# Tharisa plc (THS.L) fundamentals

Data as of 2026-09-08. LSE, United Kingdom. Sector: Basic Materials / Metals & Mining. Price 124p, market value 369 millionp.

## Valuation
- **P/E (trailing): 4.3×** (5-yr avg 283.4×, 3-yr avg 317.8×). Tharisa plc trades at 4.3× trailing earnings, well below its own five-year average of 283.4×: cheap by its own standards. The Basic Materials median in the September 2026 study was 19.0×. Forward P/E is 6.2×, higher than trailing, so analysts expect earnings to fall.
- **Price / sales: 0.4×**. Each dollar of revenue is priced at 0.4×, a low multiple typical of thin-margin businesses or out-of-favour stocks.
- **Price / book: 0.6×**. The shares trade below book value, which can signal a bargain or a balance sheet the market doubts.
- **EV / EBITDA: 1.1×**. Enterprise value is 1.1× operating earnings before depreciation, the multiple that ignores how the company is financed; below 8× is inexpensive for most sectors.
- **Free-cash-flow yield: 2.2%** (5-yr avg 0.2%). Free cash flow equals 2.2% of the market value, above its five-year average of 0.2%, so the shares are cheaper on cash than they have usually been.
- **Earnings yield: 23.3%**. The inverse of the P/E: 23.3% of the price is earned each year.

## Profitability
- **Gross margin: 29.2%**. Tharisa plc keeps 29.2% of revenue after the direct cost of what it sells.
- **Operating margin: 19.2%**. 19.2% of revenue is left after running the business, a healthy level in most sectors.
- **Net margin: 11.8%**. 11.8% of each dollar of sales reaches the bottom line.
- **Return on equity: 10.0%**. 10.0% on shareholders' equity is weak; the business earns little on the capital its owners have in it.
- **Return on invested capital: 24.8%**. Return on all capital, debt included, is 24.8%: comfortably above what that capital costs.
- **Return on assets: 13.9%**. Each dollar of assets produces 13.9% of profit.

## Growth
- **Revenue growth (1 yr): -7.1%** (3-yr -0.8%/yr, 5-yr 10.5%/yr). Revenue fell 7.1% over the last year, against 10.5% a year compounded over five years: growth is slowing.
- **EPS growth (1 yr): -3.7%** (3-yr -21.6%/yr, 5-yr 10.2%/yr). Earnings per share fell 3.7%, roughly in step with revenue.

## Financial health
- **Debt to equity: 0.13**. Debt is 0.13 times equity: a conservative balance sheet.
- **Net debt / EBITDA: net cash**. Tharisa plc holds more cash than debt.
- **Interest coverage: 21.5×**. Operating profit covers interest 21.5× over, a safe margin.
- **Current ratio: 2.03** (quick 1.65). Current assets cover the next year's liabilities 2.03 times.
- **Altman Z-score: 2.52**. A Z-score of 2.52 is in the grey zone; not distressed, not clearly safe.
- **Piotroski F-score: 7/9**. 7 of 9 fundamental checks pass: strong and improving financials.

## Dividends
- **Dividend yield: 2.99%** (0p per share, trailing). Tharisa plc yields 2.99%, a modest yield more typical of a growth-oriented payer.
- **Payout ratio: 17%** (201% of free cash flow). 17% of earnings goes out as dividends, leaving room to keep raising it.
- **Consecutive years of increases: 1**. 1 straight year of increases.
- **Dividend growth (5 yr): 78.2%/yr** (1-yr 26.4%). The dividend has compounded at 78.2% a year over five years, doubling roughly every 1 years at that pace.
- **Shareholder yield: 5.0%**. Dividends plus net buybacks return 5.0% of the market value a year.

## Analyst view
- **Analyst consensus: strong_buy** (4 analysts). 4 analysts cover Tharisa plc; the consensus is strong_buy, with an average price target of 214p (+72% from the current price). Analyst opinion is shown for context; it is not part of the Fundamental Score.

## Price and momentum
- **Total return (1 yr): 37.0%** (YTD 6.8%, 3-mo -1.2%). The shares are up 37.0% over twelve months including dividends.
- **From 52-week high: -15.9%** (41.1% above the low). Trading 16% below 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): 1.15** (volatility 39%). Beta of 1.15 against the FTSE All-Share: the shares move roughly with the market.

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

Not investment advice.