# St. James's Place (STJ.LSE)

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

Analysis as of: 2026-10-16T07:36:44.428Z. Financial observations: FY1996–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 1,061.00 per share; close as of 2026-10-15.

Estimated value: low GBX 973.06 per share, central GBX 1,390.04 per share, high GBX 1,632.85 per share. Buy at or below the central value GBX 1,390.04 per share. Valuation as of 2026-10-16T07:36:44.428Z; scenarios are not confidence intervals.

Expected annual return: 12.1% at the stated quote. About 12.1% 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: 1

- Operating margin variation: 0.21×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.04×

- FY2017: 0.04×

- FY2019: 0.04×

- FY2020: 0.05×

- FY2021: 0.05×

- FY2023: 0.02×

- FY2024: 0.04×

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

- ROIC, median of available years: 24.6%

- ROIC, second-lowest year: -495.6%

- Years with nonpositive capital: 8

- Capital spending / revenue: 0.1%

- ROIC including acquisitions, ten-year median: 12.8%

- Typical minus recent gross margin: 5.5 pp

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 23.6%

- FY2017: 16.6%

- FY2018: -495.6%

- FY2019: 31.3%

- FY2020: 17.5%

- FY2021: 33.1%

- FY2022: -1159.8%

- FY2023: 25.6%

- FY2024: 35.2%

- FY2025: 50.5%

### economics: pass

- Owner earnings / net income, 5-yr: 1.00×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: GBP 1.6B

- Net income, five-year total: GBP 1.6B

- Return on incremental invested capital: 14.4%

- Working capital / revenue, annual change: -3.0 pp

- Working capital / revenue, final three-year average: -24.5%

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

- FY2021: 0.96×

- FY2022: 0.97×

- FY2023: 1.36×

- FY2024: 1.05×

- FY2025: 1.01×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 16.6% vs 35.2%

- Per-share earnings: 0.27 to 0.73 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.2%

- Ordinary dilution, 5-year annual growth: -0.2%

- Market cap gain: GBP 2.1B

- Cumulative retained earnings: GBP 376M

- Diluted shares, 10-year annual growth: 0.2%

- Diluted shares, 5-year annual growth: -0.2%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 13.1%

- Per-share value change: GBP 0.46

- Per-share value, starting three-year median: GBP 0.27

- Per-share value, ending three-year median: GBP 0.73

- Buybacks concentrated in cheaper years (correlation): 0.37

- Average buyback yield: 0.6%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: GBP 60M

- Cumulative net income, 10 years: GBP 2.5B

- ROIC, first three-year median: 16.6%

- ROIC, last three-year median: 35.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: GBP 0.21

- FY2017: GBP 0.27

- FY2018: GBP 0.32

- FY2019: GBP 0.28

- FY2020: GBP 0.49

- FY2021: GBP 0.52

- FY2022: GBP 0.74

- FY2023: GBP -0.02

- FY2024: GBP 0.73

- FY2025: GBP 0.99

### accounting: pass

- Sloan accruals: -0.2%

- Receivables to sales index (DSRI): 0.87×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 1.9%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.01×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.02×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.8%

- FY2017: 0.1%

- FY2018: 0.4%

- FY2019: -0.2%

- FY2020: 0.3%

- FY2021: -0.7%

- FY2022: 1.0%

- FY2023: -0.0%

- FY2024: 0.5%

- FY2025: -0.2%

## Holders

## Price story

Down 37% since Dec 2021 · sales +16.1%

Story as of 2026-10-16T10:00:07.993Z; price observation 2026-10-15.

Price needs cash profits to grow 3.1% a year for ten years

### Sales · FY2024–2025

sales +16.1%; source https://filings.xbrl.org/213800M993ICXOMBCP87/2025-12-31/ESEF/GB/0/213800M993ICXOMBCP87-2025-12-31/reports/213800M993ICXOMBCP87-2025-12-31-T01.xhtml; observed 2026-03-18.

- FY2016: GBP 11B 

- FY2017: GBP 9.1B 

- FY2018: GBP -2.7B 

- FY2019: GBP 17B 

- FY2020: GBP 8.1B 

- FY2021: GBP 18B 

- FY2022: GBP -12B 

- FY2023: GBP 19B 

- FY2024: GBP 26B 

- FY2025: GBP 30B 

### Gross margin · FY2025

gross margin 12.8%; source https://filings.xbrl.org/213800M993ICXOMBCP87/2025-12-31/ESEF/GB/0/213800M993ICXOMBCP87-2025-12-31/reports/213800M993ICXOMBCP87-2025-12-31-T01.xhtml; observed 2026-03-18.

- FY2016: 15.1% 

- FY2017: 19.9% 

- FY2019: 14.6% 

- FY2020: 26.2% 

- FY2021: 15.4% 

- FY2023: 14.9% 

- FY2024: 12.6% 

- FY2025: 12.8% 

## Owner memo

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

### How it makes money

Operates in asset management; annual sales are GBP 30.2 billion.

