Polar Capital Holdings

POLR.L

Asset Management · Financial Services

Price

857.00 GBp

+6.00 (+0.71%)

Market Cap

£813.6M

Exchange

London Stock Exchange

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Exceptional

Growth

Good

Cash Flow

Exceptional

Stability

Good

Valuation

Strong

Dividends

Good

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Share count falling — buybacks

−1.3% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 100.5M (2022) → 99.2M (2026)

Winston Score History

The full picture

Polar Capital Holdings is a British investment management firm that runs money on behalf of large institutional clients like pension funds, insurance companies, and sovereign wealth funds. The company specializes in actively managed equity funds, with a particular focus on technology, healthcare, financials, and other sector-specific strategies. It is a mid-sized, specialist asset manager headquartered in London.

Polar Capital earns money by charging fees based on a percentage of the assets it manages, plus performance fees when its funds beat their targets. It operates primarily across the UK and Europe, with some reach into North America and Asia, and manages roughly $20–25 billion in client assets. Its competitive edge comes from retaining specialist portfolio managers with deep sector expertise, though the main risk the business faces is that poor fund performance or a broad market downturn could cause clients to withdraw money, directly shrinking the fee income the company depends on.

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

+30.6% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+110.5% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

£0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

9.0%ownership

↑ Rising

Insiders increasing their stake — aligned with shareholders

Cash Position

Cash flow positive

£208M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Revenue accelerating

Polar Capital Holdings grew revenue 31% 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.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

85.3%

Premium pricing power — 85.3% gross margin

Profit after running costs

Operating Margin

33.6%

Excellent — 33.6% operating margin

Return on the money invested

ROCE

55.2%

Exceptional — 55.2% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth

Sales YoY

+19.9%

Fast-growing sales (+19.9% YoY)

Profit growth

EPS YoY

+69.4%

Earnings growing fast (+69.4% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

132%

Turns 132% of profit into real cash

Spare cash per sale

FCF Margin

28.2%

Converts sales into free cash efficiently (28.2%)

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

N/A

Data not available

Covers its interest

Interest Cover

420.31x

Comfortably covers interest (420.3x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

14.0x

Attractive valuation — P/E 14.0

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+5.2

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (14.0 → 8.8)

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Dividends

Dividend

Dividend Yield

5.37%

Healthy income — 5.37% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record

Dividend Growth

+0.0%

Dividend flat

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