Cash flow Polar Capital Holdings Plc

Equities

POLR

GB00B1GCLT25

Investment Management & Fund Operators

Market Closed - London S.E. Other stock markets 16:35:19 21/01/2026 GMT			5-day change	1st Jan Change
605.00 ^GBX	-2.10%		+8.42%	+13.72%

01-21	Polar Capital Holdings Plc commences an Equity Buyback Plan for 15,225,099 shares, representing 14.99% of its issued share capital, under the authorization approved on September 25, 2025.	CI
01-20	Wise's Chief People Officer Naidoo sells shares	AN

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Published financial data: POLAR CAPITAL HOLDINGS PLC

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: March	2021	2022	2023	2024	2025
Revenues	202M	224M	183M	195M	222M
Gain (Loss) on Sale of Investment, Total (Rev)	-	-	-	-	-
Interest And Invest. Income (Rev)	292K	307K	1.31M	2.78M	-
Other Revenues, Total	6.15M	-1.1M	3.92M	-590K	4M
Total Revenues	208M	223M	188M	197M	226M
Cost of Goods Sold, Total	15.39M	22.64M	21.38M	22.66M	27.78M
Gross Profit	193M	201M	167M	175M	198M
Selling General & Admin Expenses, Total	95.34M	108M	110M	116M	129M
Depreciation & Amortization - (IS)	1.4M	1.4M	2.17M	2.47M	2.48M
Amortization of Goodwill and Intangible Assets - (IS)	-	-	1.16M	1.16M	14.77M
Other Operating Expenses	18.97M	19.76M	-	-	-
Other Operating Expenses, Total	116M	130M	114M	120M	146M
Operating Income	76.85M	71.14M	52.99M	54.57M	51.85M
Interest Expense, Total	-	-	-175K	-211K	-205K
Net Interest Expenses	-	-	-175K	-211K	-205K
Currency Exchange Gains (Loss)	1.86M	-1.4M	-2.65M	334K	-
EBT, Excl. Unusual Items	78.72M	69.74M	50.16M	54.69M	51.64M
Merger & Related Restructuring Charges	-1.91M	-2.9M	-	-	-
Asset Writedown	-419K	-7.86M	-	-	-
Other Unusual Items	-473K	3.1M	-4.96M	-	-
EBT, Incl. Unusual Items	75.92M	62.09M	45.2M	54.69M	51.64M
Income Tax Expense	13.2M	13.17M	9.59M	13.9M	16.34M
Earnings From Continuing Operations	62.72M	48.92M	35.61M	40.79M	35.31M
Net Income to Company	62.72M	48.92M	35.61M	40.79M	35.31M
Net Income - (IS)	62.72M	48.92M	35.61M	40.79M	35.31M
Net Income to Common Incl Extra Items	62.72M	48.92M	35.61M	40.79M	35.31M
Net Income to Common Excl. Extra Items	62.72M	48.92M	35.61M	40.79M	35.31M
Per Share Items
Net EPS - Basic	0.67	0.51	0.37	0.42	0.37
Basic EPS - Continuing Operations	0.67	0.51	0.37	0.42	0.37
Basic Weighted Average Shares Outstanding	93.4M	96.3M	96.78M	96.38M	96.56M
Net EPS - Diluted	0.64	0.49	0.36	0.42	0.36
Diluted EPS - Continuing Operations	0.64	0.49	0.36	0.42	0.36
Diluted Weighted Average Shares Outstanding	97.95M	100M	98.65M	97.69M	97.87M
Normalized Basic EPS	0.53	0.45	0.32	0.35	0.33
Normalized Diluted EPS	0.5	0.43	0.32	0.35	0.33
Dividend Per Share	0.4	0.46	0.46	0.46	0.46
Payout Ratio	50.87	88.71	124.9	108.67	125.75
Supplemental Items
EBITDA	77.14M	71.43M	54.55M	56.18M	55.5M
EBITA	76.85M	71.14M	54.15M	55.73M	53.01M
EBIT	76.85M	71.14M	52.99M	54.57M	51.85M
EBITDAR	-	-	-	-	-
Total Revenues (As Reported)	210M	226M	185M	198M	226M
Effective Tax Rate - (Ratio)	17.38	21.2	21.22	25.41	31.63
Current Domestic Taxes	12.84M	13.73M	10.16M	15.92M	-
Current Foreign Taxes	188K	240K	-444K	128K	-
Total Current Taxes	13.02M	13.97M	9.72M	16.04M	-
Total Deferred Taxes	172K	-807K	-127K	-2.15M	-
Normalized Net Income	49.2M	43.59M	31.35M	34.18M	32.28M
Interest on Long-Term Debt	107K	95K	175K	211K	205K
Supplemental Operating Expense Items
General and Administrative Expenses	418K	383K	432K	615K	680K
Net Rental Expense, Total	-	-	-	-	-
Stock-Based Comp., SG&A Exp. (Total)	5.62M	7.35M	4.39M	5.08M	7.01M
Stock-Based Comp., Other (Total)	5.63M	6.54M	7.36M	-1.21M	3.84M
Total Stock-Based Compensation	11.26M	13.89M	11.74M	3.87M	10.85M

