Impax Environmental Markets

IEM.L

Asset Management · Financial Services

Exchange

London Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Good

Growth

Weak

Cash Flow

Mixed

Stability

Good

Valuation

Data not available

Dividends

Good

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Winston Score History

The full picture

Impax Environmental Markets is a closed-end investment trust listed on the London Stock Exchange. It pools money from investors and uses it to buy shares in companies that work on environmental problems — things like clean energy, water treatment, waste recycling, and pollution control. The fund is managed by Impax Asset Management, a specialist firm focused entirely on the transition to a more sustainable global economy.

The trust makes money by charging management fees on the assets it holds, which is a common model for investment funds. It invests mainly in small and mid-sized companies across developed markets in Europe, North America, and Asia-Pacific, giving it broad geographic exposure. Its focus on a single theme — environmental solutions — is both its competitive edge and its main risk, since performance depends heavily on policy support for green industries, interest rates, and investor appetite for ESG-related strategies, all of which can shift quickly.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

>+1,000% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+694.1% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

6.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

£903M cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Impax Environmental Markets grew revenue 9561% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

89.6%

Premium pricing power — 89.6% gross margin

Profit after running costs

Operating Margin

87.4%

Excellent — 87.4% operating margin

Return on the money invested

ROCE

-0.6%

Weak — -0.6% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

N/A

Data not available

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

257.1%

Converts sales into free cash efficiently (257.1%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

0.11

Conservative — low debt load (0.11)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

no trend

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend

Dividend Yield

1.15%

no trend

Small dividend — 1.15% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

+21.1%

no trend

Dividend growing fast (21.1% YoY)

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