Polar Capital Holdings
POLR · AIM · Financial Services · mcap £758m · 792.0p
Financials · balance sheet 31 Mar 26 · last twelve months · today’s market value
Source: results 01 Jul 26 ↗
- Market cap
- £788.0m
- Owner’s net cash
- £151.0m
- Net cash / market cap
- 19%
- EV ex leases
- £637.0m
- Revenue
- £264.3m
- Free cash flow after leases
- £69.8m
- FCF yield
- 8.9%
- Price / tangible book
- 5.23×
- Net income (owners)
- £58.7m
Share price × shares in issue (from the company’s voting-rights notices)
Net cash ex leases − Pension deficit − Deferred consideration − Paid out since£151.0m − £0.0m − £0.0m − £0.0m = £151.0m
Owner’s net cash ÷ Market cap£151.0m ÷ £788.0m
Market cap + Borrowings − Cash + Pension deficit + Deferred consideration + Non-controlling interests − Associates & JVs + Paid out since£788.0m + £0.0m − £151.0m + £0.0m + £0.0m + £0.0m − £0.0m + £0.0m = £637.0m
Revenue, last twelve monthsthe latest full year: 2026-03-31
Cash from operations − Capex (PP&E) − Capex (intangibles) − Lease principal paid − Lease interest paid£72.6m − £0.2m − £0.0m − £2.4m − £0.2m
Free cash flow after leases ÷ Market cap£69.8m ÷ £788.0m
Market cap ÷ Tangible book£788.0m ÷ £150.8m
Net income (owners), last twelve monthsthe latest full year: 2026-03-31
Market value
- Market cap
- £788.0m
Share price × shares in issue (from the company’s voting-rights notices)
Cash and debt · balance sheet 2026-03-31
- Cash
- £151.0m
- Borrowings
- £0.0m
- Net cash / (debt) ex leases
- £151.0m
- Lease liabilities
- £0.0m
- Owner’s net cash
- £151.0m
- Net cash / market cap
- 19%
- Cash − total liabilities
- £53.7m
Balance sheet 2026-03-31
Borrowings, current + Borrowings, non-current£0.0m + £0.0m
Cash − Borrowings£151.0m − £0.0m = £151.0m
Lease liabilities, current + non-current (left out of net cash and EV ex leases)£0.0m + £0.0m
Net cash ex leases − Pension deficit − Deferred consideration − Paid out since£151.0m − £0.0m − £0.0m − £0.0m = £151.0m
Owner’s net cash ÷ Market cap£151.0m ÷ £788.0m
Cash − Total liabilities (the strictest view: cash covers everything owed)£151.0m − £97.3m = £53.7m
Last twelve months · FY 2026-03-31
- Revenue
- £264.3m
- Operating profit
- –
- EBITDA (pre-IFRS 16)
- –
- Net income (owners)
- £58.7m
- Cash from operations
- £72.6m
- Free cash flow after leases
- £69.8m
- Cash conversion
- 124%
Revenue, last twelve monthsthe latest full year: 2026-03-31
Operating profit, last twelve monthsmissing
Operating profit + Depreciation (owned assets) + Amortisation
Net income (owners), last twelve monthsthe latest full year: 2026-03-31
Cash from operations, last twelve monthsthe latest full year: 2026-03-31
Cash from operations − Capex (PP&E) − Capex (intangibles) − Lease principal paid − Lease interest paid£72.6m − £0.2m − £0.0m − £2.4m − £0.2m
Cash from operations ÷ Net income (owners)£72.6m ÷ £58.7m
Enterprise value
- EV ex leases
- £637.0m
- EV incl. leases
- £637.0m
Market cap + Borrowings − Cash + Pension deficit + Deferred consideration + Non-controlling interests − Associates & JVs + Paid out since£788.0m + £0.0m − £151.0m + £0.0m + £0.0m + £0.0m − £0.0m + £0.0m = £637.0m
EV ex leases + Lease liabilities£637.0m + £0.0m
Valuation at today’s market cap
- EV / EBIT
- –
- EV / EBITDA
- –
- FCF yield
