# TP ICAP Group PLC (TCAP.L) fundamentals

Data as of 2026-09-08. LSE, United Kingdom. Sector: Financial Services / Capital Markets. Price 329p, market value 2.3 billionp.

## Valuation
- **P/E (trailing): 13.1×** (5-yr avg 5832.0×, 3-yr avg 1466.6×). TP ICAP Group PLC trades at 13.1× trailing earnings, well below its own five-year average of 5832.0×: cheap by its own standards. The Financial Services median in the September 2026 study was 13.1×. Forward P/E is 8.8×, lower than trailing, so analysts expect earnings to grow.
- **PEG: 0.62**. A PEG of 0.62 means the P/E is low relative to expected earnings growth: the market is not paying much for that growth.
- **Price / sales: 0.5×**. Each dollar of revenue is priced at 0.5×, a low multiple typical of thin-margin businesses or out-of-favour stocks.
- **Price / book: 1.2×**. The shares trade at 1.2× book value; book value is a meaningful part of the valuation.
- **EV / EBITDA: 0.9×**. Enterprise value is 0.9× operating earnings before depreciation, the multiple that ignores how the company is financed; below 8× is inexpensive for most sectors.
- **Free-cash-flow yield: 23.9%** (5-yr avg 0.1%). Free cash flow equals 23.9% of the market value, above its five-year average of 0.1%, so the shares are cheaper on cash than they have usually been. Above 5% is generally attractive.
- **Earnings yield: 7.6%**. The inverse of the P/E: 7.6% of the price is earned each year.

## Profitability
- **Gross margin: 99.5%**. TP ICAP Group PLC keeps 99.5% of revenue after the direct cost of what it sells, the kind of margin that comes with software, brands or pricing power.
- **Operating margin: 13.2%**. 13.2% of revenue is left after running the business.
- **Net margin: 7.9%**. 7.9% of each dollar of sales reaches the bottom line.
- **Return on equity: 9.2%**. 9.2% on shareholders' equity is weak; the business earns little on the capital its owners have in it.
- **Return on invested capital: 58.7%**. Return on all capital, debt included, is 58.7%: comfortably above what that capital costs.
- **Return on assets: 4.3%**. Each dollar of assets produces 4.3% of profit; low single digits are normal for banks and insurers.

## Growth
- **Revenue growth (1 yr): 4.9%** (3-yr 3.8%/yr, 5-yr 5.5%/yr). Revenue grew 4.9% over the last year, against 5.5% a year compounded over five years.
- **EPS growth (1 yr): 14.3%** (3-yr 22.7%/yr, 5-yr 11.4%/yr). Earnings per share rose 14.3%, faster than revenue, so margins expanded or the share count shrank.
- **Free-cash-flow growth (3 yr): -3.7%/yr**. Free cash flow has compounded at -3.7% a year over three years, lagging earnings: check whether profits are turning into cash.

## Financial health
- **Piotroski F-score: 7/9**. 7 of 9 fundamental checks pass: strong and improving financials.
- **Cash and short-term investments: 2.3 billionp**. Leverage ratios are shown differently for banks and insurers, whose balance sheets are built on deposits and reserves; use return on equity and the regulatory capital in the filings instead.

## Dividends
- **Dividend yield: 5.17%** (0p per share, trailing). TP ICAP Group PLC yields 5.17%, an income-level yield.
- **Payout ratio: 69%** (42% of free cash flow). 69% of earnings goes out as dividends, leaving room to keep raising it.
- **Consecutive years of increases: 4**. 4 straight years of increases.
- **Dividend growth (5 yr): 1.9%/yr** (1-yr 11.5%). The dividend has grown 1.9% a year over five years.
- **Shareholder yield: 12.8%**. Dividends plus net buybacks return 12.8% of the market value a year.

## Analyst view
- **Analyst consensus: buy** (6 analysts). 6 analysts cover TP ICAP Group PLC; the consensus is buy, with an average price target of 364p (+11% from the current price). Analyst opinion is shown for context; it is not part of the Fundamental Score.

## Price and momentum
- **Total return (1 yr): 18.6%** (YTD 27.7%, 3-mo 1.3%). The shares are up 18.6% over twelve months including dividends.
- **From 52-week high: -7.4%** (39.5% above the low). Trading 7% below its 52-week high.
- **200-day average: above**. The price sits above its 200-day moving average, the usual definition of an uptrend.
- **RSI (14-day): 47**. An RSI of 47 is neutral.
- **Beta (1 yr): 0.42** (volatility 23%). Beta of 0.42 against the FTSE All-Share: the shares move much less than the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=TCAP.L · Page: https://foliofundamentals.com/stocks/tcap.l

Not investment advice.