# WH Smith PLC (SMWH.L) fundamentals

Data as of 2026-09-08. LSE, United Kingdom. Sector: Consumer Cyclical / Specialty Retail. Price 385p, market value 579 millionp.

## Valuation
- **P/E (trailing): n/a** (negative earnings). WH Smith PLC 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: 0.2×**. Each dollar of revenue is priced at 0.2×, a low multiple typical of thin-margin businesses or out-of-favour stocks.
- **Price / book: 3.8×**. The shares trade at 3.8× 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: 52.6%** (5-yr avg 0.1%). Free cash flow equals 52.6% 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.

## Profitability
- **Gross margin: 50.0%**. WH Smith PLC keeps 50.0% of revenue after the direct cost of what it sells.
- **Operating margin: 9.1%**. 9.1% 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: -91.1%**. Return on equity is negative because earnings are negative.
- **Return on invested capital: 10.2%**. Return on all capital, debt included, is 10.2%.
- **Return on assets: -8.3%**. Each dollar of assets produces -8.3% of profit.

## Growth
- **Revenue growth (1 yr): -19.0%** (3-yr 3.5%/yr, 5-yr 8.7%/yr). Revenue fell 19.0% over the last year, against 8.7% a year compounded over five years: growth is slowing.
- **EPS growth (1 yr): -321.6%**. Earnings per share fell 321.6%, slower than revenue, so margins compressed.
- **Free-cash-flow growth (3 yr): 24.1%/yr**. Free cash flow has compounded at 24.1% a year over three years.

## Financial health
- **Debt to equity: 8.73**. Debt is 8.73 times equity, a leveraged balance sheet that needs steady cash flow to service.
- **Net debt / EBITDA: 2.8×**. It would take 2.8 years of operating earnings to repay net borrowings, within the comfortable range.
- **Interest coverage: 3.0×**. Operating profit covers interest 3.0× over, a safe margin.
- **Current ratio: 0.39** (quick 0.23). Current liabilities exceed current assets, so the company depends on ongoing cash generation or refinancing to pay the next year's bills.
- **Altman Z-score: 1.35**. A Z-score of 1.35 is in the distress zone, a signal to examine the balance sheet closely.
- **Piotroski F-score: 4/9**. 4 of 9 checks pass: mixed.

## Dividends
- **Dividend yield: 3.18%** (0p per share, trailing). WH Smith PLC yields 3.18%, a modest yield more typical of a growth-oriented payer.
- **Consecutive years of increases: 3**. 3 straight years of increases.
- **Dividend growth (5 yr): -3.7%/yr** (1-yr 6.6%). The dividend has not grown over five years.
- **Shareholder yield: 11.8%**. Dividends plus net buybacks return 11.8% of the market value a year.

## Price and momentum
- **Total return (1 yr): -42.5%** (YTD -39.8%, 3-mo -23.0%). The shares are down 42.5% over twelve months including dividends.
- **From 52-week high: -45.9%** (4.3% above the low). Trading 46% below its 52-week high, deep in a drawdown.
- **200-day average: below**. The price sits below its 200-day moving average, the usual definition of a downtrend.
- **RSI (14-day): 30**. An RSI of 30 is oversold; bounces are common, but oversold can stay oversold in a real decline.
- **Beta (1 yr): 1.31** (volatility 41%). Beta of 1.31 against the FTSE All-Share: the shares move much more than the market.

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

Not investment advice.