- 8.9%
- Price / book
- 5.23×
- Tangible book
- £150.8m
- Price / tangible book
- 5.23×
- NCAV (net current asset value)
- £141.2m
- Price / NCAV
- 5.58×
- Net-net working capital
- £76.0m
EV ex leases ÷ Operating profit (LTM)£637.0m ÷ –
EV ex leases ÷ EBITDA (pre-IFRS 16)£637.0m ÷ –
Free cash flow after leases ÷ Market cap£69.8m ÷ £788.0m
Market cap ÷ Total equity£788.0m ÷ £150.8m
Total equity − Goodwill − Other intangibles£150.8m − £0.0m − £0.0m
Market cap ÷ Tangible book£788.0m ÷ £150.8m
Current assets − Total liabilities£238.5m − £97.3m
Market cap ÷ NCAV£788.0m ÷ £141.2m
Cash + 75% × Trade receivables + 50% × Inventories − Total liabilities£151.0m + 0.75 × £29.8m + 0.5 × £0.0m − £97.3m
Returns and quality
- ROCE
- –
- ROE
- 39%
- Current ratio
- 2.53×
- Net debt / EBITDA
- net cash
- Accruals ratio
- -5.6%
Operating profit (LTM) ÷ (Total assets − Current liabilities)– ÷ (£248.1m − £94.4m) = – ÷ £153.7m
Net income (owners, LTM) ÷ Total equity£58.7m ÷ £150.8m
Current assets ÷ Current liabilities£238.5m ÷ £94.4m
(Borrowings − Cash) ÷ EBITDA (pre-IFRS 16)
(Net income − Cash from operations) ÷ Total assets – high: profit not backed by cash(£58.7m − £72.6m) ÷ £248.1m
H1 Sep 25 vs H1 Sep 24 · results 17 Nov 25 ↗
- Revenue
- £101m +1%
- Net income
- £20.4m +23%
- Cash from operations
- −£578k prior £15.0m
Hover or tap a figure for its formula and the values used – the names are the line names of the key figures below. Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.
The statement exactly as printed in one results announcement – its own columns (the period and its comparatives), lines and headings, in the company's currency and units. Choose the report above; to compare several years, use Key figures.
Standardised line items in £m, comparable across companies; when a later report restated a period, the later figure is shown and marked r (hover for the figure first reported). Italic = calculated (LTM, H2 = FY − H1); a year of other than 12 months is marked (15m). Hover a value for its source.
Trading update 12 Oct 26ahead6 figures since the last report
AuM rose to £43.7bn with net inflows of £1.2bn in Q2 and £3.6bn in H1.
| AuM at 30 September 2026 | £43.7bn | |
| Net inflows (Q2) | £1.2bn | |
| Net inflows (H1) | £3.6bn | |
| AuM at 1 April 2026 | £30.633bn | |
| Market movement and performance (H1) | £9,452m | |
| Net performance fee profits (H1) | £8.8m |
As stated by the company, unaudited. Read it →
Latest report: FY Mar 26 (twelve months to 31 Mar 26), published 01 Jul 26 · read the results ↗
| 2026 £'000 | 2025 £'000 | |
|---|---|---|
| Revenue | 264,296 | 222,111 |
| Other income | 103 | 3,997 |
| Gross income | 264,399 | 226,108 |
| Commissions and fees payable | (35,732) | (27,775) |
| Net income | 228,667 | 198,333 |
| Operating costs | (151,613) | (146,483) |
| Finance costs | (198) | (205) |
| Profit before tax | 76,856 | 51,645 |
| Taxation | (18,174) | (16,335) |
| Profit for the year attributable to ordinary shareholders | 58,682 | 35,310 |
| Earnings per share | ||
| Basic | 60.6p | 36.6p |
| Diluted | 59.2p | 36.1p |
| Adjusted basic (Non-GAAP measure) Restated 1 | 59.2p | 53.2p |
| Adjusted diluted (Non-GAAP measure) Restated 1 | 57.8p | 52.6p |
| 2026 £'000 | 2025 £'000 | |
