Plus500

PLUS.L

Financial - Capital Markets · Financial Services

Price

3,676.00 GBp

+62.00 (+1.72%)

Market Cap

£2.53B

Exchange

London Stock Exchange

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

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

How the score breaks down

Quality

Exceptional

Growth

Good

Cash Flow

Exceptional

Stability

Exceptional

Valuation

Good

Dividends

Exceptional

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Share count falling — buybacks

−27.2% over 4y

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

Diluted shares outstanding: 102.0M (2021) → 74.3M (2025)

Winston Score History

The full picture

Plus500 is an online trading platform that lets everyday people buy and sell financial contracts tied to stocks, currencies, commodities, and cryptocurrencies. It does not sell the actual assets — instead, it offers products called CFDs (Contracts for Difference), which let traders bet on whether prices go up or down. The company serves retail traders, mostly individuals at home, and operates across Europe, Asia-Pacific, the Middle East, and the Americas.

Plus500 makes money by keeping a small spread — the difference between the buying and selling price on each trade — plus overnight fees when customers hold positions open. It is headquartered in Israel and listed in London, with a market cap around $3.1 billion. Its near-100% gross margin reflects a software-driven business with low variable costs, and its proprietary trading platform creates some customer stickiness. The main risk is regulatory pressure, as governments worldwide continue tightening rules around CFD products, including leverage limits and advertising restrictions that could shrink its customer base.

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

+10.6% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+5.4% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

2.4%ownership

↓ Declining

Insider ownership declining — could be dilution or selling

Cash Position

Cash flow positive

$866M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Growth + cash flow

Plus500 is a rare growth stock that's already generating positive cash flow while growing at 11%. 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.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

97.2%

Premium pricing power — 97.2% gross margin

Profit after running costs

Operating Margin

39.8%

Excellent — 39.8% operating margin

Return on the money invested

ROCE

33.8%

Exceptional — 33.8% 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

+7.2%

Steady sales growth (+7.2% YoY)

Profit growth

EPS YoY

+8.9%

Earnings growing (+8.9% YoY)

Single-digit earnings growth — steady but not exciting.

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

102%

Turns 102% of profit into real cash

Spare cash per sale

FCF Margin

33.8%

Converts sales into free cash efficiently (33.8%)

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

0.01

Conservative — low debt load (0.01)

Covers its interest

Interest Cover

20.81x

Comfortably covers interest (20.8x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

9.1x

Attractive valuation — P/E 9.1

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

Cheaper or dearer next year

P/E vs Forward

-1.6

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend

Dividend Yield

4.18%

Healthy income — 4.18% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record

Dividend Growth

+62.1%

Dividend growing fast (62.1% YoY)

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