# Herald Investment Trust (HRI.L) fundamentals

Data as of 2026-09-08. LSE, United Kingdom. Sector: Technology. Price 2904p, market value 555 millionp.

## Valuation
- **P/E (trailing): 3.2×** (5-yr avg 1283.6×, 3-yr avg 1517.8×). Herald Investment Trust trades at 3.2× trailing earnings, well below its own five-year average of 1283.6×: cheap by its own standards. The Technology median in the September 2026 study was 32.1×.
- **Price / sales: 2.2×**. Each dollar of revenue is priced at 2.2×.
- **Price / book: 0.8×**. The shares trade below book value, which can signal a bargain or a balance sheet the market doubts.
- **EV / EBITDA: 1.5×**. Enterprise value is 1.5× operating earnings before depreciation, the multiple that ignores how the company is financed; below 8× is inexpensive for most sectors.
- **Free-cash-flow yield: 18.4%** (5-yr avg 0.1%). Free cash flow equals 18.4% 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: 30.8%**. The inverse of the P/E: 30.8% of the price is earned each year.

## Profitability
- **Gross margin: 92.2%**. Herald Investment Trust keeps 92.2% of revenue after the direct cost of what it sells, the kind of margin that comes with software, brands or pricing power.
- **Operating margin: 93.1%**. 93.1% of revenue is left after running the business, an exceptional level.
- **Net margin: 86.0%**. 86.0% 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: 20.0%**. Return on all capital, debt included, is 20.0%: comfortably above what that capital costs.
- **Return on assets: 18.0%**. Each dollar of assets produces 18.0% of profit.

## Growth
- **Revenue growth (1 yr): -16.7%** (3-yr -0.7%/yr, 5-yr -2.4%/yr). Revenue fell 16.7% over the last year, against -2.4% a year compounded over five years: growth is slowing.
- **EPS growth (1 yr): -20.4%** (5-yr -20.0%/yr). Earnings per share fell 20.4%, roughly in step with revenue.
- **Free-cash-flow growth (3 yr): 45.9%/yr**. Free cash flow has compounded at 45.9% a year over three years.

## Financial health
- **Debt to equity: 0.00**. Debt is 0.00 times equity: a conservative balance sheet.
- **Net debt / EBITDA: net cash**. Herald Investment Trust holds more cash than debt.
- **Current ratio: 82.83** (quick 82.83). Current assets cover the next year's liabilities 82.83 times.
- **Piotroski F-score: 7/9**. 7 of 9 fundamental checks pass: strong and improving financials.

## Dividends
- **Dividend: none**. Herald Investment Trust does not currently pay a dividend, but it returned 33.5% of its market value through buybacks over the last year.

## Price and momentum
- **Total return (1 yr): 23.6%** (YTD 21.0%, 3-mo -6.4%). The shares are up 23.6% over twelve months including dividends.
- **From 52-week high: -16.4%** (27.1% above the low). Trading 16% 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): 41**. An RSI of 41 is neutral.
- **Beta (1 yr): 0.48** (volatility 21%). Beta of 0.48 against the FTSE All-Share: the shares move much less than the market.

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

Not investment advice.