# JPMorgan Japanese Investment Trust (JFJ.L) fundamentals

Data as of 2026-09-08. LSE, United Kingdom. Sector: Financial Services. Price 821p, market value 1.2 billionp.

## Valuation
- **P/E (trailing): 5.5×** (5-yr avg 809.6×, 3-yr avg 750.2×). JPMorgan Japanese Investment Trust trades at 5.5× trailing earnings, well below its own five-year average of 809.6×: cheap by its own standards. The Financial Services median in the September 2026 study was 13.1×.
- **Price / sales: 4.0×**. Each dollar of revenue is priced at 4.0×.
- **Price / book: 1.1×**. The shares trade at 1.1× book value; book value is a meaningful part of the valuation.
- **EV / EBITDA: 4.2×**. Enterprise value is 4.2× operating earnings before depreciation, the multiple that ignores how the company is financed; below 8× is inexpensive for most sectors.
- **Free-cash-flow yield: 1.3%** (5-yr avg 0.0%). Free cash flow equals 1.3% of the market value, above its five-year average of 0.0%, so the shares are cheaper on cash than they have usually been.
- **Earnings yield: 18.1%**. The inverse of the P/E: 18.1% of the price is earned each year.

## Profitability
- **Gross margin: 97.9%**. JPMorgan Japanese Investment Trust keeps 97.9% of revenue after the direct cost of what it sells, the kind of margin that comes with software, brands or pricing power.
- **Operating margin: 96.2%**. 96.2% of revenue is left after running the business, an exceptional level.
- **Net margin: 97.9%**. 97.9% of each dollar of sales reaches the bottom line.
- **Return on equity: 19.8%**. 19.8% on shareholders' equity is solid.
- **Return on invested capital: 23.6%**. Return on all capital, debt included, is 23.6%: comfortably above what that capital costs.
- **Return on assets: 22.6%**. Each dollar of assets produces 22.6% of profit; low single digits are normal for banks and insurers.

## Growth
- **Revenue growth (1 yr): 41.1%** (3-yr 88.6%/yr, 5-yr -2.0%/yr). Revenue grew 41.1% over the last year, against -2.0% a year compounded over five years: growth is accelerating.
- **EPS growth (1 yr): 27.4%** (5-yr -2.4%/yr). Earnings per share rose 27.4%, slower than revenue, so margins compressed.
- **Free-cash-flow growth (3 yr): 50.0%/yr**. Free cash flow has compounded at 50.0% a year over three years.

## Financial health
- **Piotroski F-score: 6/9**. 6 of 9 checks pass: mixed.
- **Cash and short-term investments: 58 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: 1.06%** (0p per share, trailing). JPMorgan Japanese Investment Trust yields 1.06%, a modest yield more typical of a growth-oriented payer.
- **Payout ratio: 5%** (161% of free cash flow). 5% of earnings goes out as dividends, leaving room to keep raising it.
- **Consecutive years of increases: 12**. 12 straight years of increases, a record that survived at least one recession.
- **Dividend growth (5 yr): 11.3%/yr** (1-yr 28.9%). The dividend has compounded at 11.3% a year over five years, doubling roughly every 6 years at that pace.
- **Shareholder yield: 7.7%**. Dividends plus net buybacks return 7.7% of the market value a year.

## Price and momentum
- **Total return (1 yr): 23.7%** (YTD 20.4%, 3-mo 5.9%). The shares are up 23.7% over twelve months including dividends.
- **From 52-week high: -5.7%** (22.9% above the low). Trading 6% 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): 0.75** (volatility 21%). Beta of 0.75 against the FTSE All-Share: the shares move roughly with the market.

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

Not investment advice.