Fiscal Period: March	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	137M	121M	107M	98.88M	122M
Short Term Investments	41.88M	54.9M	60.29M	47.45M	63.35M
Total Cash And Short Term Investments	179M	176M	167M	146M	185M
Accounts Receivable, Total	17.71M	18.93M	13.12M	14.48M	22.88M
Other Receivables	6.07M	5.52M	4.39M	3.7M	149K
Total Receivables	23.78M	24.45M	17.51M	18.18M	23.03M
Prepaid Expenses	2.11M	2.54M	2.33M	3.02M	-
Other Current Assets, Total	15.36M	25.58M	28M	25.07M	1.54M
Total Current Assets	220M	229M	215M	193M	210M
Gross Property Plant And Equipment	13.89M	14.3M	22.89M	23.13M	-
Accumulated Depreciation	-8.78M	-10.19M	-12.35M	-14.82M	-
Net Property Plant And Equipment	5.1M	4.11M	10.53M	8.31M	6.13M
Goodwill	6.77M	6.73M	6.73M	6.73M	-
Other Intangibles, Total	18.23M	10.37M	9.2M	8.04M	-
Deferred Tax Assets Long-Term	5.78M	3.48M	106K	1.94M	4.26M
Total Assets	256M	253M	242M	218M	220M
Liabilities
Accounts Payable, Total	48.57M	54.38M	42.52M	43.39M	71.16M
Accrued Expenses, Total	21.82M	24.42M	24.4M	19.4M	-
Current Portion of Leases	1.21M	1.25M	1.73M	1.34M	-
Current Income Taxes Payable	-	-	712K	4.13M	3.53M
Other Current Liabilities	20.19M	10.04M	19.58M	5.68M	5.81M
Total Current Liabilities	91.79M	90.1M	88.94M	73.94M	80.49M
Long-Term Leases	3.15M	1.9M	7.53M	6.16M	-
Deferred Tax Liability Non Current	4.12M	3.44M	518K	-	-
Other Non Current Liabilities	5.23M	1.61M	1.84M	1.62M	5.19M
Total Liabilities	104M	97.04M	98.82M	81.72M	85.68M
Common Stock, Total	2.47M	2.51M	2.52M	2.53M	2.54M
Additional Paid In Capital	19.36M	19.36M	19.36M	19.36M	19.36M
Retained Earnings	145M	147M	140M	137M	130M
Treasury Stock	-26.58M	-24.92M	-31.62M	-34.65M	-29.73M
Comprehensive Income and Other	11.03M	12.42M	12.3M	12.02M	12.28M
Total Common Equity	151M	156M	143M	136M	134M
Total Equity	151M	156M	143M	136M	134M
Total Liabilities And Equity	256M	253M	242M	218M	220M
Supplemental Items
ECS Total Shares Outstanding on Filing Date	105M	96.75M	95.82M	96.39M	96.68M
ECS Total Common Shares Outstanding	93.55M	96.21M	95.42M	96.03M	96.68M
Book Value / Share	1.62	1.62	1.5	1.42	1.39
Tangible Book Value	126M	139M	127M	121M	134M
Tangible Book Value Per Share	1.35	1.45	1.33	1.26	1.39
Total Debt	4.36M	3.14M	9.26M	7.51M	0
Net Debt	-174M	-173M	-158M	-139M	-185M
Debt Equivalent Oper. Leases	-	-	-	-	-
Account Code - Inventory Valuation	3	-	3	3	3
Machinery, Total	1.38M	1.47M	1.58M	1.76M	-
Full Time Employees	185	194	191	204	-

