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Tekla Life Sciences Investors

HQL
71
Asset Management · Financial Services
Price
$16.78
-0.46 (-2.67%)
Market Cap
$510.2M
Exchange
New York Stock Exchange
Winston Score
71
Winston is happy
A high-quality business with solid fundamentals.
Data as of Oct 18, 2026 · filings through Mar 31, 2026

§How the score breaks down

Quality
Exceptional
30/30
Growth
Good
12/20
Cash Flow
Weak
0/10
Stability
Exceptional
10/10
Valuation
Good
6/10
Ownership
Good
8/15
Dividends
Exceptional
5/5

71 of 100 counted points = Winston Score 71.

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Share count rising — dilution

+19.0% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 24.3M (2021) → 28.9M (2025)

§Winston Score History

The full picture

Tekla Life Sciences Investors is a closed-end fund that pools money from individual and institutional investors and uses it to buy stocks in life sciences companies. Its portfolio focuses on businesses in biotechnology, pharmaceuticals, and medical devices. The fund is managed by Tekla Capital Management, which specializes entirely in healthcare and life science investing.

The fund makes money by collecting management fees and generating returns through dividends, interest, and capital gains from its holdings. It trades on the New York Stock Exchange under the ticker HQL and has a market capitalization of roughly $600 million. Because it is a closed-end fund, it issues a fixed number of shares, which means its share price can trade at a discount or premium to the actual value of its underlying holdings. The main risk is that the life sciences sector is highly sensitive to clinical trial results, drug approval decisions by the FDA, and changes in healthcare policy, all of which can cause sharp swings in portfolio value.

Growth Profile

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

Revenue Growth

+164.1% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+231.1% 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

9.8%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

5+ years

$562M cash & investments at current burn rate

Revenue accelerating

Tekla Life Sciences Investors grew revenue 164% 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
93.5%
Premium pricing power — 93.5% gross margin
Profit after running costs
Operating Margin
135.9%
Excellent — 135.9% operating margin
Return on the money invested
ROCE
35.3%
Exceptional — 35.3% 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
+196.8%
Fast-growing sales (+196.8% YoY)
Profit growth
EPS YoY
N/A
Data not available
How steady the profit is
EPS Consistency
6/8 quarters
Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash
Cash Conversion
-1%
Weak — only -1% of profit becomes cash
Spare cash per sale
FCF Margin
-4.2%
Burning cash (-4.2%)

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

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Stability

What it owes vs what it owns
Debt / Equity
0.00
Conservative — low debt load (0.00)
Covers its interest
Interest Cover
100.00x
—
Comfortably covers interest (100.0x)

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

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Valuation

Price vs profit
P/E Ratio (TTM)
2.5x
Attractive valuation — P/E 2.5

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

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Dividends

Dividend
Dividend Yield
14.12%
Healthy income — 14.12% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record
Dividend Growth
+23.1%
Dividend growing fast (23.1% YoY)
Payout Ratio
25%
no trend
Pays out a modest share of profit and keeps the rest to reinvest. Room to keep paying through a weak year.

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