Tatton Asset Management

TAM.L

Asset Management · Financial Services

Price

690.00 GBp

-2.00 (-0.29%)

Market Cap

£418.9M

Exchange

London Stock Exchange

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

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

How the score breaks down

Quality

Exceptional

Growth

Exceptional

Cash Flow

Exceptional

Stability

Good

Valuation

Good

Dividends

Strong

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Share count rising — dilution

+2.3% over 4y

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

Diluted shares outstanding: 60.9M (2022) → 62.3M (2026)

Winston Score History

The full picture

Tatton Asset Management is a UK-based financial services company that manages investment portfolios on behalf of everyday investors. It does not deal with clients directly. Instead, it works through independent financial advisers (IFAs), who use Tatton's ready-made investment portfolios for their clients. The company is one of the larger "managed portfolio service" providers in the UK market.

Tatton earns money by charging a small annual fee based on how much money it manages — this is called an assets-under-management (AUM) fee model. It operates almost entirely in the United Kingdom and had roughly £18–19 billion in AUM as of recent reports. Its main competitive advantage is its deep relationships with IFAs and a low-cost model that is hard for smaller rivals to match. The key growth driver is continued expansion of its IFA network and rising AUM, but a prolonged stock market downturn would shrink AUM and reduce fee income directly.

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

+21.5% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+21.4% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

£0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

21.8%ownership

↑ Rising

Insiders increasing their stake — aligned with shareholders

Cash Position

Cash flow positive

£45M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth + cash flow

Tatton Asset Management is a rare growth stock that's already generating positive cash flow while growing at 22%. 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

98.6%

Premium pricing power — 98.6% gross margin

Profit after running costs

Operating Margin

47.5%

Excellent — 47.5% operating margin

Return on the money invested

ROCE

45.2%

Exceptional — 45.2% 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

+20.1%

Fast-growing sales (+20.1% YoY)

Profit growth

EPS YoY

+14.8%

Earnings growing (+14.8% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is

EPS Consistency

7/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

131%

Turns 131% of profit into real cash

Spare cash per sale

FCF Margin

44.9%

Converts sales into free cash efficiently (44.9%)

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

N/A

Data not available

Covers its interest

Interest Cover

211.12x

Comfortably covers interest (211.1x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

22.3x

Growth-priced — P/E 22.3

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

Cheaper or dearer next year

P/E vs Forward

+4.9

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (22.3 → 17.4)

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Dividends

Dividend

Dividend Yield

3.91%

Moderate income — 3.91% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record

Dividend Growth

+50.8%

Dividend growing fast (50.8% YoY)

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