AJ Bell - Public Comps and Valuation Multiples

AJ Bell Overview

About AJ Bell

AJ Bell PLC is an investment platform in the United Kingdom. The Group has a single operating segment being investment services in the advised and D2C space administering investments in SIPPs, ISAs and General Investment / Dealing Accounts. SIPPs and ISAs, Lifetime ISA, and junior products. The company generates revenue from Recurring ad valorem which includes custody fees, interest income and investment management fees; and transactional. Company earns its revenue from its domicile country United Kingdom.

Founded

2002

HQ

Employees

1.5K+

Website

ajbell.co.uk

Sectors

Financial Services Software
Electronic Trading
WealthTech
FinTech
B2B SaaS
WealthTech

Financials

LTM Revenue $423M

LTM EBITDA $183M

EV

$2.7B

Valuation Multiples

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AJ Bell Financials

As of November 2025, AJ Bell reported last 12-month revenue of $423M and EBITDA of $183M.

In the same period, AJ Bell achieved $143M in LTM net income.

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AJ Bell P&L

In the most recent fiscal year, AJ Bell reported revenue of $357M and EBITDA of $156M.

AJ Bell expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$423M	XXX	$357M	XXX	XXX	XXX
Gross Profit	n/a	XXX	n/a	XXX	XXX	XXX
Gross Margin	n/a	XXX	n/a	XXX	XXX	XXX
EBITDA	$183M	XXX	$156M	XXX	XXX	XXX
EBITDA Margin	43%	XXX	44%	XXX	XXX	XXX
EBIT	$178M	XXX	$142M	XXX	XXX	XXX
EBIT Margin	42%	XXX	40%	XXX	XXX	XXX
Net Profit	$143M	XXX	$112M	XXX	XXX	XXX
Net Margin	34%	XXX	31%	XXX	XXX	XXX
Net Debt	XXX	XXX	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for AJ Bell including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $423M. EBITDA for the last twelve months was $183M. In the most recent fiscal year, AJ Bell achieved $357M in revenue and $156M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$423M	Analyst estimates available to subscribers	$357M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	n/a	Analyst estimates available to subscribers	n/a	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	n/a	Analyst estimates available to subscribers	NaN% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$183M	Analyst estimates available to subscribers	$156M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	43.2% EBITDA margin	Analyst estimates available to subscribers	43.7% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$178M	Analyst estimates available to subscribers	$142M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	42.1% EBIT margin	Analyst estimates available to subscribers	39.8% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$143M	Analyst estimates available to subscribers	$112M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	33.7% net profit margin	Analyst estimates available to subscribers	31.3% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	n/a	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for AJ Bell

This financial data table provides comprehensive performance metrics for AJ Bell, a company based in United Kingdom of Great Britain and Northern Ireland. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

AJ Bell generated $423M in revenue over the last twelve months.
The company achieved $183M in EBITDA over the last twelve months.
Net income over the last twelve months reached $143M.

Fiscal Year Performance

In the most recent fiscal year, AJ Bell reported $357M in total revenue.
Fiscal year EBITDA was $156M.
The company maintained a gross profit margin of NaN% in the most recent fiscal year.
EBITDA margin for the fiscal year was 43.7%.
Net profit margin reached 31.3% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for AJ Bell. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

AJ Bell Stock Performance

AJ Bell has current market cap of GBP 2.2B (or $2.9B), and EV of GBP 2.0B (or $2.7B).

Market Cap Evolution

AJ Bell Stock Data

As of December 2, 2025, AJ Bell's stock price is GBP 5 (or $7).

See AJ Bell trading valuation data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$2.7B	$2.9B	XXX	XXX	XXX	XXX	$0.34

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AJ Bell Valuation Multiples

AJ Bell's trades at 7.1x EV/Revenue multiple, and 16.4x EV/EBITDA.

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AJ Bell Financial Valuation Multiples

As of December 2, 2025, AJ Bell has market cap of $2.9B and EV of $2.7B.

Equity research analysts estimate AJ Bell's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

AJ Bell has a P/E ratio of 20.1x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$2.9B	XXX	$2.9B	XXX	XXX	XXX
EV (current)	$2.7B	XXX	$2.7B	XXX	XXX	XXX
EV/Revenue	6.3x	XXX	7.1x	XXX	XXX	XXX
EV/EBITDA	14.5x	XXX	16.4x	XXX	XXX	XXX
EV/EBIT	14.9x	XXX	17.7x	XXX	XXX	XXX
EV/Gross Profit	n/a	XXX	n/a	XXX	XXX	XXX
P/E	20.1x	XXX	24.1x	XXX	XXX	XXX
EV/FCF	24.7x	XXX	22.6x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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AJ Bell Margins & Growth Rates

AJ Bell's last 12 month revenue growth is 8%

AJ Bell's revenue per employee in the last FY averaged $0.2M, while opex per employee averaged $0.1M for the same period.

AJ Bell's rule of 40 is 51% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

AJ Bell's rule of X is 64% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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AJ Bell Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	8%	XXX	11%	XXX	XXX	XXX
EBITDA Margin	43%	XXX	44%	XXX	XXX	XXX
EBITDA Growth	7%	XXX	18%	XXX	XXX	XXX
Rule of 40	51%	XXX	52%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	64%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.2M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	60%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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