# TP ICAP Group (TCAP.LSE)

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

Analysis as of: 2026-10-16T07:39:12.150Z. Financial observations: FY2000–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 321.00 per share; close as of 2026-10-15.

Estimated value: low GBX 216.19 per share, central GBX 251.71 per share, high GBX 292.68 per share. Buy at or below the central value GBX 251.71 per share. Valuation as of 2026-10-16T07:39:12.150Z; scenarios are not confidence intervals.

Expected annual return: 8.5% at the stated quote. About 8.5% 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

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.28×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.08×

- FY2017: 0.06×

- FY2018: 0.05×

- FY2019: 0.12×

- FY2020: 0.10×

- FY2021: 0.05×

- FY2022: 0.08×

- FY2023: 0.11×

- FY2024: 0.11×

- FY2025: 0.11×

### 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)

- Recent gross margin fell 7.5pp below the typical margin (limit 4pp)

- ROIC, median of available years: 15.6%

- ROIC, second-lowest year: 7.3%

- Typical minus recent gross margin: 7.5 pp

- Typical gross margin (annual median): 42.7%

- Recent gross margin (lower of latest and 3-year median): 35.2%

- Years with nonpositive capital: 1

- Capital spending / revenue: 2.4%

- ROIC including acquisitions, ten-year median: 5.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 8.6%

- FY2017: 17.1%

- FY2018: 9.7%

- FY2019: 19.5%

- FY2020: 14.1%

- FY2021: 7.3%

- FY2022: 18.5%

- FY2023: 79.8%

- FY2024: 28.4%

- FY2025: 6.5%

### economics: fail

- incremental invested capital return below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

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

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: GBP 696M

- Net income, five-year total: GBP 535M

- Return on incremental invested capital: 4.7%

- Working capital / revenue, annual change: -40.3 pp

- Working capital / revenue, change between three-year averages: 394.8 pp

- Working capital / revenue, final three-year average: 42.7%

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

- FY2021: 3.48×

- FY2022: 1.18×

- FY2023: 1.74×

- FY2024: 1.03×

- FY2025: 1.38×

### management: fail

- 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: 9.7% vs 28.4%

- Per-share earnings: 0.17 to 0.21 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 10.6%

- Ordinary dilution, 5-year annual growth: 3.8%

- Market cap gain: GBP 976M

- Cumulative retained earnings: GBP 538M

- Diluted shares, 10-year annual growth: 10.6%

- Diluted shares, 5-year annual growth: 3.8%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 3.1%

- Per-share value change: GBP 0.05

- Per-share value, starting three-year median: GBP 0.17

- Per-share value, ending three-year median: GBP 0.21

- Buybacks concentrated in cheaper years (correlation): 0.71

- Average buyback yield: 1.4%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: GBP 2.7B

- Cumulative net income, 10 years: GBP 846M

- ROIC, first three-year median: 9.7%

- ROIC, last three-year median: 28.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: GBP 0.17

- FY2017: GBP 0.15

- FY2018: GBP 0.06

- FY2019: GBP 0.09

- FY2020: GBP 0.15

- FY2021: GBP 0.01

- FY2022: GBP 0.13

- FY2023: GBP 0.09

- FY2024: GBP 0.21

- FY2025: GBP 0.24

### accounting: pass

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: -0.7%

- Receivables to sales index (DSRI): 1.05×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 19.8%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.33×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.84×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -0.1%

- FY2017: 0.0%

- FY2018: -0.5%

- FY2019: -0.2%

- FY2020: -0.1%

- FY2021: -1.9%

- FY2022: -3.8%

- FY2023: -3.4%

- FY2024: -2.9%

- FY2025: -0.7%

## Holders

## Price story

Price needs cash profits to grow 4.5% a year for ten years · sales +4.9%

Story as of 2026-10-16T10:00:10.595Z; price observation 2026-10-15.

Price needs cash profits to grow 4.5% a year for ten years

### Sales · FY2024–2025

sales +4.9%; source https://filings.xbrl.org/2138006YAA7IRVKKGE63/2025-12-31/ESEF/GB/0/2138006YAA7IRVKKGE63-2025-12-31/reports/2138006YAA7IRVKKGE63-2025-12-31-T01.xhtml; observed 2026-04-09.

