Jupiter Fund Management Plc (JUP) AI Stock Analysis

• Market Cap: £859.40M
• Dividend Yield: 2.7%
• Average Volume (3M): 1.66M
• Price to Earnings (P/E): 2.5
• Beta (1Y): 0.99
• Revenue Growth: -4.38%
• EPS Growth: N/A
• Country: UK
• Employees: 492
• Sector: Financial
• Sector Strength: 70
• Industry: Asset Management
• EPS (TTM): 0.16
• Shares Outstanding: 528,630,100
• 10 Day Avg. Volume: 1,539,683
• 30 Day Avg. Volume: 1,657,990
• PEG Ratio: 0.14
• Price to Book (P/B): 0.91
• Price to Sales (P/S): 1.73
• P/FCF Ratio: 13.36
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: £161.02
• Price Target Upside: -4.50% Downside
• Rating Consensus: Hold
• Number of Analyst Covering: 4
• EPS Forecast (FY): 0.14
• Revenue Forecast (FY): £448.58M

• Rating: 74 Outperform
• Price Target: 189.00 p ▲(12.10% Upside)
• Action: Reiterated Date: 03/04/26
• Date: Action: Reiterated 03/04/26

The score is led by improved financial performance supported by a strong, low-leverage balance sheet, plus an earnings-call outlook showing better flows and investment performance with active capital returns. Valuation is supportive due to the low P/E. These positives are moderated by historically volatile earnings/cash flows, guidance implying fee margin pressure and lumpy performance fees, and only mixed near-term technical signals.

Positive Factors

Conservative Balance Sheet

Zero reported debt in 2025 and substantial equity provide durable financial flexibility. This low leverage supports capital returns, funds acquisitions and integration costs, and cushions earnings volatility, enabling multi‑year investment and buyback programs without stressing liquidity.

Scale Expansion and AUM Recovery

Material AUM recovery plus the CCLA acquisition meaningfully increases scale and diversifies distribution channels. Larger, more diversified AUM improves revenue resilience, supports economies of scale on fixed costs, and strengthens institutional positioning for sustained net flows.

Strong Cash Generation

High free cash flow conversion indicates earnings largely backed by cash, enabling reliable dividends, buybacks and funding for integration spend. Strong conversion reduces refinancing risk and supports capital returns even if performance fees prove lumpy over the medium term.

Negative Factors

Elevated Cost Base

An 82% cost/income ratio limits operating leverage and leaves less margin buffer to absorb fee pressure or AUM declines. Management targets 70% but achieving sustained structural improvement will take time; near‑term elevated costs could compress durable profitability.

Fee Margin Pressure

A declining blended fee margin, driven by growth in lower‑fee products and mix shifts, structurally reduces revenue per AUM. Over time this makes earnings more dependent on absolute AUM growth and cost savings, raising sensitivity to slower flow or market setbacks.

Earnings Volatility from Performance Fees

Large, lumpy performance fees drive significant year‑to‑year swings in profitability and distributable cash. Underlying EPS excluding performance fees is materially lower, complicating forecasting, capital planning and dividend visibility over multi‑quarter horizons.

Jupiter Fund Management Plc Business Overview & Revenue Model

Company Description

Jupiter Fund Management Plc is a publicly owned investment manager. The firm manages mutual funds, hedge funds, client focused portfolios, and multi-manager products for its clients. It invests in the public equity markets across U.K., Europe and global emerging markets. The firm also invests in fixed income markets, fund of funds products, hedge funds, and absolute return funds. Jupiter Fund Management Plc was founded in 1985 and is based in London, United Kingdom.

How the Company Makes Money

Jupiter makes money primarily by charging fees for managing client assets (assets under management, or AUM). Its main revenue stream is management fees, typically calculated as a percentage of AUM and accrued over time; these fees are earned across its fund range and any segregated/mandated accounts. Revenue can also include performance fees when certain products or mandates have fee structures that pay an additional amount if performance exceeds agreed benchmarks or hurdles (where applicable). Other income may arise from administrative or service-related fees associated with running investment vehicles (where charged) and from ancillary income tied to its distribution and client-servicing arrangements; specific details and the materiality of these items are null. The company’s earnings are therefore driven largely by (1) the level of AUM (influenced by market performance and net client flows), (2) the mix of assets and products (which affects average fee rates), and (3) operating leverage—since costs are relatively fixed compared with fee revenue, changes in AUM can significantly impact profitability. Significant partnerships or named distribution agreements contributing to earnings are null.

Jupiter Fund Management Plc Financial Statement Overview

Summary

Profitability and revenue rebounded strongly in 2024–2025 (2025 revenue up ~33% with net margin ~21%), supported by a very conservative balance sheet (low leverage and zero debt shown in 2025). Offsetting this, results have been cyclical and volatile (loss in 2023, sharp revenue drop in 2022) and cash flows have been uneven despite generally strong FCF-to-earnings conversion.

