02: GBX 92.10 per share

- 2023-03: GBX 84.26 per share

- 2023-04: GBX 85.10 per share

- 2023-05: GBX 84.10 per share

- 2023-06: GBX 79.20 per share

- 2023-07: GBX 78.10 per share

- 2023-08: GBX 85.60 per share

- 2023-09: GBX 85.75 per share

- 2023-10: GBX 79.90 per share

- 2023-11: GBX 92.80 per share

- 2023-12: GBX 102.80 per share

- 2024-01: GBX 104.70 per share

- 2024-02: GBX 96.45 per share

- 2024-03: GBX 107.10 per share

- 2024-04: GBX 109.80 per share

- 2024-05: GBX 117.80 per share

- 2024-06: GBX 120.10 per share

- 2024-07: GBX 133.70 per share

- 2024-08: GBX 138.70 per share

- 2024-09: GBX 132.90 per share

- 2024-10: GBX 143.40 per share

- 2024-11: GBX 149.90 per share

- 2024-12: GBX 154.20 per share

- 2025-01: GBX 162.10 per share

- 2025-02: GBX 151.60 per share

- 2025-03: GBX 147.40 per share

- 2025-04: GBX 135.00 per share

- 2025-05: GBX 147.70 per share

- 2025-06: GBX 156.90 per share

- 2025-07: GBX 169.20 per share

- 2025-08: GBX 164.00 per share

- 2025-09: GBX 166.20 per share

- 2025-10: GBX 181.80 per share

- 2025-11: GBX 191.00 per share

- 2025-12: GBX 183.00 per share

- 2026-01: GBX 194.30 per share

- 2026-02: GBX 196.00 per share

- 2026-03: GBX 174.60 per share

- 2026-04: GBX 184.90 per share

- 2026-05: GBX 194.00 per share

- 2026-06: GBX 192.30 per share

- 2026-07: GBX 193.20 per share

- 2026-08: GBX 194.10 per share

- 2026-09: GBX 179.80 per share

- 2026-10: GBX 181.30 per share

## Annual estimated value (GBX per share)

- FY2017: low GBX 214.03 per share, central GBX 219.52 per share, high GBX 226.82 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 2026-10-15T06:44:48.273Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/54930092XIVK28RZGM95/2025-12-31/ESEF/GB/0/54930092XIVK28RZGM95-2025-12-31/reports/54930092XIVK28RZGM95-2025-12-31-T01.xhtml); 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.