AJ Bell

AJB.L

Asset Management · Financial Services

Exchange

London Stock Exchange

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

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

How the score breaks down

Quality

Exceptional

Growth

Exceptional

Cash Flow

Strong

Stability

Good

Valuation

Good

Dividends

Strong

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Winston Score History

The full picture

AJ Bell is a UK-based investment platform that helps everyday people save and invest their money. It offers accounts like ISAs, pensions, and general investment accounts, mainly to individual retail investors and financial advisers across the United Kingdom. The company is one of the largest direct-to-consumer investment platforms in the UK.

AJ Bell makes money by charging fees based on the value of assets customers hold on its platform, plus trading commissions when customers buy and sell investments. It operates entirely in the UK and manages roughly £90 billion in customer assets across its advised and direct-to-consumer channels. Its main competitive advantage is its low-cost positioning and easy-to-use platform, which helps it attract and retain customers — but the key risk is that fee pressure from rivals like Hargreaves Lansdown and Vanguard could squeeze margins over time.

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

+19.4% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+37.0% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

18.9%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

£169M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth + cash flow

AJ Bell is a rare growth stock that's already generating positive cash flow while growing at 19%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

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

98.5%

Premium pricing power — 98.5% gross margin

Profit after running costs

Operating Margin

42.0%

Excellent — 42.0% operating margin

Return on the money invested

ROCE

67.6%

Exceptional — 67.6% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth

Sales YoY

+19.3%

Fast-growing sales (+19.3% YoY)

Profit growth

EPS YoY

+38.2%

Earnings growing fast (+38.2% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

81%

Modest — 81% of profit becomes cash

Spare cash per sale

FCF Margin

27.9%

Converts sales into free cash efficiently (27.9%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

154.70x

Comfortably covers interest (154.7x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

20.0x

no trend

Growth-priced — P/E 20.0

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

+2.0

GROWING

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

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Dividends

Dividend

Dividend Yield

2.47%

no trend

Moderate income — 2.47% yield

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

Dividend record

Dividend Growth

+40.4%

no trend

Dividend growing fast (40.4% YoY)

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