# Tetragon Financial Group Ltd (TFG.L) fundamentals

Data as of 2026-09-08. LSE, United Kingdom. Sector: Financial Services. Price $14.10, market value $1.2 billion.

## Valuation
- **P/E (trailing): 8.9×** (5-yr avg 3.3×, 3-yr avg 3.9×). Tetragon Financial Group Ltd trades at 8.9× trailing earnings, well above its own five-year average of 3.3×: investors are paying up relative to the company's past. The Financial Services median in the September 2026 study was 13.1×.
- **Price / sales: 0.9×**. Each dollar of revenue is priced at 0.9×, a low multiple typical of thin-margin businesses or out-of-favour stocks.
- **Price / book: 0.3×**. The shares trade below book value, which can signal a bargain or a balance sheet the market doubts.
- **EV / EBITDA: 2.0×**. Enterprise value is 2.0× operating earnings before depreciation, the multiple that ignores how the company is financed; below 8× is inexpensive for most sectors.
- **Free-cash-flow yield: -27.9%** (5-yr avg -0.7%). Free cash flow is negative: the business is consuming cash, which is normal for heavy investment phases but a warning otherwise.
- **Earnings yield: 11.2%**. The inverse of the P/E: 11.2% of the price is earned each year.

## Profitability
- **Gross margin: 59.1%**. Tetragon Financial Group Ltd keeps 59.1% of revenue after the direct cost of what it sells.
- **Operating margin: 73.9%**. 73.9% of revenue is left after running the business, an exceptional level.
- **Net margin: 93.7%**. 93.7% of each dollar of sales reaches the bottom line.
- **Return on equity: 18.7%**. 18.7% on shareholders' equity is solid.
- **Return on invested capital: 22.3%**. Return on all capital, debt included, is 22.3%: comfortably above what that capital costs.
- **Return on assets: 21.3%**. Each dollar of assets produces 21.3% of profit; low single digits are normal for banks and insurers.

## Growth
- **Revenue growth (1 yr): 99.4%** (3-yr 132.8%/yr, 5-yr 20.5%/yr). Revenue grew 99.4% over the last year, against 20.5% a year compounded over five years: growth is accelerating.
- **EPS growth (1 yr): 92.6%** (5-yr 35.4%/yr). Earnings per share rose 92.6%, slower than revenue, so margins compressed.

## Financial health
- **Piotroski F-score: 6/9**. 6 of 9 checks pass: mixed.
- **Cash and short-term investments: $27 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 yield: 3.40%** ($0.47 per share, trailing). Tetragon Financial Group Ltd yields 3.40%, a modest yield more typical of a growth-oriented payer.
- **Payout ratio: 3%**. 3% of earnings goes out as dividends, leaving room to keep raising it.
- **Consecutive years of increases: 4**. 4 straight years of increases.
- **Dividend growth (5 yr): -2.0%/yr** (1-yr 0.0%). The dividend has not grown over five years.
- **Shareholder yield: 3.5%**. Dividends plus net buybacks return 3.5% of the market value a year.

## Price and momentum
- **Total return (1 yr): -18.9%** (YTD -17.3%, 3-mo 13.7%). The shares are down 18.9% over twelve months including dividends.
- **From 52-week high: -27.7%** (18.5% above the low). Trading 28% 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): 82**. An RSI of 82 is in overbought territory; short-term pullbacks are common from here.
- **Beta (1 yr): 0.01** (volatility 12%). Beta of 0.01 against the FTSE All-Share: the shares move much less than the market.

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

Not investment advice.