- FY2016: GBP 892M 

- FY2017: GBP 1.8B 

- FY2018: GBP 1.8B 

- FY2019: GBP 1.8B 

- FY2020: GBP 1.8B 

- FY2021: GBP 1.9B 

- FY2022: GBP 2.1B 

- FY2023: GBP 2.2B 

- FY2024: GBP 2.3B 

- FY2025: GBP 2.4B 

### Gross margin · FY2025

gross margin 95.1%; source https://filings.xbrl.org/2138006YAA7IRVKKGE63/2025-12-31/ESEF/GB/0/2138006YAA7IRVKKGE63-2025-12-31/reports/2138006YAA7IRVKKGE63-2025-12-31-T01.xhtml; observed 2026-04-09.

- FY2018: 43.0% 

- FY2019: 42.3% 

- FY2020: 40.1% 

- FY2021: 42.5% 

- FY2022: 97.4% 

- FY2023: 34.6% 

- FY2024: 35.2% 

- FY2025: 95.1% 

## Owner memo

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

### How it makes money

Operates in capital markets; annual sales are GBP 2.4 billion.

- Source: https://filings.xbrl.org/2138006YAA7IRVKKGE63/2025-12-31/ESEF/GB/0/2138006YAA7IRVKKGE63-2025-12-31/reports/2138006YAA7IRVKKGE63-2025-12-31-T01.xhtml (filed 2026-04-09); FY2025: revenue 2363000000; grossProfit 2248000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); TCAP.LSE: TP ICAP Group PLC provides intermediary services, contextual insights, trade execution, pre-trade and settlement services, and data-led solutions in Europe, the Middle East, Africa, the Americas, and the Asia Pacific. It operates through Global Broking, Energy & Commodities, Liquidnet, and Parameta Solutions divisions. The Global Broking division operates in rates, foreign exchange (FX) and money markets, equities, and credit products; and offers broking, facilitating price discovery, and liquidity services. The Energy & Commodities division operates in various commodities markets, including oil, gas, power, renewables, ferrous metals, base metals, precious metals, soft commodities, and digital assets. This division also assists in canvassing the market for expressions of interest, intelligence gathering, negotiations, and post-transaction processing; and provides insights on the impact of unpredictable factors, such as weather conditions, geopolitics, and exchange rate movements. The Liquidnet division operates Liquidnet, a cash equities dark/block electronic trading network; and Coex Partners, a trade advisory and agency execution service that covers listed derivatives, FX, government bonds, cleared interest rate swaps, and cash equities. This division serves hedge funds, asset managers, and asset owners. The Parameta Solutions division provides unbiased data products that facilitate trading, enhance transparency, reduce risk, and enhance operational efficiency; and pricing, reference data, and analytical tools. This division also offers real-time price information for the OTC financial and commodity markets delivering independent data for various asset classes, including rates, FX and money markets, volatility, oil, energy, inflation, credit, and equities. The company is based in Saint Helier, Jersey.

### Why customers stay

Margins ranged from 34.6% to 95.1% during 2023–25; it earns 15.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-09); FY2023: grossProfit / revenue = 34.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-09); FY2024: grossProfit / revenue = 35.2%.

