# Tetragon Financial Group Limited (TFGS.L) fundamentals

Data as of 2026-09-08. LSE, United Kingdom. Sector: Financial Services. Price 1040p, market value 941 millionp.

## Valuation
- **P/E (trailing): 2.5×** (5-yr avg 2.6×, 3-yr avg 3.1×). Tetragon Financial Group Limited trades at 2.5× trailing earnings, close to its own five-year average of 2.6×. The Financial Services median in the September 2026 study was 13.1×.
- **Price / sales: 1.2×**. Each dollar of revenue is priced at 1.2×.
- **Price / book: 0.3×**. The shares trade below book value, which can signal a bargain or a balance sheet the market doubts.
- **EV / EBITDA: 2.1×**. Enterprise value is 2.1× operating earnings before depreciation, the multiple that ignores how the company is financed; below 8× is inexpensive for most sectors.
- **Free-cash-flow yield: -25.2%** (5-yr avg -8.7%). Free cash flow is negative: the business is consuming cash, which is normal for heavy investment phases but a warning otherwise.
- **Earnings yield: 40.0%**. The inverse of the P/E: 40.0% of the price is earned each year.

## Profitability
- **Gross margin: 75.8%**. Tetragon Financial Group Limited keeps 75.8% of revenue after the direct cost of what it sells, the kind of margin that comes with software, brands or pricing power.
- **Operating margin: 91.5%**. 91.5% of revenue is left after running the business, an exceptional level.
- **Net margin: 71.0%**. 71.0% 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: 17.1%**. Each dollar of assets produces 17.1% of profit; low single digits are normal for banks and insurers.

## Growth
- **Revenue growth (1 yr): 97.1%** (3-yr 155.3%/yr, 5-yr 39.7%/yr). Revenue grew 97.1% over the last year, against 39.7% 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%, roughly in step with revenue.

## Financial health
- **Piotroski F-score: 5/9**. 5 of 9 checks pass: mixed.
- **Cash and short-term investments: 20 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**. Tetragon Financial Group Limited does not currently pay a dividend, but it returned 0.1% of its market value through buybacks over the last year.

## Price and momentum
- **Total return (1 yr): 8022.8%** (YTD 8165.1%). The shares are up 8022.8% over twelve months including dividends.
- **From 52-week high: -1.7%** (13674.8% 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): 92**. An RSI of 92 is in overbought territory; short-term pullbacks are common from here.

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

Not investment advice.