Phoenix Group Holdings (PHNX) AI Stock Analysis

• Market Cap: £6.34B
• Dividend Yield: 8.62%
• Average Volume (3M): 2.96M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.26
• Revenue Growth: -34.62%
• EPS Growth: N/A
• Country: UK
• Employees: 6,980
• Sector: Financial
• Sector Strength: 70
• Industry: Insurance - Life
• EPS (TTM): 0.27
• Shares Outstanding: 1,003,757,400
• 10 Day Avg. Volume: 3,427,094
• 30 Day Avg. Volume: 2,957,428
• PEG Ratio: <0.01
• Price to Book (P/B): 2.99
• Price to Sales (P/S): 0.24
• P/FCF Ratio: 1.53
• 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: £671.50
• Price Target Upside: 5.83% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 8

• Rating: 54 Neutral
• Price Target: 635.00p ▲(0.08% Upside)

Phoenix Group Holdings' overall stock score is driven by a mixed financial performance with strong revenue growth but weak profitability and high leverage. The earnings call provided a positive outlook with strategic progress and improved financial metrics, which partially offsets the valuation concerns due to ongoing losses. Technical indicators suggest a lack of strong momentum, contributing to a moderate overall score.

Phoenix Group Holdings Business Overview & Revenue Model

Company Description

Phoenix Group Holdings plc operates in the long-term savings and retirement business in Europe. The company operates through four segments: UK Heritage, UK Open, Europe, and Management Services. It provides a range of pensions and savings products to support people across various stages of the savings life cycle. The company manages Heritage in-force life and pensions policies; and offers and manages long term savings and pensions products. Its products include with-profits and unit-linked funds, and annuities; and workplace pensions, and individual savings and retirement solutions. The company serves individuals, corporates, and employers. It has a strategic partnership with abrdn plc, TCS, and HSBC. Phoenix Group Holdings plc was founded in 1782 and is based in London, the United Kingdom.

How the Company Makes Money

Phoenix Group makes money primarily through the management of its insurance policies and investment portfolios. Its revenue model includes income generated from premiums received from policyholders, investment income from the assets backing its insurance liabilities, and fees for managing these assets. Key revenue streams include charges on policy administration, investment management fees, and profit-sharing arrangements. The company also benefits from strategic partnerships with various financial institutions, which facilitate access to new customer bases and enhance its product offerings. Additionally, the acquisition of closed life books allows Phoenix Group to leverage economies of scale, driving profitability through cost efficiencies.

Phoenix Group Holdings Financial Statement Overview

Summary

Phoenix Group Holdings shows a mixed financial performance. While revenue growth is robust, profitability remains weak with consistent losses. The balance sheet reflects high leverage and a shrinking equity base, posing potential financial stability risks. On a positive note, cash flow generation has improved, offering some optimism for future financial health.

Income Statement

Phoenix Group Holdings has shown significant revenue growth from 2023 to 2024, with a 28.1% increase. However, profitability remains a challenge, as evidenced by consistent net losses over the years, leading to negative net profit margins. EBIT has improved significantly in 2024 compared to previous years, yet EBITDA remains negative, indicating high non-cash charges or restructuring costs.

Balance Sheet

The company's balance sheet shows a low equity base with a declining trend in stockholder's equity. The debt-to-equity ratio is relatively high, indicating leverage that could pose financial risks. However, the equity ratio has improved slightly, suggesting a better asset base coverage by equity.

Cash Flow

Cash flow from operating activities turned positive in 2024, reflecting improved operational efficiency. Free cash flow has also significantly increased, signaling stronger cash generation relative to previous years. However, the company still faces challenges due to previous years of negative cash flows, which could impact future liquidity.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	8.96B	21.41B	16.70B	8.20B	7.00B	13.26B
Gross Profit	8.96B	21.41B	15.45B	8.20B	10.34B	13.26B
EBITDA	-167.00M	-870.00M	305.00M	-3.16B	-150.00M	58.00M
Net Income	-608.00M	-1.09B	56.00M	-2.72B	-837.00M	798.00M
Balance Sheet
Total Assets	309.97B	307.86B	299.31B	279.03B	325.21B	324.78B
Cash, Cash Equivalents and Short-Term Investments	9.98B	198.00M	174.00M	242.00M	405.00M	414.00M
Total Debt	3.47B	3.60B	3.88B	4.57B	4.82B	5.14B
Total Liabilities	308.18B	305.61B	295.77B	274.33B	318.94B	317.40B
Stockholders Equity	1.27B	1.71B	2.99B	4.16B	5.82B	7.04B
Cash Flow
Free Cash Flow	1.33B	3.34B	-863.00M	-3.28B	-1.26B	6.58B
Operating Cash Flow	1.34B	3.37B	-863.00M	-3.28B	-1.26B	6.58B
Investing Cash Flow	-34.00M	-29.00M	-20.00M	0.00	304.00M	-988.00M
Financing Cash Flow	-919.00M	-1.08B	-769.00M	-966.00M	-857.00M	942.00M

Phoenix Group Holdings Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 634.50
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:PHNX, the sentiment is Negative. The current price of 634.5 is above the 20-day moving average (MA) of 625.78, below the 50-day MA of 637.33, and above the 200-day MA of 557.37, indicating a neutral trend. The MACD of -3.79 indicates Negative momentum. The RSI at 45.53 is Neutral, neither overbought nor oversold. The STOCH value of -17.61 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GB:PHNX.

