# XPS Pensions Group (XPS.LSE)

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

Analysis as of: 2026-10-16T07:44:24.121Z. Financial observations: FY2014–FY2026.

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 334.00 per share; close as of 2026-10-15.

Estimated value: low GBX 206.89 per share, central GBX 234.63 per share, high GBX 271.55 per share. Buy at or below the central value GBX 234.63 per share. Valuation as of 2026-10-16T07:44:24.121Z; scenarios are not confidence intervals.

Expected annual return: 7.8% at the stated quote. About 7.8% 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

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 1

- Operating margin variation: 0.63×

Chart: Operating margin; fiscal year observations.

- FY2017: -0.05×

- FY2018: 0.14×

- FY2019: 0.09×

- FY2020: 0.14×

- FY2021: 0.12×

- FY2022: 0.13×

- FY2023: 0.15×

- FY2024: 0.34×

- FY2025: 0.19×

- FY2026: 0.20×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 13.6%

- ROIC, second-lowest year: 7.0%

- Typical minus recent gross margin: -0.4 pp

- Typical gross margin (annual median): 52.6%

- Recent gross margin (lower of latest and 3-year median): 53.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.6%

- ROIC including acquisitions, ten-year median: 8.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: -6.1%

- FY2018: 7.0%

- FY2019: 10.3%

- FY2020: 11.2%

- FY2021: 13.5%

- FY2022: 13.6%

- FY2023: 23.9%

- FY2024: 69.9%

- FY2025: 28.8%

- FY2026: 31.7%

### economics: pass

- Owner earnings / net income, 5-yr: 1.16×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: GBP 159M

- Net income, five-year total: GBP 136M

- Return on incremental invested capital: >100%

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

- Working capital / revenue, change between three-year averages: 1.3 pp

- Working capital / revenue, final three-year average: 18.1%

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

- FY2022: 1.03×

- FY2023: 1.31×

- FY2024: 1.06×

- FY2025: 1.09×

- FY2026: 1.42×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 7.0% vs 31.7%

- Per-share earnings: 0.01 to 0.14 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 8.3%

- Ordinary dilution, 5-year annual growth: 0.1%

- Market cap gain: GBP 403M

- Cumulative retained earnings: GBP 212M

- Diluted shares, 10-year annual growth: 8.3%

- Diluted shares, 5-year annual growth: 0.1%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 37.5%

- Per-share value change: GBP 0.13

- Per-share value, starting three-year median: GBP 0.01

- Per-share value, ending three-year median: GBP 0.14

- Buybacks concentrated in cheaper years (correlation): -0.23

- Average buyback yield: 2.6%

- Buyback history: 9 years

- Debt-funded buybacks: Yes

- Acquisition spending: GBP 305M

- Cumulative net income, 10 years: GBP 153M

- ROIC, first three-year median: 7.0%

- ROIC, last three-year median: 31.7%

Chart: Earnings per share; fiscal year observations.

- FY2017: GBP -0.10

- FY2018: GBP 0.01

- FY2019: GBP 0.06

- FY2020: GBP 0.04

- FY2021: GBP 0.04

- FY2022: GBP 0.04

- FY2023: GBP 0.07

- FY2024: GBP 0.25

- FY2025: GBP 0.14

- FY2026: GBP 0.12

### accounting: pass

- Sloan accruals: -7.6%

- Receivables to sales index (DSRI): 1.22×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 13.6%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.94×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.96×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -32.1%

- FY2018: -3.2%

- FY2019: -1.6%

- FY2020: -5.8%

- FY2021: -8.2%

- FY2022: -7.1%

- FY2023: -6.6%

- FY2024: 4.0%

- FY2025: -3.5%

- FY2026: -7.6%

## Holders

## Price story

Price needs cash profits to grow 5.4% a year for ten years · sales +13.3%

Story as of 2026-10-16T10:00:13.032Z; price observation 2026-10-15.

Price needs cash profits to grow 5.4% a year for ten years

### Sales · FY2025–2026

sales +13.3%; source https://filings.xbrl.org/2138004Y8OBPJEAACJ11/2026-03-31/ESEF/GB/0/2138004Y8OBPJEAACJ11-2026-03-31/reports/2138004Y8OBPJEAACJ11-2026-03-31-T01.xhtml; observed 2026-07-21.

