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XPS Pensions Group Plc
(LSE:XPS)
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Rating:69Neutral
Price Target:
339.00 p
▲(8.83% Upside)
Action:Downgraded
Date:06/19/26
The score is driven primarily by solid financial performance—strong revenue growth and excellent 2026 free cash flow—partly offset by margin volatility and a recent increase in leverage. Technicals are neutral (near key moving averages but below the 200 DMA), and valuation is balanced between an attractive ~4% yield and a higher P/E (~24.5).
Positive Factors
Recurring, contractable revenue
XPS’s core business is built on recurring, contractable administration and advisory fees for occupational pension schemes. Multi-year contracts and per-member or fixed-fee arrangements create predictable revenue streams, supporting durable cash flow and lower client churn risk over 2–6 months and beyond.
Negative Factors
Margin volatility
Profitability has shown meaningful year-to-year swings, with margins retreating from 2024 peaks. Persistent margin volatility undermines predictability of earnings and cash conversion, complicates long-term planning, and suggests sensitivity to pricing, mix shifts or cost pressures that could persist over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring, contractable revenue
XPS’s core business is built on recurring, contractable administration and advisory fees for occupational pension schemes. Multi-year contracts and per-member or fixed-fee arrangements create predictable revenue streams, supporting durable cash flow and lower client churn risk over 2–6 months and beyond.
Read all positive factors
XPS Pensions Group Plc (XPS) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£651.38M
Dividend Yield4.18%
Average Volume (3M)889.87K
Price to Earnings (P/E)24.6
Beta (1Y)1.09
Revenue Growth12.84%
EPS Growth-11.56%
CountryUK
Employees2,024
SectorConsumer Cyclical
Sector Strength84
IndustryInvestment - Banking & Investment Services
Share Statistics
EPS (TTM)0.13
Shares Outstanding208,355,410
10 Day Avg. Volume746,061
30 Day Avg. Volume889,869
Financial Highlights & Ratios
PEG Ratio-1.67
Price to Book (P/B)3.39
Price to Sales (P/S)2.26
P/FCF Ratio11.98
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£457.25Price Target Upside46.79% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)0.23
Revenue Forecast (FY)£285.41M
XPS Pensions Group Plc Business Overview & Revenue Model
Company Description
XPS Pensions Group plc, operating through its various subsidiaries, specializes in delivering expert employee benefits consulting and a wide array of associated professional services throughout the United Kingdom. The firm provides strategic advis...
How the Company Makes Money
XPS primarily makes money by charging professional fees for delivering pensions-related services to occupational pension schemes and their sponsors. Its core revenue streams typically include: (1) Pension administration fees: recurring fees for da...
XPS Pensions Group Plc Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
66
Positive
Cash Flow
83
Very Positive
| Breakdown | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 262.55M | 231.78M | 199.43M | 166.79M | 138.62M |
| Gross Profit | 246.08M | 122.92M | 104.01M | 65.36M | 55.56M |
| EBITDA | 59.79M | 57.26M | 79.27M | 34.58M | 30.26M |
| Net Income | 26.56M | 30.34M | 54.17M | 15.84M | 9.42M |
Balance Sheet | |||||
| Total Assets | 329.49M | 323.48M | 281.87M | 283.76M | 271.65M |
| Cash, Cash Equivalents and Short-Term Investments | 16.85M | 14.72M | 10.01M | 13.29M | 10.15M |
| Total Debt | 78.08M | 68.97M | 32.55M | 77.25M | 74.99M |
| Total Liabilities | 154.64M | 138.07M | 96.01M | 134.48M | 127.22M |
| Stockholders Equity | 174.85M | 185.41M | 185.85M | 149.28M | 144.44M |
Cash Flow | |||||
| Free Cash Flow | 49.45M | 33.63M | 35.42M | 26.13M | 18.10M |
| Operating Cash Flow | 51.60M | 41.82M | 42.93M | 31.58M | 27.44M |
| Investing Cash Flow | -9.98M | -21.86M | 29.17M | -13.76M | -9.37M |
| Financing Cash Flow | -39.49M | -15.25M | -75.39M | -14.69M | -16.54M |
XPS Pensions Group Plc Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | £333.62M | 6.41 | 25.52% | 4.30% | 2.18% | 14.86% | |
72 Outperform | £216.57M | 10.87 | 29.66% | 3.02% | 43.98% | 97.22% | |
69 Neutral | £651.38M | 24.61 | 15.48% | 4.18% | 12.84% | -11.56% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
60 Neutral | £894.49M | 59.82 | 5.35% | 0.65% | 4.41% | -8.04% |
* Consumer Cyclical Sector Average
GB:XPS
XPS Pensions Group Plc
315.50
-17.86
-5.36%
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423.00
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GB:RFX
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90.14%
XPS Pensions Group Plc Corporate Events
Regulatory Filings and Compliance
XPS Pensions Group executives exercise share options and sell stock to cover tax
Neutral
Jul 23, 2026
XPS Pensions Group plc disclosed a series of transactions by its senior leadership involving the exercise of nominal-cost options under the company’s Performance Share Plan. Co-chief executives Paul Cuff and Ben Bramhall, along with chief fi...
Regulatory Filings and Compliance
XPS Pensions Director Michelle Cracknell Increases Stake with Share Purchase
Positive
Jul 20, 2026
XPS Pensions Group plc has disclosed that independent non-executive director Michelle Cracknell, who is classified as a person discharging managerial responsibilities, purchased 5,979 ordinary shares in the company on 20 July 2026 at 332.7 pence p...
Financial DisclosuresRegulatory Filings and ComplianceShareholder Meetings
XPS Pensions Group Publishes 2026 Annual Report and Sets AGM Date
Neutral
Jul 9, 2026
XPS Pensions Group plc has published its Annual Report Accounts for the financial year ended 31 March 2026, along with the notice and proxy form for its 2026 Annual General Meeting, making these documents available on its website and via the UK F...
Business Operations and StrategyExecutive/Board Changes
XPS Pensions Ties Executive Share Awards to Earnings, TSR and Emissions Targets
Positive
Jul 3, 2026
XPS Pensions Group has granted new equity-based incentives to its top executives under its Performance Share Plan and Deferred Share Bonus Plan, aligning leadership rewards with long-term shareholder value and operational targets. The performance-...
Business Operations and StrategyM&A Transactions
XPS Pensions Group buys APR to double insurance consulting reach
Positive
Jun 26, 2026
XPS Pensions Group has agreed to acquire the trade and assets of Austin Professional Resourcing LLP, a UK actuarial consultancy serving leading insurers and financial sector clients. The deal brings APR’s team of over 70 client-facing staff ...
Business Operations and StrategyDividendsFinancial Disclosures
XPS Pensions Group posts fourth year of double-digit growth and lifts dividend
Positive
Jun 18, 2026
XPS Pensions Group reported its fourth consecutive year of double-digit revenue growth, with total revenue up 13% to £262.7m, driven by strong demand for advisory services, expanding administration work and growth in self-invested pension (SI...
Business Operations and StrategyFinancial Disclosures
XPS Pensions Group Sets 18 June Date for Full-Year Results Presentation
Neutral
May 27, 2026
XPS Pensions Group will present its full-year results for the year ended 31 March 2026 on 18 June 2026, hosting an analyst and investor event in London alongside a live webcast. The hybrid format underlines the Group’s engagement with the in...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.