|---|---|---|
| Non-current assets | ||
| Property and equipment | 3,944 | 6,129 |
| Deferred tax assets | 5,658 | 4,264 |
| Total non-current assets | 9,602 | 10,393 |
| Current assets | ||
| Assets at fair value through profit or loss | 57,467 | 63,347 |
| Trade and other receivables | 29,805 | 22,880 |
| Other financial assets | - | 1,539 |
| Cash and cash equivalents | 150,987 | 121,819 |
| Current tax assets | 242 | 149 |
| Total current assets | 238,501 | 209,734 |
| Total assets | 248,103 | 220,127 |
| Non-current liabilities | ||
| Provisions and other liabilities | 2,899 | 5,123 |
| Liabilities at fair value through profit or loss | - | 68 |
| Total non-current liabilities | 2,899 | 5,191 |
| Current liabilities | ||
| Liabilities at fair value through profit or loss | 4,304 | 5,808 |
| Trade and other payables | 85,545 | 71,158 |
| Other financial liabilities | 3,034 | - |
| Current tax liabilities | 1,522 | 3,527 |
| Total current liabilities | 94,405 | 80,493 |
| Total liabilities | 97,304 | 85,684 |
| Net assets | 150,799 | 134,443 |
| Capital and reserves | ||
| Issued share capital | 2,514 | 2,539 |
| Share premium | 19,364 | 19,364 |
| Investment in own shares | (27,137) | (29,731) |
| Capital and other reserves | 13,994 | 12,277 |
| Retained earnings | 142,064 | 129,994 |
| Total equity - attributable to ordinary shareholders | 150,799 | 134,443 |
| 2026 £'000 | 2025 £'000 | |
|---|---|---|
| Cash flows generated from operating activities | ||
| Cash generated from operations | 90,984 | 80,707 |
| Tax paid | (20,294) | (19,371) |
| Interest received | 1,864 | 2,682 |
| Net cash inflow generated from operating activities | 72,554 | 64,018 |
| Cash flows generated from investing activities | ||
| Investment income | 1,089 | 345 |
| Sale of assets/liabilities at fair value through profit or loss | 75,925 | 44,010 |
| Purchase of assets at fair value through profit or loss | (53,459) | (46,945) |
| Redemption of assets at amortised cost | - | 6,698 |
| Purchase of property and equipment | (164) | (170) |
| Sale of property and equipment | 45 | 12 |
| Payments in respect of asset acquisition | (5) | (39) |
| Net cashflow from deconsolidation of seed investment | (11,194) | - |
| Net cash inflow from investing activities | 12,237 | 3,911 |
| Cash flows generated from financing activities | ||
| Dividends paid to shareholders | (44,524) | (44,403) |
| Lease payments | (2,376) | (1,501) |
| Interest on lease | (198) | (205) |
| (Purchase)/sale of own shares | (7,161) | 364 |
| Third-party subscriptions into consolidated funds | 3,700 | 1,411 |
| Third-party redemptions from consolidated funds | (5,186) | (1,102) |
| Net cash outflow from financing activities | (55,745) | (45,436) |
| Net increase in cash and cash equivalents | 29,046 | 22,493 |
| Cash and cash equivalents at start of the year | 121,819 | 98,880 |
| Effect of exchange rate changes on cash and cash equivalents | 122 | 446 |
| Cash and cash equivalents at end of the year | 150,987 | 121,819 |
| (Unaudited) Six months to 30 September 2025 £'000 | Restated 1 (Unaudited) Six months to 30 September 2024 £'000 | |
|---|---|---|
| Revenue | 101,449 | 100,616 |
| Other income | 4,602 | 2,884 |
