# Polar Capital Global Healthcare Trust (PCGH.L) fundamentals

Data as of 2026-09-08. LSE, United Kingdom. Sector: Healthcare. Price 441p, market value 474 millionp.

## Valuation
- **P/E (trailing): 10.5×** (5-yr avg 1326.1×, 3-yr avg 1500.6×). Polar Capital Global Healthcare Trust trades at 10.5× trailing earnings, well below its own five-year average of 1326.1×: cheap by its own standards. The Healthcare median in the September 2026 study was 28.5×.
- **Price / sales: 259.8×**. Each dollar of revenue is priced at 259.8×, a level that requires very high margins or very fast growth to justify.
- **Price / book: 1.1×**. The shares trade at 1.1× book value; book value is a meaningful part of the valuation.
- **Free-cash-flow yield: -0.6%** (5-yr avg 0.0%). Free cash flow is negative: the business is consuming cash, which is normal for heavy investment phases but a warning otherwise.
- **Earnings yield: 9.5%**. The inverse of the P/E: 9.5% of the price is earned each year.

## Profitability
- **Gross margin: -207.0%**. Polar Capital Global Healthcare Trust keeps -207.0% of revenue after the direct cost of what it sells, a thin margin typical of retail, distribution and commodity businesses.
- **Operating margin: -307.5%**. Operating margin is negative: the business loses money before interest and tax.
- **Net margin: 105.3%**. 105.3% of each dollar of sales reaches the bottom line.
- **Return on equity: -6.3%**. Return on equity is negative because earnings are negative.
- **Return on invested capital: -1.3%**. Return on all capital, debt included, is -1.3%: close to or below the cost of capital, so growth may not create value.
- **Return on assets: -2.0%**. Each dollar of assets produces -2.0% of profit.

## Growth
- **EPS growth (1 yr): -144.2%**. Earnings per share fell 144.2%.

## Financial health
- **Debt to equity: 0.00**. Debt is 0.00 times equity: a conservative balance sheet.
- **Net debt / EBITDA: 2.5×**. It would take 2.5 years of operating earnings to repay net borrowings, within the comfortable range.
- **Interest coverage: -14.9×**. Operating profit covers interest only -14.9×: fragile.
- **Current ratio: 2.04** (quick 2.04). Current assets cover the next year's liabilities 2.04 times.
- **Altman Z-score: 31.53**. A Z-score of 31.53 places the company in the safe zone for bankruptcy risk.
- **Piotroski F-score: 4/9**. 4 of 9 checks pass: mixed.

## Dividends
- **Dividend: none**. Polar Capital Global Healthcare Trust does not currently pay a dividend, but it returned 20.2% of its market value through buybacks over the last year.

## Price and momentum
- **Total return (1 yr): 26.6%** (YTD 5.8%, 3-mo 7.3%). The shares are up 26.6% over twelve months including dividends.
- **From 52-week high: -4.3%** (27.8% 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): 48**. An RSI of 48 is neutral.
- **Beta (1 yr): 0.61** (volatility 18%). Beta of 0.61 against the FTSE All-Share: the shares move much less than the market.

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

Not investment advice.