NYSE : IHS
IHS Holding Limited — Financial statements
Real Estate · Real Estate Services · United Kingdom
Last price 8.48 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 2.85B
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Financial statements
IHS Holding Limited (IHS) reported revenue of 1.65B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 1.65B | 1.58B | 1.53B | 1.93B | 1.96B | 1.58B |
| Cost of Revenue | 756.60M | 697.90M | 709.00M | 942.80M | 1.10B | 841.69M |
| Gross Profit | 889.10M | 884.10M | 818.20M | 982.50M | 859.38M | 738.04M |
| Selling, General & Admin | 339.20M | 228.20M | 285.70M | 373.50M | 374.69M | 333.75M |
| Other Operating Expenses | 400.00K | -1.10M | -1.60M | 100.00K | -1.62M | 1.56M |
| Operating Expenses | 339.60M | 227.10M | 284.10M | 373.60M | 368.62M | 301.29M |
| Operating Income | 549.50M | 657.00M | 534.10M | 608.90M | 490.76M | 436.75M |
| Interest Expense | -325.90M | -317.30M | -367.40M | -355.70M | -320.64M | -212.11M |
| Interest & Investment Income | 49.90M | 35.90M | 12.40M | 18.30M | 15.17M | 7.80M |
| Currency Exchange Gain (Loss) | 231.00M | 146.80M | -1.65B | -1.98B | -365.11M | -163.56M |
| Other Non Operating Income (Expenses) | -12.40M | 4.00M | -11.10M | -23.60M | -185.65M | -10.47M |
| EBT Excluding Unusual Items | 492.10M | 526.40M | -1.48B | -1.73B | -365.47M | 58.41M |
| Merger & Restructuring Charges | -24.90M | -11.40M | -1.30M | -2.40M | -20.85M | -15.78M |
| Impairment of Goodwill | -121.60M | |||||
| Gain (Loss) on Sale of Assets | 180.10M | 177.70M | 83.80M | |||
| Asset Writedown | -4.40M | -2.30M | -12.70M | -82.40M | -38.16M | -51.11M |
| Other Unusual Items | -1.30M | -6.52M | ||||
| Pretax Income | 641.80M | 690.80M | -1.41B | -1.81B | -543.98M | -8.14M |
| Income Tax Expense | 84.90M | 86.40M | 69.30M | 102.80M | -75.01M | 17.98M |
| Earnings From Continuing Operations | 556.90M | 604.40M | -1.48B | -1.92B | -468.97M | -26.12M |
| Earnings From Discontinued Operations | -423.60M | -477.60M | -164.20M | -71.30M | ||
| Net Income to Company | 133.30M | 126.80M | -1.64B | -1.99B | -468.97M | -26.12M |
| Minority Interest in Earnings | 8.80M | 16.80M | 12.20M | 11.60M | 9.96M | 289.00K |
| Net Income | 142.10M | 143.60M | -1.63B | -1.98B | -459.01M | -25.83M |
| Net Income to Common | 142.10M | 143.60M | -1.63B | -1.98B | -459.01M | -25.83M |
| Shares Outstanding (Basic) | 336.26M | 335.05M | 333.06M | 333.18M | 330.96M | 301.19M |
| Shares Outstanding (Diluted) | 343.58M | 341.64M | 333.06M | 333.18M | 330.96M | 301.19M |
| EPS (Basic) | 0.42 | 0.43 | -4.90 | -5.93 | -1.39 | -0.09 |
| EPS (Diluted) | 0.41 | 0.42 | -4.90 | -5.93 | -1.39 | -0.09 |
| Free Cash Flow | 643.80M | 684.20M | 464.30M | 277.50M | 363.63M | 352.77M |
| Free Cash Flow Per Share | 1.87 | 2.00 | 1.39 | 0.83 | 1.10 | 1.17 |
| Gross Margin | 54.03% | 55.88% | 53.57% | 51.03% | 43.82% | 46.72% |
| Operating Margin | 33.39% | 41.53% | 34.97% | 31.63% | 25.02% | 27.65% |
| Profit Margin | 8.63% | 9.08% | -106.86% | -102.67% | -23.40% | -1.64% |
| Free Cash Flow Margin | 39.12% | 43.25% | 30.40% | 14.41% | 18.54% | 22.33% |
| EBITDA | 700.60M | 874.50M | 753.20M | 916.00M | 869.42M | 759.68M |
