# Personal Assets Trust (PNL.L) fundamentals

Data as of 2026-09-08. LSE, United Kingdom. Sector: Financial Services. Price 546p, market value 1.7 billionp.

## Valuation
- **P/E (trailing): 16.6×** (5-yr avg 2194.2×, 3-yr avg 2385.1×). Personal Assets Trust trades at 16.6× trailing earnings, well below its own five-year average of 2194.2×: cheap by its own standards. The Financial Services median in the September 2026 study was 13.1×.
- **Price / sales: 7.8×**. Each dollar of revenue is priced at 7.8×.
- **Price / book: 1.0×**. The shares trade at 1.0× book value; book value is a meaningful part of the valuation.
- **EV / EBITDA: 8.7×**. Enterprise value is 8.7× operating earnings before depreciation, the multiple that ignores how the company is financed.
- **Free-cash-flow yield: 0.4%** (5-yr avg 0.0%). Free cash flow equals 0.4% of the market value, above its five-year average of 0.0%, so the shares are cheaper on cash than they have usually been.
- **Earnings yield: 6.0%**. The inverse of the P/E: 6.0% of the price is earned each year.

## Profitability
- **Gross margin: 75.1%**. Personal Assets Trust keeps 75.1% of revenue after the direct cost of what it sells, the kind of margin that comes with software, brands or pricing power.
- **Operating margin: 108.0%**. 108.0% of revenue is left after running the business, an exceptional level.
- **Net margin: 96.8%**. 96.8% of each dollar of sales reaches the bottom line.
- **Return on equity: 6.0%**. 6.0% on shareholders' equity is weak; the business earns little on the capital its owners have in it.
- **Return on invested capital: 13.3%**. Return on all capital, debt included, is 13.3%.
- **Return on assets: 12.8%**. Each dollar of assets produces 12.8% of profit; low single digits are normal for banks and insurers.

## Growth
- **Revenue growth (1 yr): -14.6%** (3-yr 201.8%/yr, 5-yr -5.6%/yr). Revenue fell 14.6% over the last year, against -5.6% a year compounded over five years: growth is slowing.
- **EPS growth (1 yr): -8.6%** (5-yr 3.5%/yr). Earnings per share fell 8.6%, faster than revenue, so margins expanded or the share count shrank.

## Financial health
- **Piotroski F-score: 3/9**. 3 of 9 checks pass: weak or deteriorating financials.
- **Cash and short-term investments: 10 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**. Personal Assets Trust does not currently pay a dividend, but it returned 3.5% of its market value through buybacks over the last year.

## Price and momentum
- **Total return (1 yr): 5.2%** (YTD 1.7%, 3-mo 2.6%). The shares are up 5.2% over twelve months including dividends.
- **From 52-week high: -2.1%** (6.1% 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.
- **Beta (1 yr): 0.27** (volatility 8%). Beta of 0.27 against the FTSE All-Share: the shares move much less than the market.

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

Not investment advice.