Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
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Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
AJ Bell plc is a British public limited company and a leading provider of online investment platforms and stockbroker services in the UK. Established in 1995 in Manchester by Andrew James Bell and Nicholas Littlefair, it has grown into one of the largest investment platforms, serving both advised and direct-to-consumer markets with over 673,000 customers. The company operates under core brands including AJ Bell for low-cost SIPPs, ISAs, and dealing accounts aimed at DIY investors; AJ Bell Investcentre for advisers and their clients; AJ Bell Platinum for bespoke pension services; and AJ Bell Securities for stockbroking. Additional offerings encompass third-party SIPP administration, AJ Bell Media for financial publishing, and beginner-friendly apps like Dodl and Touch by AJ Bell. Headquartered at 4 Exchange Quay, Salford Quays, Manchester, AJ Bell plc is a FTSE 250 constituent, recognised as a Which? Recommended Provider for seven consecutive years from 2019 to 2025, and regulated by the Financial Conduct Authority. It plays a pivotal role in democratising access to tax-efficient investments like ISAs and pensions, funds, ETFs, bonds, and global stocks, emphasising low costs, ease of use, and comprehensive market coverage.
£6.36
+£0.05 (+0.79%)
EOD Jul 3, 2026
Margins and capital returns are both well above average: 41.87% operating margin, ROIC at 45.45%. Consistent with durable pricing power, though that alone doesn't make it a buy.
Revenue grew 18.0%, still solid.
Even for strong businesses, today's 25x P/E means the stock needs to keep delivering. There's no margin of safety if growth disappoints.
24.9x earnings, 31.0x FCF. Valuation is in a reasonable range. The main question is whether the business can re-accelerate or if current trajectory is already priced in.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
£318M
▲ +18.0% YoY
Net Income (TTM)
£105M
▲ +24.7% YoY
Op. Margin
41.87%
▼ -0.3pp YoY
ROIC
45.45%
▲ +2.8pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
£84M
▼ -10.0% YoY
Op. Cash Flow (TTM)
£100M
▲ +5.1% YoY
Net Debt
-£176M
Net Cash Position
Cash & Equiv.
£188M
3Y CAGR: +24.7%
3Y CAGR: +25.6%
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At a P/E of 24.9 and a price-to-free-cash-flow of 31.0, AJ Bell (AJB.XLON) trades around a two-stage DCF intrinsic value of about £8.36 per share, so at £6.36 the stock looks around fair value (31.5% below estimated intrinsic value). A high multiple is not the same as overvalued: fast-growing, high-quality businesses can deserve a premium. See the general approach in how to tell if a stock is overvalued.
On quality, AJ Bell scores 87/100 on Intrinsiqq's quality scorecard (a high-quality business on these measures), weighing growth, margins, returns on capital, share count, and balance-sheet strength. It currently yields about 2.0%; see dividend safety for coverage and history. All figures are computed from SEC filings; read the full methodology. This is analysis, not investment advice.
Intrinsiqq's two-stage DCF estimates an intrinsic value of about £8.36 per share for AJB.XLON, projecting its recent free cash flow forward with a growth rate that fades toward a long-run rate and discounting it back to today. Applying a 25% margin of safety gives a more conservative fair-value entry around £6.27. At today's £6.36, that puts the stock about 31.5% below estimated intrinsic value. The result is sensitive to the growth and discount-rate inputs, so it is best to run conservative, base and optimistic cases. You can adjust all of them yourself with the sliders on the DCF tab.
AJ Bell scores 87 out of 100 on Intrinsiqq's quality score, a weighted blend of 8 metrics each scored 0 to 100, which makes it a high-quality business on these measures. Recent fundamentals include a 41.9% operating margin and a 45.5% return on invested capital. The score weighs revenue and free-cash-flow growth, operating margins, return on invested capital, share-count change, and balance-sheet strength, all computed from SEC filings, not opinion. Because valuation only means something relative to quality, the full metric-by-metric breakdown is on the quality scorecard.
Yes, AJ Bell pays a regular dividend of about £0.13 per share per year (typically in quarterly installments), a yield of roughly 2.0% at the current price. That is a payout ratio of about 49.7% of earnings, so the dividend is well covered. AJ Bell has grown the dividend at roughly 15.7% a year over the past few years. A low headline yield is not the same as a weak dividend: what matters is how well earnings and free cash flow cover the payout and whether it is growing, not the percentage alone. For AJB.XLON's full payout history, growth streak and dividend-safety score, see the dividends tab.
That depends on valuation and quality together, not either alone. AJB.XLON currently trades around its estimated intrinsic value and scores 87/100 on quality (high-quality). It also yields about 2.0%. A cheap price is only a bargain if the business is durable, and a premium can be justified by genuine quality, so the two questions, "is it cheap?" and "is it good?", only make sense side by side. Read the valuation against the quality scorecard, run the DCF on your own assumptions, and decide for yourself. This is analysis from SEC filings, not investment advice.