Merchants Trust PLC (MRCH) - Net Assets

Latest as of January 2026: GBX964.46 Million GBX ≈ $117.35K USD

Based on the latest financial reports, Merchants Trust PLC (MRCH) has net assets worth GBX964.46 Million GBX (≈ $117.35K USD) as of January 2026. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (GBX1.08 Billion ≈ $131.88K USD) and total liabilities (GBX119.44 Million ≈ $14.53K USD). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check MRCH tangible net worth ratio to evaluate the tangible quality of the company's equity base.

Key Net Assets Metrics

Metric	Value
Current Net Assets	GBX964.46 Million
% of Total Assets	88.98%
Annual Growth Rate	3.53%
5-Year Change	30.5%
10-Year Change	76.86%
Growth Volatility	17.58

Merchants Trust PLC - Net Assets Trend (2000–2026)

This chart illustrates how Merchants Trust PLC's net assets have evolved over time, based on quarterly financial data. See defensive interval ratio of Merchants Trust PLC to measure how many days the company can operate on defensive assets alone.

Annual Net Assets for Merchants Trust PLC (2000–2026)

The table below shows the annual net assets of Merchants Trust PLC from 2000 to 2026. For live valuation and market cap data, see MRCH stock market capitalisation.

Year	Net Assets	Change
2026-01-31	GBX964.46 Million ≈ $117.35K	+13.49%
2025-01-31	GBX849.82 Million ≈ $103.40K	+7.91%
2024-01-31	GBX787.52 Million ≈ $95.82K	-3.06%
2023-01-31	GBX812.38 Million ≈ $98.84K	+9.92%
2022-01-31	GBX739.05 Million ≈ $89.92K	+33.23%
2021-01-31	GBX554.72 Million ≈ $67.49K	-10.89%
2020-01-31	GBX622.53 Million ≈ $75.74K	+16.60%
2019-01-31	GBX533.93 Million ≈ $64.96K	-10.03%
2018-01-31	GBX593.48 Million ≈ $72.21K	+8.83%
2017-01-31	GBX545.32 Million ≈ $66.35K	+9.48%
2016-01-31	GBX498.11 Million ≈ $60.61K	-11.37%
2015-01-31	GBX562.01 Million ≈ $68.38K	+6.14%
2014-01-31	GBX529.48 Million ≈ $64.42K	+9.97%
2013-01-31	GBX481.46 Million ≈ $58.58K	+16.01%
2012-01-31	GBX415.02 Million ≈ $50.50K	-5.86%
2011-01-31	GBX440.85 Million ≈ $53.64K	+14.58%
2010-01-31	GBX384.75 Million ≈ $46.81K	+22.22%
2009-01-31	GBX314.80 Million ≈ $38.30K	-37.81%
2008-01-31	GBX506.19 Million ≈ $61.59K	-14.04%
2007-01-31	GBX588.84 Million ≈ $71.64K	+14.40%
2006-01-31	GBX514.71 Million ≈ $62.63K	+21.25%
2005-01-31	GBX424.51 Million ≈ $51.65K	+18.37%
2004-01-31	GBX358.62 Million ≈ $43.63K	+30.60%
2003-01-31	GBX274.58 Million ≈ $33.41K	-34.96%
2002-01-31	GBX422.16 Million ≈ $51.36K	-11.11%
2001-01-31	GBX474.91 Million ≈ $57.78K	+21.31%
2000-01-31	GBX391.50 Million ≈ $47.63K	--

Equity Component Analysis

This analysis shows how different components contribute to Merchants Trust PLC's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.

Equity Composition Insights

Retained earnings have grown by 190.8% over the analyzed period, indicating profitable operations and earnings retention.

Current Equity Component Breakdown (January 2026)

Component	Amount	Percentage
Retained Earnings	GBX29.91 Million	3.10%
Common Stock	GBX37.11 Million	3.85%
Other Comprehensive Income	GBX668.72 Million	69.34%
Other Components	GBX228.73 Million	23.72%
Total Equity	GBX964.46 Million	100.00%

Merchants Trust PLC Competitors by Market Cap

The table below lists competitors of Merchants Trust PLC ranked by their market capitalization.