Fiscal Period: March	2021	2022	2023	2024	2025
Net Income	62.72M	48.92M	35.61M	40.79M	35.31M
Depreciation & Amortization - CF	1.4M	1.4M	2.17M	2.47M	2.48M
Amortization of Goodwill and Intangible Assets - (CF)	-	-	1.16M	1.16M	1.16M
Depreciation & Amortization, Total	1.4M	1.4M	3.33M	3.63M	3.65M
(Gain) Loss on Sale of Investments - (CF)	-	-	-	-	-
Asset Writedown & Restructuring Costs	419K	7.86M	-	-	13.61M
Stock-Based Compensation (CF)	11.26M	13.89M	11.74M	3.87M	10.85M
Other Operating Activities, Total	-740K	2.3M	1.61M	1.26M	-3.18M
Change in Trading Asset Securities	-14.27M	7.71M	-4.15M	2.93M	-1.77M
Change In Accounts Receivable	-9.11M	-1.51M	5.91M	-1.55M	-1.81M
Change In Accounts Payable	26.49M	8.42M	-8.68M	-7.09M	5.73M
Change in Other Net Operating Assets	-1.02M	-14.33M	-242K	-1.94M	1.63M
Cash from Operations	77.14M	74.67M	45.12M	41.91M	64.02M
Capital Expenditure	-481K	-1.81M	-712K	-313K	-209K
Sale of Property, Plant, and Equipment	-	-	-	-	12K
Cash Acquisitions	-7.41M	-8.12M	-	-	-
Investment in Marketable and Equity Securities, Total	-12.16M	-29.1M	-19.2M	12.99M	3.76M
Other Investing Activities, Total	246K	227K	421K	430K	345K
Cash from Investing	-19.81M	-38.8M	-19.49M	13.11M	3.91M
Long-Term Debt Repaid, Total	-1.3M	-1.31M	-1.42M	-1.73M	-1.5M
Total Debt Repaid	-1.3M	-1.31M	-1.42M	-1.73M	-1.5M
Issuance of Common Stock	12.29M	9.86M	20.67M	4.99M	1.78M
Repurchase of Common Stock	-7.41M	-16.94M	-14.53M	-21.64M	-1.1M
Common Dividends Paid	-31.91M	-43.4M	-44.48M	-44.33M	-44.4M
Common & Preferred Stock Dividends Paid	-31.91M	-43.4M	-44.48M	-44.33M	-44.4M
Other Financing Activities, Total	-	-	-175K	-211K	-205K
Cash from Financing	-28.32M	-51.78M	-39.94M	-62.92M	-45.44M
Foreign Exchange Rate Adjustments	-53K	316K	149K	-188K	446K
Net Change in Cash	28.96M	-15.59M	-14.15M	-8.1M	22.94M
Supplemental Items
Cash Interest Paid	107K	95K	175K	211K	205K
Cash Income Tax Paid (Refund)	13.61M	10.86M	7.74M	12.42M	19.37M
Levered Free Cash Flow	86.44M	44.89M	50.46M	28.11M	59.85M
Unlevered Free Cash Flow	86.44M	44.89M	50.57M	28.25M	59.98M
Change In Net Working Capital	-26.24M	13.05M	-3.09M	13.05M	-13.28M
Net Debt Issued / Repaid	-1.3M	-1.31M	-1.42M	-1.73M	-1.5M

