# BH Macro Limited (BHMU.L) fundamentals

Data as of 2026-09-08. LSE, United Kingdom. Sector: Financial Services. Price $4.34, market value $1.4 billion.

## Valuation
- **P/E (trailing): 9.4×** (5-yr avg 27.6×, 3-yr avg 19.0×). BH Macro Limited trades at 9.4× trailing earnings, well below its own five-year average of 27.6×: cheap by its own standards. The Financial Services median in the September 2026 study was 13.1×.
- **Price / sales: 3.3×**. Each dollar of revenue is priced at 3.3×.
- **Price / book: 0.7×**. The shares trade below book value, which can signal a bargain or a balance sheet the market doubts.
- **EV / EBITDA: 6.6×**. Enterprise value is 6.6× operating earnings before depreciation, the multiple that ignores how the company is financed; below 8× is inexpensive for most sectors.
- **Free-cash-flow yield: 22.3%** (5-yr avg -7.0%). Free cash flow equals 22.3% of the market value, above its five-year average of -7.0%, so the shares are cheaper on cash than they have usually been. Above 5% is generally attractive.
- **Earnings yield: 10.6%**. The inverse of the P/E: 10.6% 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 24.4%/yr). Revenue grew 82.1% over the last year, against 24.4% 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: 6/9**. 6 of 9 checks pass: mixed.
- **Cash and short-term investments: $31 million**. 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 21.6% of its market value through buybacks over the last year.

## Price and momentum
- **Total return (1 yr): 8.2%** (YTD 2.6%, 3-mo -2.0%). The shares are up 8.2% over twelve months including dividends.
- **From 52-week high: -9.0%** (10.4% 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): 56**. An RSI of 56 is neutral.
- **Beta (1 yr): -0.02** (volatility 13%). 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=BHMU.L · Page: https://foliofundamentals.com/stocks/bhmu.l

Not investment advice.