| EBITDA Margin | 42.57% | 55.28% | 49.32% | 47.58% | 44.33% | 48.09% |
| D&A For EBITDA | 151.10M | 217.50M | 219.10M | 307.10M | 378.66M | 322.93M |
| EBIT | 549.50M | 657.00M | 534.10M | 608.90M | 490.76M | 436.75M |
| EBIT Margin | 33.39% | 41.53% | 34.97% | 31.63% | 25.02% | 27.65% |
| Effective Tax Rate | 13.23% | 12.51% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 1.07B | 825.70M | 578.00M | 293.82M | 514.08M | 916.49M |
| Trading Asset Securities | 565.00K | |||||
| Cash & Short-Term Investments | 1.07B | 825.70M | 578.00M | 294.39M | 514.08M | 916.49M |
| Accounts Receivable | 109.10M | 107.50M | 220.90M | 212.32M | 211.03M | 222.79M |
| Other Receivables | 45.80M | 40.90M | 56.70M | 333.55M | 402.49M | 207.29M |
| Receivables | 154.90M | 148.40M | 277.60M | 545.87M | 613.51M | 430.08M |
| Inventory | 46.50M | 42.10M | 30.60M | 40.59M | 74.22M | 42.02M |
| Prepaid Expenses | 8.00M | 11.30M | 15.30M | 31.00M | 27.85M | 26.15M |
| Other Current Assets | 1.07B | 1.48B | 22.80M | 60.77M | 23.28M | 15.65M |
| Total Current Assets | 2.35B | 2.50B | 924.30M | 972.61M | 1.25B | 1.43B |
| Property, Plant & Equipment | 1.16B | 1.19B | 2.02B | 2.63B | 3.04B | 2.23B |
| Long-Term Investments | 831.00K | 11.00K | ||||
| Goodwill | 274.50M | 262.70M | 403.20M | 619.30M | 763.39M | 779.90M |
| Other Intangible Assets | 284.30M | 288.90M | 674.00M | 933.03M | 1.05B | 845.73M |
| Long-Term Deferred Tax Assets | 77.60M | 65.10M | 73.30M | 63.79M | 78.37M | 11.06M |
| Other Long-Term Assets | 211.50M | 183.90M | 150.40M | 148.84M | 135.65M | 240.15M |
| Total Assets | 4.36B | 4.49B | 4.25B | 5.36B | 6.32B | 5.54B |
| Accounts Payable | 178.80M | 148.40M | 232.90M | 330.62M | 442.96M | 342.84M |
| Accrued Expenses | 35.60M | 57.30M | 72.80M | 84.11M | 96.43M | 91.42M |
| Short-Term Debt | 100.00K | 100.00K | 6.80M | 320.13M | 197.48M | 3.21M |
| Current Portion of Long-Term Debt | 323.40M | 295.60M | 121.90M | 134.02M | 240.64M | 204.41M |
| Current Portion of Leases | 66.40M | 60.70M | 82.10M | 91.16M | 87.24M | 50.56M |
| Current Income Taxes Payable | 91.70M | 69.90M | 49.90M | 75.61M | 70.01M | 68.83M |
| Current Unearned Revenue | 45.90M | 46.60M | 19.50M | 41.46M | 86.36M | 20.43M |
| Other Current Liabilities | 480.70M | 524.70M | 62.30M | 144.84M | 45.27M | 48.85M |
| Total Current Liabilities | 1.22B | 1.20B | 648.20M | 1.22B | 1.27B | 830.56M |
| Long-Term Debt | 2.79B | 2.84B | 3.22B | 3.06B | 2.91B | 2.40B |
| Long-Term Leases | 313.50M | 311.70M | 470.50M | 510.84M | 518.32M | 325.54M |
| Long-Term Unearned Revenue | 121.30M | 111.20M | 45.40M | |||
| Long-Term Deferred Tax Liabilities | 42.50M | 40.40M | 88.60M | 137.11M | 183.52M | 169.12M |
| Other Long-Term Liabilities | 56.40M | 70.80M | 89.00M | 90.76M | 85.99M | 71.91M |
| Total Liabilities | 4.54B | 4.58B | 4.56B | 5.02B | 4.96B | 3.80B |
| Common Stock | 5.44B | 5.42B | 5.40B | 5.39B | 5.31B | 5.22B |
| Retained Earnings | -6.73B | -6.80B | -6.94B | -5.29B | -3.32B | -2.86B |
| Comprehensive Income & Other | 1.11B | 1.13B | 1.07B | 8.43M | -861.27M | -842.91M |
| Total Common Equity | -181.70M | -251.30M | -473.20M | 109.85M | 1.13B | 1.52B |
| Minority Interest | -900.00K | 161.50M | 158.80M | 237.51M | 227.20M | 223.19M |
