Scottish Mortgage Investment Trust plc (SMT) - Net Assets

Latest as of September 2025: GBX13.94 Billion GBX ≈ $1.70 Million USD

Based on the latest financial reports, Scottish Mortgage Investment Trust plc (SMT) has net assets worth GBX13.94 Billion GBX (≈ $1.70 Million USD) as of September 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (GBX15.57 Billion ≈ $1.89 Million USD) and total liabilities (GBX1.62 Billion ≈ $197.38K 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 SMT goodwill-adjusted equity ratio to evaluate the tangible quality of the company's equity base.

Key Net Assets Metrics

Metric	Value
Current Net Assets	GBX13.94 Billion
% of Total Assets	89.58%
Annual Growth Rate	7.62%
5-Year Change	-28.88%
10-Year Change	249.46%
Growth Volatility	31.32

Scottish Mortgage Investment Trust plc - Net Assets Trend (2000–2025)

This chart illustrates how Scottish Mortgage Investment Trust plc's net assets have evolved over time, based on quarterly financial data. See Scottish Mortgage Investment Trust plc (SMT) liquidity interval to measure how many days the company can operate on defensive assets alone.

Annual Net Assets for Scottish Mortgage Investment Trust plc (2000–2025)

The table below shows the annual net assets of Scottish Mortgage Investment Trust plc from 2000 to 2025. For live valuation and market cap data, see SMT market cap overview.

Year	Net Assets	Change
2025-03-31	GBX12.08 Billion ≈ $1.47 Million	-4.33%
2024-03-31	GBX12.63 Billion ≈ $1.54 Million	+9.84%
2023-03-31	GBX11.50 Billion ≈ $1.40 Million	-22.08%
2022-03-31	GBX14.76 Billion ≈ $1.80 Million	-13.15%
2021-03-31	GBX16.99 Billion ≈ $2.07 Million	+106.07%
2020-03-31	GBX8.24 Billion ≈ $1.00 Million	+10.97%
2019-03-31	GBX7.43 Billion ≈ $904.01K	+20.07%
2018-03-31	GBX6.19 Billion ≈ $752.87K	+26.97%
2017-03-31	GBX4.87 Billion ≈ $592.98K	+40.96%
2016-03-31	GBX3.46 Billion ≈ $420.67K	+3.73%
2015-03-31	GBX3.33 Billion ≈ $405.56K	+28.31%
2014-03-31	GBX2.60 Billion ≈ $316.07K	+17.10%
2013-03-31	GBX2.22 Billion ≈ $269.91K	+10.24%
2012-03-31	GBX2.01 Billion ≈ $244.84K	-5.63%
2011-03-31	GBX2.13 Billion ≈ $259.44K	+15.89%
2010-03-31	GBX1.84 Billion ≈ $223.86K	+70.31%
2009-03-31	GBX1.08 Billion ≈ $131.45K	-41.17%
2008-03-31	GBX1.84 Billion ≈ $223.44K	+3.76%
2007-03-31	GBX1.77 Billion ≈ $215.34K	+0.94%
2006-03-31	GBX1.75 Billion ≈ $213.33K	+41.10%
2005-03-31	GBX1.24 Billion ≈ $151.19K	+10.18%
2004-03-31	GBX1.13 Billion ≈ $137.22K	+33.57%
2003-03-31	GBX844.32 Million ≈ $102.73K	-35.20%
2002-03-31	GBX1.30 Billion ≈ $158.54K	-11.02%
2001-03-31	GBX1.46 Billion ≈ $178.16K	-24.04%
2000-03-31	GBX1.93 Billion ≈ $234.53K	--

Equity Component Analysis

This analysis shows how different components contribute to Scottish Mortgage Investment 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 decreased by 100.0% over the analyzed period, potentially due to dividend distributions or operating losses.

