Liontrust Asset Management

LIO.L

Asset Management · Financial Services

Exchange

London Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

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

How the score breaks down

Quality

Good

Growth

Weak

Cash Flow

Strong

Stability

Good

Valuation

Mixed

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Winston Score History

The full picture

Liontrust Asset Management is a UK-based investment firm that manages money on behalf of individuals, pension funds, and financial advisers. It runs a range of funds investing in stocks, bonds, and sustainable assets, with a particular focus on responsible and ESG (environmental, social, and governance) investing. The company is listed on the London Stock Exchange and competes in the crowded UK retail and institutional fund management market.

Liontrust earns revenue primarily through management fees, which are calculated as a percentage of the total assets it manages. It operates mainly in the UK and Europe, with assets under management that have fallen sharply from a peak above £30 billion due to industry-wide outflows from ESG funds and broader investor caution. The key risk facing the business is continued fund outflows, which directly shrink the asset base it charges fees on, putting pressure on revenue and profitability until market sentiment or fund performance improves enough to attract new money.

Score breakdown

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Quality

Profit per sale

Gross Margin

76.8%

Premium pricing power — 76.8% gross margin

Profit after running costs

Operating Margin

6.4%

Modest — 6.4% operating margin

Return on the money invested

ROCE

13.5%

Good — 13.5% 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

-20.9%

Shrinking sales (-20.9% YoY)

Profit growth

EPS YoY

-40.9%

Earnings shrinking (-40.9% YoY)

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

How steady the profit is

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

152%

Turns 152% of profit into real cash

Spare cash per sale

FCF Margin

10.8%

Modest free cash flow (10.8%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

111.83x

Comfortably covers interest (111.8x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

19.9x

no trend

Fair value — P/E 19.9

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

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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