| Gross income | 106,051 | 103,500 |
| Commissions and fees payable | (14,676) | (12,960) |
| Net income | 91,375 | 90,540 |
| Operating costs | (63,373) | (67,309) |
| Finance costs | (111) | (100) |
| Profit before tax | 27,891 | 23,131 |
| Taxation | (7,452) | (6,484) |
| Profit for the year attributable to ordinary shareholders | 20,439 | 16,647 |
| Earnings per share | ||
| Basic | 21.1p | 17.3p |
| Diluted | 21.0p | 17.1p |
| Adjusted basic (Non-GAAP measure) 1 | 22.1p | 24.1p |
| Adjusted diluted (Non-GAAP measure) 1 | 21.9p | 23.8p |
| (Unaudited) 30 September 2025 £'000 | (Audited) 31 March 2025 £'000 | |
|---|---|---|
| Non-current assets | ||
| Property and equipment | 5,366 | 6,129 |
| Deferred tax assets | 4,954 | 4,264 |
| Total non-current assets | 10,320 | 10,393 |
| Current assets | ||
| Assets at fair value through profit or loss | 78,944 | 63,347 |
| Trade and other receivables | 25,203 | 22,880 |
| Other financial assets | 20 | 1,539 |
| Cash and cash equivalents | 82,468 | 121,819 |
| Current tax assets | - | 149 |
| Total current assets | 186,635 | 209,734 |
| Total assets | 196,955 | 220,127 |
| Non-current liabilities | ||
| Provisions and other liabilities | 4,276 | 5,123 |
| Liabilities at fair value through profit or loss | - | 68 |
| Total non-current liabilities | 4,276 | 5,191 |
| Current liabilities | ||
| Liabilities at fair value through profit or loss | 6,408 | 5,808 |
| Trade and other payables | 56,317 | 71,158 |
| Other financial liabilities | 3,073 | - |
| Current tax liabilities | 670 | 3,527 |
| Total current liabilities | 66,468 | 80,493 |
| Total liabilities | 70,744 | 85,684 |
| Net assets | 126,211 | 134,443 |
| Capital and reserves | ||
| Issued share capital | 2,539 | 2,539 |
| Share premium | 19,364 | 19,364 |
| Investment in own shares | (28,477) | (29,731) |
| Capital and other reserves | 12,280 | 12,277 |
| Retained earnings | 120,505 | 129,994 |
| Total equity - attributable to ordinary shareholders | 126,211 | 134,443 |
| 2025 £'000 | 2024 £'000 | |
|---|---|---|
| Cash flows generated from operating activities | ||
| Cash flows generated from operations | 8,802 | 21,879 |
| Tax paid | (10,446) | (8,028) |
| Interest received | 1,066 | 1,198 |
| Net cash (outflow)/inflow from operating activities | (578) | 15,049 |
| Cash flows generated from investing activities | ||
| Investment income | 250 | 239 |
| Sale of assets/liabilities at fair value through profit or loss | 22,338 | 12,841 |
| Purchase of assets at fair value through profit or loss | (26,396) | (31,388) |
| Sale of assets at amortised cost | - | 3,349 |
| Purchase of property and equipment | (153) | (296) |
| Payments in respect of asset acquisition | (5) | (23) |
| Net cash outflow from investing activities | (3,966) | (15,278) |
| Cash flows generated from financing activities | ||
| Dividends paid to shareholders | (30,942) | (30,869) |
| Lease payments | (1,197) | (983) |
| Interest on lease | (111) | (100) |
| Purchase of own shares | (2,067) | (462) |
| Third-party subscriptions into consolidated funds | 746 | 2,520 |
| Third-party redemptions from consolidated funds | (1,459) | (300) |
| Net cash outflow from financing activities | (35,030) | (30,194) |