Fiscal Period: March	2021	2022	2023	2024	2025
Profitability
Return on Assets	22.41	17.47	13.47	14.85	14.81
Return on Total Capital	34.62	28.21	21.26	23.08	23.97
Return On Equity %	46.89	31.8	23.81	29.27	26.12
Return on Common Equity	46.89	31.8	23.81	29.27	26.12
Margin Analysis
Gross Profit Margin %	92.6	89.86	88.63	88.51	87.72
SG&A Margin	45.85	48.53	58.69	59.01	57.15
EBITDA Margin %	37.1	31.99	29	28.48	24.55
EBITA Margin %	36.96	31.86	28.79	28.25	23.45
EBIT Margin %	36.96	31.86	28.17	27.66	22.93
Income From Continuing Operations Margin %	30.16	21.91	18.93	20.68	15.62
Net Income Margin %	30.16	21.91	18.93	20.68	15.62
Net Avail. For Common Margin %	30.16	21.91	18.93	20.68	15.62
Normalized Net Income Margin	23.66	19.52	16.67	17.33	14.28
Levered Free Cash Flow Margin	41.57	20.1	26.83	14.25	26.47
Unlevered Free Cash Flow Margin	41.57	20.1	26.88	14.32	26.52
Asset Turnover
Asset Turnover	0.97	0.88	0.77	0.86	1.03
Fixed Assets Turnover	36.56	48.46	25.69	20.94	31.33
Receivables Turnover (Average Receivables)	14.05	12.23	11.41	14.14	10.11
Short Term Liquidity
Current Ratio	2.4	2.54	2.42	2.6	2.61
Quick Ratio	2.2	2.23	2.08	2.23	2.59
Operating Cash Flow to Current Liabilities	0.84	0.83	0.51	0.57	0.8
Days Sales Outstanding (Average Receivables)	25.99	29.83	31.98	25.89	36.11
Average Days Payable Outstanding	909.58	829.8	827.04	693.85	888.92
Long Term Solvency
Total Debt/Equity	2.88	2.01	6.48	5.52	-
Total Debt / Total Capital	2.8	1.97	6.08	5.23	-
LT Debt/Equity	2.08	1.21	5.27	4.54	-
Long-Term Debt / Total Capital	2.02	1.19	4.95	4.3	-
Total Liabilities / Total Assets	40.78	38.31	40.89	37.55	38.92
EBIT / Interest Expense	-	-	302.78	258.61	252.93
EBITDA / Interest Expense	-	-	321.81	275.83	270.73
(EBITDA - Capex) / Interest Expense	-	-	317.74	274.35	269.71
Total Debt / EBITDA	0.06	0.04	0.16	0.13	-
Net Debt / EBITDA	-2.23	-2.38	-2.81	-2.39	-3.34
Total Debt / (EBITDA - Capex)	0.06	0.04	0.17	0.13	-
Net Debt / (EBITDA - Capex)	-2.24	-2.44	-2.84	-2.4	-3.35
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	34.79	7.39	-15.77	4.86	14.44
Gross Profit, 1 Yr. Growth %	34.68	4.21	-16.92	4.72	13.38
EBITDA, 1 Yr. Growth %	46.48	-7.4	-23.64	2.99	-5.19
EBITA, 1 Yr. Growth %	46.63	-7.44	-23.88	2.92	-5.44
EBIT, 1 Yr. Growth %	46.63	-7.44	-23.51	2.98	-5.56
Earnings From Cont. Operations, 1 Yr. Growth %	56.07	-21.99	-27.21	14.55	-13.44
Net Income, 1 Yr. Growth %	56.07	-21.99	-27.21	14.55	-13.44
Normalized Net Income, 1 Yr. Growth %	54.71	-11.4	-26.1	9.02	-5.57
Diluted EPS Before Extra, 1 Yr. Growth %	54.96	-23.91	-25.87	15.79	-13.64
Accounts Receivable, 1 Yr. Growth %	61.19	6.9	-30.7	10.38	8.59
Net Property, Plant and Equip., 1 Yr. Growth %	-18.61	-19.42	156.11	-21.14	-26.22
Total Assets, 1 Yr. Growth %	47.84	-0.95	-3.27	-9.96	1.15
Tangible Book Value, 1 Yr. Growth %	8.93	10.05	-8.79	-4.57	11
Common Equity, 1 Yr. Growth %	30.46	3.17	-8.57	-4.87	-1.07
Cash From Operations, 1 Yr. Growth %	83.05	-3.26	-39.57	-7.13	52.76
Capital Expenditures, 1 Yr. Growth %	345.37	276.09	-60.64	-56.04	-33.23
Levered Free Cash Flow, 1 Yr. Growth %	201.37	-48.07	10.68	-44.28	34.04
Unlevered Free Cash Flow, 1 Yr. Growth %	201.37	-48.07	10.92	-44.14	33.94
Dividend Per Share, 1 Yr. Growth %	21.21	15	0	0	0
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	7.78	20.31	-4.89	-6.02	9.64
Gross Profit, 2 Yr. CAGR %	7.6	18.47	-6.95	-6.72	9.07