| Shareholders' Equity | -182.60M | -89.80M | -314.40M | 347.35M | 1.36B | 1.74B |
| Total Liabilities & Equity | 4.36B | 4.49B | 4.25B | 5.36B | 6.32B | 5.54B |
| Total Debt | 3.49B | 3.51B | 3.90B | 4.11B | 3.95B | 2.99B |
| Net Cash (Debt) | -2.42B | -2.68B | -3.32B | -3.82B | -3.44B | -2.07B |
| Net Cash Per Share | -7.03 | -7.86 | -9.98 | -11.46 | -10.38 | -6.87 |
| Filing Date Shares Outstanding | 338.25M | 335.52M | 333.44M | 331.92M | 331.92M | 327.82M |
| Total Common Shares Outstanding | 338.25M | 335.52M | 333.44M | 331.92M | 331.92M | 327.82M |
| Working Capital | 1.13B | 1.30B | 276.10M | -249.35M | -13.45M | 599.83M |
| Book Value Per Share | -0.54 | -0.75 | -1.42 | 0.33 | 3.41 | 4.64 |
| Tangible Book Value | -740.50M | -802.90M | -1.55B | -1.44B | -679.46M | -105.26M |
| Tangible Book Value Per Share | -2.19 | -2.39 | -4.65 | -4.35 | -2.05 | -0.32 |
| Land | 26.50M | 27.50M | 39.28M | 63.59M | 56.27M | |
| Machinery | 34.10M | 53.20M | 43.78M | 59.59M | 45.66M | |
| Construction In Progress | 86.40M | 120.70M | 212.74M | 287.16M | 146.35M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 142.10M | 143.60M | -1.63B | -1.98B | -459.01M | -25.83M |
| Depreciation & Amortization | 151.10M | 217.50M | 219.10M | 307.10M | 467.28M | 383.61M |
| Other Amortization | 3.50M | 2.90M | 9.80M | 9.50M | 11.26M | 12.23M |
| Loss (Gain) From Sale of Assets | 254.70M | 277.10M | -60.70M | -3.80M | 3.38M | -2.50M |
| Asset Writedown & Restructuring Costs | 81.40M | 4.60M | 102.70M | 87.70M | 159.75M | 51.11M |
| Stock-Based Compensation | 114.10M | 29.10M | 27.90M | 13.40M | 13.27M | 11.78M |
| Provision & Write-off of Bad Debts | 21.70M | 18.20M | 7.20M | -4.45M | -34.03M | |
| Other Operating Activities | 467.10M | 642.90M | 2.28B | 2.57B | 762.06M | 423.64M |
| Change in Accounts Receivable | 9.00M | 1.40M | -200.60M | -295.30M | -141.72M | -164.38M |
| Change in Inventory | -6.10M | -10.80M | -15.00M | 11.20M | -37.75M | 6.69M |
| Change in Accounts Payable | -5.20M | 22.60M | 56.90M | 59.10M | 133.23M | 87.87M |
| Operating Cash Flow | 876.80M | 936.20M | 729.40M | 853.50M | 907.30M | 750.19M |
| Capital Expenditures | -233.00M | -252.00M | -265.10M | -576.00M | -543.67M | -397.42M |
| Sale of Property, Plant & Equipment | 2.20M | 2.00M | 26.70M | 2.90M | 1.83M | 4.74M |
| Cash Acquisitions | -4.50M | -735.74M | -401.04M | |||
| Divestitures | 351.90M | 169.80M | 119.00M | |||
| Sale (Purchase) of Intangibles | -500.00K | -100.00K | -4.00M | -22.80M | -15.70M | -5.05M |
| Investment in Securities | 14.90M | 15.30M | 167.80M | -147.10M | -241.27M | -103.65M |
| Other Investing Activities | 46.70M | 42.70M | 18.80M | 25.30M | 17.27M | 24.47M |
| Investing Cash Flow | 182.20M | -22.30M | 63.20M | -722.20M | -1.52B | -877.95M |
| Long-Term Debt Issued | 195.90M | 2.21B | 986.60M | 1.26B | 1.08B | |
| Long-Term Debt Repaid | -428.40M | -2.20B | -762.80M | -583.13M | -716.83M | |
| Lease Payments | -49.20M | -41.50M | -55.20M | -72.90M | -76.63M | -63.32M |
| Net Debt Issued (Repaid) | -128.80M | -232.50M | 3.90M | 223.80M | 680.14M | 359.24M |
| Issuance of Common Stock | 378.00M | |||||
| Repurchase of Common Stock | -10.00M | |||||
