# Ashmore Group plc (ASHM.L) fundamentals

Data as of 2026-09-08. LSE, United Kingdom. Sector: Financial Services / Capital Markets. Price 213p, market value 1.4 billionp.

## Valuation
- **P/E (trailing): 12.5×** (5-yr avg 1414.5×, 3-yr avg 1414.9×). Ashmore Group plc trades at 12.5× trailing earnings, well below its own five-year average of 1414.5×: cheap by its own standards. The Financial Services median in the September 2026 study was 13.1×. Forward P/E is 25.7×, higher than trailing, so analysts expect earnings to fall.
- **Price / sales: 4.4×**. Each dollar of revenue is priced at 4.4×.
- **Price / book: 1.8×**. The shares trade at 1.8× book value; book value is a meaningful part of the valuation.
- **EV / EBITDA: 4.3×**. Enterprise value is 4.3× operating earnings before depreciation, the multiple that ignores how the company is financed; below 8× is inexpensive for most sectors.
- **Free-cash-flow yield: 9.9%** (5-yr avg 0.1%). Free cash flow equals 9.9% 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: 8.0%**. The inverse of the P/E: 8.0% of the price is earned each year.

## Profitability
- **Gross margin: 62.3%**. Ashmore Group plc keeps 62.3% of revenue after the direct cost of what it sells, the kind of margin that comes with software, brands or pricing power.
- **Operating margin: 46.0%**. 46.0% of revenue is left after running the business, an exceptional level.
- **Net margin: 56.2%**. 56.2% of each dollar of sales reaches the bottom line.
- **Return on equity: 10.4%**. 10.4% on shareholders' equity is solid.
- **Return on invested capital: 115.6%**. Return on all capital, debt included, is 115.6%: comfortably above what that capital costs.
- **Return on assets: 20.5%**. Each dollar of assets produces 20.5% of profit; low single digits are normal for banks and insurers.

## Growth
- **Revenue growth (1 yr): -22.7%** (3-yr -10.2%/yr, 5-yr -14.9%/yr). Revenue fell 22.7% over the last year, against -14.9% a year compounded over five years: growth is slowing.
- **EPS growth (1 yr): -14.3%** (3-yr -2.6%/yr, 5-yr -14.3%/yr). Earnings per share fell 14.3%, faster than revenue, so margins expanded or the share count shrank.
- **Free-cash-flow growth (3 yr): -32.6%/yr**. Free cash flow has compounded at -32.6% a year over three years, lagging earnings: check whether profits are turning into cash.

## Financial health
- **Piotroski F-score: 5/9**. 5 of 9 checks pass: mixed.
- **Cash and short-term investments: 687 millionp**. 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: 7.66%** (0p per share, trailing). Ashmore Group plc yields 7.66%, high enough to check carefully: yields this high often precede a cut.
- **Payout ratio: 148%** (174% of free cash flow). The dividend exceeds earnings (148% payout), which is rarely sustainable outside REITs and one-off years.
- **Consecutive years of increases: 19**. 19 straight years of increases, a record that survived at least one recession.
- **Dividend growth (5 yr): 0.0%/yr** (1-yr 0.0%). The dividend has not grown over five years.
- **Shareholder yield: 11.3%**. Dividends plus net buybacks return 11.3% of the market value a year.

## Analyst view
- **Analyst consensus: hold** (10 analysts). 10 analysts cover Ashmore Group plc; the consensus is hold, with an average price target of 208p (-2% 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): 27.8%** (YTD 23.8%, 3-mo 8.4%). The shares are up 27.8% over twelve months including dividends.
- **From 52-week high: -23.0%** (41.0% above the low). Trading 23% 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): 48**. An RSI of 48 is neutral.
- **Beta (1 yr): 1.16** (volatility 39%). Beta of 1.16 against the FTSE All-Share: the shares move roughly with the market.

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

Not investment advice.