# BH Macro Limited (BHMG.L) fundamentals

Data as of 2026-09-08. LSE, United Kingdom. Sector: Financial Services. Price 423p, market value 1.4 billionp.

## Valuation
- **P/E (trailing): 12.4×** (5-yr avg 2671.0×, 3-yr avg 1911.0×). BH Macro Limited trades at 12.4× trailing earnings, well below its own five-year average of 2671.0×: cheap by its own standards. The Financial Services median in the September 2026 study was 13.1×.
- **Price / sales: 4.3×**. Each dollar of revenue is priced at 4.3×.
- **Price / book: 1.0×**. The shares trade below book value, which can signal a bargain or a balance sheet the market doubts.
- **EV / EBITDA: 7.7×**. Enterprise value is 7.7× operating earnings before depreciation, the multiple that ignores how the company is financed; below 8× is inexpensive for most sectors.
- **Free-cash-flow yield: 16.9%** (5-yr avg -0.1%). Free cash flow equals 16.9% 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: 100.0%**. BH Macro Limited keeps 100.0% of revenue after the direct cost of what it sells, the kind of margin that comes with software, brands or pricing power.
- **Operating margin: 48.7%**. 48.7% of revenue is left after running the business, an exceptional level.
- **Net margin: 54.4%**. 54.4% of each dollar of sales reaches the bottom line.
- **Return on equity: 7.6%**. 7.6% on shareholders' equity is weak; the business earns little on the capital its owners have in it.
- **Return on invested capital: 10.7%**. Return on all capital, debt included, is 10.7%.
- **Return on assets: 10.5%**. Each dollar of assets produces 10.5% of profit; low single digits are normal for banks and insurers.

## Growth
- **Revenue growth (1 yr): 82.1%** (3-yr 26.1%/yr, 5-yr 7.9%/yr). Revenue grew 82.1% over the last year, against 7.9% a year compounded over five years: growth is accelerating.
- **EPS growth (1 yr): 206.7%** (3-yr 5.7%/yr, 5-yr -15.4%/yr). Earnings per share rose 206.7%, faster than revenue, so margins expanded or the share count shrank.

## Financial health
- **Piotroski F-score: 7/9**. 7 of 9 fundamental checks pass: strong and improving financials.
- **Cash and short-term investments: 23 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: none**. BH Macro Limited does not currently pay a dividend, but it returned 16.4% of its market value through buybacks over the last year.

## Price and momentum
- **Total return (1 yr): 8.4%** (YTD 6.2%, 3-mo -1.2%). The shares are up 8.4% over twelve months including dividends.
- **From 52-week high: -9.4%** (9.1% above the low). Trading 9% 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): 51**. An RSI of 51 is neutral.
- **Beta (1 yr): -0.02** (volatility 11%). Beta of -0.02 against the FTSE All-Share: the shares move much less than the market.

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

Not investment advice.