Income Statement

Profitability improved meaningfully in 2024–2025, with net margins rising from ~16% (2024) to ~21% (2025) alongside strong 2025 revenue growth (~33%) and higher operating profitability. However, results have been volatile across the cycle: revenue fell sharply in 2022 and the company posted a net loss in 2023 before rebounding, which tempers the quality-of-earnings and consistency profile.

Balance Sheet

Balance sheet looks conservatively positioned with low leverage: debt-to-equity was modest from 2020–2024 (~0.11–0.12) and is shown at zero debt in 2025, while equity remains substantial (~£906m) relative to assets (~£1.24bn). Return on equity has recovered to ~11% in 2025 after a negative year in 2023, but the earnings volatility still represents a risk to sustained returns.

Cash Flow

Free cash flow conversion is strong, with free cash flow running close to net income across years (roughly ~0.90–0.99), supporting earnings quality. The main weakness is cash flow variability: operating and free cash flow have trended down materially versus 2021–2022 levels, and free cash flow growth has been negative in multiple years (2022–2024) before turning positive in 2025.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	479.20M	402.50M	405.60M	378.70M	616.10M
Gross Profit	426.30M	244.50M	343.00M	305.70M	540.70M
EBITDA	144.40M	110.60M	41.20M	95.30M	237.40M
Net Income	100.40M	65.20M	-12.90M	47.90M	149.60M
Balance Sheet
Total Assets	1.24B	1.26B	1.21B	1.24B	1.34B
Cash, Cash Equivalents and Short-Term Investments	453.50M	502.90M	445.90M	396.90M	383.90M
Total Debt	0.00	90.80M	93.80M	95.80M	100.40M
Total Liabilities	336.50M	422.50M	418.10M	398.10M	439.90M
Stockholders Equity	906.10M	834.00M	789.50M	843.30M	900.80M
Cash Flow
Free Cash Flow	62.00M	66.30M	84.50M	153.50M	181.40M
Operating Cash Flow	62.50M	73.90M	88.00M	158.80M	184.90M
Investing Cash Flow	80.00M	-182.20M	-56.60M	34.10M	-13.10M
Financing Cash Flow	-86.70M	101.90M	-37.80M	-112.50M	-162.60M

Jupiter Fund Management Plc Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 168.60
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:JUP, the sentiment is Neutral. The current price of 168.6 is below the 20-day moving average (MA) of 184.20, below the 50-day MA of 185.44, and above the 200-day MA of 146.46, indicating a neutral trend. The MACD of -3.30 indicates Positive momentum. The RSI at 36.47 is Neutral, neither overbought nor oversold. The STOCH value of 16.83 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for GB:JUP.

Jupiter Fund Management Plc Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
POLR	76 Outperform	£578.29M	5.68	30.00%	8.73%	7.71%	-7.39%
SDR	76 Outperform	£8.88B	11.95	12.35%	5.37%	4.78%	-4.86%
JUP	74 Outperform	£859.40M	2.52	7.11%	2.70%	-4.38%	―
BRK	72 Outperform	£215.39M	13.32	7.58%	5.14%	-13.29%	63.87%
RAT	70 Outperform	£2.08B	17.89	4.75%	4.91%	14.05%	-3.07%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
LIO	64 Neutral	£150.48M	11.47	9.72%	21.31%	-15.65%	-12.27%

Jupiter Fund Management Plc Corporate Events

Jupiter Awards Long-Term Nil-Cost Share Options to Top Executives

Jupiter Fund Management plc has granted significant nil-cost share options to its top executives under its 2018 Deferred Bonus Plan and Long Term Incentive Plan. Chief executive officer Matthew Beesley received options over a total of 1,186,372 shares, while chief financial and operating officer Wayne Mepham was awarded options over 757,273 shares.

The awards, which are exercisable in staged windows between 2027 and 2036, are conditional on continued employment, and the LTIP awards are further subject to performance conditions over the 2026–2028 period. The move reinforces Jupiter’s long-term, performance-linked remuneration structure, aligning senior management incentives with shareholder value creation over an extended horizon.

The most recent analyst rating on (GB:JUP) stock is a Buy with a £216.00 price target. To see the full list of analyst forecasts on Jupiter Fund Management Plc stock, see the GB:JUP Stock Forecast page.

Jupiter Executives Exercise Options and Sell Shares Under Incentive Plans

Jupiter Fund Management has disclosed a series of share option exercises and related share sales by its chief executive, Matthew Beesley, and chief financial and operating officer, Wayne Mepham. Both executives exercised options under the company’s all-employee Sharesave Plan and its Deferred Bonus Plan, with portions of the resulting shares sold on the London Stock Exchange to settle tax liabilities and associated expenses.

Beesley exercised options over more than 665,000 shares in total and sold just over 308,000 shares while retaining a significant balance, increasing his direct equity exposure to the business. Mepham exercised options over nearly 230,000 shares and sold the full amount, moves that are routine under incentive schemes but still signal alignment of senior management compensation with shareholder interests through performance-linked share ownership.

The most recent analyst rating on (GB:JUP) stock is a Hold with a £211.00 price target. To see the full list of analyst forecasts on Jupiter Fund Management Plc stock, see the GB:JUP Stock Forecast page.

