Legal & General Group

LGEN.L

Asset Management · Financial Services

Price

284.00 GBp

-2.30 (-0.80%)

Market Cap

£15.51B

Exchange

London Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Good

Cash Flow

Strong

Stability

Weak

Valuation

Strong

Dividends

Strong

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Share count falling — buybacks

−3.5% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 6.29B (2021) → 6.08B (2025)

Winston Score History

The full picture

Legal & General is a large British financial services company that helps people save for retirement, invest their money, and protect their families with life insurance. Its main products include pension plans, investment funds, and life insurance policies, sold to both individual customers and large employers across the UK. It is one of the biggest asset managers and insurers in the United Kingdom.

The company makes money by collecting premiums on insurance policies, charging fees to manage investment funds, and taking on pension obligations from companies that want to offload that responsibility — a business called bulk annuities. Legal & General manages roughly £1 trillion in assets and operates mainly in the UK, with a growing presence in the US. Its large scale and long-term customer relationships give it a competitive edge, but rising interest rates and changes in UK pension regulations could significantly affect the demand for its core products.

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

>+1,000% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+257.6% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

£0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

1.6%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

5+ years

Quarterly Free Cash Flow

↑ Burn rate improving

£589.4B cash & investments at current burn rate

Revenue accelerating

Legal & General Group grew revenue 1217% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

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

87.9%

Premium pricing power — 87.9% gross margin

Profit after running costs

Operating Margin

2.0%

Thin — 2.0% operating margin

Return on the money invested

ROCE

3.6%

Weak — 3.6% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

+852.6%

Fast-growing sales (+852.6% YoY)

Profit growth

EPS YoY

+663.8%

Earnings growing fast (+663.8% YoY)

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

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

331%

Turns 331% of profit into real cash

Spare cash per sale

FCF Margin

2.7%

Thin free cash flow (2.7%)

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

10.02

Heavy debt load (10.02)

Covers its interest

Interest Cover

3.66x

Tight — interest eats into profit (3.7x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

24.5x

Growth-priced — P/E 24.5

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

Cheaper or dearer next year

P/E vs Forward

+13.4

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (24.5 → 11.1)

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Dividends

Dividend

Dividend Yield

7.21%

Healthy income — 7.21% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

+8.7%

Dividend growing modestly (8.7% YoY)

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