Just Group plc (JUST) AI Stock Analysis

• Market Cap: £2.25B
• Dividend Yield: 1.22%
• Average Volume (3M): 4.76M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.93
• Revenue Growth: -7.30%
• EPS Growth: -27.69%
• Country: UK
• Employees: 1,384
• Sector: Financial
• Sector Strength: 70
• Industry: Insurance - Specialty
• EPS (TTM): 0.22
• Shares Outstanding: 1,038,702,900
• 10 Day Avg. Volume: 4,500,286
• 30 Day Avg. Volume: 4,761,777
• PEG Ratio: 0.08
• Price to Book (P/B): 2.03
• Price to Sales (P/S): 1.08
• P/FCF Ratio: -5.66
• 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: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 0.32
• Revenue Forecast (FY): £6.20B

• Rating: 47 Neutral
• Price Target: 213.00p ▼(-1.62% Downside)
• Action: Reiterated Date: 03/01/26
• Date: Action: Reiterated 03/01/26

The score is held down primarily by weak and volatile fundamentals, including a 2025 loss and negative operating/free cash flow. Technicals are neutral-to-mildly supportive (stable around key averages, slightly positive MACD) but not strong enough to offset the financial risk, while valuation is constrained by the negative P/E and only a modest dividend yield.

Positive Factors

Business model: annuities & BPAs

A focus on annuities and bulk purchase annuities creates durable, contractually-backed revenue streams and long-term liability relationships. This business model benefits from demographic tailwinds and recurring cash flows, supporting stable core earnings over multi-year horizons.

Manageable leverage and positive equity

A moderate debt-to-equity range and positive equity provide a capital buffer to absorb underwriting volatility and support BPA transactions. Reasonable leverage enhances solvency resilience and preserves capacity to transact and hold long-dated assets required for liability matching.

Proven cash-generation in stronger years

Historical episodes of strong operating and free cash flow show the business can generate meaningful internal funding when underwriting and investment conditions are favorable. This demonstrated cash conversion supports reserve funding, reinsurance options, and strategic deal-making in good cycles.

Negative Factors

Earnings volatility; 2025 net loss

Material swings from profit to loss reduce predictability of returns and strain capital planning. Persistent earnings volatility impairs ability to steadily build surplus, complicates pricing discipline, and raises the probability of adverse capital or strategic actions during weaker periods.

Cash-flow deterioration in 2025

A shift to negative operating and free cash flow undermines liquidity and raises funding risk for long-dated liabilities. If negative cash flow persists, the group may need asset sales, capital injections or reduced underwriting, limiting growth and increasing dependency on external financing.

Structural sensitivity to rates, longevity, credit

Profitability hinges on investment spreads and actuarial assumptions. Adverse interest-rate, credit or longevity shifts can compress margins and inflate capital needs. These structural ALM and underwriting exposures make durable earnings contingent on market conditions and modeling accuracy.

Just Group plc Business Overview & Revenue Model

Company Description

Just Group plc provides various financial services in the retirement income market in the United Kingdom. It offers de-risking solutions, guaranteed income for life, secure lifetime income, care plans, lifetime mortgages, and protection products. The company also provides professional services, including regulated financial advice and guidance services; and a range of business services, such as consultancy and software development, and outsourced customer service delivery and marketing services. In addition, it engages in the writing of insurance products for distribution to the at- or in-retirement market, which is undertaken through the activities of the life company; and provision of licensed software to financial advisers, banks, building societies, life assurance companies, and pension trustees. Further, the company provides lifetime mortgages through advice and intermediary services. It offers its products and services to trustees and scheme sponsors, individuals, homeowners, and other corporate clients. The company was formerly known as JRP Group plc and changed its name to Just Group plc in May 2017. Just Group plc was founded in 2004 and is based in Reigate, the United Kingdom.

How the Company Makes Money

Just Group plc generates revenue primarily through the sale of its insurance and pension products. Key revenue streams include the premiums paid by customers for life insurance policies and annuities, as well as fees associated with asset management and administration services. The company also earns income from investments made with the premiums collected, which contribute to its overall profitability. Significant partnerships with financial advisors and distributors enhance its market reach, allowing JUST to tap into a broader customer base. Additionally, the company benefits from regulatory environments that encourage retirement planning, driving demand for its products.

Just Group plc Financial Statement Overview

Summary

Financial results are volatile: profitability reverted to a net loss in 2025 after a positive 2024, and revenue was erratic. The balance sheet looks moderately leveraged with positive equity, but cash flow deteriorated in 2025 with negative operating cash flow and free cash flow, raising liquidity and earnings-quality concerns.

Income Statement

Profitability has been inconsistent. After strong earnings in 2023 (healthy net margin) and a positive 2024 net profit, the latest annual period (2025) slipped back to a net loss and negative operating profit, pointing to earnings volatility. Revenue has also been erratic (including a very large reported decline in 2025), which reduces visibility and raises risk around the sustainability of margins.

