# Tristel plc (TSTL.L) fundamentals

Data as of 2026-09-08. LSE, United Kingdom. Sector: Healthcare / Health Care Equipment & Supplies. Price 415p, market value 199 millionp.

## Valuation
- **P/E (trailing): 25.9×** (5-yr avg 7032.6×, 3-yr avg 3319.2×). Tristel plc trades at 25.9× trailing earnings, well below its own five-year average of 7032.6×: cheap by its own standards. The Healthcare median in the September 2026 study was 28.5×. Forward P/E is 20.3×, lower than trailing, so analysts expect earnings to grow.
- **Price / sales: 2.1×**. Each dollar of revenue is priced at 2.1×.
- **Price / book: 5.9×**. The shares trade at 5.9× book value; most of the value is in earnings power and intangibles rather than the balance sheet.
- **EV / EBITDA: 8.3×**. Enterprise value is 8.3× operating earnings before depreciation, the multiple that ignores how the company is financed.
- **Free-cash-flow yield: 9.8%** (5-yr avg 0.0%). Free cash flow equals 9.8% of the market value, above its five-year average of 0.0%, so the shares are cheaper on cash than they have usually been. Above 5% is generally attractive.
- **Earnings yield: 3.9%**. The inverse of the P/E: 3.9% of the price is earned each year.

## Profitability
- **Gross margin: 77.6%**. Tristel plc keeps 77.6% of revenue after the direct cost of what it sells, the kind of margin that comes with software, brands or pricing power.
- **Operating margin: 18.3%**. 18.3% of revenue is left after running the business, a healthy level in most sectors.
- **Net margin: 14.3%**. 14.3% of each dollar of sales reaches the bottom line.
- **Return on equity: 20.1%**. 20.1% on shareholders' equity is excellent if it is not driven by leverage; sustained above 20% usually signals a competitive advantage.
- **Return on invested capital: 53.8%**. Return on all capital, debt included, is 53.8%: comfortably above what that capital costs.
- **Return on assets: 30.9%**. Each dollar of assets produces 30.9% of profit.

## Growth
- **Revenue growth (1 yr): 10.8%** (3-yr 14.3%/yr, 5-yr 8.0%/yr). Revenue grew 10.8% over the last year, against 8.0% a year compounded over five years: growth is accelerating.
- **EPS growth (1 yr): 0.0%** (3-yr 89.1%/yr, 5-yr 4.9%/yr). Earnings per share rose 0.0%, slower than revenue, so margins compressed.
- **Free-cash-flow growth (3 yr): 29.6%/yr**. Free cash flow has compounded at 29.6% a year over three years, lagging earnings: check whether profits are turning into cash.

## Financial health
- **Debt to equity: 0.18**. Debt is 0.18 times equity: a conservative balance sheet.
- **Net debt / EBITDA: net cash**. Tristel plc holds more cash than debt.
- **Interest coverage: 32.2×**. Operating profit covers interest 32.2× over, a safe margin.
- **Current ratio: 3.60** (quick 2.96). Current assets cover the next year's liabilities 3.60 times.
- **Altman Z-score: 12.95**. A Z-score of 12.95 places the company in the safe zone for bankruptcy risk.
- **Piotroski F-score: 6/9**. 6 of 9 checks pass: mixed.

## Dividends
- **Dividend yield: 3.39%** (0p per share, trailing). Tristel plc yields 3.39%, a modest yield more typical of a growth-oriented payer.
- **Payout ratio: 100%** (68% of free cash flow). The dividend exceeds earnings (100% payout), though free cash flow still covers it.
- **Consecutive years of increases: 8**. 8 straight years of increases.
- **Dividend growth (5 yr): 18.1%/yr** (1-yr 5.0%). The dividend has compounded at 18.1% a year over five years, doubling roughly every 4 years at that pace.
- **Shareholder yield: 3.0%**. Dividends plus net buybacks return 3.0% of the market value a year.

## Price and momentum
- **Total return (1 yr): 11.1%** (YTD -1.5%, 3-mo 8.2%). The shares are up 11.1% over twelve months including dividends.
- **From 52-week high: -7.9%** (18.5% above the low). Trading 8% 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): 48**. An RSI of 48 is neutral.
- **Beta (1 yr): 0.15** (volatility 32%). Beta of 0.15 against the FTSE All-Share: the shares move much less than the market.

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

Not investment advice.