# Scottish Mortgage Investment Trust PLC (SMT.L) fundamentals

Data as of 2026-09-08. LSE, United Kingdom. Sector: Financial Services. Price 1492p, market value 15.8 billionp.

## Valuation
- **P/E (trailing): 5.4×** (5-yr avg 782.5×, 3-yr avg 782.5×). Scottish Mortgage Investment Trust PLC trades at 5.4× trailing earnings, well below its own five-year average of 782.5×: 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: 1.2×**. The shares trade at 1.2× book value; book value is a meaningful part of the valuation.
- **EV / EBITDA: 4.0×**. Enterprise value is 4.0× operating earnings before depreciation, the multiple that ignores how the company is financed; below 8× is inexpensive for most sectors.
- **Free-cash-flow yield: -1.0%** (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: 18.4%**. The inverse of the P/E: 18.4% of the price is earned each year.

## Profitability
- **Gross margin: 99.1%**. Scottish Mortgage Investment Trust PLC keeps 99.1% of revenue after the direct cost of what it sells, the kind of margin that comes with software, brands or pricing power.
- **Operating margin: 97.9%**. 97.9% of revenue is left after running the business, an exceptional level.
- **Net margin: 98.1%**. 98.1% of each dollar of sales reaches the bottom line.
- **Return on equity: 22.4%**. 22.4% on shareholders' equity is excellent if it is not driven by leverage; sustained above 20% usually signals a competitive advantage.
- **Return on invested capital: 28.5%**. Return on all capital, debt included, is 28.5%: comfortably above what that capital costs.
- **Return on assets: 27.9%**. Each dollar of assets produces 27.9% of profit; low single digits are normal for banks and insurers.

## Growth
- **Revenue growth (1 yr): 144.8%** (5-yr -19.3%/yr). Revenue grew 144.8% over the last year, against -19.3% a year compounded over five years: growth is accelerating.
- **EPS growth (1 yr): 189.5%** (5-yr -15.4%/yr). Earnings per share rose 189.5%, faster than revenue, so margins expanded or the share count shrank.

## Financial health
- **Piotroski F-score: 6/9**. 6 of 9 checks pass: mixed.
- **Cash and short-term investments: 11 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**. Scottish Mortgage Investment Trust PLC does not currently pay a dividend, but it returned 19.4% of its market value through buybacks over the last year.

## Price and momentum
- **Total return (1 yr): 37.1%** (YTD 26.2%, 3-mo 4.1%). The shares are up 37.1% over twelve months including dividends.
- **From 52-week high: -4.6%** (46.8% 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): 63**. An RSI of 63 is neutral.
- **Beta (1 yr): 0.86** (volatility 23%). Beta of 0.86 against the FTSE All-Share: the shares move roughly with the market.

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

Not investment advice.