Balance Sheet

Leverage looks manageable for the period shown, with debt-to-equity generally in a moderate range (~0.32–0.68) and equity remaining positive. However, returns on equity have been volatile and turned negative in 2025, signaling weaker underlying profitability and potential sensitivity to adverse earnings periods despite a still-stable capital base.

Cash Flow

Cash generation is uneven. The company produced strong positive operating cash flow and free cash flow in 2024 (and 2020), but swung to meaningfully negative operating cash flow and free cash flow in 2025, indicating potential working-capital or timing impacts and weaker cash-quality in the most recent year. The repeated presence of negative cash years increases liquidity and funding risk if it persists.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	2.09B	-1.66B	912.00M	5.69B	3.22B
Gross Profit	2.09B	-1.66B	1.09B	-5.61B	2.49B
EBITDA	134.00M	358.00M	299.00M	-431.00M	140.00M
Net Income	-99.00M	80.00M	129.00M	-376.00M	-35.40M
Balance Sheet
Total Assets	40.77B	37.92B	31.84B	24.83B	25.54B
Cash, Cash Equivalents and Short-Term Investments	758.00M	1.62B	1.25B	1.39B	510.00M
Total Debt	4.37B	846.00M	695.00M	707.90M	778.20M
Total Liabilities	39.66B	36.68B	30.64B	22.65B	23.10B
Stockholders Equity	1.11B	1.25B	1.21B	2.18B	2.44B
Cash Flow
Free Cash Flow	-398.00M	859.00M	138.00M	137.10M	-676.00M
Operating Cash Flow	-379.00M	863.00M	141.00M	145.20M	-668.70M
Investing Cash Flow	-28.00M	-5.00M	-2.00M	-202.30M	-77.90M
Financing Cash Flow	-201.00M	52.00M	-110.00M	-168.00M	-57.50M

Just Group plc Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 216.50
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:JUST, the sentiment is Neutral. The current price of 216.5 is below the 20-day moving average (MA) of 216.75, below the 50-day MA of 216.55, and above the 200-day MA of 194.81, indicating a neutral trend. The MACD of 0.08 indicates Positive momentum. The RSI at 47.65 is Neutral, neither overbought nor oversold. The STOCH value of 27.78 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for GB:JUST.

Just Group plc Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CRE	78 Outperform	£649.91M	7.04	1.39%	7.08%	15.83%	-93.41%
LRE	76 Outperform	£1.59B	8.97	15.18%	11.03%	8.78%	-38.83%
CSN	72 Outperform	£714.74M	-9.08	-2.53%	8.03%	-48.03%	-289.17%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
QLT	66 Neutral	£2.45B	11.89	-0.05%	3.40%	-28.04%	-102.43%
PAG	65 Neutral	£1.52B	5.39	12.70%	4.74%	-4.98%	3.02%
JUST	47 Neutral	£2.25B	-22.73	5.21%	1.22%	-7.30%	-27.69%

Just Group plc Corporate Events

Just Group Profits Slide as It Primes for DB Market Rebound and Takeover

Just Group reported weaker 2025 results as underlying operating profit fell 39% to £305m and Retirement Income sales declined 18% to £4.3bn, reflecting deliberate volume reductions in a highly competitive defined benefit de-risking market and tighter new business margins. Despite lower profits and a reduced Solvency II capital coverage ratio of 179%, the group highlighted strong growth in Guaranteed Income for Life sales, resilient cash generation and tangible net assets of £2.7bn, while positioning itself for an anticipated rebound in the DB market and progression towards its proposed acquisition by Brookfield Wealth Solutions.

The most recent analyst rating on (GB:JUST) stock is a Hold with a £233.00 price target. To see the full list of analyst forecasts on Just Group plc stock, see the GB:JUST Stock Forecast page.

Just Group Sacrifices Volume to Protect Margins Ahead of Brookfield Deal

Just Group has reported a decline in 2025 retirement income sales as it prioritised pricing discipline and capital management in an increasingly competitive market ahead of its proposed acquisition by Brookfield Wealth Solutions. Shareholder-funded retirement income sales fell 18% to £4.3bn, driven by a 28% drop in defined benefit de-risking volumes to £3.1bn amid fewer large transactions and tightening credit spreads, although the group completed a record 130 DB deals and grew Guaranteed Income for Life sales by 23% to £1.3bn, outpacing the wider market. New business margins are expected to fall to about 6% from 8.7% due to tighter spreads, lower volumes, business mix and heightened competition, and the Solvency II capital coverage ratio has eased, partly reflecting costs linked to the BWS transaction and regulatory changes; however, management emphasises continued focus on mid-teen IRRs and sees a larger DB market opportunity in 2026 as transaction activity accelerates following UK pensions reforms.

The most recent analyst rating on (GB:JUST) stock is a Hold with a £233.00 price target. To see the full list of analyst forecasts on Just Group plc stock, see the GB:JUST Stock Forecast page.