# Leverage Shares - 2x Visa (VISE.L) fundamentals

Data as of 2026-09-08. LSE, United Kingdom. Sector: Consumer Defensive. Price €74.50, market value €3.5 billion.

## Valuation
- **P/E (trailing): 32.2×** (5-yr avg 17.3×, 3-yr avg 19.6×). Leverage Shares - 2x Visa trades at 32.2× trailing earnings, well above its own five-year average of 17.3×: investors are paying up relative to the company's past. The Consumer Defensive median in the September 2026 study was 20.1×.
- **Price / sales: 2.8×**. Each dollar of revenue is priced at 2.8×.
- **Price / book: 4.4×**. The shares trade at 4.4× book value; book value is a meaningful part of the valuation.
- **EV / EBITDA: 13.6×**. Enterprise value is 13.6× operating earnings before depreciation, the multiple that ignores how the company is financed.
- **Free-cash-flow yield: 3.3%** (5-yr avg 3.5%). Free cash flow equals 3.3% of the market value, in line with its five-year average of 3.5%.
- **Earnings yield: 3.1%**. The inverse of the P/E: 3.1% of the price is earned each year.

## Profitability
- **Gross margin: 67.3%**. Leverage Shares - 2x Visa keeps 67.3% of revenue after the direct cost of what it sells, the kind of margin that comes with software, brands or pricing power.
- **Operating margin: 16.4%**. 16.4% of revenue is left after running the business, a healthy level in most sectors.
- **Net margin: 12.8%**. 12.8% of each dollar of sales reaches the bottom line.
- **Return on equity: 17.2%**. 17.2% on shareholders' equity is solid.
- **Return on invested capital: 16.1%**. Return on all capital, debt included, is 16.1%: comfortably above what that capital costs.
- **Return on assets: 11.1%**. Each dollar of assets produces 11.1% of profit.

## Growth
- **Revenue growth (1 yr): 4.0%** (3-yr 1.4%/yr, 5-yr 6.5%/yr). Revenue grew 4.0% over the last year, against 6.5% a year compounded over five years: growth is slowing.
- **EPS growth (1 yr): 1.7%** (3-yr 5.3%/yr, 5-yr 5.9%/yr). Earnings per share rose 1.7%, roughly in step with revenue.
- **Free-cash-flow growth (3 yr): 181.3%/yr**. Free cash flow has compounded at 181.3% a year over three years, keeping pace with earnings: the growth is real cash.

## Financial health
- **Debt to equity: 0.30**. Debt is 0.30 times equity: a conservative balance sheet.
- **Net debt / EBITDA: 0.8×**. It would take 0.8 years of operating earnings to repay net borrowings, within the comfortable range.
- **Interest coverage: 20.8×**. Operating profit covers interest 20.8× over, a safe margin.
- **Current ratio: 1.98** (quick 1.01). Current assets cover the next year's liabilities 1.98 times.
- **Piotroski F-score: 6/9**. 6 of 9 checks pass: mixed.

## Dividends
- **Dividend yield: 1.25%** (€0.95 per share, trailing). Leverage Shares - 2x Visa yields 1.25%, a modest yield more typical of a growth-oriented payer.
- **Payout ratio: 32%** (45% of free cash flow). 32% of earnings goes out as dividends, leaving room to keep raising it.
- **Shareholder yield: 4.0%**. Dividends plus net buybacks return 4.0% of the market value a year.

## Price and momentum
- **Total return (1 yr): 0.7%** (YTD 5.0%, 3-mo 31.0%). The shares are up 0.7% over twelve months including dividends.
- **From 52-week high: -4.5%** (51.4% 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): 53**. An RSI of 53 is neutral.
- **Beta (1 yr): 0.66** (volatility 45%). Beta of 0.66 against the FTSE All-Share: the shares move much less than the market.

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

Not investment advice.