B.P. Marsh & Partners

BPM.L

Investment - Banking & Investment Services · Financial Services

Price

676.00 GBp

+0.00 (+0.00%)

Market Cap

£238.3M

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 Jan 31, 2026

How the score breaks down

Quality

Strong

Growth

Mixed

Cash Flow

Weak

Stability

Exceptional

Valuation

Strong

Dividends

Exceptional

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Share count rising — dilution

+3.7% over 4y

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

Diluted shares outstanding: 36.9M (2022) → 38.3M (2026)

Winston Score History

The full picture

B.P. Marsh & Partners is a specialist investment company based in the UK that takes ownership stakes in early-stage financial services businesses. Its main focus is on small insurance brokers, financial advisers, and other niche financial firms that need capital and guidance to grow. The company acts like a patient backer, helping these businesses develop over many years before eventually selling its stakes for a profit.

The company makes money primarily through the rising value of its investments, plus dividends and fees from the businesses it backs. It operates mainly in the UK, though some portfolio companies have international reach. Its edge comes from deep industry relationships and decades of experience spotting promising financial services firms that larger investors tend to overlook. The main risk is concentration — the portfolio is relatively small, so a few underperforming investments can have an outsized impact on 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

+28.1% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

-76.6% 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

61.2%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

£323M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Strong grower

B.P. Marsh & Partners is growing revenue at 28% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

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

99.6%

Premium pricing power — 99.6% gross margin

Profit after running costs

Operating Margin

67.5%

Excellent — 67.5% operating margin

Return on the money invested

ROCE

13.3%

Good — 13.3% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+19.9%

Fast-growing sales (+19.9% YoY)

Profit growth

EPS YoY

-50.9%

Earnings shrinking (-50.9% YoY)

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

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

-6%

Weak — only -6% of profit becomes cash

Spare cash per sale

FCF Margin

-9.7%

Burning cash (-9.7%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

0.00

Conservative — low debt load (0.00)

Covers its interest

Interest Cover

493.91x

Comfortably covers interest (493.9x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

5.1x

Attractive valuation — P/E 5.1

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

Cheaper or dearer next year

P/E vs Forward

+1.3

GROWING

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

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Dividends

Dividend

Dividend Yield

5.37%

Healthy income — 5.37% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record

Dividend Growth

+88.1%

Dividend growing fast (88.1% YoY)

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