# Northern 3 VCT (NTN.L) fundamentals

Data as of 2026-09-08. LSE, United Kingdom. Sector: Financial Services. Price 84p, market value 147 millionp.

## Valuation
- **P/E (trailing): n/a** (negative earnings). Northern 3 VCT 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: 19.0×**. Each dollar of revenue is priced at 19.0×, a level that requires very high margins or very fast growth to justify.
- **Price / book: 1.0×**. The shares trade below book value, which can signal a bargain or a balance sheet the market doubts.
- **EV / EBITDA: 18.7×**. Enterprise value is 18.7× operating earnings before depreciation, the multiple that ignores how the company is financed.
- **Free-cash-flow yield: 1.0%** (5-yr avg -0.0%). Free cash flow equals 1.0% of the market value, above its five-year average of -0.0%, so the shares are cheaper on cash than they have usually been.

## Profitability
- **Gross margin: 36.4%**. Northern 3 VCT keeps 36.4% of revenue after the direct cost of what it sells.
- **Operating margin: 77.5%**. 77.5% of revenue is left after running the business, an exceptional level.
- **Net margin: -44.1%**. The company reported a net loss over the last twelve months.
- **Return on equity: -0.7%**. Return on equity is negative because earnings are negative.
- **Return on invested capital: 6.0%**. Return on all capital, debt included, is 6.0%.
- **Return on assets: 4.5%**. Each dollar of assets produces 4.5% of profit; low single digits are normal for banks and insurers.

## Growth
- **Revenue growth (1 yr): -71.2%** (5-yr -43.6%/yr). Revenue fell 71.2% over the last year, against -43.6% a year compounded over five years: growth is slowing.
- **EPS growth (1 yr): -113.1%**. Earnings per share fell 113.1%, slower than revenue, so margins compressed.

## Financial health
- **Piotroski F-score: 1/9**. 1 of 9 checks pass: weak or deteriorating financials.
- **Cash and short-term investments: 35 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**. Northern 3 VCT does not currently pay a dividend, but it returned -12.7% of its market value through buybacks over the last year.

## Price and momentum
- **Total return (1 yr): -2.4%** (YTD 9779.5%, 3-mo 9720.4%). The shares are down 2.4% over twelve months including dividends.
- **From 52-week high: -3.5%** (10208.6% 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): 52**. An RSI of 52 is neutral.

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

Not investment advice.