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XPS Pensions Group Plc
(LSE:XPS)
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Rating:69Neutral
Price Target:
339.00 p
▲(7.62% Upside)
Action:Downgraded
Date:06/19/26
The score is driven primarily by solid financial performance—strong revenue growth and excellent 2026 free cash flow—partly offset by margin volatility and a recent increase in leverage. Technicals are neutral (near key moving averages but below the 200 DMA), and valuation is balanced between an attractive ~4% yield and a higher P/E (~24.5).
Positive Factors
Recurring, contractable revenue
XPS’s core business is built on recurring, contractable administration and advisory fees for occupational pension schemes. Multi-year contracts and per-member or fixed-fee arrangements create predictable revenue streams, supporting durable cash flow and lower client churn risk over 2–6 months and beyond.
Negative Factors
Margin volatility
Profitability has shown meaningful year-to-year swings, with margins retreating from 2024 peaks. Persistent margin volatility undermines predictability of earnings and cash conversion, complicates long-term planning, and suggests sensitivity to pricing, mix shifts or cost pressures that could persist over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring, contractable revenue
XPS’s core business is built on recurring, contractable administration and advisory fees for occupational pension schemes. Multi-year contracts and per-member or fixed-fee arrangements create predictable revenue streams, supporting durable cash flow and lower client churn risk over 2–6 months and beyond.
Read all positive factors
XPS Pensions Group Plc (XPS) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£662.74M
Dividend Yield3.54%
Average Volume (3M)719.57K
Price to Earnings (P/E)24.8
Beta (1Y)1.06
Revenue Growth12.84%
EPS Growth-12.86%
CountryUK
Employees1,712
SectorConsumer Cyclical
Sector Strength84
IndustryPersonal Products & Services
Share Statistics
EPS (TTM)0.13
Shares Outstanding208,355,410
10 Day Avg. Volume709,702
30 Day Avg. Volume719,574
Financial Highlights & Ratios
PEG Ratio-1.67
Price to Book (P/B)3.39
Price to Sales (P/S)2.26
P/FCF Ratio11.98
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£456.80Price Target Upside45.02% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)0.23
Revenue Forecast (FY)£279.98M
XPS Pensions Group Plc Business Overview & Revenue Model
Company Description
XPS Pensions Group plc, operating through its various subsidiaries, specializes in delivering expert employee benefits consulting and a wide array of associated professional services throughout the United Kingdom. The firm provides strategic advis...
How the Company Makes Money
XPS primarily makes money by charging professional fees for delivering pensions-related services to occupational pension schemes and their sponsors. Its core revenue streams typically include: (1) Pension administration fees: recurring fees for da...
XPS Pensions Group Plc Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
66
Positive
Cash Flow
83
Very Positive
| Breakdown | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 262.55M | 231.78M | 199.43M | 166.79M | 138.62M |
| Gross Profit | 246.08M | 122.92M | 104.01M | 65.36M | 55.56M |
| EBITDA | 59.79M | 57.26M | 79.27M | 34.58M | 30.26M |
| Net Income | 26.56M | 30.34M | 54.17M | 15.84M | 9.42M |
Balance Sheet | |||||
| Total Assets | 329.49M | 323.48M | 281.87M | 283.76M | 271.65M |
| Cash, Cash Equivalents and Short-Term Investments | 16.85M | 14.72M | 10.01M | 13.29M | 10.15M |
| Total Debt | 78.08M | 68.97M | 32.55M | 77.25M | 74.99M |
| Total Liabilities | 151.92M | 138.07M | 96.01M | 134.48M | 127.22M |
| Stockholders Equity | 174.85M | 185.41M | 185.85M | 149.28M | 144.44M |
Cash Flow | |||||
| Free Cash Flow | 49.45M | 33.63M | 35.42M | 26.13M | 18.10M |
| Operating Cash Flow | 51.60M | 41.82M | 42.93M | 31.58M | 27.44M |
| Investing Cash Flow | -9.98M | -21.86M | 29.17M | -13.76M | -9.37M |
| Financing Cash Flow | -39.49M | -15.25M | -75.39M | -14.69M | -16.54M |
XPS Pensions Group Plc Technical Analysis
Positive
315.00
Price Trends
307.11
Positive
306.38
Positive
322.93
Negative
Market Momentum
1.83
Negative
60.80
Neutral
74.62
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:XPS, the sentiment is Positive. The current price of 315 is above the 20-day moving average (MA) of 310.97, above the 50-day MA of 307.11, and below the 200-day MA of 322.93, indicating a neutral trend. The MACD of 1.83 indicates Negative momentum. The RSI at 60.80 is Neutral, neither overbought nor oversold. The STOCH value of 74.62 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:XPS.
XPS Pensions Group Plc Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | £346.66M | 7.55 | 23.94% | 4.65% | 0.26% | 10.37% | |
72 Outperform | £194.03M | 9.74 | 29.66% | 3.00% | 43.98% | 97.22% | |
69 Neutral | £662.74M | 24.80 | 14.67% | 3.54% | 12.84% | -12.86% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
60 Neutral | £860.84M | 56.14 | 5.35% | 0.67% | 4.41% | -8.04% |
* Consumer Cyclical Sector Average
GB:XPS
XPS Pensions Group Plc
321.00
-31.59
-8.96%
GB:CVSG
CVS Group plc
1,244.00
36.40
3.01%
GB:MER
Mears Group Plc
432.50
71.14
19.69%
GB:RFX
Ramsdens Holdings
594.00
286.19
92.97%
XPS Pensions Group Plc Corporate Events
Business Operations and StrategyDividendsFinancial Disclosures
XPS Pensions Group posts fourth year of double-digit growth and lifts dividend
Positive
Jun 18, 2026
XPS Pensions Group reported its fourth consecutive year of double-digit revenue growth, with total revenue up 13% to £262.7m, driven by strong demand for advisory services, expanding administration work and growth in self-invested pension (SI...
Business Operations and StrategyFinancial Disclosures
XPS Pensions Group Sets 18 June Date for Full-Year Results Presentation
Neutral
May 27, 2026
XPS Pensions Group will present its full-year results for the year ended 31 March 2026 on 18 June 2026, hosting an analyst and investor event in London alongside a live webcast. The hybrid format underlines the Group’s engagement with the in...
Business Operations and StrategyFinancial Disclosures
XPS Pensions Group posts record year as revenues surge on regulatory-driven demand
Positive
Apr 21, 2026
XPS Pensions Group reported another year of record results for the year to 31 March 2026, with total revenue up 13% and organic growth of 7%, extending a five-year track record that has seen aggregate revenues more than double. The board said stro...
Financial Disclosures
XPS Pensions Group Schedules Post-Close Update and Full-Year Results
Neutral
Apr 2, 2026
XPS Pensions Group plc, a UK pensions and insurance consulting and administration specialist, supports over 1,300 pension schemes and their corporate sponsors, as well as UK insurers, using a mix of expertise, insight and technology. The group adm...
Business Operations and StrategyExecutive/Board Changes
XPS Pensions Director Michelle Cracknell to Leave External Board Roles
Positive
Mar 30, 2026
XPS Pensions Group plc announced that Independent Non-Executive Director Michelle Cracknell will step down from her external board roles at Just Group plc on 1 April 2026 and at PensionBee Group plc on 14 May 2026. The moves remove potential exter...
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.