# ITM Power Plc (ITM.L) fundamentals

Data as of 2026-09-08. LSE, United Kingdom. Sector: Technology / Electronic Equipment, Instruments & Components. Price 104p, market value 718 millionp.

## Valuation
- **P/E (trailing): n/a** (negative earnings). ITM Power 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 / sales: 13.9×**. Each dollar of revenue is priced at 13.9×, a level that requires very high margins or very fast growth to justify.
- **Price / book: 3.0×**. The shares trade at 3.0× book value; book value is a meaningful part of the valuation.
- **Free-cash-flow yield: -8.4%** (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.

## Profitability
- **Gross margin: -90.3%**. ITM Power Plc keeps -90.3% of revenue after the direct cost of what it sells, a thin margin typical of retail, distribution and commodity businesses.
- **Operating margin: -174.3%**. Operating margin is negative: the business loses money before interest and tax.
- **Net margin: -174.8%**. The company reported a net loss over the last twelve months.
- **Return on equity: -20.3%**. Return on equity is negative because earnings are negative.
- **Return on invested capital: -304.9%**. Return on all capital, debt included, is -304.9%: close to or below the cost of capital, so growth may not create value.
- **Return on assets: -20.1%**. Each dollar of assets produces -20.1% of profit.

## Growth
- **Revenue growth (1 yr): 57.7%** (3-yr 66.6%/yr, 5-yr 51.2%/yr). Revenue grew 57.7% over the last year, against 51.2% a year compounded over five years.
- **EPS growth (1 yr): -67.8%**. Earnings per share fell 67.8%, slower than revenue, so margins compressed.

## Financial health
- **Debt to equity: 0.05**. Debt is 0.05 times equity: a conservative balance sheet.
- **Net debt / EBITDA: 3.1×**. It would take 3.1 years of operating earnings to repay net borrowings, above the 3× level most lenders treat as comfortable.
- **Interest coverage: -44.0×**. Operating profit covers interest only -44.0×: fragile.
- **Current ratio: 3.07** (quick 2.46). Current assets cover the next year's liabilities 3.07 times.
- **Altman Z-score: 4.82**. A Z-score of 4.82 places the company in the safe zone for bankruptcy risk.
- **Piotroski F-score: 4/9**. 4 of 9 checks pass: mixed.

## Dividends
- **Dividend: none**. ITM Power Plc does not currently pay a dividend, but it returned -0.0% of its market value through buybacks over the last year.

## Analyst view
- **Analyst consensus: buy** (10 analysts). 10 analysts cover ITM Power Plc; the consensus is buy, with an average price target of 133p (+28% from the current price). Analyst opinion is shown for context; it is not part of the Fundamental Score.

## Price and momentum
- **Total return (1 yr): 63.0%** (YTD 65.3%, 3-mo -28.9%). The shares are up 63.0% over twelve months including dividends.
- **From 52-week high: -52.7%** (79.6% above the low). Trading 53% below its 52-week high, deep in a drawdown.
- **200-day average: above**. The price sits above its 200-day moving average, the usual definition of an uptrend.
- **RSI (14-day): 43**. An RSI of 43 is neutral.
- **Beta (1 yr): 1.30** (volatility 77%). Beta of 1.30 against the FTSE All-Share: the shares move much more than the market.

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

Not investment advice.