Current Equity Component Breakdown (March 2025)

Component	Amount	Percentage
Common Stock	GBX60.05 Million	0.50%
Other Components	GBX12.02 Billion	99.50%
Total Equity	GBX12.08 Billion	100.00%

Scottish Mortgage Investment Trust plc Competitors by Market Cap

The table below lists competitors of Scottish Mortgage Investment Trust plc ranked by their market capitalization.

Company	Market Cap
CJ Freshway Corporation KQ:051500	$195.50 Million
CF Bankshares Inc NASDAQ:CFBK	$195.59 Million
Atrium Therapeutics, Inc. Common Stock NASDAQ:RNA	$195.64 Million
Franbo Lines TWO:2641	$195.65 Million
Sam Young Chem KO:003720	$195.45 Million
Sakar Healthcare Limited NSE:SAKAR	$195.35 Million
CviLux Corp TW:8103	$195.35 Million
Embention Sistemas Inteligentes S.A. PA:MLUAV	$195.34 Million

Equity Growth Attribution

This analysis shows how different factors contributed to changes in Scottish Mortgage Investment Trust plc's equity between the two most recent reporting periods.

Equity Growth Insights

From 2024 to 2025, total equity changed from 12,629,814,000 to 12,082,465,000, a change of -547,349,000 (-4.3%).
Net income of 1,217,759,000 contributed positively to equity growth.
Dividend payments of 55,342,000 reduced retained earnings.
Share repurchases of 1,747,606,000 reduced equity.
Other comprehensive income decreased equity by 11,610,774,000.
Other factors increased equity by 11,648,614,000.

Equity Change Factors (2024 to 2025)

Factor	Impact	Contribution
Net Income	GBX1.22 Billion	+10.08%
Dividends Paid	GBX55.34 Million	-0.46%
Share Repurchases	GBX1.75 Billion	-14.46%
Other Comprehensive Income	GBX-11.61 Billion	-96.1%
Other Changes	GBX11.65 Billion	+96.41%
Total Change	GBX-	-4.33%

Book Value vs Market Value Analysis

This analysis compares Scottish Mortgage Investment 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: 158.37x
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 1959.07x to 158.37x over the analyzed period, indicating reduced market premium.

Historical Price-to-Book Ratios

Date	Book Value per Share	Market Price	P/B Ratio
2004-03-31	GBX0.76	GBX1486.00	x
2005-03-31	GBX0.84	GBX1486.00	x
2006-03-31	GBX1.20	GBX1486.00	x
2007-03-31	GBX1.25	GBX1486.00	x
2008-03-31	GBX1.33	GBX1486.00	x
2009-03-31	GBX0.79	GBX1486.00	x
2010-03-31	GBX1.36	GBX1486.00	x
2011-03-31	GBX1.65	GBX1486.00	x
2012-03-31	GBX1.57	GBX1486.00	x
2013-03-31	GBX1.75	GBX1486.00	x
2014-03-31	GBX2.09	GBX1486.00	x
2015-03-31	GBX2.71	GBX1486.00	x
2016-03-31	GBX2.68	GBX1486.00	x
2017-03-31	GBX3.69	GBX1486.00	x
2018-03-31	GBX4.44	GBX1486.00	x
2019-03-31	GBX5.15	GBX1486.00	x
2020-03-31	GBX5.60	GBX1486.00	x
2021-03-31	GBX11.67	GBX1486.00	x
2022-03-31	GBX10.34	GBX1486.00	x
2023-03-31	GBX8.05	GBX1486.00	x
2024-03-31	GBX8.99	GBX1486.00	x
2025-03-31	GBX9.38	GBX1486.00	x

Capital Efficiency Dashboard

This dashboard shows how efficiently Scottish Mortgage Investment 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): 10.08%
The company shows good efficiency in utilizing shareholder equity.
DuPont Analysis Breakdown:
• Net Profit Margin: 94.28%
• Asset Turnover: 0.09x
• Equity Multiplier: 1.14x
Recent ROE (10.08%) is below the historical average (10.40%), suggesting potential challenges in capital efficiency.