- Source: https://filings.xbrl.org/2138006YAA7IRVKKGE63/2025-12-31/ESEF/GB/0/2138006YAA7IRVKKGE63-2025-12-31/reports/2138006YAA7IRVKKGE63-2025-12-31-T01.xhtml (filed 2026-04-09); FY2025: grossProfit / revenue = 95.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-09); 10-year return on capital observations [[2016,0.08610516037400875],[2017,0.17114093959731544],[2018,0.09656549520766773],[2019,0.19482044198895027],[2020,0.14108514463147573],[2021,0.07263824884792627],[2022,0.1849180187508027],[2023,0.7977487939967839],[2024,0.28423602517180546],[2025,0.06531479642502483]]; median 0.15611304211439558. 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 124 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-09); FY2016: growth capex 0; upkeep 17500000; owner earnings 43700000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-09); FY2017: growth capex 0; upkeep 41000000; owner earnings 127000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-09); FY2018: growth capex 0; upkeep 73000000; owner earnings 38000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-09); FY2019: growth capex 0; upkeep 33000000; owner earnings 95000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-09); FY2020: growth capex 0; upkeep 53000000; owner earnings 95600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-09); FY2021: growth capex 0; upkeep 58000000; owner earnings 17400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-09); FY2022: growth capex 0; upkeep 53000000; owner earnings 121200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-09); FY2023: growth capex 0; upkeep 12000000; owner earnings 128800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-09); FY2024: growth capex 0; upkeep 64000000; owner earnings 172800000. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/2138006YAA7IRVKKGE63/2025-12-31/ESEF/GB/0/2138006YAA7IRVKKGE63-2025-12-31/reports/2138006YAA7IRVKKGE63-2025-12-31-T01.xhtml (filed 2026-04-09); FY2025: growth capex 0; upkeep 5000000; owner earnings 256200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-09); Dividend observations: [[2016,40700000],[2017,58000000],[2018,94000000],[2019,95000000],[2020,94000000],[2021,47000000],[2022,78000000],[2023,100000000],[2024,113000000],[2025,128000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://filings.xbrl.org/2138006YAA7IRVKKGE63/2025-12-31/ESEF/GB/0/2138006YAA7IRVKKGE63-2025-12-31/reports/2138006YAA7IRVKKGE63-2025-12-31-T01.xhtml (filed 2026-04-09); FY2025: cash repurchases 124000000 GBP.

### Are managers owners

Insiders own 0.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); TCAP.LSE SharesStats.PercentInsiders = 0.628 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 4.5% yearly over ten years; actual growth was 1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-09); Ten-year compound average after fade. Initial solved rate 0.05149999476032019. Price 321; FX 100; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.3053348470009728 → FY2025 0.33571029852271744. Closing-price date 2026-10-15.