- Source: https://filings.xbrl.org/213800M993ICXOMBCP87/2025-12-31/ESEF/GB/0/213800M993ICXOMBCP87-2025-12-31/reports/213800M993ICXOMBCP87-2025-12-31-T01.xhtml (filed 2026-03-18); FY2025: revenue 30162400000; grossProfit 3852000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 12.6% to 14.9% during 2023–25; it earns 24.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2023: grossProfit / revenue = 14.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2024: grossProfit / revenue = 12.6%.

- Source: https://filings.xbrl.org/213800M993ICXOMBCP87/2025-12-31/ESEF/GB/0/213800M993ICXOMBCP87-2025-12-31/reports/213800M993ICXOMBCP87-2025-12-31-T01.xhtml (filed 2026-03-18); FY2025: grossProfit / revenue = 12.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); 10-year return on capital observations [[2016,0.23573269513991163],[2017,0.166055559704279],[2018,-4.9560841613091755],[2019,0.3133526011560694],[2020,0.17457797933988412],[2021,0.3312235280081131],[2022,-11.598276645462807],[2023,0.25597317379137313],[2024,0.35187918401771123],[2025,0.5048781216393834]]; median 0.24585293446564238. 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 250.5 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2016: growth capex 12000000; upkeep 7600000; owner earnings 112200000. Growth capex / owner earnings = 0.10695187165775401.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2017: growth capex 0; upkeep 8600000; owner earnings 145700000. 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 8600000; owner earnings 174600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2019: growth capex 900000; upkeep 25300000; owner earnings 122880000. Growth capex / owner earnings = 0.00732421875.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2020: growth capex 0; upkeep 26800000; owner earnings 240160000. 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 22600000; owner earnings 275180000. 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 20100000; owner earnings 394380000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2024: growth capex 0; upkeep 8700000; owner earnings 417260000. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/213800M993ICXOMBCP87/2025-12-31/ESEF/GB/0/213800M993ICXOMBCP87-2025-12-31/reports/213800M993ICXOMBCP87-2025-12-31-T01.xhtml (filed 2026-03-18); FY2025: growth capex 0; upkeep 1100000; owner earnings 538040000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); Dividend observations: [[2016,155200000],[2017,190000000],[2018,242700000],[2019,256000000],[2020,107100000],[2021,329900000],[2022,303600000],[2023,289600000],[2024,76600000],[2025,96300000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://filings.xbrl.org/213800M993ICXOMBCP87/2025-12-31/ESEF/GB/0/213800M993ICXOMBCP87-2025-12-31/reports/213800M993ICXOMBCP87-2025-12-31-T01.xhtml (filed 2026-03-18); FY2025: cash repurchases 250500000 GBP.

### Are managers owners

Insiders own 1.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); STJ.LSE SharesStats.PercentInsiders = 1.923 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 3.1% yearly over ten years; actual growth was 10%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); Ten-year compound average after fade. Initial solved rate 0.03132555817971286. Price 1061; FX 100; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.38875119161105814 → FY2025 1.0066343120783394. Closing-price date 2026-10-15.

