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.
Record plc is a United Kingdom-based specialist currency and asset manager, operating as a public limited company incorporated in 1985. It primarily provides currency management services, including passive and dynamic hedging solutions to mitigate currency risk for institutional investors such as pension funds, endowments, foundations, and asset managers. The company offers bespoke products like yield-seeking strategies across private market asset classes, including emerging markets debt, private credit, infrastructure equity, and protected equities. Record plc trades instruments such as derivatives, options, futures, swaps, bonds, and loans to deliver cost-effective currency solutions and absolute return strategies. Founded by Neil Record in 1983, it has grown into one of the largest independent currency managers globally, managing over $110 billion in assets under management equivalents as of late 2025, with offices in the UK, US, Switzerland, and Germany. Its diversified offerings also encompass sustainable finance, fintech investing, and cross-asset solutions through subsidiaries like Record Currency Management and Record Asset Management, serving clients primarily in Europe and North America. Record plc plays a key role in the financial services sector by simplifying currency challenges and enhancing portfolio risk management for large institutional portfolios.
£0.46
+£0.01 (+2.00%)
EOD Jul 3, 2026
Margins and capital returns are both well above average: 23.76% operating margin, ROIC at 19.32%. Consistent with durable pricing power, though that alone doesn't make it a buy.
Revenue declined 3.7% YoY. The question is whether this is cyclical or a structural shift.
ROIC dropped from 26.24% to 19.32%, capital efficiency is deteriorating.
12.6x earnings, 10.4x FCF. The multiple is below average. Either the market is pricing in deterioration you should investigate, or there's genuine value here.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
£40M
▼ -3.7% YoY
Net Income (TTM)
£7M
▼ -22.8% YoY
Op. Margin
23.76%
▼ -1.0pp YoY
ROIC
19.32%
▼ -6.9pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
£9M
▲ +75.4% YoY
Op. Cash Flow (TTM)
£9M
▼ -9.2% YoY
Net Debt
-£6M
Net Cash Position
Cash & Equiv.
£13M
3Y CAGR: -3.6%
3Y CAGR: -2.9%
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At a P/E of 12.6 and a price-to-free-cash-flow of 10.4, Record (REC.XLON) trades below a two-stage DCF intrinsic value of about £0.80 per share, so at £0.46 the stock looks undervalued (73.6% 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, Record scores 47/100 on Intrinsiqq's quality scorecard (a mixed business on these measures), weighing growth, margins, returns on capital, share count, and balance-sheet strength. It currently yields about 10.2%; 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 £0.80 per share for REC.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 £0.60. At today's £0.46, that puts the stock about 73.6% 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.
Record scores 47 out of 100 on Intrinsiqq's quality score, a weighted blend of 8 metrics each scored 0 to 100, which makes it a mixed business on these measures. Recent fundamentals include a 23.8% operating margin and a 19.3% 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, Record pays a regular dividend of about £0.05 per share per year (typically in quarterly installments), a yield of roughly 10.2% at the current price. That is a payout ratio of about 129.2% of earnings, so the dividend is stretched at this level. Record has grown the dividend at roughly 8.7% 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 REC.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. REC.XLON currently trades below its estimated intrinsic value and scores 47/100 on quality (mixed). It also yields about 10.2%. 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.