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

- 2016-11: GBX 396.35 per share

- 2016-12: GBX 386.19 per share

- 2017-01: GBX 414.18 per share

- 2017-02: GBX 435.83 per share

- 2017-03: GBX 414.00 per share

- 2017-04: GBX 408.29 per share

- 2017-05: GBX 425.41 per share

- 2017-06: GBX 416.49 per share

- 2017-07: GBX 433.96 per share

- 2017-08: GBX 439.93 per share

- 2017-09: GBX 467.03 per share

- 2017-10: GBX 485.30 per share

- 2017-11: GBX 450.99 per share

- 2017-12: GBX 474.16 per share

- 2018-01: GBX 472.38 per share

- 2018-02: GBX 479.15 per share

- 2018-03: GBX 398.22 per share

- 2018-04: GBX 419.97 per share

- 2018-05: GBX 373.44 per share

- 2018-06: GBX 375.58 per share

- 2018-07: GBX 249.56 per share

- 2018-08: GBX 254.01 per share

- 2018-09: GBX 238.15 per share

- 2018-10: GBX 258.47 per share

- 2018-11: GBX 277.01 per share

- 2018-12: GBX 268.27 per share

- 2019-01: GBX 280.75 per share

- 2019-02: GBX 282.80 per share

- 2019-03: GBX 262.21 per share

- 2019-04: GBX 250.63 per share

- 2019-05: GBX 244.74 per share

- 2019-06: GBX 267.03 per share

- 2019-07: GBX 279.59 per share

- 2019-08: GBX 259.63 per share

- 2019-09: GBX 303.03 per share

- 2019-10: GBX 305.62 per share

- 2019-11: GBX 344.03 per share

- 2019-12: GBX 364.26 per share

- 2020-01: GBX 353.75 per share

- 2020-02: GBX 324.60 per share

- 2020-03: GBX 301.61 per share

- 2020-04: GBX 302.50 per share

- 2020-05: GBX 303.03 per share

- 2020-06: GBX 312.66 per share

- 2020-07: GBX 295.55 per share

- 2020-08: GBX 270.95 per share

- 2020-09: GBX 203.39 per share

- 2020-10: GBX 170.06 per share

- 2020-11: GBX 188.95 per share

- 2020-12: GBX 212.30 per share

- 2021-01: GBX 198.75 per share

- 2021-02: GBX 240.00 per share

- 2021-03: GBX 243.45 per share

- 2021-04: GBX 237.75 per share

- 2021-05: GBX 214.10 per share

- 2021-06: GBX 195.40 per share

- 2021-07: GBX 195.64 per share

- 2021-08: GBX 203.25 per share

- 2021-09: GBX 159.66 per share

- 2021-10: GBX 155.30 per share

- 2021-11: GBX 126.84 per share

- 2021-12: GBX 152.70 per share

- 2022-01: GBX 140.20 per share

- 2022-02: GBX 119.90 per share

- 2022-03: GBX 148.30 per share

- 2022-04: GBX 131.80 per share

- 2022-05: GBX 129.90 per share

- 2022-06: GBX 112.30 per share

- 2022-07: GBX 119.00 per share

- 2022-08: GBX 153.90 per share

- 2022-09: GBX 196.00 per share

- 2022-10: GBX 184.00 per share

- 2022-11: GBX 175.00 per share

- 2022-12: GBX 174.50 per share

- 2023-01: GBX 176.60 per share

- 2023-02: GBX 193.00 per share

- 2023-03: GBX 180.10 per share

- 2023-04: GBX 170.10 per share

- 2023-05: GBX 151.50 per share

- 2023-06: GBX 151.20 per share

- 2023-07: GBX 159.00 per share

- 2023-08: GBX 165.20 per share

- 2023-09: GBX 170.10 per share

- 2023-10: GBX 157.10 per share

- 2023-11: GBX 185.20 per share

- 2023-12: GBX 195.30 per share

- 2024-01: GBX 187.90 per share

- 2024-02: GBX 179.00 per share

- 2024-03: GBX 225.20 per share

- 2024-04: GBX 207.50 per share

- 2024-05: GBX 219.00 per share

- 2024-06: GBX 199.80 per share

- 2024-07: GBX 221.50 per share

- 2024-08: GBX 243.00 per share

- 2024-09: GBX 236.50 per share

- 2024-10: GBX 224.50 per share

- 2024-11: GBX 262.50 per share

- 2024-12: GBX 258.00 per share

- 2025-01: GBX 272.50 per share

- 2025-02: GBX 261.00 per share

- 2025-03: GBX 258.00 per share

- 2025-04: GBX 256.50 per share

- 2025-05: GBX 262.50 per share

- 2025-06: GBX 272.50 per share

- 2025-07: GBX 306.50 per share

- 2025-08: GBX 277.50 per share

- 2025-09: GBX 275.50 per share

- 2025-10: GBX 262.50 per share

- 2025-11: GBX 254.50 per share

- 2025-12: GBX 259.50 per share

- 2026-01: GBX 255.00 per share

- 2026-02: GBX 253.00 per share

- 2026-03: GBX 271.50 per share

- 2026-04: GBX 316.20 per share

- 2026-05: GBX 305.60 per share

- 2026-06: GBX 338.40 per share

- 2026-07: GBX 342.60 per share

- 2026-08: GBX 344.80 per share

- 2026-09: GBX 342.00 per share

- 2026-10: GBX 321.00 per share

## Annual estimated value (GBX per share)

- FY2016: low GBX 183.64 per share, central GBX 208.96 per share, high GBX 242.67 per share

- FY2017: low GBX 246.52 per share, central GBX 280.51 per share, high GBX 325.75 per share

- FY2018: low GBX 166.45 per share, central GBX 189.40 per share, high GBX 219.95 per share

- FY2019: low GBX 184.93 per share, central GBX 210.43 per share, high GBX 244.37 per share

- FY2020: low GBX 161.55 per share, central GBX 183.82 per share, high GBX 213.48 per share

- FY2021: low GBX 135.52 per share, central GBX 154.21 per share, high GBX 179.08 per share

- FY2022: low GBX 150.44 per share, central GBX 171.18 per share, high GBX 198.80 per share

- FY2023: low GBX 163.45 per share, central GBX 185.99 per share, high GBX 215.99 per share

- FY2024: low GBX 179.19 per share, central GBX 204.19 per share, high GBX 237.15 per share

- FY2025: low GBX 202.05 per share, central GBX 235.24 per share, high GBX 273.54 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 2026-10-15T06:44:57.354Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/2138006YAA7IRVKKGE63/2025-12-31/ESEF/GB/0/2138006YAA7IRVKKGE63-2025-12-31/reports/2138006YAA7IRVKKGE63-2025-12-31-T01.xhtml); period 2025-12-31, filed 2026-04-09.

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