# Impax Environmental Markets Trust Plc (IEM.L) fundamentals

Data as of 2026-09-08. LSE, United Kingdom. Sector: Financial Services. Price 442p, market value 172 millionp.

## Valuation
- **P/E (trailing): n/a** (negative earnings). Impax Environmental Markets Trust Plc 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 / book: 1.0×**. The shares trade at 1.0× book value; book value is a meaningful part of the valuation.
- **Free-cash-flow yield: 8.4%** (5-yr avg 0.0%). Free cash flow equals 8.4% of the market value, above its five-year average of 0.0%, so the shares are cheaper on cash than they have usually been. Above 5% is generally attractive.

## Profitability
- **Operating margin: 488.3%**. 488.3% of revenue is left after running the business, an exceptional level.
- **Net margin: 201.9%**. 201.9% of each dollar of sales reaches the bottom line.
- **Return on equity: -1.8%**. Return on equity is negative because earnings are negative.
- **Return on invested capital: -2.6%**. Return on all capital, debt included, is -2.6%: close to or below the cost of capital, so growth may not create value.
- **Return on assets: -3.9%**. Each dollar of assets produces -3.9% of profit; low single digits are normal for banks and insurers.

## Growth
- **Revenue growth (1 yr): 56.8%**. Revenue grew 56.8% over the last year.
- **EPS growth (1 yr): 12.5%**. Earnings per share rose 12.5%, slower than revenue, so margins compressed.
- **Free-cash-flow growth (3 yr): 17.5%/yr**. Free cash flow has compounded at 17.5% a year over three years.

## Financial health
- **Piotroski F-score: 7/9**. 7 of 9 fundamental checks pass: strong and improving financials.
- **Cash and short-term investments: 11 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**. Impax Environmental Markets Trust Plc does not currently pay a dividend, but it returned 203.9% of its market value through buybacks over the last year.

## Price and momentum
- **Total return (1 yr): 13.5%** (YTD 12.7%, 3-mo -3.9%). The shares are up 13.5% over twelve months including dividends.
- **From 52-week high: -13.6%** (16.6% above the low). Trading 14% 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): 0.56** (volatility 17%). Beta of 0.56 against the FTSE All-Share: the shares move much less than the market.

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

Not investment advice.