# Rights & Issues Investment Trust Ord (RIII.L) fundamentals

Data as of 2026-09-08. LSE, United Kingdom. Sector: Financial Services. Price 2400p, market value 112 millionp.

## Valuation
- **P/E (trailing): 18.5×** (5-yr avg 1737.1×, 3-yr avg 2202.5×). Rights & Issues Investment Trust Ord trades at 18.5× trailing earnings, well below its own five-year average of 1737.1×: cheap by its own standards. The Financial Services median in the September 2026 study was 13.1×.
- **Price / sales: 2.6×**. Each dollar of revenue is priced at 2.6×.
- **Price / book: 0.9×**. The shares trade below book value, which can signal a bargain or a balance sheet the market doubts.
- **EV / EBITDA: 2.8×**. Enterprise value is 2.8× operating earnings before depreciation, the multiple that ignores how the company is financed; below 8× is inexpensive for most sectors.
- **Free-cash-flow yield: 19.4%** (5-yr avg 0.1%). Free cash flow equals 19.4% of the market value, above its five-year average of 0.1%, so the shares are cheaper on cash than they have usually been. Above 5% is generally attractive.
- **Earnings yield: 5.4%**. The inverse of the P/E: 5.4% of the price is earned each year.

## Profitability
- **Gross margin: 98.2%**. Rights & Issues Investment Trust Ord keeps 98.2% of revenue after the direct cost of what it sells, the kind of margin that comes with software, brands or pricing power.
- **Operating margin: 94.9%**. 94.9% of revenue is left after running the business, an exceptional level.
- **Net margin: 19.0%**. 19.0% of each dollar of sales reaches the bottom line.
- **Return on equity: 3.8%**. 3.8% on shareholders' equity is weak; the business earns little on the capital its owners have in it.
- **Return on invested capital: 34.0%**. Return on all capital, debt included, is 34.0%: comfortably above what that capital costs.
- **Return on assets: 13.3%**. Each dollar of assets produces 13.3% of profit; low single digits are normal for banks and insurers.

## Growth
- **Revenue growth (1 yr): 90.7%** (5-yr 66.5%/yr). Revenue grew 90.7% over the last year, against 66.5% a year compounded over five years: growth is accelerating.
- **EPS growth (1 yr): -56.0%** (5-yr 44.0%/yr). Earnings per share fell 56.0%, slower than revenue, so margins compressed.
- **Free-cash-flow growth (3 yr): -35.2%/yr**. Free cash flow has compounded at -35.2% a year over three years.

## Financial health
- **Piotroski F-score: 5/9**. 5 of 9 checks pass: mixed.
- **Cash and short-term investments: 3 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**. Rights & Issues Investment Trust Ord does not currently pay a dividend, but it returned 16.7% of its market value through buybacks over the last year.

## Price and momentum
- **Total return (1 yr): 11.0%** (YTD 18.6%, 3-mo 10.5%). The shares are up 11.0% over twelve months including dividends.
- **From 52-week high: -4.8%** (22.1% 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): 50**. An RSI of 50 is neutral.
- **Beta (1 yr): 0.33** (volatility 25%). Beta of 0.33 against the FTSE All-Share: the shares move much less than the market.

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

Not investment advice.