Scottish Mortgage Investment Trust

SMT.L

Asset Management · Financial Services

Exchange

London Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

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

How the score breaks down

Quality

Exceptional

Growth

Good

Cash Flow

Weak

Stability

Exceptional

Valuation

Good

Dividends

Mixed

Track this stock — start free trial

Winston Score History

The full picture

Scottish Mortgage Investment Trust is a large investment fund based in the United Kingdom that pools money from thousands of investors and uses it to buy shares in companies around the world. It is managed by Baillie Gifford, a Scottish investment firm, and focuses on finding fast-growing businesses in technology, healthcare, and other innovative industries. It is one of the largest investment trusts listed on the London Stock Exchange.

The trust makes money by charging a small annual management fee on the total assets it holds, which is why its margins are so high — it does not manufacture anything. It invests globally, with major holdings in both public companies and private (unlisted) businesses, giving ordinary investors access to companies they could not easily buy themselves. The key growth driver is its ability to identify high-growth companies early, but its heavy concentration in technology and unlisted assets means its share price can fall sharply when investor appetite for growth stocks weakens.

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

-53.0% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-49.4% YoY

YoY Growth Rate

Earnings declining

Insider Activity

3.4%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

5+ years

£15.4B cash & investments at current burn rate

Revenue declining

Scottish Mortgage Investment Trust's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

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

96.0%

Premium pricing power — 96.0% gross margin

Profit after running costs

Operating Margin

95.5%

Excellent — 95.5% operating margin

Return on the money invested

ROCE

20.4%

Exceptional — 20.4% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Growth

Sales growth

Sales YoY

+143.9%

Fast-growing sales (+143.9% YoY)

Profit growth

EPS YoY

+178.4%

Earnings growing fast (+178.4% YoY)

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

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Cash Flow

Profit that turns into cash

Cash Conversion

-2%

Weak — only -2% of profit becomes cash

Spare cash per sale

FCF Margin

-2.2%

Burning cash (-2.2%)

Free cash flow is negative. They are burning cash, not generating it.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Stability

What it owes vs what it owns

Debt / Equity

0.12

Conservative — low debt load (0.12)

Covers its interest

Interest Cover

59.59x

Comfortably covers interest (59.6x)

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

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Valuation

Price vs profit

P/E Ratio (TTM)

5.4x

no trend

Attractive valuation — P/E 5.4

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Dividends

Dividend

Dividend Yield

0.32%

no trend

Small dividend — 0.32% yield

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

Dividend record

Dividend Growth

+7.3%

no trend

Dividend growing modestly (7.3% YoY)

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

🔒 See full fundamentals and if they are improving or declining — click here for your free trial now.

Start free trial