# Henderson High Income Trust (HHI.L) fundamentals

Data as of 2026-09-08. LSE, United Kingdom. Sector: Financial Services. Price 207p, market value 350 millionp.

## Valuation
- **P/E (trailing): 5.9×** (5-yr avg 786.9×, 3-yr avg 845.7×). Henderson High Income Trust trades at 5.9× trailing earnings, well below its own five-year average of 786.9×: cheap by its own standards. The Financial Services median in the September 2026 study was 13.1×.
- **Price / sales: 6.4×**. Each dollar of revenue is priced at 6.4×.
- **Price / book: 1.0×**. The shares trade at 1.0× book value; book value is a meaningful part of the valuation.
- **EV / EBITDA: 3.7×**. Enterprise value is 3.7× operating earnings before depreciation, the multiple that ignores how the company is financed; below 8× is inexpensive for most sectors.
- **Free-cash-flow yield: 9.7%** (5-yr avg 0.1%). Free cash flow equals 9.7% 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: 16.9%**. The inverse of the P/E: 16.9% of the price is earned each year.

## Profitability
- **Gross margin: 98.5%**. Henderson High Income Trust keeps 98.5% of revenue after the direct cost of what it sells, the kind of margin that comes with software, brands or pricing power.
- **Operating margin: 91.7%**. 91.7% of revenue is left after running the business, an exceptional level.
- **Net margin: 265.9%**. 265.9% of each dollar of sales reaches the bottom line.
- **Return on equity: 17.6%**. 17.6% on shareholders' equity is solid.
- **Return on invested capital: 12.4%**. Return on all capital, debt included, is 12.4%.
- **Return on assets: 21.2%**. Each dollar of assets produces 21.2% of profit; low single digits are normal for banks and insurers.

## Growth
- **Revenue growth (1 yr): -7.6%** (3-yr 22.2%/yr, 5-yr 45.8%/yr). Revenue fell 7.6% over the last year, against 45.8% a year compounded over five years: growth is slowing.
- **EPS growth (1 yr): 133.3%**. Earnings per share rose 133.3%, faster than revenue, so margins expanded or the share count shrank.
- **Free-cash-flow growth (3 yr): 7.4%/yr**. Free cash flow has compounded at 7.4% a year over three years.

## Financial health
- **Piotroski F-score: 5/9**. 5 of 9 checks pass: mixed.
- **Cash and short-term investments: 4 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**. Henderson High Income Trust does not currently pay a dividend, but it returned 1.4% of its market value through buybacks over the last year.

## Price and momentum
- **Total return (1 yr): 13.7%** (YTD 10.8%, 3-mo 4.4%). The shares are up 13.7% over twelve months including dividends.
- **From 52-week high: -4.0%** (19.2% above the low). Trading within 5% of 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): 53**. An RSI of 53 is neutral.
- **Beta (1 yr): 0.84** (volatility 15%). Beta of 0.84 against the FTSE All-Share: the shares move roughly with the market.

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

Not investment advice.