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Quilter (GB:QLT)
LSE:QLT
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Quilter
(LSE:QLT)
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Rating:66Neutral
Price Target:
199.00p
▲(6.53% Upside)
Action:ReiteratedDate:12/07/25
Quilter's overall stock score is driven by strong corporate events and positive technical indicators, despite challenges in financial performance and valuation. The company's strong cash flow and recent strategic moves enhance its market positioning, although profitability issues remain a concern.
Positive Factors
Cash Flow Management
Strong cash flow management with high free cash flow indicates effective capital expenditure management and solid liquidity, supporting long-term financial stability.
Balance Sheet Health
A low debt-to-equity ratio and stable equity ratio suggest prudent financial management, providing a buffer against liabilities and supporting long-term resilience.
Gross Profit Margin
A high gross profit margin reflects efficient cost management, which can enhance profitability and competitive positioning over time.
Negative Factors
Revenue Growth Challenges
Inconsistent revenue growth and a significant drop in 2022 highlight challenges in stabilizing revenue streams, which can impact long-term financial health.
Profitability Issues
Negative net profit margins indicate profitability challenges, which can hinder reinvestment and growth opportunities, affecting long-term sustainability.
Operational Efficiency
A weak EBIT margin suggests operational inefficiencies, which can limit the company's ability to improve profitability and compete effectively in the market.
Quilter (QLT) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£2.45B
Dividend Yield3.4%
Average Volume (3M)1.90M
Price to Earnings (P/E)11.9
Beta (1Y)1.60
Revenue Growth-28.04%
EPS Growth-102.43%
CountryUK
Employees3,017
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)0.06
Shares Outstanding1,404,105,500
10 Day Avg. Volume1,309,696
30 Day Avg. Volume1,901,761
Financial Highlights & Ratios
PEG Ratio0.34
Price to Book (P/B)1.46
Price to Sales (P/S)0.38
P/FCF Ratio0.45
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£207.17Price Target Upside10.91% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering8
EPS Forecast (FY)0.12
Revenue Forecast (FY)£759.25M
Quilter Business Overview & Revenue Model
Company DescriptionQuilter plc provides advice-led investment solutions and investment platforms in the United Kingdom and internationally. It operates in two segments, High Net Worth and Affluent. The company offers financial advice for protection, mortgages, savings, investments, and pensions. It also provides Quilter Investment Platform, an investment platform for advice-based wealth management products and services; Quilter Investors, which offers investment solutions; and Quilter Financial Planning, a restricted and independent financial adviser network that provides mortgage and financial planning advice and financial solutions to individuals and businesses through a network of intermediaries. In addition, the company offers discretionary investment management services to high-net worth customers, charities, companies, and institutions through a network of branches. Quilter plc was incorporated in 2007 and is based in London, the United Kingdom.
How the Company Makes MoneyQuilter generates revenue through several key streams, primarily from asset management fees, financial advice fees, and platform fees. The company charges a percentage of assets under management (AUM) for its investment management services, which constitutes a significant portion of its income. Additionally, Quilter earns fees from providing financial advice to clients, which can include one-time charges or ongoing advisory fees. The platform services also generate revenue through transaction fees and administration charges. Strategic partnerships with various financial institutions and advisors enhance Quilter's distribution capabilities, further driving its earnings potential. Furthermore, the company's focus on expanding its client base and enhancing its digital offerings positions it for growth in the competitive wealth management landscape.
Quilter Earnings Call Summary
Earnings Call Date:Mar 04, 2026
(Q4-2025)
| Next Earnings Date:Aug 12, 2026
Earnings Call Sentiment Positive
The call communicates a strongly positive operational and financial performance for FY2025: record net inflows (+~75% YoY), revenue and adjusted profit growth (revenues +5% to GBP 701m, adjusted profit +6% to GBP 207m), operating margin at 30%, sizable AUM and MPS growth, completed simplification with material savings and a healthy balance sheet supporting a buyback and a more generous distribution policy. Challenges include lower interest income, HNW outflows and margin mix shifts, an ongoing remediation program, and a near‑term increase in investment/costs for growth initiatives. Overall, the positives (strong flows, margin achievement, product and distribution momentum, AI/tech rollout and shareholder returns) substantially outweigh the manageable headwinds and execution risks.Q4-2025 Updates
Positive Updates
Record Net Inflows and Strong Flow Momentum
Net flows of approximately GBP 9.0–9.1 billion in FY2025, a record level and ~75% higher than 2024; management comments that net flows around GBP 2 billion per quarter feel broadly sustainable.