Jupiter Director James Macpherson Increases Stake with Share Purchase

Jupiter Fund Management plc reported that non-executive director James Macpherson purchased 30,000 ordinary shares in the company on 27 February 2026 at a price of £1.93744 per share. The transaction, executed on the London Stock Exchange, increases insider ownership and may be interpreted by investors as a signal of confidence in the company’s prospects and valuation.

The disclosure was made in line with UK Market Abuse Regulation requirements and identifies Macpherson as a person discharging managerial responsibilities in the firm. Such director dealings are closely watched by market participants, as they can influence investor sentiment and provide additional transparency around the alignment of management and shareholder interests.

The most recent analyst rating on (GB:JUP) stock is a Hold with a £211.00 price target. To see the full list of analyst forecasts on Jupiter Fund Management Plc stock, see the GB:JUP Stock Forecast page.

Jupiter Fund Management Confirms Total Voting Rights and Share Capital

Jupiter Fund Management plc has confirmed that, as of 27 February 2026, its issued share capital comprises 528,630,125 ordinary shares of 2 pence each, with each share carrying one voting right. The company holds no shares in treasury, so the total number of voting rights is 528,630,125, a figure shareholders should use when calculating whether they must disclose changes in their holdings under UK financial transparency rules.

This update ensures investors have an accurate denominator for regulatory disclosure thresholds, supporting compliance with the FCA’s Disclosure Guidance and Transparency Rules. By clarifying its capital and voting structure, Jupiter reinforces transparency in its shareholder base, which is important for market participants monitoring ownership changes and governance influence.

The most recent analyst rating on (GB:JUP) stock is a Hold with a £211.00 price target. To see the full list of analyst forecasts on Jupiter Fund Management Plc stock, see the GB:JUP Stock Forecast page.

Jupiter Completes Treasury Share Cancellation, Confirming New Voting Rights Base

Jupiter Fund Management plc has cancelled 16,349,385 ordinary shares previously held in treasury as part of its ongoing share buyback and cancellation programme initiated in 2025. Following this cancellation, the company holds no shares in treasury, and its total ordinary shares in issue and voting rights now stand at 528,630,125, a figure shareholders can use to assess disclosure obligations under UK transparency rules.

The most recent analyst rating on (GB:JUP) stock is a Hold with a £211.00 price target. To see the full list of analyst forecasts on Jupiter Fund Management Plc stock, see the GB:JUP Stock Forecast page.

Jupiter Fund Management rebounds with strong 2025 inflows and profits

Jupiter Fund Management reported a sharp rebound in 2025, with assets under management rising 19% to £54.0bn and net inflows of £1.3bn, its first full year of positive flows since 2017. Underlying profit before tax jumped to £138.3m, driven by a surge in performance fees, while tight cost control trimmed administrative expenses despite inflationary pressures.

The group completed the acquisition of CCLA Investment Management in early 2026, adding around £15bn of assets and opening a new non-profit client channel, alongside an earlier purchase of Origin Asset Management. Management reaffirmed cost-saving and synergy targets, highlighted improved investment performance and client sentiment, and announced a mix of ordinary, special dividends and a share buyback that together return half of 2025 performance fee revenue to shareholders.

The most recent analyst rating on (GB:JUP) stock is a Hold with a £211.00 price target. To see the full list of analyst forecasts on Jupiter Fund Management Plc stock, see the GB:JUP Stock Forecast page.

Jupiter Fund Management Completes Acquisition of CCLA Investment Management

Jupiter Fund Management has completed its acquisition of CCLA Investment Management, following receipt of all necessary regulatory approvals, finalising a deal first announced in July 2025. The group is maintaining its target of at least £16 million in annual run-rate cost synergies once CCLA is fully integrated, a goal it expects to achieve by the end of 2027, while CCLA brings £15.0 billion in assets under management as of 31 December 2025, strengthening Jupiter’s scale and positioning in the asset management market.

The most recent analyst rating on (GB:JUP) stock is a Hold with a £204.00 price target. To see the full list of analyst forecasts on Jupiter Fund Management Plc stock, see the GB:JUP Stock Forecast page.

Jupiter Fund Management Sets Up Forward Share Deal to Fund Staff Incentive Plans

Jupiter Fund Management has arranged a forward share transaction via JTC Employer Solutions Trustee Limited, acting as trustee of the Jupiter Employee Benefit Trust, with Morgan Stanley & Co. International to secure ordinary shares in the company for employee long-term incentive plans. The arrangement, which will commence in the first quarter of 2026 and cover up to 25.9 million shares, is designed to meet existing, planned and anticipated commitments under these schemes without immediately issuing or holding new shares, signalling a structured approach to managing future staff remuneration and potential dilution for shareholders.

The most recent analyst rating on (GB:JUP) stock is a Buy with a £167.00 price target. To see the full list of analyst forecasts on Jupiter Fund Management Plc stock, see the GB:JUP Stock Forecast page.