| Other Financing Activities | -366.60M | -411.60M | -434.90M | -376.10M | -281.90M | -212.97M |
| Financing Cash Flow | -495.40M | -644.10M | -431.00M | -162.30M | 398.24M | 524.26M |
| Foreign Exchange Rate Adjustments | -3.30M | 5.50M | -77.40M | -189.30M | -190.67M | -65.43M |
| Net Cash Flow | 560.30M | 275.30M | 284.20M | -220.30M | -402.41M | 331.07M |
| Free Cash Flow | 643.80M | 684.20M | 464.30M | 277.50M | 363.63M | 352.77M |
| Free Cash Flow Margin | 39.12% | 43.25% | 30.40% | 14.41% | 18.54% | 22.33% |
| Free Cash Flow Per Share | 1.87 | 2.00 | 1.39 | 0.83 | 1.10 | 1.17 |
| Levered Free Cash Flow | -325.25M | -711.79M | 184.56M | -114.30M | -17.55M | 138.66M |
| Unlevered Free Cash Flow | -121.56M | -513.48M | 414.18M | 108.02M | 182.85M | 271.23M |
| Free Cash Flow After Leases | 594.60M | 642.70M | 409.10M | 204.60M | 287.00M | 289.44M |
| Cash Interest Paid | 342.00M | 387.40M | 401.80M | 357.40M | 270.75M | 201.21M |
| Cash Income Tax Paid | 82.10M | 44.70M | 38.60M | 45.40M | 51.24M | 29.15M |
| Change in Working Capital | -2.30M | 13.20M | -158.70M | -225.00M | -46.24M | -69.83M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 2.85B | 2.50B | 972.99M | 1.53B | 2.04B | 4.63B |
| Enterprise Value | 5.27B | 5.92B | 4.92B | 5.47B | 5.50B | 6.66B |
| Last Close Price | 8.46 | 7.46 | 2.92 | 4.60 | 6.15 | 14.10 |
| PE Ratio | 20.68 | 17.43 | ||||
| Forward PE | 7.98 | 13.69 | 17.41 | 11.52 | 22.30 | 65.66 |
| PS Ratio | 1.73 | 1.58 | 0.64 | 0.80 | 1.04 | 2.93 |
| PB Ratio | -27.87 | -3.10 | 4.41 | 1.50 | 2.65 | |
| P/FCF Ratio | 4.42 | 3.66 | 2.10 | 5.52 | 5.61 | 13.11 |
| P/OCF Ratio | 3.25 | 2.67 | 1.33 | 1.80 | 2.25 | 6.17 |
| PEG Ratio | 1.48 | 0.62 | 0.34 | 0.97 | 1.35 | |
| EV/Sales Ratio | 3.20 | 3.75 | 3.22 | 2.84 | 2.80 | 4.22 |
| EV/EBITDA Ratio | 7.51 | 6.78 | 6.53 | 5.97 | 6.32 | 8.77 |
| EV/EBIT Ratio | 9.58 | 9.02 | 9.21 | 8.99 | 11.20 | 15.25 |
| EV/FCF Ratio | 8.18 | 8.66 | 10.60 | 19.72 | 15.11 | 18.88 |
| Debt / Equity Ratio | -19.11 | -39.09 | -12.41 | 11.84 | 2.90 | 1.71 |
| Debt / EBITDA Ratio | 4.98 | 4.01 | 5.18 | 4.49 | 4.12 | 3.64 |
| Debt / FCF Ratio | 5.42 | 5.13 | 8.40 | 14.82 | 10.86 | 8.46 |
| Net Debt / Equity Ratio | -13.23 | -29.89 | -10.57 | 10.99 | 2.53 | 1.19 |
| Net Debt / EBITDA Ratio | 3.45 | 3.07 | 4.41 | 4.17 | 3.95 | 2.72 |
| Net Debt / FCF Ratio | 3.75 | 3.92 | 7.16 | 13.76 | 9.45 | 5.86 |
| Asset Turnover | 0.37 | 0.36 | 0.32 | 0.33 | 0.33 | 0.32 |
| Inventory Turnover | 17.70 | 19.20 | 19.92 | 16.42 | 18.96 | 18.45 |
| Quick Ratio | 1.00 | 0.81 | 1.32 | 0.69 | 0.89 | 1.62 |
| Current Ratio | 1.93 | 2.08 | 1.43 | 0.80 | 0.99 | 1.72 |
| Return on Equity (ROE) | -8,982.22% | -224.52% | -30.22% | -1.76% | ||
| Return on Assets (ROA) | 7.76% | 9.40% | 6.95% | 6.51% | 5.17% | 5.46% |
| Return on Invested Capital (ROIC) | 14.76% | 16.70% | 13.76% | 13.59% | 11.40% | 12.53% |
| Return on Capital Employed (ROCE) | 17.50% | 20.00% | 14.80% | 14.70% | 9.70% | 9.30% |
| Earnings Yield | 4.84% | 5.74% | -167.73% | -128.96% | -22.50% | -0.56% |
| FCF Yield | 22.60% | 27.33% | 47.72% | 18.11% | 17.83% | 7.63% |
| Buyback Yield / Dilution | -2.10% | -2.57% | 0.03% | -0.67% | -9.89% | -2.41% |