- FY2017: GBP 49M 

- FY2018: GBP 63M 

- FY2019: GBP 110M 

- FY2020: GBP 120M 

- FY2021: GBP 128M 

- FY2022: GBP 139M 

- FY2023: GBP 167M 

- FY2024: GBP 199M 

- FY2025: GBP 232M 

- FY2026: GBP 263M 

### Gross margin · FY2026

gross margin 93.7%; source https://filings.xbrl.org/2138004Y8OBPJEAACJ11/2026-03-31/ESEF/GB/0/2138004Y8OBPJEAACJ11-2026-03-31/reports/2138004Y8OBPJEAACJ11-2026-03-31-T01.xhtml; observed 2026-07-21.

- FY2017: 57.5% 

- FY2018: 43.5% 

- FY2019: 57.1% 

- FY2020: 54.5% 

- FY2021: 39.0% 

- FY2022: 40.1% 

- FY2023: 39.2% 

- FY2024: 52.2% 

- FY2025: 53.0% 

- FY2026: 93.7% 

## Owner memo

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

### How it makes money

Operates in personal services; annual sales are GBP 262.5 million.

- Source: https://eodhd.com/api/fundamentals/XPS.LSE.json#2026-03-31 (filed 2026-07-21); FY2026: revenue 262548999; grossProfit 246082999; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); XPS.LSE: XPS Pensions Group plc, together with its subsidiaries, provides consulting and administration services related to UK pension schemes and insurers in the United Kingdom. It offers convent and pension advisory; investment and insurance consulting; DB master trust schemes; and self-invested personal pension and SSAS pension services. The company also provides pension administration services, such as scheme administration, outsourcing, payroll, scheme accounting, communications, and scam identification and protection, as well as de-risking projects, GMP equalization, data audits and cleansing, and trustee secretarial services. In addition, it provides XPS Arena, a digital learning platform; trustee and governance services; and technology and trackers. Further, the company offers employee benefit consultancy and related business services; and involved in the management consultancy activities. The company was formerly known as Xafinity Plc and changed its name to XPS Pensions Group Plc in May 2018. XPS Pensions Group plc was incorporated in 2012 and is based in Reading, the United Kingdom.

### Why customers stay

Margins ranged from 52.2% to 93.7% during 2024–26; it earns 13.6% on its capital.

- Source: https://eodhd.com/api/fundamentals/XPS.LSE.json#2024-03-31 (filed 2026-07-21); FY2024: grossProfit / revenue = 52.2%.

- Source: https://eodhd.com/api/fundamentals/XPS.LSE.json#2025-03-31 (filed 2026-07-21); FY2025: grossProfit / revenue = 53%.

- Source: https://eodhd.com/api/fundamentals/XPS.LSE.json#2026-03-31 (filed 2026-07-21); FY2026: grossProfit / revenue = 93.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-21); 10-year return on capital observations [[2017,-0.06101126392432634],[2018,0.07006184152341852],[2019,0.10307912894150005],[2020,0.11180530985323206],[2021,0.135173202771402],[2022,0.1363234083424808],[2023,0.23915435524820705],[2024,0.6986516186435561],[2025,0.28765488179798887],[2026,0.317148847171535]]; median 0.1357483055569414. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 40% gross margin through 2022 cost inflation.

- Source: https://filings.xbrl.org/2138004Y8OBPJEAACJ11/2026-03-31/ESEF/GB/0/2138004Y8OBPJEAACJ11-2026-03-31/reports/2138004Y8OBPJEAACJ11-2026-03-31-T01.xhtml (filed 2026-07-21); Gross margin observations: [[2021,0.39030414832995913],[2022,0.40081660919623147],[2023,0.39184498150402]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back GBP 20.9 million of shares.

- Source: https://eodhd.com/api/fundamentals/XPS.LSE.json#2018-03-31 (filed 2026-07-21); FY2018: growth capex 0; upkeep 241000; owner earnings 7852000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/XPS.LSE.json#2019-03-31 (filed 2026-07-21); FY2019: growth capex 0; upkeep 1928000; owner earnings 22670800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/XPS.LSE.json#2020-03-31 (filed 2026-07-21); FY2020: growth capex 0; upkeep 3398000; owner earnings 12757600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/XPS.LSE.json#2021-03-31 (filed 2026-07-21); FY2021: growth capex 0; upkeep 2897000; owner earnings 15127000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/XPS.LSE.json#2022-03-31 (filed 2026-07-21); FY2022: growth capex 0; upkeep 9339000; owner earnings 9670000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/XPS.LSE.json#2023-03-31 (filed 2026-07-21); FY2023: growth capex 0; upkeep 5454000; cash acquisitions 8268000; owner earnings 20782000. Growth capex plus acquisitions / owner earnings = 0.3978442883264363.