EBITDA, 2 Yr. CAGR %	9.02	16.46	-15.91	-11.32	0.87
EBITA, 2 Yr. CAGR %	9.1	16.5	-16.06	-11.49	-1.05
EBIT, 2 Yr. CAGR %	9.1	16.5	-16.97	-11.25	-1.08
Earnings From Cont. Operations, 2 Yr. CAGR %	9.42	10.34	-24.65	-8.69	-0.42
Net Income, 2 Yr. CAGR %	9.42	10.34	-24.65	-8.69	-0.42
Normalized Net Income, 2 Yr. CAGR %	10.83	17.08	-20.17	-10.24	1.47
Diluted EPS Before Extra, 2 Yr. CAGR %	9.27	8.59	-24.9	-7.35	0
Accounts Receivable, 2 Yr. CAGR %	24.28	31.26	-13.93	-12.54	32.07
Net Property, Plant and Equip., 2 Yr. CAGR %	72.11	-19.01	43.66	42.12	-23.72
Total Assets, 2 Yr. CAGR %	23.41	21.01	-2.79	-6.67	-4.56
Tangible Book Value, 2 Yr. CAGR %	7.37	9.49	0.19	-6.7	2.92
Common Equity, 2 Yr. CAGR %	17.5	16.02	-2.88	-6.74	-2.99
Cash From Operations, 2 Yr. CAGR %	1.64	33.12	-23.54	-25.09	19.11
Capital Expenditures, 2 Yr. CAGR %	120.42	309.27	21.67	-58.4	-45.82
Levered Free Cash Flow, 2 Yr. CAGR %	15.58	25.1	-23.6	-21.47	8.9
Unlevered Free Cash Flow, 2 Yr. CAGR %	15.58	25.1	-23.51	-21.29	8.9
Dividend Per Share, 2 Yr. CAGR %	10.1	18.07	7.24	0	0
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	14.88	7.65	6.83	-1.75	0.42
Gross Profit, 3 Yr. CAGR %	14.22	6.46	5.26	-3.21	-0.39
EBITDA, 3 Yr. CAGR %	22.68	3.24	1.18	-10.03	-8.07
EBITA, 3 Yr. CAGR %	23.03	3.29	1.09	-10.16	-9.34
EBIT, 3 Yr. CAGR %	23.03	3.29	0.36	-10.79	-9.2
Earnings From Cont. Operations, 3 Yr. CAGR %	24.12	-2.25	-3.95	-13.36	-10.3
Net Income, 3 Yr. CAGR %	24.12	-2.25	-3.95	-13.36	-10.3
Normalized Net Income, 3 Yr. CAGR %	24.01	2.86	-0.47	-11.43	-8.71
Diluted EPS Before Extra, 3 Yr. CAGR %	22.64	-3.15	-4.39	-13.24	-9.5
Accounts Receivable, 3 Yr. CAGR %	21.33	18.19	6.09	-6.49	6.52
Net Property, Plant and Equip., 3 Yr. CAGR %	37.32	33.65	18.87	17.63	14.22
Total Assets, 3 Yr. CAGR %	25.65	14.69	11.79	-5.24	-4.13
Tangible Book Value, 3 Yr. CAGR %	12.98	8.25	3.02	-1.42	-1.14
Common Equity, 3 Yr. CAGR %	19.99	12.52	7.16	-3.55	-4.89
Cash From Operations, 3 Yr. CAGR %	14.49	0	2.31	-18.42	-5
Capital Expenditures, 3 Yr. CAGR %	84.17	163.39	87.51	-13.34	-51.3
Levered Free Cash Flow, 3 Yr. CAGR %	23.51	-11.47	20.72	-31.23	9.49
Unlevered Free Cash Flow, 3 Yr. CAGR %	23.51	-11.47	20.8	-31.12	9.57
Dividend Per Share, 3 Yr. CAGR %	12.62	11.71	11.71	4.77	0
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	19.49	23.51	6.52	1.96	7.95
Gross Profit, 5 Yr. CAGR %	19.9	22.71	5.23	0.97	6.76
EBITDA, 5 Yr. CAGR %	25.29	25.03	5.48	-2.85	1.05
EBITA, 5 Yr. CAGR %	25.7	25.47	5.58	-2.9	0.23
EBIT, 5 Yr. CAGR %	25.7	25.47	5.12	-3.31	-0.22
Earnings From Cont. Operations, 5 Yr. CAGR %	28.07	24.98	1.66	-4.88	-2.55
Net Income, 5 Yr. CAGR %	28.07	24.98	1.66	-4.88	-2.55
Normalized Net Income, 5 Yr. CAGR %	27.21	27.82	3.98	-3.12	0.3
Diluted EPS Before Extra, 5 Yr. CAGR %	26.83	23.43	0.79	-4.85	-2.66
Accounts Receivable, 5 Yr. CAGR %	22.54	18.66	5.76	4.78	15.8
Net Property, Plant and Equip., 5 Yr. CAGR %	12.27	11.36	39.82	36.97	-0.46
Total Assets, 5 Yr. CAGR %	19.09	20.77	13.39	5.32	4.94
Tangible Book Value, 5 Yr. CAGR %	10.8	14.49	7.68	2	2.98
Common Equity, 5 Yr. CAGR %	14.88	17.17	10.26	4.38	2.98
Cash From Operations, 5 Yr. CAGR %	31.67	51.84	-2.57	-10.91	8.72
Capital Expenditures, 5 Yr. CAGR %	5.22	113.27	56.03	25.89	14.12
Levered Free Cash Flow, 5 Yr. CAGR %	24.56	29.14	1.92	-15.36	15.85
Unlevered Free Cash Flow, 5 Yr. CAGR %	24.56	29.14	1.97	-15.28	15.9
Dividend Per Share, 5 Yr. CAGR %	9.86	12.97	10.44	6.87	6.87