# North Atlantic Smaller Companies (NAS.L) fundamentals

Data as of 2026-09-08. LSE, United Kingdom. Sector: Financial Services. Price 409p, market value 511 millionp.

## Valuation
- **P/E (trailing): 18.6×** (5-yr avg 1037.0×, 3-yr avg 1351.8×). North Atlantic Smaller Companies trades at 18.6× trailing earnings, well below its own five-year average of 1037.0×: cheap by its own standards. The Financial Services median in the September 2026 study was 13.1×.
- **Price / sales: 6.1×**. Each dollar of revenue is priced at 6.1×.
- **Price / book: 0.7×**. The shares trade below book value, which can signal a bargain or a balance sheet the market doubts.
- **EV / EBITDA: 3.6×**. Enterprise value is 3.6× operating earnings before depreciation, the multiple that ignores how the company is financed; below 8× is inexpensive for most sectors.
- **Free-cash-flow yield: 4.0%** (5-yr avg 0.1%). Free cash flow equals 4.0% of the market value, above its five-year average of 0.1%, so the shares are cheaper on cash than they have usually been.
- **Earnings yield: 5.4%**. The inverse of the P/E: 5.4% of the price is earned each year.

## Profitability
- **Gross margin: 97.1%**. North Atlantic Smaller Companies keeps 97.1% of revenue after the direct cost of what it sells, the kind of margin that comes with software, brands or pricing power.
- **Operating margin: 85.8%**. 85.8% 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: 4.0%**. 4.0% on shareholders' equity is weak; the business earns little on the capital its owners have in it.
- **Return on invested capital: 10.2%**. Return on all capital, debt included, is 10.2%.
- **Return on assets: 9.8%**. Each dollar of assets produces 9.8% of profit; low single digits are normal for banks and insurers.

## Growth
- **Revenue growth (1 yr): -30.8%** (3-yr 5.8%/yr, 5-yr -25.6%/yr). Revenue fell 30.8% over the last year, against -25.6% a year compounded over five years: growth is slowing.
- **EPS growth (1 yr): -93.0%** (5-yr -52.6%/yr). Earnings per share fell 93.0%, slower than revenue, so margins compressed.
- **Free-cash-flow growth (3 yr): 42.3%/yr**. Free cash flow has compounded at 42.3% a year over three years.

## Financial health
- **Piotroski F-score: 4/9**. 4 of 9 checks pass: mixed.
- **Cash and short-term investments: 23 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**. North Atlantic Smaller Companies does not currently pay a dividend, but it returned 3.1% of its market value through buybacks over the last year.

## Price and momentum
- **Total return (1 yr): 9.9%** (YTD 16.4%, 3-mo 6.3%). The shares are up 9.9% over twelve months including dividends.
- **From 52-week high: -5.7%** (24.7% 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): 42**. An RSI of 42 is neutral.
- **Beta (1 yr): 0.40** (volatility 18%). Beta of 0.40 against the FTSE All-Share: the shares move much less than the market.

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

Not investment advice.