- Source: https://eodhd.com/api/fundamentals/XPS.LSE.json#2024-03-31 (filed 2026-07-21); FY2024: growth capex 0; upkeep 7506000; cash acquisitions 0; owner earnings 57667600. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/XPS.LSE.json#2025-03-31 (filed 2026-07-21); FY2025: growth capex 0; upkeep 8190000; cash acquisitions 13774000; owner earnings 32990400. Growth capex plus acquisitions / owner earnings = 0.417515398418934.

- Source: https://eodhd.com/api/fundamentals/XPS.LSE.json#2026-03-31 (filed 2026-07-21); FY2026: growth capex 0; upkeep 2149000; cash acquisitions 0; owner earnings 37709800. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-21); Dividend observations: [[2017,3822000],[2018,3822000],[2019,13206000],[2020,13412000],[2021,13921000],[2022,14099000],[2023,15331000],[2024,18025000],[2025,22185000],[2026,25047000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/XPS.LSE.json#2026-03-31 (filed 2026-07-21); FY2026: cash repurchases 20914000 GBP.

### Are managers owners

Insiders own 3.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); XPS.LSE SharesStats.PercentInsiders = 3.644 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 5.4% yearly over ten years; actual growth was 8.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-21); Ten-year compound average after fade. Initial solved rate 0.0645929589188089. Price 334; FX 100; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 0.07829012058169021 → FY2026 0.17616298081864132. Closing-price date 2026-10-15.

