# Invesco Physical Gold ETC (SGLD.L) fundamentals

Data as of 2026-09-08. LSE, United Kingdom. Sector: Financial Services. Price $423.50, market value $51.8 billion.

## Valuation
- **P/E (trailing): n/a** (negative earnings). Invesco Physical Gold ETC 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: 56.3×**. Each dollar of revenue is priced at 56.3×, a level that requires very high margins or very fast growth to justify.
- **Price / book: 126.5×**. The shares trade at 126.5× book value; most of the value is in earnings power and intangibles rather than the balance sheet.
- **Free-cash-flow yield: 0.1%** (5-yr avg 0.2%). Free cash flow equals 0.1% of the market value, below its five-year average of 0.2%, so the shares are pricier on cash than usual.

## Profitability
- **Gross margin: 23.3%**. Invesco Physical Gold ETC keeps 23.3% of revenue after the direct cost of what it sells, a thin margin typical of retail, distribution and commodity businesses.
- **Operating margin: 14.2%**. 14.2% of revenue is left after running the business.
- **Net margin: -9.3%**. The company reported a net loss over the last twelve months.
- **Return on equity: -17.3%**. Return on equity is negative because earnings are negative.
- **Return on invested capital: 20.0%**. Return on all capital, debt included, is 20.0%: comfortably above what that capital costs.
- **Return on assets: -3.1%**. Each dollar of assets produces -3.1% of profit; low single digits are normal for banks and insurers.

## Growth
- **Revenue growth (1 yr): -17.2%** (3-yr -9.2%/yr, 5-yr -1.6%/yr). Revenue fell 17.2% over the last year, against -1.6% a year compounded over five years: growth is slowing.
- **EPS growth (1 yr): 9.9%**. Earnings per share rose 9.9%, faster than revenue, so margins expanded or the share count shrank.
- **Free-cash-flow growth (3 yr): -14.9%/yr**. Free cash flow has compounded at -14.9% a year over three years.

## Financial health
- **Piotroski F-score: 3/9**. 3 of 9 checks pass: weak or deteriorating financials.
- **Cash and short-term investments: $174 million**. 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**. Invesco Physical Gold ETC does not currently pay a dividend.

## Price and momentum
- **Total return (1 yr): 22.3%** (YTD 2.0%, 3-mo 1.5%). The shares are up 22.3% over twelve months including dividends.
- **From 52-week high: -20.7%** (25.7% above the low). Trading 21% below its 52-week high.
- **200-day average: below**. The price sits below its 200-day moving average, the usual definition of a downtrend.
- **RSI (14-day): 49**. An RSI of 49 is neutral.
- **Beta (1 yr): 0.83** (volatility 28%). Beta of 0.83 against the FTSE All-Share: the shares move roughly with the market.

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

Not investment advice.