Phoenix Group Holdings (PHNX) AI Stock Analysis

• Market Cap: £7.34B
• Dividend Yield: 7.48%
• Average Volume (3M): 3.39M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.21
• Revenue Growth: -34.62%
• EPS Growth: -19.20%
• Country: UK
• Employees: 6,980
• Sector: Financial
• Sector Strength: 70
• Industry: Insurance - Life
• EPS (TTM): 0.27
• Shares Outstanding: 1,006,252,260
• 10 Day Avg. Volume: 2,873,473
• 30 Day Avg. Volume: 3,389,303
• 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: £722.89
• Price Target Upside: -2.77% Downside
• Rating Consensus: Hold
• Number of Analyst Covering: 6
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 67 Neutral
• Price Target: 750.00p ▲(0.87% Upside)

Phoenix Group Holdings' overall stock score is driven by strong earnings call results and positive corporate events, which highlight strategic progress and financial resilience. However, the mixed financial performance and valuation concerns due to ongoing profitability challenges temper the overall score. The technical analysis suggests a bullish trend, further supporting the stock's potential.

Positive Factors

Strategic Progress

The FCA approval and new product launch enhance Phoenix's service offerings, strengthening its competitive position in the retirement solutions market.

Cash Flow Improvement

Positive cash flow from operations indicates better financial health and operational efficiency, supporting long-term sustainability and potential for reinvestment.

Growth in Retirement Solutions

The significant growth in retirement solutions underscores Phoenix's strong market position and ability to capitalize on the expanding retirement market.

Negative Factors

High Leverage

High leverage can limit financial flexibility and increase risk, potentially affecting Phoenix's ability to weather economic downturns or invest in growth opportunities.

Profitability Challenges

Ongoing profitability challenges, as indicated by IFRS losses, may hinder Phoenix's ability to generate sustainable earnings and return value to shareholders.

Retail Business Challenges

Negative net flows in the retail business highlight difficulties in retaining customers and growing assets under management, impacting long-term revenue potential.

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: Positive
• Last Price: 743.50
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:PHNX, the sentiment is Positive. The current price of 743.5 is above the 20-day moving average (MA) of 719.28, above the 50-day MA of 695.40, and above the 200-day MA of 634.49, indicating a bullish trend. The MACD of 14.97 indicates Negative momentum. The RSI at 68.92 is Neutral, neither overbought nor oversold. The STOCH value of 45.60 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:PHNX.

Phoenix Group Holdings Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CSN	72 Outperform	£685.77M	-66.85	-2.53%	8.03%	-48.03%	-289.17%
PRU	71 Outperform	£29.45B	11.63	20.51%	1.56%	37.94%	291.37%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
PHNX	67 Neutral	£7.34B	-11.72	-49.24%	7.48%	-34.62%	-19.20%
STJ	62 Neutral	£7.48B	15.13	41.51%	1.06%	-36.55%	―
LGEN	61 Neutral	£14.75B	66.58	6.81%	8.29%	-38.98%	-31.14%
MNG	61 Neutral	£7.02B	-120.33	-1.53%	7.09%	9.86%	-134.41%

Phoenix Group Holdings Corporate Events

Phoenix Group Executives Increase Holdings Through Share Incentive Plan

Phoenix Group Holdings has disclosed routine share purchases by senior executives under its Share Incentive Plan, in line with UK market abuse regulations. The plan allows eligible employees to buy partnership shares from their monthly salary, with the company matching purchases on a one-for-one basis up to £50, and the latest transactions saw the chief executive, chief financial officer and other top managers acquire small additional stakes via partnership and matching shares on the London Stock Exchange, underscoring ongoing alignment between management and shareholder interests.

The most recent analyst rating on (GB:PHNX) stock is a Hold with a £670.00 price target. To see the full list of analyst forecasts on Phoenix Group Holdings stock, see the GB:PHNX Stock Forecast page.

Phoenix Group Confirms Over 1 Billion Voting Shares in Issue at Year-End 2025

Phoenix Group Holdings plc has confirmed that, as at 31 December 2025, its issued share capital comprised 1,006,252,243 ordinary shares of 10 pence each, with no shares held in treasury. Each ordinary share carries one vote, giving the company a total of 1,006,252,243 voting rights, a figure that investors must use as the denominator when calculating whether they are required to disclose holdings or changes in holdings under UK Disclosure Guidance and Transparency Rules, reinforcing transparency around significant shareholdings in the group.

The most recent analyst rating on (GB:PHNX) stock is a Hold with a £670.00 price target. To see the full list of analyst forecasts on Phoenix Group Holdings stock, see the GB:PHNX Stock Forecast page.