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

- 2016-10: GBX 945.00 per share

- 2016-11: GBX 940.00 per share

- 2016-12: GBX 1,014.00 per share

- 2017-01: GBX 1,071.00 per share

- 2017-02: GBX 1,055.00 per share

- 2017-03: GBX 1,062.00 per share

- 2017-04: GBX 1,148.00 per share

- 2017-05: GBX 1,173.00 per share

- 2017-06: GBX 1,182.00 per share

- 2017-07: GBX 1,217.00 per share

- 2017-08: GBX 1,153.00 per share

- 2017-09: GBX 1,146.00 per share

- 2017-10: GBX 1,177.00 per share

- 2017-11: GBX 1,214.00 per share

- 2017-12: GBX 1,226.00 per share

- 2018-01: GBX 1,188.50 per share

- 2018-02: GBX 1,154.50 per share

- 2018-03: GBX 1,086.50 per share

- 2018-04: GBX 1,136.50 per share

- 2018-05: GBX 1,192.00 per share

- 2018-06: GBX 1,147.50 per share

- 2018-07: GBX 1,205.50 per share

- 2018-08: GBX 1,131.50 per share

- 2018-09: GBX 1,144.00 per share

- 2018-10: GBX 1,013.50 per share

- 2018-11: GBX 1,005.50 per share

- 2018-12: GBX 944.00 per share

- 2019-01: GBX 938.00 per share

- 2019-02: GBX 972.40 per share

- 2019-03: GBX 1,028.00 per share

- 2019-04: GBX 1,121.50 per share

- 2019-05: GBX 1,046.50 per share

- 2019-06: GBX 1,098.00 per share

- 2019-07: GBX 984.00 per share

- 2019-08: GBX 917.80 per share

- 2019-09: GBX 979.40 per share

- 2019-10: GBX 1,041.00 per share

- 2019-11: GBX 1,088.50 per share

- 2019-12: GBX 1,164.50 per share

- 2020-01: GBX 1,144.00 per share

- 2020-02: GBX 1,015.50 per share

- 2020-03: GBX 759.60 per share

- 2020-04: GBX 851.40 per share

- 2020-05: GBX 918.80 per share

- 2020-06: GBX 952.80 per share

- 2020-07: GBX 942.20 per share

- 2020-08: GBX 979.80 per share

- 2020-09: GBX 931.00 per share

- 2020-10: GBX 899.20 per share

- 2020-11: GBX 1,020.00 per share

- 2020-12: GBX 1,133.50 per share

- 2021-01: GBX 1,173.50 per share

- 2021-02: GBX 1,174.00 per share

- 2021-03: GBX 1,274.00 per share

- 2021-04: GBX 1,361.50 per share

- 2021-05: GBX 1,397.50 per share

- 2021-06: GBX 1,477.00 per share

- 2021-07: GBX 1,587.00 per share

- 2021-08: GBX 1,610.00 per share

- 2021-09: GBX 1,507.00 per share

- 2021-10: GBX 1,579.50 per share

- 2021-11: GBX 1,548.50 per share

- 2021-12: GBX 1,683.50 per share

- 2022-01: GBX 1,518.00 per share

- 2022-02: GBX 1,403.50 per share

- 2022-03: GBX 1,448.50 per share

- 2022-04: GBX 1,298.00 per share

- 2022-05: GBX 1,294.00 per share

- 2022-06: GBX 1,102.50 per share

- 2022-07: GBX 1,227.50 per share

- 2022-08: GBX 1,107.00 per share

- 2022-09: GBX 1,036.00 per share

- 2022-10: GBX 1,065.00 per share

- 2022-11: GBX 1,149.50 per share

- 2022-12: GBX 1,095.00 per share

- 2023-01: GBX 1,222.50 per share

- 2023-02: GBX 1,281.50 per share

- 2023-03: GBX 1,211.00 per share

- 2023-04: GBX 1,206.50 per share

- 2023-05: GBX 1,115.00 per share

- 2023-06: GBX 1,087.50 per share

- 2023-07: GBX 940.00 per share

- 2023-08: GBX 884.80 per share

- 2023-09: GBX 832.20 per share

- 2023-10: GBX 639.60 per share

- 2023-11: GBX 648.60 per share

- 2023-12: GBX 683.60 per share

- 2024-01: GBX 654.20 per share

- 2024-02: GBX 503.00 per share

- 2024-03: GBX 464.50 per share

- 2024-04: GBX 435.60 per share

- 2024-05: GBX 499.60 per share

- 2024-06: GBX 546.50 per share

- 2024-07: GBX 685.00 per share

- 2024-08: GBX 724.50 per share

- 2024-09: GBX 734.00 per share

- 2024-10: GBX 813.00 per share

- 2024-11: GBX 902.00 per share

- 2024-12: GBX 868.00 per share

- 2025-01: GBX 1,054.00 per share

- 2025-02: GBX 1,058.00 per share

- 2025-03: GBX 977.00 per share

- 2025-04: GBX 939.20 per share

- 2025-05: GBX 1,114.50 per share

- 2025-06: GBX 1,184.00 per share

- 2025-07: GBX 1,308.50 per share

- 2025-08: GBX 1,269.00 per share

- 2025-09: GBX 1,270.00 per share

- 2025-10: GBX 1,297.50 per share

- 2025-11: GBX 1,393.00 per share

- 2025-12: GBX 1,384.50 per share

- 2026-01: GBX 1,520.00 per share

- 2026-02: GBX 1,350.00 per share

- 2026-03: GBX 1,176.50 per share

- 2026-04: GBX 1,218.50 per share

- 2026-05: GBX 1,210.00 per share

- 2026-06: GBX 1,211.50 per share

- 2026-07: GBX 1,053.50 per share

- 2026-08: GBX 1,186.00 per share

- 2026-09: GBX 1,063.50 per share

- 2026-10: GBX 1,061.00 per share

## Annual estimated value (GBX per share)

- FY2016: low GBX 2,056.99 per share, central GBX 2,178.55 per share, high GBX 2,309.97 per share

- FY2017: low GBX 1,940.79 per share, central GBX 2,142.40 per share, high GBX 2,280.08 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 2026-10-15T06:42:31.120Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/213800M993ICXOMBCP87/2025-12-31/ESEF/GB/0/213800M993ICXOMBCP87-2025-12-31/reports/213800M993ICXOMBCP87-2025-12-31-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.

## Reported holder observations