Phoenix Group Holdings Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
BEZ	78 Outperform	5.20B	7.19	24.54%	2.86%	6.00%	-24.29%
PRU	70 Outperform	26.41B	10.32	13.06%	1.74%	37.94%	291.37%
JUST	64 Neutral	2.20B	33.89	6.42%	1.25%	-7.30%	-27.69%
STJ	64 Neutral	6.46B	13.06	―	1.20%	-36.55%	―
PHNX	54 Neutral	£6.34B	―	-49.24%	8.62%	-34.62%	―
MNG	54 Neutral	5.94B	-101.99	-10.97%	8.05%	9.86%	-134.41%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%

Phoenix Group Holdings Corporate Events

Phoenix Group Holdings Releases Supplementary Prospectus for £5 Billion Note Programme

Phoenix Group Holdings has announced the publication of a Supplementary Prospectus related to its £5 billion Euro Medium Term Note Programme, approved by the UK Financial Conduct Authority. This development is expected to enhance the company’s financial flexibility and potentially strengthen its market position, offering a robust framework for future capital raising activities.

The most recent analyst rating on (GB:PHNX) stock is a Hold with a £684.00 price target. To see the full list of analyst forecasts on Phoenix Group Holdings stock, see the GB:PHNX Stock Forecast page.

Phoenix Group’s Chief Risk Officer Exercises Share Options

Phoenix Group Holdings plc announced that Brid Meaney, the Group Chief Risk Officer, exercised nil-cost options over 8,977 ordinary shares under the company’s Deferred Bonus Share Scheme. The exercise, which included the sale of 4,254 shares to cover tax liabilities, reflects the vesting of options tied to a deferred bonus from the financial year ended 31 December 2021. This transaction, conducted on the London Stock Exchange, underscores the company’s ongoing commitment to aligning managerial incentives with shareholder interests.

The most recent analyst rating on (GB:PHNX) stock is a Hold with a £628.00 price target. To see the full list of analyst forecasts on Phoenix Group Holdings stock, see the GB:PHNX Stock Forecast page.

Phoenix Group Enhances Employee Engagement with Share Incentive Plan

Phoenix Group Holdings announced the acquisition of ordinary shares under its Share Incentive Plan (SIP), as per the UK Markets Abuse Regulation. This initiative allows employees to purchase ‘Partnership Shares’ with matching contributions from the company, enhancing employee engagement and aligning interests with shareholders. The transactions, conducted on the London Stock Exchange, involved key executives, indicating strong internal support for the company’s growth strategy.

The most recent analyst rating on (GB:PHNX) stock is a Hold with a £630.00 price target. To see the full list of analyst forecasts on Phoenix Group Holdings stock, see the GB:PHNX Stock Forecast page.

Phoenix Group Holdings Reports Strong H1 2025 Results and Strategic Progress

Phoenix Group Holdings reported strong financial performance in the first half of 2025, with significant progress towards its 2026 targets. The company achieved a 25% increase in IFRS adjusted operating profit and improved solvency ratios, demonstrating robust growth in its core businesses. The strategic initiatives include enhancing customer engagement tools, optimizing asset management, and preparing for a rebranding to Standard Life plc in March 2026, which is expected to strengthen its market position and support organic growth.

The most recent analyst rating on (GB:PHNX) stock is a Hold with a £630.00 price target. To see the full list of analyst forecasts on Phoenix Group Holdings stock, see the GB:PHNX Stock Forecast page.

Phoenix Group Holdings Updates Share Capital and Voting Rights

Phoenix Group Holdings PLC announced that as of August 31, 2025, its issued share capital consists of 1,003,757,404 ordinary shares, each with a nominal value of 10 pence. This update is significant for shareholders as it provides the total number of voting rights, which is crucial for determining their interest or changes in interest under the Disclosure Guidance and Transparency Rules.

The most recent analyst rating on (GB:PHNX) stock is a Hold with a £727.00 price target. To see the full list of analyst forecasts on Phoenix Group Holdings stock, see the GB:PHNX Stock Forecast page.