Company	Market Cap
Hookipa Pharma Inc NASDAQ:HOOK	$11.47 Million
Atomo Diagnostics Ltd AU:AT1	$11.48 Million
Ecomiam SA PA:ALECO	$11.48 Million
XINYUAN REAL ESTATE ADR20 F:3XR	$11.48 Million
COSMOS HEALTH NEW DL-01 F:V67A	$11.46 Million
LX Hausys Ltd Preferred KO:108675	$11.45 Million
Noble Helium Ltd AU:NHE	$11.45 Million
Compucom Software Limited NSE:COMPUSOFT	$11.45 Million

Equity Growth Attribution

This analysis shows how different factors contributed to changes in Merchants Trust PLC's equity between the two most recent reporting periods.

Equity Growth Insights

From 2025 to 2026, total equity changed from 849,822,000 to 964,464,000, a change of 114,642,000 (13.5%).
Net income of 162,408,000 contributed positively to equity growth.
Dividend payments of 43,383,000 reduced retained earnings.
Share repurchases of 4,426,000 reduced equity.
Other comprehensive income increased equity by 668,718,000.
Other factors decreased equity by 668,675,000.

Equity Change Factors (2025 to 2026)

Factor	Impact	Contribution
Net Income	GBX162.41 Million	+16.84%
Dividends Paid	GBX43.38 Million	-4.5%
Share Repurchases	GBX4.43 Million	-0.46%
Other Comprehensive Income	GBX668.72 Million	+69.34%
Other Changes	GBX-668.67 Million	-69.33%
Total Change	GBX-	13.49%

Book Value vs Market Value Analysis

This analysis compares Merchants Trust PLC's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.

Valuation Insights

Current price-to-book ratio: 98.03x
The company is trading at a significant premium to its book value, suggesting the market values its earnings potential, brand, or other intangibles highly.
The price-to-book ratio has decreased from 237.24x to 98.03x over the analyzed period, indicating reduced market premium.

Historical Price-to-Book Ratios

Date	Book Value per Share	Market Price	P/B Ratio
2003-01-31	GBX2.69	GBX638.00	x
2004-01-31	GBX3.51	GBX638.00	x
2005-01-31	GBX4.16	GBX638.00	x
2006-01-31	GBX5.04	GBX638.00	x
2007-01-31	GBX5.71	GBX638.00	x
2008-01-31	GBX4.89	GBX638.00	x
2009-01-31	GBX3.06	GBX638.00	x
2010-01-31	GBX3.73	GBX638.00	x
2011-01-31	GBX4.27	GBX638.00	x
2012-01-31	GBX4.02	GBX638.00	x
2013-01-31	GBX4.66	GBX638.00	x
2014-01-31	GBX5.13	GBX638.00	x
2015-01-31	GBX5.31	GBX638.00	x
2016-01-31	GBX4.58	GBX638.00	x
2017-01-31	GBX5.02	GBX638.00	x
2018-01-31	GBX5.46	GBX638.00	x
2019-01-31	GBX4.91	GBX638.00	x
2020-01-31	GBX5.66	GBX638.00	x
2021-01-31	GBX4.70	GBX638.00	x
2022-01-31	GBX5.95	GBX638.00	x
2023-01-31	GBX6.04	GBX638.00	x
2024-01-31	GBX5.40	GBX638.00	x
2025-01-31	GBX5.73	GBX638.00	x
2026-01-31	GBX6.51	GBX638.00	x

Capital Efficiency Dashboard

This dashboard shows how efficiently Merchants Trust PLC utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.

Capital Efficiency Insights

Current Return on Equity (ROE): 16.84%
The company demonstrates strong efficiency in generating profits from shareholder equity.
DuPont Analysis Breakdown:
• Net Profit Margin: 93.61%
• Asset Turnover: 0.16x
• Equity Multiplier: 1.12x
Recent ROE (16.84%) is above the historical average (7.27%), indicating improving capital efficiency.