| Net decrease in cash and cash equivalents | (39,574) | (30,423) |
| Cash and cash equivalents at start of the period | 121,819 | 98,880 |
| Effect of exchange rate changes on cash and cash equivalents | 223 | (180) |
| Cash and cash equivalents at end of the period | 82,468 | 68,277 |
| FY Mar 26 | FY Mar 25 | |
|---|---|---|
| Revenue to operating profit | ||
| Revenue | 264.3 | 222.1 |
| Exceptional / adjusting items | 0.0 | (14.8) |
| Operating profit to net income | ||
| Finance costs | (0.2) | (0.2) |
| Profit before tax | 76.9 | 51.6 |
| Tax | (18.2) | (16.3) |
| Net income (owners) | 58.7 | 35.3 |
| Per share | ||
| EPS basic | 60.6p | 36.6p |
| EPS diluted | 59.2p | 36.1p |
| Dividend per share | 46.0p | 46.0p |
| H2 Mar 26 | H1 Sep 25 | H2 Mar 25 | H1 Sep 24 | |
|---|---|---|---|---|
| Revenue to operating profit | ||||
| Revenue | 162.8 | 101.4 | 121.5 | 100.6 |
| Amortisation | – | – | – | 6.0 |
| Share-based payments | – | 4.3 | – | 3.6 |
| Operating profit to net income | ||||
| Finance costs | (0.1) | (0.1) | (0.1) | (0.1) |
| Profit before tax | 49.0 | 27.9 | 28.5 | 23.1 |
| Tax | (10.7) | (7.5) | (9.9) | (6.5) |
| Net income (owners) | 38.2 | 20.4 | 18.7 | 16.6 |
| Per share | ||||
| EPS basic | 39.5p | 21.1p | 19.3p | 17.3p |
| EPS diluted | 38.2p | 21.0p | 19.0p | 17.1p |
| Dividend per share | 32.0p | 14.0p | – | – |
| H2 Mar 26 | H1 Sep 25 | H2 Mar 25 | H1 Sep 24 | |
|---|---|---|---|---|
| Operating activities | ||||
| Cash from operations | 73.1 | (0.6) | 49.0 | 15.0 |
| Tax paid | (9.8) | (10.4) | (11.3) | (8.0) |
| Investing activities | ||||
| Capex (PP&E) | (0.0) | (0.2) | 0.1 | (0.3) |
| Financing activities | ||||
| Lease principal paid | (1.2) | (1.2) | (0.5) | (1.0) |
| Lease interest paid | (0.1) | (0.1) | (0.1) | (0.1) |
| Dividends paid | (13.6) | (30.9) | (13.5) | (30.9) |
| Share buybacks | (5.1) | (2.1) | 0.8 | (0.5) |
| 31 Mar 26 | 31 Mar 25 | |
|---|---|---|
| Non-current assets | ||
| Property, plant & equipment | 3.9 | 6.1 |
| Non-current assets | 9.6 | 10.4 |
| Current assets | ||
| Trade receivables | 29.8 | 22.9 |
| Cash | 151.0 | 121.8 |
| Current assets | 238.5 | 209.7 |
| Total assets | 248.1 | 220.1 |
| Current liabilities | ||
| Trade payables | 85.5 | 71.2 |
| Current liabilities | 94.4 | 80.5 |
| Non-current liabilities | ||
| Non-current liabilities | 2.9 | 5.2 |
| Total liabilities | 97.3 | 85.7 |
| Equity | ||
| Total equity | 150.8 | 134.4 |
| 31 Mar 26 | 30 Sep 25 | 31 Mar 25 | |
|---|---|---|---|
| Non-current assets | |||
| Property, plant & equipment | 3.9 | 5.4 | 6.1 |
| Non-current assets | 9.6 | 10.3 | 10.4 |
| Current assets | |||
| Trade receivables | 29.8 | 25.2 | 22.9 |
| Cash | 151.0 | 82.5 | 121.8 |
| Current assets | 238.5 | 186.6 | 209.7 |
| Total assets | 248.1 | 197.0 | 220.1 |
| Current liabilities | |||
| Trade payables | 85.5 | 56.3 | 71.2 |
| Current liabilities | 94.4 | 66.5 | 80.5 |
| Non-current liabilities | |||
| Non-current liabilities | 2.9 | 4.3 | 5.2 |
| Total liabilities | 97.3 | 70.7 | 85.7 |
| Equity | |||
| Total equity | 150.8 | 126.2 | 134.4 |
Read automatically from each results announcement. Check the source before relying on a figure.
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Company filings. Not investment advice.