Phoenix Group Completes Redemption of £197m Subordinated Notes

Phoenix Group Holdings has completed another step in its ongoing debt redemption programme by fully redeeming its £197.2 million 6.625% subordinated notes that were due to mature in 2025. The repayment of these notes at par, together with accrued interest, further reduces the group’s subordinated debt, supporting balance sheet strength and potentially lowering future interest costs, which may enhance financial flexibility and capital management for the benefit of investors and other stakeholders.

The most recent analyst rating on (GB:PHNX) stock is a Buy with a £670.00 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 Enhances Employee Investment with Share Incentive Plan

Phoenix Group Holdings announced a transaction involving the purchase of ordinary shares under its Share Incentive Plan (SIP), which allows employees to buy ‘Partnership Shares’ with matching contributions from the company. This initiative, compliant with UK Markets Abuse Regulation, reflects the company’s commitment to employee investment and engagement, potentially enhancing stakeholder trust and aligning employee interests with corporate performance.

The most recent analyst rating on (GB:PHNX) stock is a Hold with a £750.00 price target. To see the full list of analyst forecasts on Phoenix Group Holdings stock, see the GB:PHNX Stock Forecast page.

Phoenix Group Updates on Share Capital and Voting Rights

Phoenix Group Holdings PLC announced that as of November 30, 2025, its issued share capital consisted of 1,004,014,441 ordinary shares, each carrying one vote. This update on voting rights and share capital is crucial for shareholders to determine their notification obligations under the Disclosure Guidance and Transparency Rules, impacting how they manage their interests in the company.

The most recent analyst rating on (GB:PHNX) stock is a Sell with a £6.60 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 Announces Block Listing of Shares

Phoenix Group Holdings PLC has announced a block listing application for 2,950,000 Ordinary Shares to be admitted to the Official List of the FCA and traded on the London Stock Exchange. These shares are part of the company’s ShareSave Scheme and Deferred Bonus Share Scheme, with the admission expected to be effective on 28 November 2025. This move is likely to enhance the company’s financial flexibility and reward its employees, potentially strengthening its market position.

The most recent analyst rating on (GB:PHNX) stock is a Sell with a £6.60 price target. To see the full list of analyst forecasts on Phoenix Group Holdings stock, see the GB:PHNX Stock Forecast page.

Phoenix Group Demonstrates Strong Capital Resilience in Stress Test

Phoenix Group Holdings has successfully demonstrated its strong capital position through the Prudential Regulation Authority’s first Life Insurance sector Stress Test (LIST 2025). The results confirmed that Phoenix Group’s risk management framework is effective, with the company maintaining its Shareholder Capital Coverage Ratio within the target range despite severe stress scenarios. This resilience underscores Phoenix Group’s stability and preparedness to withstand financial market stresses, reinforcing confidence among stakeholders.

The most recent analyst rating on (GB:PHNX) stock is a Sell with a £6.60 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 Investment with Share Incentive Plan

Phoenix Group Holdings plc announced the acquisition of ordinary shares under its Share Incentive Plan (SIP) by its employees, including key managerial personnel. This initiative allows employees to purchase shares with contributions from their salaries, matched by the company, promoting employee investment and alignment with company performance. The transaction, conducted on the London Stock Exchange, reflects the company’s commitment to employee engagement and long-term growth, potentially enhancing stakeholder confidence.

The most recent analyst rating on (GB:PHNX) stock is a Sell with a £600.00 price target. To see the full list of analyst forecasts on Phoenix Group Holdings stock, see the GB:PHNX Stock Forecast page.

Phoenix Group Updates Share Capital and Voting Rights

Phoenix Group Holdings PLC announced that as of October 31, 2025, its issued share capital consisted of 1,003,863,189 ordinary shares, each with a nominal value of 10 pence. This update on voting rights and share capital is significant for shareholders, as it provides the denominator for calculating their interest or changes in interest under the Disclosure Guidance and Transparency Rules.

The most recent analyst rating on (GB:PHNX) stock is a Buy with a £852.00 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 Enhances Stakeholder Alignment Through Share Incentive Plan

Phoenix Group Holdings plc announced the acquisition of ordinary shares as part of its Share Incentive Plan (SIP), with shares purchased at 683.699 pence each under the Dividend Reinvestment Plan. This transaction, conducted on the London Stock Exchange, reflects the company’s ongoing commitment to aligning managerial interests with shareholder value, potentially enhancing stakeholder confidence and reinforcing its market position.

The most recent analyst rating on (GB:PHNX) stock is a Buy with a £852.00 price target. To see the full list of analyst forecasts on Phoenix Group Holdings stock, see the GB:PHNX Stock Forecast page.