# JPMorgan Emerging Markets Inv Trust (JMG.L) fundamentals

Data as of 2026-09-08. LSE, United Kingdom. Sector: Financial Services. Price £145.40, market value £143.3 billion.

## Valuation
- **P/E (trailing): 2908.0×**. JPMorgan Emerging Markets Inv Trust trades at 2908.0× trailing earnings. The Financial Services median in the September 2026 study was 13.1×.
- **Price / sales: 2175.1×**. Each dollar of revenue is priced at 2175.1×, a level that requires very high margins or very fast growth to justify.
- **Price / book: 115.3×**. The shares trade at 115.3× book value; most of the value is in earnings power and intangibles rather than the balance sheet.
- **Free-cash-flow yield: 0.0%**. Free cash flow equals 0.0% of the market value.
- **Earnings yield: 0.0%**. The inverse of the P/E: 0.0% of the price is earned each year.

## Profitability
- **Gross margin: 86.5%**. JPMorgan Emerging Markets Inv Trust keeps 86.5% of revenue after the direct cost of what it sells, the kind of margin that comes with software, brands or pricing power.
- **Operating margin: 84.1%**. 84.1% of revenue is left after running the business, an exceptional level.
- **Net margin: 75.1%**. 75.1% of each dollar of sales reaches the bottom line.
- **Return on equity: 3.9%**. 3.9% on shareholders' equity is weak; the business earns little on the capital its owners have in it.
- **Return on invested capital: 4.0%**. Return on all capital, debt included, is 4.0%: close to or below the cost of capital, so growth may not create value.
- **Return on assets: 3.8%**. Each dollar of assets produces 3.8% of profit; low single digits are normal for banks and insurers.

## Growth
- **Revenue growth (1 yr): -36.3%** (3-yr -23.5%/yr, 5-yr 14.4%/yr). Revenue fell 36.3% over the last year, against 14.4% a year compounded over five years: growth is slowing.
- **EPS growth (1 yr): -38.2%** (5-yr 12.8%/yr). Earnings per share fell 38.2%, roughly in step with revenue.
- **Free-cash-flow growth (3 yr): 30.0%/yr**. Free cash flow has compounded at 30.0% a year over three years.

## Financial health
- **Piotroski F-score: 4/9**. 4 of 9 checks pass: mixed.
- **Cash and short-term investments: £18 million**. 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: 2.26%** (£0.02 per share, trailing). JPMorgan Emerging Markets Inv Trust yields 2.26%, a modest yield more typical of a growth-oriented payer.
- **Payout ratio: 43%** (133% of free cash flow). 43% of earnings goes out as dividends, leaving room to keep raising it.
- **Shareholder yield: 2.3%**. Dividends plus net buybacks return 2.3% of the market value a year.

## Price and momentum
- **From 52-week high: -1.6%** (61.7% above the low). Trading within 5% of its 52-week high.
- **RSI (14-day): 65**. An RSI of 65 is neutral.

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

Not investment advice.