Operating Margin at Target
Operating margin reached 30% (in line with the company's medium‑term goal), supported by positive operating leverage from revenue growth and cost discipline.
Adjusted Profit and EPS Growth
Adjusted profit increased 6% to GBP 207 million; adjusted diluted earnings per share rose 4% to 11p.
Revenue Growth and Fee Momentum
Revenues grew 5% to GBP 701 million; net management fees up 7% (partly offset by lower interest income which reduced overall revenue growth by ~1 percentage point).
WealthSelect MPS Leadership and AUM Growth
Managed assets increased from GBP 26 billion in 2023 to GBP 37 billion at end‑2025; WealthSelect MPS now has over GBP 25 billion under management and is described as the market leader available on 6 third‑party platforms.
Record Distribution and Adviser Productivity
Quilter channel inflows up 12% year‑on‑year (net flows ~18% of opening balances); IFA channel net inflows up 92% YoY (running at ~9% of opening balances). Adviser force is smaller but more productive, reportedly more than doubling gross flows per adviser since 2020; >100 advisers graduated from the Quilter Academy.
Cost Management and Simplification Savings
Total costs increased 4% to GBP 494 million (below the GBP 500 million guidance). The simplification program is complete and the business has delivered over GBP 160 million of savings since 2018.
Shareholder Returns and Capital Allocation Update
Dividend increased 7% to 6.3p for the year; Board announced a share buyback to return ~GBP 100 million of excess capital and a new distribution policy to return ~70% of adjusted post‑tax post‑interest earnings to shareholders going forward (retain 30% for growth).
Balance Sheet and Provision Update
Solvency and cash position described as strong; remediation provision reduced by GBP 20 million (provision balance at end‑2025 GBP 42 million) as remediation program begins; cash available ~GBP 270 million after dividend and proposed buyback.
Technology & AI Rollout and Productivity Gains
Market roll‑out of AI productivity tools for advisers underway (meeting transcription and summarization reducing hours of work to ~10–15 minutes), final stages of end‑to‑end adviser support platform with FNZ, and planned further AI/tech investments to drive adviser capacity and operational efficiency.
Negative Updates
Pressure from Lower Interest Income
Lower interest income on shareholder capital reduced reported revenue growth by around 1 percentage point; investment/interest revenue was a drag in parts of the business.
High Net Worth (HNW) Challenges and Outflows
HNW experienced above‑average outflows in Q4 linked to pre‑budget speculation; HNW revenues grew modestly while profit (~GBP 47 million) was broadly flat and margins declined marginally; IFA direct channel in HNW is a more mature book with higher natural redemption rates.
Active Fund Outflows and Mix Shift
Outflows from Cirillium Active and industry shift from active funds to passive/blend and MPS have led to managed margin mix changes (HNW margin down ~3 basis points), requiring ongoing mix management.
Rising Cost Base and Near‑term Investment Push
Total costs are expected to increase in 2026 as the group steps up investment (guidance implies a FY2026 cost base around GBP 530–540 million versus GBP 494 million in 2025); management notes 2026 will see higher investment spend including acquisitions, AI, brand and Academy expansion.
Remediation Liability and Ongoing Program
An ongoing remediation program remains active (original provision GBP 76 million); although provision was reduced and further spending is expected, remediation remains a contingent operational activity to manage.
Targeted Support Growth is Long‑Term
Targeted support and simplified advice initiatives are strategic opportunities but management cautioned these are small now and unlikely to materially move earnings in the next 1–3 years (build‑out required).
Competition and Market Uncertainty
Management acknowledges potential competitive entrants (e.g., banks, large D2C players) in the targeted support / mass market space and general market/geopolitical uncertainty (including U.K. pre‑budget speculation) that can cause temporary flow volatility.
HNW Adviser Realignment Risk
Refocusing and rationalization of HNW adviser teams may cause short‑term disruption: impacted advisers were offered internal options or exit routes pending productivity enhancements and team rebuilds.
