Scottish Mortgage Investment Trust plc (SMT) - Net Assets

Latest as of September 2025: GBX13.94 Billion GBX

Based on the latest financial reports, Scottish Mortgage Investment Trust plc (SMT) has net assets worth GBX13.94 Billion GBX 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) and total liabilities (GBX1.62 Billion). 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.

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. Explore and compare other companies by net assets.

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.

Year Net Assets Change
2025-03-31 GBX12.08 Billion -4.33%
2024-03-31 GBX12.63 Billion +9.84%
2023-03-31 GBX11.50 Billion -22.08%
2022-03-31 GBX14.76 Billion -13.15%
2021-03-31 GBX16.99 Billion +106.07%
2020-03-31 GBX8.24 Billion +10.97%
2019-03-31 GBX7.43 Billion +20.07%
2018-03-31 GBX6.19 Billion +26.97%
2017-03-31 GBX4.87 Billion +40.96%
2016-03-31 GBX3.46 Billion +3.73%
2015-03-31 GBX3.33 Billion +28.31%
2014-03-31 GBX2.60 Billion +17.10%
2013-03-31 GBX2.22 Billion +10.24%
2012-03-31 GBX2.01 Billion -5.63%
2011-03-31 GBX2.13 Billion +15.89%
2010-03-31 GBX1.84 Billion +70.31%
2009-03-31 GBX1.08 Billion -41.17%
2008-03-31 GBX1.84 Billion +3.76%
2007-03-31 GBX1.77 Billion +0.94%
2006-03-31 GBX1.75 Billion +41.10%
2005-03-31 GBX1.24 Billion +10.18%
2004-03-31 GBX1.13 Billion +33.57%
2003-03-31 GBX844.32 Million -35.20%
2002-03-31 GBX1.30 Billion -11.02%
2001-03-31 GBX1.46 Billion -24.04%
2000-03-31 GBX1.93 Billion --

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
Lucky Cement Co
TW:1108
 		$190.00 Million
New Fortress Energy LLC
NASDAQ:NFE
 		$190.08 Million
Landec Corporation
F:LDE
 		$190.10 Million
Jiangsu Recbio Technology Co., Ltd.
F:G93
 		$190.11 Million
D&D Platform Reit Co Ltd
KO:377190
 		$189.91 Million
Peninsula Energy Ltd
AU:PEN
 		$189.88 Million
Lemtech Holdings Co Ltd
TW:4912
 		$189.82 Million
DUG Technology Ltd
AU:DUG
 		$189.81 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: 153.89x
  • 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 1903.70x to 153.89x 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 GBX1444.00 x
2005-03-31 GBX0.84 GBX1444.00 x
2006-03-31 GBX1.20 GBX1444.00 x
2007-03-31 GBX1.25 GBX1444.00 x
2008-03-31 GBX1.33 GBX1444.00 x
2009-03-31 GBX0.79 GBX1444.00 x
2010-03-31 GBX1.36 GBX1444.00 x
2011-03-31 GBX1.65 GBX1444.00 x
2012-03-31 GBX1.57 GBX1444.00 x
2013-03-31 GBX1.75 GBX1444.00 x
2014-03-31 GBX2.09 GBX1444.00 x
2015-03-31 GBX2.71 GBX1444.00 x
2016-03-31 GBX2.68 GBX1444.00 x
2017-03-31 GBX3.69 GBX1444.00 x
2018-03-31 GBX4.44 GBX1444.00 x
2019-03-31 GBX5.15 GBX1444.00 x
2020-03-31 GBX5.60 GBX1444.00 x
2021-03-31 GBX11.67 GBX1444.00 x
2022-03-31 GBX10.34 GBX1444.00 x
2023-03-31 GBX8.05 GBX1444.00 x
2024-03-31 GBX8.99 GBX1444.00 x
2025-03-31 GBX9.38 GBX1444.00 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: $980,326,914
  • Average return on equity (ROE) among peers: 3.48%

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 $189.95 Million
3I Infrastructure PLC (3IN) $1.05 Billion 4.05% 0.20x $40.85 Million
450 PLC (450) $2.91 Million -24.43% 0.08x $171.40K
abrdn Asian Income Fund Limited (AAIF) $450.79 Million 10.05% 0.11x $5.24 Million
Abrdn Asia Focus PLC (AAS) $441.01 Million 6.12% 0.13x $7.34 Million
Albion Technology & General VCT PLC (AATG) $10.72 Million 4.28% 0.02x $3.22 Million
Abrdn PLC (ABDN) $6.67 Billion 3.99% 0.71x $45.78 Million
Aberdeen Diversified Income and Growth Trust PLC (ADIG) $436.77 Million 5.46% 0.14x $450.86K
Aquila Energy Efficiency Trust PLC (AEET) $69.67 Million -2.91% 0.02x $217.99K
Aquila European Renewables Income PLC (AERI) $451.65 Million 11.98% 0.01x $92.83 Million
Artemis UK Future Leaders plc (AFL) $220.75 Million 16.27% 0.00x $4.20

About Scottish Mortgage Investment Trust plc

LSE:SMT UK Asset Management
Market Cap
$189.95 Million
GBX1.56 Trillion GBX
Market Cap Rank
#18069 Global
#279 in UK
Share Price
GBX1444.00
Change (1 day)
+0.63%
52-Week Range
GBX853.60 - GBX1444.00
All Time High
GBX1444.00
Categories
Companies in UK Asset Management Banking & Financial
About

Scottish Mortgage Investment Trust PLC is a closed-ended equity mutual fund launched and managed by Baillie Gifford & Co Ltd. The fund is co-managed by Baillie Gifford & Co. It invests in public equity markets of countries across the globe. The fund seeks to invest in stocks of companies operating across diversified sectors. The fund invests in growth stocks of companies. It focuses on factors su… Read more