Admiral Group

ADM.L

Insurance - Property & Casualty · Financial Services

Price

3,976.00 GBp

+58.00 (+1.48%)

Market Cap

£11.88B

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 Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Mixed

Cash Flow

Good

Stability

Good

Valuation

Strong

Dividends

Exceptional

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Share count rising — dilution

+3.0% over 4y

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

Diluted shares outstanding: 298.4M (2021) → 307.2M (2025)

Winston Score History

The full picture

Admiral Group is a UK-based insurance company that sells car, home, travel, and pet insurance directly to everyday consumers. It is best known for its car insurance, which remains its largest product, and it owns several well-known brands including Admiral, Bell, Diamond, and Elephant Auto. Admiral is one of the largest car insurers in the United Kingdom by number of customers.

Admiral makes most of its money by collecting insurance premiums from policyholders, and it also earns income by sharing risk with reinsurance partners and selling add-on products like breakdown cover and legal protection. The company operates mainly in the UK but also has smaller insurance businesses in Europe and the United States. Its competitive edge comes from strong brand recognition, a low-cost direct sales model, and disciplined underwriting built over decades. The main risk Admiral faces is rising claims costs, particularly from expensive car repairs and personal injury settlements, which can squeeze profit margins when inflation is high.

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

+2.1% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-18.0% 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

11.2%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

£7.4B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Growth context

Admiral Group is growing revenue at 2% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

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

29.8%

Modest — 29.8% gross margin

Profit after running costs

Operating Margin

15.5%

Healthy — 15.5% operating margin

Return on the money invested

ROCE

24.7%

Exceptional — 24.7% 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

+8.8%

Steady sales growth (+8.8% YoY)

Profit growth

EPS YoY

-17.6%

Earnings shrinking (-17.6% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

68%

Modest — 68% of profit becomes cash

Spare cash per sale

FCF Margin

6.6%

Modest free cash flow (6.6%)

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

1.34

Elevated debt (1.34)

Covers its interest

Interest Cover

9.07x

Comfortably covers interest (9.1x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

17.7x

Fair value — P/E 17.7

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+3.7

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (17.7 → 14.0)

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Dividends

Dividend

Dividend Yield

5.26%

Healthy income — 5.26% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record

Dividend Growth

+52.7%

Dividend growing fast (52.7% YoY)

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