# International Biotechnology Trust (IBT.L) fundamentals

Data as of 2026-09-08. LSE, United Kingdom. Sector: Healthcare. Price 1103p, market value 350 millionp.

## Valuation
- **P/E (trailing): 4.6×** (5-yr avg 1835.0×, 3-yr avg 2224.9×). International Biotechnology Trust trades at 4.6× trailing earnings, well below its own five-year average of 1835.0×: cheap by its own standards. The Healthcare median in the September 2026 study was 28.5×.
- **Price / sales: 3.0×**. Each dollar of revenue is priced at 3.0×.
- **Price / book: 1.1×**. The shares trade at 1.1× book value; book value is a meaningful part of the valuation.
- **EV / EBITDA: 3.8×**. Enterprise value is 3.8× operating earnings before depreciation, the multiple that ignores how the company is financed; below 8× is inexpensive for most sectors.
- **Free-cash-flow yield: -12.3%** (5-yr avg 0.1%). Free cash flow is negative: the business is consuming cash, which is normal for heavy investment phases but a warning otherwise.
- **Earnings yield: 21.9%**. The inverse of the P/E: 21.9% of the price is earned each year.

## Profitability
- **Gross margin: 85.5%**. International Biotechnology Trust keeps 85.5% of revenue after the direct cost of what it sells, the kind of margin that comes with software, brands or pricing power.
- **Operating margin: 81.7%**. 81.7% of revenue is left after running the business, an exceptional level.
- **Net margin: -6.3%**. The company reported a net loss over the last twelve months.
- **Return on equity: -0.5%**. Return on equity is negative because earnings are negative.
- **Return on invested capital: 36.2%**. Return on all capital, debt included, is 36.2%: comfortably above what that capital costs.
- **Return on assets: 33.4%**. Each dollar of assets produces 33.4% of profit.

## Growth
- **Revenue growth (1 yr): -55.9%** (3-yr -5.5%/yr, 5-yr -19.3%/yr). Revenue fell 55.9% over the last year, against -19.3% a year compounded over five years: growth is slowing.
- **EPS growth (1 yr): -103.2%**. Earnings per share fell 103.2%, slower than revenue, so margins compressed.
- **Free-cash-flow growth (3 yr): 194.2%/yr**. Free cash flow has compounded at 194.2% a year over three years.

## Financial health
- **Debt to equity: 0.12**. Debt is 0.12 times equity: a conservative balance sheet.
- **Net debt / EBITDA: 0.2×**. It would take 0.2 years of operating earnings to repay net borrowings, within the comfortable range.
- **Interest coverage: 39.6×**. Operating profit covers interest 39.6× over, a safe margin.
- **Current ratio: 7.30** (quick 7.30). Current assets cover the next year's liabilities 7.30 times.
- **Altman Z-score: 7.45**. A Z-score of 7.45 places the company in the safe zone for bankruptcy risk.
- **Piotroski F-score: 5/9**. 5 of 9 checks pass: mixed.

## Dividends
- **Dividend: none**. International Biotechnology Trust does not currently pay a dividend, but it returned 12.7% of its market value through buybacks over the last year.

## Price and momentum
- **Total return (1 yr): 60.1%** (YTD 17.2%, 3-mo 21.0%). The shares are up 60.1% over twelve months including dividends.
- **From 52-week high: -10.7%** (65.0% above the low). Trading 11% 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.
- **Beta (1 yr): 0.31** (volatility 26%). Beta of 0.31 against the FTSE All-Share: the shares move much less than the market.

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

Not investment advice.