3i Group

III.L

Asset Management · Financial Services

Price

2,891.00 GBp

+98.00 (+3.51%)

Market Cap

£28.97B

Exchange

London Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Exceptional

Growth

Mixed

Cash Flow

Weak

Stability

Exceptional

Valuation

Strong

Dividends

Strong

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Share count rising — dilution

+1.5% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 968.6M (2022) → 982.9M (2026)

Winston Score History

The full picture

3i Group is a British investment company that puts money into private businesses and infrastructure projects to help them grow. Its most important holding is Action, a fast-growing discount retailer in Europe that sells everyday products at low prices. 3i owns stakes in these companies, manages them over several years, and then sells them for a profit.

3i makes most of its money from the rising value of the companies it owns, plus management fees from outside investors who put money into its funds. It operates mainly in Europe and North America and has been listed on the London Stock Exchange for decades. Action alone now makes up the majority of 3i's total value, which means the company's performance is heavily tied to how well that one retailer continues to grow — if Action slows down or faces problems, it would have a significant impact on 3i's overall results.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-33.4% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-36.5% YoY

YoY Growth Rate

Earnings declining

R&D Spend

£0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

3.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

£32.2B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

3i Group's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

100.0%

Premium pricing power — 100.0% gross margin

Profit after running costs

Operating Margin

99.5%

Excellent — 99.5% operating margin

Return on the money invested

ROCE

17.1%

Strong — 17.1% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+8.6%

Steady sales growth (+8.6% YoY)

Profit growth

EPS YoY

+2.9%

Flat earnings

Single-digit earnings growth — steady but not exciting.

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

Weak — only 3% of profit becomes cash

Spare cash per sale

FCF Margin

2.6%

Thin free cash flow (2.6%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.04

Conservative — low debt load (0.04)

Covers its interest

Interest Cover

84.54x

Comfortably covers interest (84.5x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

5.4x

Attractive valuation — P/E 5.4

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year

P/E vs Forward

+1.4

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend

Dividend Yield

2.92%

Moderate income — 2.92% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record

Dividend Growth

+38.2%

Dividend growing fast (38.2% YoY)

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