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

- 2017-02: GBX 156.38 per share

- 2017-03: GBX 159.25 per share

- 2017-04: GBX 172.25 per share

- 2017-05: GBX 170.00 per share

- 2017-06: GBX 164.50 per share

- 2017-07: GBX 157.50 per share

- 2017-08: GBX 165.00 per share

- 2017-09: GBX 172.00 per share

- 2017-10: GBX 167.00 per share

- 2017-11: GBX 174.00 per share

- 2017-12: GBX 191.50 per share

- 2018-01: GBX 191.00 per share

- 2018-02: GBX 188.00 per share

- 2018-03: GBX 181.00 per share

- 2018-04: GBX 179.00 per share

- 2018-05: GBX 185.00 per share

- 2018-06: GBX 184.00 per share

- 2018-07: GBX 175.00 per share

- 2018-08: GBX 178.50 per share

- 2018-09: GBX 167.50 per share

- 2018-10: GBX 167.00 per share

- 2018-11: GBX 161.00 per share

- 2018-12: GBX 163.50 per share

- 2019-01: GBX 147.50 per share

- 2019-02: GBX 135.00 per share

- 2019-03: GBX 138.00 per share

- 2019-04: GBX 160.00 per share

- 2019-05: GBX 150.00 per share

- 2019-06: GBX 97.00 per share

- 2019-07: GBX 115.50 per share

- 2019-08: GBX 111.50 per share

- 2019-09: GBX 116.00 per share

- 2019-10: GBX 125.00 per share

- 2019-11: GBX 137.00 per share

- 2019-12: GBX 137.00 per share

- 2020-01: GBX 142.00 per share

- 2020-02: GBX 130.00 per share

- 2020-03: GBX 110.00 per share

- 2020-04: GBX 110.00 per share

- 2020-05: GBX 121.50 per share

- 2020-06: GBX 115.00 per share

- 2020-07: GBX 118.00 per share

- 2020-08: GBX 133.00 per share

- 2020-09: GBX 134.50 per share

- 2020-10: GBX 127.00 per share

- 2020-11: GBX 122.00 per share

- 2020-12: GBX 129.50 per share

- 2021-01: GBX 119.50 per share

- 2021-02: GBX 121.00 per share

- 2021-03: GBX 122.50 per share

- 2021-04: GBX 123.50 per share

- 2021-05: GBX 133.00 per share

- 2021-06: GBX 138.00 per share

- 2021-07: GBX 147.50 per share

- 2021-08: GBX 144.00 per share

- 2021-09: GBX 143.00 per share

- 2021-10: GBX 138.00 per share

- 2021-11: GBX 138.50 per share

- 2021-12: GBX 140.00 per share

- 2022-01: GBX 142.00 per share

- 2022-02: GBX 134.00 per share

- 2022-03: GBX 124.00 per share

- 2022-04: GBX 138.50 per share

- 2022-05: GBX 136.50 per share

- 2022-06: GBX 130.00 per share

- 2022-07: GBX 147.00 per share

- 2022-08: GBX 140.00 per share

- 2022-09: GBX 128.00 per share

- 2022-10: GBX 119.00 per share

- 2022-11: GBX 146.00 per share

- 2022-12: GBX 139.00 per share

- 2023-01: GBX 161.00 per share

- 2023-02: GBX 161.00 per share

- 2023-03: GBX 160.00 per share

- 2023-04: GBX 163.00 per share

- 2023-05: GBX 164.00 per share

- 2023-06: GBX 174.50 per share

- 2023-07: GBX 191.50 per share

- 2023-08: GBX 187.50 per share

- 2023-09: GBX 195.00 per share

- 2023-10: GBX 213.00 per share

- 2023-11: GBX 237.00 per share

- 2023-12: GBX 233.00 per share

- 2024-01: GBX 207.00 per share

- 2024-02: GBX 227.00 per share

- 2024-03: GBX 231.00 per share

- 2024-04: GBX 265.00 per share

- 2024-05: GBX 253.00 per share

- 2024-06: GBX 299.00 per share

- 2024-07: GBX 323.00 per share

- 2024-08: GBX 303.00 per share

- 2024-09: GBX 289.00 per share

- 2024-10: GBX 358.00 per share

- 2024-11: GBX 360.00 per share

- 2024-12: GBX 341.00 per share

- 2025-01: GBX 348.00 per share

- 2025-02: GBX 370.00 per share

- 2025-03: GBX 375.00 per share

- 2025-04: GBX 386.50 per share

- 2025-05: GBX 397.00 per share

- 2025-06: GBX 383.50 per share

- 2025-07: GBX 370.00 per share

- 2025-08: GBX 348.00 per share

- 2025-09: GBX 339.00 per share

- 2025-10: GBX 337.50 per share

- 2025-11: GBX 362.00 per share

- 2025-12: GBX 339.00 per share

- 2026-01: GBX 346.00 per share

- 2026-02: GBX 311.00 per share

- 2026-03: GBX 290.00 per share

- 2026-04: GBX 302.50 per share

- 2026-05: GBX 310.00 per share

- 2026-06: GBX 307.50 per share

- 2026-07: GBX 331.50 per share

- 2026-08: GBX 314.00 per share

- 2026-09: GBX 303.50 per share

- 2026-10: GBX 334.00 per share

## Annual estimated value (GBX per share)

- FY2018: low GBX 26.48 per share, central GBX 29.58 per share, high GBX 33.71 per share

- FY2019: low GBX 74.01 per share, central GBX 84.00 per share, high GBX 97.28 per share

- FY2020: low GBX 83.67 per share, central GBX 94.41 per share, high GBX 108.72 per share

- FY2021: low GBX 80.58 per share, central GBX 91.30 per share, high GBX 105.56 per share

- FY2022: low GBX 87.77 per share, central GBX 99.40 per share, high GBX 114.87 per share

- FY2023: low GBX 104.37 per share, central GBX 118.13 per share, high GBX 136.44 per share

- FY2024: low GBX 120.10 per share, central GBX 136.28 per share, high GBX 157.82 per share

- FY2025: low GBX 148.45 per share, central GBX 168.28 per share, high GBX 194.68 per share

- FY2026: low GBX 196.23 per share, central GBX 222.54 per share, high GBX 257.56 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 2026-10-15T06:50:33.805Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/2138004Y8OBPJEAACJ11/2026-03-31/ESEF/GB/0/2138004Y8OBPJEAACJ11-2026-03-31/reports/2138004Y8OBPJEAACJ11-2026-03-31-T01.xhtml); period 2026-03-31, filed 2026-07-21.

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.