Historical Capital Efficiency Metrics

Year	Return on Equity	Net Profit Margin	Asset Turnover	Equity Multiplier	Economic Value Added
2004	27.13%	93.44%	0.24x	1.22x	GBX193.24 Million
2005	10.47%	84.97%	0.10x	1.18x	GBX5.88 Million
2006	32.34%	95.87%	0.30x	1.13x	GBX391.65 Million
2007	4.33%	73.97%	0.05x	1.17x	GBX-100.35 Million
2008	7.61%	81.13%	0.08x	1.25x	GBX-43.80 Million
2009	-65.93%	0.00%	-0.49x	1.30x	GBX-820.33 Million
2010	46.69%	96.70%	0.41x	1.17x	GBX675.11 Million
2011	16.06%	91.51%	0.15x	1.18x	GBX129.31 Million
2012	-3.41%	0.00%	-0.02x	1.19x	GBX-269.76 Million
2013	11.77%	97.61%	0.10x	1.17x	GBX39.21 Million
2014	18.12%	98.65%	0.16x	1.16x	GBX210.96 Million
2015	21.66%	99.39%	0.19x	1.15x	GBX388.75 Million
2016	-0.43%	0.00%	0.00x	1.15x	GBX-360.52 Million
2017	26.68%	99.60%	0.24x	1.11x	GBX812.88 Million
2018	19.57%	99.67%	0.18x	1.08x	GBX592.45 Million
2019	11.89%	99.49%	0.11x	1.10x	GBX140.29 Million
2020	11.80%	99.38%	0.11x	1.11x	GBX148.59 Million
2021	54.23%	99.89%	0.50x	1.08x	GBX7.51 Billion
2022	-17.24%	0.00%	-0.15x	1.15x	GBX-4.02 Billion
2023	-25.41%	0.00%	-0.22x	1.16x	GBX-4.07 Billion
2024	10.82%	94.48%	0.10x	1.15x	GBX102.98 Million
2025	10.08%	94.28%	0.09x	1.14x	GBX9.51 Million

Industry Comparison

This section compares Scottish Mortgage Investment Trust plc's net assets metrics with peer companies in the Asset Management industry.

Industry Context

Industry: Asset Management
Average net assets among peers: $775,116,900
Average return on equity (ROE) among peers: 5.38%

Peer Company Comparison

Company	Net Assets	Return on Equity	Debt-to-Equity	Market Cap
Scottish Mortgage Investment Trust plc (SMT)	GBX13.94 Billion	27.13%	0.12x	$195.48 Million
3I Infrastructure PLC (3IN)	$1.25 Billion	6.43%	0.14x	$41.07 Million
Albion Enterprise VCT PLC (AAEV)	$130.52 Million	2.12%	0.01x	$3.29 Million
abrdn Asian Income Fund Limited (AAIF)	$413.45 Million	-4.13%	0.10x	$5.76 Million
Abrdn Asia Focus PLC (AAS)	$192.85 Million	38.38%	0.03x	$7.52 Million
Albion Technology & General VCT PLC (AATG)	$106.99 Million	18.59%	0.01x	$3.15 Million
Abrdn PLC (ABDN)	$4.64 Billion	7.92%	40.02x	$51.09 Million
Aberdeen Diversified Income and Growth Trust PLC (ADIG)	$370.82 Million	14.92%	0.35x	$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)	$174.91 Million	-21.80%	0.02x	$390.91

About Scottish Mortgage Investment Trust plc

LSE:SMT UK Asset Management

Market Cap

$195.48 Million

GBX1.61 Trillion GBX

Market Cap Rank

#16731 Global

#89 in UK

Share Price

GBX1486.00

Change (1 day)

+2.48%

52-Week Range

GBX984.80 - GBX1545.00

All Time High

GBX1545.00