This stock no longer trades (delisted March 2, 2025)

Delisted / no longer publicly traded (per market data provider) Everything below is based on the last available data — treat it as historical, not a live read.

Phoenix Group Holdings

PHNX.L

Insurance - Life · Financial Services

Price

743.80 GBp

+35.60 (+5.03%)

Market Cap

£7.45B

Exchange

London Stock Exchange

Winston Score

Historical score — this stock no longer trades, so the score is frozen at the last available data.

Data as of Aug 23, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Mixed

Stability

Weak

Valuation

Data not available

Dividends

Strong

Winston Score History

The full picture

Phoenix Group Holdings is a UK-based financial services company that specializes in managing life insurance and pension policies. It focuses on "closed" life insurance books — meaning it takes over old pension and insurance policies that other companies no longer want to run. Its main customers are ordinary people saving for retirement, and it also serves large employers and insurers looking to offload their pension obligations.

Phoenix makes money by collecting premiums and managing the investments tied to those policies, keeping the difference between what it earns and what it pays out. It operates almost entirely in the UK and Ireland, making it one of the largest life and pensions consolidators in the UK by assets under administration, with over £250 billion managed. Its competitive edge comes from scale and expertise in running complex, legacy policy books efficiently. The key growth driver is the large pipeline of UK pension schemes seeking to transfer risk, but rising interest rates and regulatory changes around capital requirements remain meaningful risks to profitability.

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

+191.9% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+35.6% 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

15.1%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

£320.9B cash & investments

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

Revenue accelerating

Phoenix Group Holdings grew revenue 192% 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.

Share count broadly stable

+0.1% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 1.00B (2021) → 1.00B (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

100.0%

Premium pricing power — 100.0% gross margin

Profit after running costs

Operating Margin

0.0%

Thin — 0.0% operating margin

Return on the money invested

ROCE

0.5%

Weak — 0.5% 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

+22.2%

Fast-growing sales (+22.2% YoY)

Profit growth

EPS YoY

N/A

Data not available

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

N/A

Data not available

Spare cash per sale

FCF Margin

18.4%

Converts sales into free cash efficiently (18.4%)

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

15.33

Heavy debt load (15.33)

Covers its interest

Interest Cover

0.08x

Dangerous — barely covers interest (0.1x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend

Dividend Yield

7.45%

Healthy income — 7.45% yield

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

Dividend record

Dividend Growth

+5.8%

Dividend growing modestly (5.8% YoY)

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