# The North American Income Trust plc (NAIT.L) fundamentals

Data as of 2026-09-08. LSE, United Kingdom. Sector: Financial Services / Capital Markets. Price 437p, market value 501 millionp.

## Valuation
- **P/E (trailing): 15.1×** (5-yr avg 814.8×, 3-yr avg 906.4×). The North American Income Trust plc trades at 15.1× trailing earnings, well below its own five-year average of 814.8×: cheap by its own standards. The Financial Services median in the September 2026 study was 13.1×.
- **Price / sales: 3.7×**. Each dollar of revenue is priced at 3.7×.
- **Price / book: 1.1×**. The shares trade at 1.1× book value; book value is a meaningful part of the valuation.
- **EV / EBITDA: 3.9×**. Enterprise value is 3.9× operating earnings before depreciation, the multiple that ignores how the company is financed; below 8× is inexpensive for most sectors.
- **Free-cash-flow yield: 5.6%** (5-yr avg 0.0%). Free cash flow equals 5.6% 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.
- **Earnings yield: 6.6%**. The inverse of the P/E: 6.6% of the price is earned each year.

## Profitability
- **Gross margin: 96.0%**. The North American Income Trust plc keeps 96.0% of revenue after the direct cost of what it sells, the kind of margin that comes with software, brands or pricing power.
- **Operating margin: 95.4%**. 95.4% of revenue is left after running the business, an exceptional level.
- **Net margin: 90.9%**. 90.9% of each dollar of sales reaches the bottom line.
- **Return on equity: 7.6%**. 7.6% on shareholders' equity is weak; the business earns little on the capital its owners have in it.
- **Return on invested capital: 26.1%**. Return on all capital, debt included, is 26.1%: comfortably above what that capital costs.
- **Return on assets: 24.8%**. Each dollar of assets produces 24.8% of profit; low single digits are normal for banks and insurers.

## Growth
- **Revenue growth (1 yr): -61.2%** (3-yr -5.5%/yr). Revenue fell 61.2% over the last year.
- **EPS growth (1 yr): -58.0%** (3-yr -1.1%/yr). Earnings per share fell 58.0%, roughly in step with revenue.
- **Free-cash-flow growth (3 yr): -4.1%/yr**. Free cash flow has compounded at -4.1% a year over three years, keeping pace with earnings: the growth is real cash.

## Financial health
- **Piotroski F-score: 4/9**. 4 of 9 checks pass: mixed.
- **Cash and short-term investments: 13 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**. The North American Income Trust plc does not currently pay a dividend, but it returned 14.6% of its market value through buybacks over the last year.

## Price and momentum
- **Total return (1 yr): 25.9%** (YTD 18.5%, 3-mo 8.7%). The shares are up 25.9% over twelve months including dividends.
- **From 52-week high: -3.6%** (27.7% above the low). Trading within 5% of 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): 46**. An RSI of 46 is neutral.
- **Beta (1 yr): 0.36** (volatility 13%). Beta of 0.36 against the FTSE All-Share: the shares move much less than the market.

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

Not investment advice.