Company Guidance
Guidance from the call was precise and metric-rich: management said 2026 costs should be modelled by taking the H2 2025 run‑rate, doubling it and adding ~4% for inflation, implying a sensible 2026 cost base of roughly GBP 530–540m (versus 2025 costs of GBP 494m), while longer‑term cost growth is expected to be “inflation plus a few percentage points.” Operating margin guidance is unchanged (group margin reached 30% in 2025) and High Net Worth is targeted to deliver mid‑20s operating margin with mid‑single‑digit net flows as a % of assets. Capital policy is revised to distribute c.70% of adjusted post‑tax, post‑interest earnings to shareholders (retain 30% for growth), with an interim 2026 dividend guided at 2.1p, a FY2025 total dividend of 6.3p (final 4.3p, +7%), and c. GBP 100m of excess capital to be returned via a share buyback to complete before year‑end (total cash distribution in 2025 was GBP 85m). Other useful metrics referenced to frame guidance: record core net inflows of ~GBP 9.0–9.1bn in 2025 (+75% YoY), average AuMA +14%, revenues up 5% to GBP 701m (net management fees +7%), adjusted profit GBP 207m (+6%), adjusted EPS 11p (+4%), platform/administered margin ~23bps, managed margin expected around the low‑to‑mid 30bps, WealthSelect AUM >GBP 25bn, and management will provide a further cost update at the interims.Quilter Financial Statement Overview
Summary
Quilter demonstrates strong cash flow and a stable balance sheet, but faces challenges in generating consistent revenue and profitability. The company must focus on stabilizing revenue streams and improving operational efficiency to enhance overall financial health.Income Statement
The company shows inconsistent revenue growth with a significant drop in 2022 due to negative revenue. Despite a recovery in 2023 and 2024, the net profit margin is negative due to losses in 2024. The gross profit margin remains high, indicating the company efficiently manages its direct costs. However, the EBIT margin is weak, showing operational challenges.45
Neutral
Balance Sheet
The balance sheet reflects a solid equity position with a low debt-to-equity ratio, indicating prudent financial management. The equity ratio is stable, suggesting a strong buffer in assets over liabilities. However, the decreasing stockholders' equity over time points to potential capital erosion.60
Neutral
Cash Flow
The company has strong cash flow management, as seen in its robust operating cash flow and free cash flow, which significantly exceed net income. This indicates efficient cash conversion and solid liquidity. Free cash flow has grown substantially, highlighting effective capital expenditure management.75
Positive
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 4.63B | 5.42B | 4.63B | -4.04B | 4.69B | 3.46B |
| Gross Profit | 2.82B | 5.37B | 1.26B | -4.15B | 4.56B | 3.35B |
| EBITDA | 107.00M | 108.00M | 163.00M | 144.00M | 160.00M | 162.00M |
| Net Income | -1.00M | -34.00M | 42.00M | 175.00M | 154.00M | 88.00M |
Balance Sheet | ||||||
| Total Assets | 67.78B | 62.45B | 53.34B | 46.42B | 50.74B | 67.37B |
| Cash, Cash Equivalents and Short-Term Investments | 66.34B | 60.94B | 51.86B | 45.13B | 49.34B | 1.61B |
| Total Debt | 274.00M | 275.00M | 279.00M | 290.00M | 299.00M | 319.00M |
| Total Liabilities | 66.37B | 61.02B | 51.83B | 44.87B | 49.00B | 65.49B |
| Stockholders Equity | 1.41B | 1.42B | 1.52B | 1.55B | 1.74B | 1.88B |
Cash Flow | ||||||
| Free Cash Flow | 5.62B | 4.58B | 2.11B | 1.67B | 3.06B | 1.41B |
| Operating Cash Flow | 5.63B | 4.58B | 2.11B | 1.67B | 3.07B | 1.44B |
| Investing Cash Flow | -5.26B | -4.41B | -1.91B | -1.51B | -2.63B | -1.48B |
| Financing Cash Flow | -110.00M | -108.00M | -123.00M | -452.00M | -298.00M | -295.00M |
Quilter Technical Analysis
Negative
186.80
Price Trends
188.70
Negative
184.77
Positive
172.25
Positive
Market Momentum
0.78
Negative
46.47
Neutral
60.16
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:QLT, the sentiment is Negative. The current price of 186.8 is below the 20-day moving average (MA) of 188.07, below the 50-day MA of 188.70, and above the 200-day MA of 172.25, indicating a neutral trend. The MACD of 0.78 indicates Negative momentum. The RSI at 46.47 is Neutral, neither overbought nor oversold. The STOCH value of 60.16 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GB:QLT.
