# Polar Capital Technology Trust (PCT.L) fundamentals

Data as of 2026-09-08. LSE, United Kingdom. Sector: Financial Services. Price 655p, market value 7.2 billionp.

## Valuation
- **P/E (trailing): 2.0×** (5-yr avg 1133.6×, 3-yr avg 1133.6×). Polar Capital Technology Trust trades at 2.0× trailing earnings, well below its own five-year average of 1133.6×: cheap by its own standards. The Financial Services median in the September 2026 study was 13.1×.
- **Price / sales: 3.5×**. Each dollar of revenue is priced at 3.5×.
- **Price / book: 1.0×**. The shares trade below book value, which can signal a bargain or a balance sheet the market doubts.
- **EV / EBITDA: 1.7×**. Enterprise value is 1.7× operating earnings before depreciation, the multiple that ignores how the company is financed; below 8× is inexpensive for most sectors.
- **Free-cash-flow yield: 7.7%** (5-yr avg 0.2%). Free cash flow equals 7.7% of the market value, above its five-year average of 0.2%, so the shares are cheaper on cash than they have usually been. Above 5% is generally attractive.
- **Earnings yield: 50.4%**. The inverse of the P/E: 50.4% of the price is earned each year.

## Profitability
- **Gross margin: 76.0%**. Polar Capital Technology Trust keeps 76.0% of revenue after the direct cost of what it sells, the kind of margin that comes with software, brands or pricing power.
- **Operating margin: 185.5%**. 185.5% of revenue is left after running the business, an exceptional level.
- **Net margin: 249.5%**. 249.5% of each dollar of sales reaches the bottom line.
- **Return on equity: 51.2%**. A 51.2% return on equity is extremely high; check whether buybacks or debt have shrunk the equity base, which flatters the ratio.
- **Return on invested capital: 56.9%**. Return on all capital, debt included, is 56.9%: comfortably above what that capital costs.
- **Return on assets: 51.5%**. Each dollar of assets produces 51.5% of profit; low single digits are normal for banks and insurers.

## Growth
- **Revenue growth (1 yr): 1111.3%** (5-yr 7.1%/yr). Revenue grew 1111.3% over the last year, against 7.1% a year compounded over five years: growth is accelerating.
- **EPS growth (1 yr): 3209.9%** (5-yr -15.7%/yr). Earnings per share rose 3209.9%, faster than revenue, so margins expanded or the share count shrank.
- **Free-cash-flow growth (3 yr): -100.0%/yr**. Free cash flow has compounded at -100.0% a year over three years.

## Financial health
- **Piotroski F-score: 5/9**. 5 of 9 checks pass: mixed.
- **Cash and short-term investments: 584 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**. Polar Capital Technology Trust does not currently pay a dividend, but it returned 4.9% of its market value through buybacks over the last year.

## Price and momentum
- **Total return (1 yr): 66.2%** (YTD 42.2%, 3-mo -3.1%). The shares are up 66.2% over twelve months including dividends.
- **From 52-week high: -15.1%** (62.5% above the low). Trading 15% 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): 54**. An RSI of 54 is neutral.
- **Beta (1 yr): 0.73** (volatility 28%). Beta of 0.73 against the FTSE All-Share: the shares move roughly with the market.

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

Not investment advice.