Historical Capital Efficiency Metrics

Year	Return on Equity	Net Profit Margin	Asset Turnover	Equity Multiplier	Economic Value Added
2004	28.46%	89.56%	0.24x	1.32x	GBX66.19 Million
2005	17.96%	86.13%	0.16x	1.27x	GBX33.81 Million
2006	21.16%	89.62%	0.19x	1.22x	GBX57.42 Million
2007	14.64%	86.89%	0.14x	1.19x	GBX27.30 Million
2008	-11.11%	0.00%	-0.07x	1.23x	GBX-106.86 Million
2009	-53.64%	0.00%	-0.37x	1.37x	GBX-200.35 Million
2010	24.03%	88.99%	0.21x	1.30x	GBX53.96 Million
2011	18.04%	88.99%	0.16x	1.26x	GBX35.44 Million
2012	-0.55%	-23.79%	0.02x	1.27x	GBX-43.79 Million
2013	18.75%	99.24%	0.15x	1.24x	GBX42.13 Million
2014	13.21%	98.97%	0.11x	1.21x	GBX16.98 Million
2015	5.87%	97.39%	0.05x	1.20x	GBX-23.23 Million
2016	-7.59%	0.00%	-0.06x	1.23x	GBX-87.62 Million
2017	13.43%	98.83%	0.11x	1.21x	GBX18.68 Million
2018	12.60%	98.92%	0.11x	1.19x	GBX15.45 Million
2019	-5.98%	0.00%	-0.05x	1.21x	GBX-85.33 Million
2020	15.48%	99.09%	0.14x	1.16x	GBX34.10 Million
2021	-12.32%	0.00%	-0.10x	1.17x	GBX-123.79 Million
2022	24.66%	99.27%	0.22x	1.13x	GBX108.34 Million
2023	4.95%	95.76%	0.05x	1.14x	GBX-41.05 Million
2024	-3.84%	0.00%	-0.02x	1.14x	GBX-109.00 Million
2025	12.27%	97.32%	0.11x	1.14x	GBX19.29 Million
2026	16.84%	93.61%	0.16x	1.12x	GBX65.96 Million

Industry Comparison

This section compares Merchants Trust PLC's net assets metrics with peer companies in the Asset Management industry.

Industry Context

Industry: Asset Management
Average net assets among peers: $657,704,100
Average return on equity (ROE) among peers: 5.71%

Peer Company Comparison

Company	Net Assets	Return on Equity	Debt-to-Equity	Market Cap
Merchants Trust PLC (MRCH)	GBX964.46 Million	28.46%	0.12x	$11.46 Million
3I Infrastructure PLC (3IN)	$1.25 Billion	6.43%	0.14x	$41.69 Million
Albion Enterprise VCT PLC (AAEV)	$140.65 Million	2.37%	0.01x	$3.29 Million
abrdn Asian Income Fund Limited (AAIF)	$154.40 Million	26.46%	0.07x	$5.95 Million
Abrdn Asia Focus PLC (AAS)	$121.96 Million	12.34%	0.07x	$7.74 Million
Albion Technology & General VCT PLC (AATG)	$121.25 Million	-5.20%	0.01x	$3.15 Million
Abrdn PLC (ABDN)	$3.74 Billion	2.67%	35.62x	$50.56 Million
Aberdeen Diversified Income and Growth Trust PLC (ADIG)	$428.13 Million	2.15%	0.15x	$450.86K
Aquila Energy Efficiency Trust PLC (AEET)	$97.38 Million	-0.64%	0.00x	$247.72K
Aquila European Renewables Income PLC (AERI)	$372.54 Million	-8.03%	0.00x	$56.72 Million
Artemis UK Future Leaders plc (AFL)	$152.03 Million	18.55%	0.02x	$404.11

About Merchants Trust PLC

LSE:MRCH UK Asset Management

Market Cap

$11.46 Million

GBX94.19 Billion GBX

Market Cap Rank

#26711 Global

#328 in UK

Share Price

GBX638.00

Change (1 day)

-0.47%

52-Week Range

GBX537.00 - GBX658.00

All Time High

GBX658.00