Quilter Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | £9.08B | 11.95 | 8.30% | 5.37% | 4.78% | -4.86% | |
72 Outperform | £240.86M | 13.32 | 7.58% | 5.14% | -13.29% | 63.87% | |
72 Outperform | £1.03B | 22.35 | 23.68% | 3.11% | 7.13% | -1.52% | |
70 Outperform | £2.20B | 17.89 | 4.75% | 4.91% | 14.05% | -3.07% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
66 Neutral | £2.45B | 11.89 | -0.05% | 3.40% | -28.04% | -102.43% | |
65 Neutral | £1.77B | 21.09 | 49.89% | 2.43% | 17.97% | 25.51% |
* Financial Sector Average
GB:QLT
Quilter
181.50
27.66
17.98%
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GB:IHP
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Quilter Corporate Events
Business Operations and StrategyFinancial Disclosures
Quilter Delivers Record Q4 Flows as UK Advised Platform Surpasses £100bn
Positive
Jan 21, 2026
Quilter plc reported a record fourth quarter in 2025, with core net inflows rising 21% year-on-year to £2.4 billion, equivalent to an annualised 7% of opening assets under management and administration, helping lift group AuMA 18% over the year to £141.2 billion. Full-year 2025 core net inflows surged 75% to £9.1 billion, or 8% of opening AuMA, driven largely by strong platform performance in the Affluent segment, where the UK advised platform passed the £100 billion milestone and delivered 10% of opening AuMA in Q4, while the High Net Worth segment generated £686 million of net inflows for the year despite temporary outflows linked to client repositioning ahead of the UK Budget. Management highlighted improving persistency, higher adviser productivity and robust flows from both Quilter and IFA channels, underscoring the company’s growing scale and reinforcing its positioning as one of the largest and fastest-growing mainstream advised platforms in the UK wealth market.
The most recent analyst rating on (GB:QLT) stock is a Hold with a £208.00 price target. To see the full list of analyst forecasts on Quilter stock, see the GB:QLT Stock Forecast page.
Other
Quilter Directors Acquire Shares, Signaling Confidence in Company
Positive
Nov 17, 2025
Quilter plc announced the acquisition of ordinary shares by two of its Non-executive Directors, Chris Hill and Alison Morris. This transaction, involving purchases on the London Stock Exchange, reflects a potential vote of confidence in the company’s performance and future prospects by its leadership, potentially impacting stakeholder perceptions positively.
The most recent analyst rating on (GB:QLT) stock is a Buy with a £189.00 price target. To see the full list of analyst forecasts on Quilter stock, see the GB:QLT Stock Forecast page.
Executive/Board Changes
Quilter Director Christopher Samuel Takes New Role at Oakley Capital
Neutral
Nov 17, 2025
Quilter plc has announced that Christopher Samuel, a Non-executive Director of the company, has been appointed as an Independent Non-executive Director of Oakley Capital Investments Limited, effective November 17, 2025. This appointment is significant as Mr. Samuel is expected to take on the role of Chair at Oakley Capital Investments Limited in March 2026, potentially strengthening the strategic leadership and governance of the investment firm.
The most recent analyst rating on (GB:QLT) stock is a Buy with a £189.00 price target. To see the full list of analyst forecasts on Quilter stock, see the GB:QLT Stock Forecast page.
Regulatory Filings and ComplianceShareholder Meetings
Quilter plc Clarifies Political Donations Resolution Amid Shareholder Concerns
Neutral
Nov 11, 2025
Quilter plc announced that during its 2025 Annual General Meeting, resolution 16 concerning political donations passed, despite 22.28% opposition. The company engaged with South African shareholders to clarify the resolution’s purpose, highlighting the sensitivity of business-politics links in South Africa. Quilter emphasized that it does not intend to make political donations, but seeks authorization to prevent inadvertent breaches of UK law. This precautionary measure aims to maintain legal compliance across jurisdictions, ensuring effective shareholder communication.
The most recent analyst rating on (GB:QLT) stock is a Hold with a £188.00 price target. To see the full list of analyst forecasts on Quilter stock, see the GB:QLT Stock Forecast page.
Business Operations and Strategy
Quilter’s CIO Sells 60,000 Shares Amid Strategic Moves
Neutral
Nov 7, 2025
Quilter plc announced that Marcus Brookes, the Chief Investment Officer and Managing Director of Quilter Investors, sold 60,000 ordinary shares at a price of £1.84414 per share on the London Stock Exchange. This transaction may reflect strategic financial decisions by the company’s management and could influence investor perceptions regarding the company’s stock performance.
The most recent analyst rating on (GB:QLT) stock is a Hold with a £188.00 price target. To see the full list of analyst forecasts on Quilter stock, see the GB:QLT Stock Forecast page.
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.