# British Smaller Companies VCT (BSV.L) fundamentals

Data as of 2026-09-08. LSE, United Kingdom. Sector: Financial Services. Price 73p, market value 303 millionp.

## Valuation
- **P/E (trailing): n/a** (negative earnings). British Smaller Companies VCT reported negative earnings over the last twelve months, so the P/E is not meaningful; use price-to-sales, EV/EBITDA and free-cash-flow yield instead.
- **Price / sales: 25.9×**. Each dollar of revenue is priced at 25.9×, a level that requires very high margins or very fast growth to justify.
- **Price / book: 0.9×**. The shares trade below book value, which can signal a bargain or a balance sheet the market doubts.
- **EV / EBITDA: 24.7×**. Enterprise value is 24.7× operating earnings before depreciation, the multiple that ignores how the company is financed; above 20× is demanding.
- **Free-cash-flow yield: -0.1%** (5-yr avg -0.0%). Free cash flow is negative: the business is consuming cash, which is normal for heavy investment phases but a warning otherwise.

## Profitability
- **Gross margin: 83.0%**. British Smaller Companies VCT keeps 83.0% of revenue after the direct cost of what it sells, the kind of margin that comes with software, brands or pricing power.
- **Operating margin: 95.7%**. 95.7% of revenue is left after running the business, an exceptional level.
- **Net margin: 14.4%**. 14.4% of each dollar of sales reaches the bottom line.
- **Return on equity: 0.5%**. 0.5% on shareholders' equity is weak; the business earns little on the capital its owners have in it.
- **Return on invested capital: 7.3%**. Return on all capital, debt included, is 7.3%.
- **Return on assets: 6.2%**. Each dollar of assets produces 6.2% of profit; low single digits are normal for banks and insurers.

## Growth
- **Revenue growth (1 yr): -14.4%** (3-yr -20.4%/yr, 5-yr -21.5%/yr). Revenue fell 14.4% over the last year, against -21.5% a year compounded over five years: growth is accelerating.
- **EPS growth (1 yr): -88.2%** (3-yr -65.9%/yr, 5-yr -55.6%/yr). Earnings per share fell 88.2%, slower than revenue, so margins compressed.

## Financial health
- **Piotroski F-score: 3/9**. 3 of 9 checks pass: weak or deteriorating financials.
- **Cash and short-term investments: 26 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**. British Smaller Companies VCT does not currently pay a dividend, but it returned -23.4% of its market value through buybacks over the last year.

## Price and momentum
- **Total return (1 yr): -3.3%** (YTD -2.7%, 3-mo -2.7%). The shares are down 3.3% over twelve months including dividends.
- **From 52-week high: -7.6%** (10039.9% above the low). Trading 8% 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): 58**. An RSI of 58 is neutral.

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

Not investment advice.