# Impax Asset Management Group plc (IPX.L) fundamentals

Data as of 2026-09-08. LSE, United Kingdom. Sector: Financial Services / Capital Markets. Price 107p, market value 130 millionp.

## Valuation
- **P/E (trailing): 10.7×** (5-yr avg 1811.2×, 3-yr avg 1354.9×). Impax Asset Management Group plc trades at 10.7× trailing earnings, well below its own five-year average of 1811.2×: cheap by its own standards. The Financial Services median in the September 2026 study was 13.1×. Forward P/E is 7.8×, lower than trailing, so analysts expect earnings to grow.
- **Price / sales: 0.5×**. Each dollar of revenue is priced at 0.5×, a low multiple typical of thin-margin businesses or out-of-favour stocks.
- **Price / book: 1.2×**. The shares trade at 1.2× book value; book value is a meaningful part of the valuation.
- **EV / EBITDA: 0.8×**. Enterprise value is 0.8× operating earnings before depreciation, the multiple that ignores how the company is financed; below 8× is inexpensive for most sectors.
- **Free-cash-flow yield: 47.2%** (5-yr avg 0.1%). Free cash flow equals 47.2% 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: 9.4%**. The inverse of the P/E: 9.4% of the price is earned each year.

## Profitability
- **Gross margin: 78.6%**. Impax Asset Management Group plc keeps 78.6% of revenue after the direct cost of what it sells, the kind of margin that comes with software, brands or pricing power.
- **Operating margin: 23.2%**. 23.2% of revenue is left after running the business, a healthy level in most sectors.
- **Net margin: 14.3%**. 14.3% 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: 118.8%**. Return on all capital, debt included, is 118.8%: comfortably above what that capital costs.
- **Return on assets: 28.4%**. Each dollar of assets produces 28.4% of profit; low single digits are normal for banks and insurers.

## Growth
- **Revenue growth (1 yr): -16.6%** (3-yr -6.9%/yr, 5-yr 10.1%/yr). Revenue fell 16.6% over the last year, against 10.1% a year compounded over five years: growth is slowing.
- **EPS growth (1 yr): -42.9%** (3-yr -29.2%/yr, 5-yr 7.8%/yr). Earnings per share fell 42.9%, slower than revenue, so margins compressed.
- **Free-cash-flow growth (3 yr): -31.0%/yr**. Free cash flow has compounded at -31.0% a year over three years, keeping pace with earnings: the growth is real cash.

## Financial health
- **Piotroski F-score: 6/9**. 6 of 9 checks pass: mixed.
- **Cash and short-term investments: 80 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 yield: 9.29%** (0p per share, trailing). Impax Asset Management Group plc yields 9.29%, high enough to check carefully: yields this high often precede a cut.
- **Payout ratio: 174%** (84% of free cash flow). The dividend exceeds earnings (174% payout), though free cash flow still covers it.
- **Dividend growth (5 yr): 35.9%/yr** (1-yr -2.5%). The dividend has compounded at 35.9% a year over five years, doubling roughly every 2 years at that pace.
- **Shareholder yield: 20.6%**. Dividends plus net buybacks return 20.6% of the market value a year.

## Price and momentum
- **Total return (1 yr): -37.3%** (YTD -28.1%, 3-mo 9.8%). The shares are down 37.3% over twelve months including dividends.
- **From 52-week high: -46.6%** (17.4% above the low). Trading 47% below its 52-week high, deep in a drawdown.
- **200-day average: below**. The price sits below its 200-day moving average, the usual definition of a downtrend.
- **RSI (14-day): 46**. An RSI of 46 is neutral.
- **Beta (1 yr): 1.03** (volatility 50%). Beta of 1.03 against the FTSE All-Share: the shares move roughly with the market.

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

Not investment advice.