IHSNYSERadiotelephone CommunicationsFiscal year ends December 31
IHS Holding Ltd
Financials through Q4 FY2025, quarter ended Dec 31, 2025Last filing: 20-F on Mar 16, 2026
$8.43−0.01 (-0.12%)
Close on Oct 19, 2026
- Market cap
- –
- P/E (TTM)
- 20.1
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2018 to 2025
Gross margin
55.4%+15.2 pts over 5 years
Operating margin
51.9%+28.3 pts over 5 years
Net margin
9.1%+32.0 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +3.6% | -6.9% | +2.4% | – | |
| Gross profit | +10.5% | +2.9% | +9.2% | – | |
| Operating income | +36.0% | +38.0% | +19.9% | – | |
| Free cash flow | +45.4% | +10.8% | +5.9% | – |
Returns and balance sheet
8 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2018 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | – | -39.6% | |
| Return on assets | – | – | 3.3% | |
| Current ratio | – | 1.45 | 2.08 | |
| Debt to equity | – | 1.82 | -12.49 | |
| Net debt to EBITDA | – | 2.18× | – | |
| Interest coverage | – | 0.5× | 2.3× | |
| Inventory turnover | – | – | 19.4× | |
| Capex to revenue | – | 6.8% | 13.7% | |
| Diluted shares | – | 317M | 335M |
Where the cash went
Fiscal 2021 to 2025, five years combined
IHS generated $4.18B from operations and spent $1.54B on capital expenditure, dividends and share buybacks. 99% of that went back into the business.
Generated
$4.18B
Used
$1.54B
Capital expenditure$1.53B99%Dividends$00%Share buybacks$10.00M1%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin9.1%
×Asset turnover0.36×
×Equity multiplier-12.06×
=Return on equity, FY2025-39.6%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 9.1% | 0.36× | -12.06× | -39.6% |
| FY2024 | -106.9% | 0.32× | -26.37× | 898.3% |
| FY2023 | -102.7% | 0.33× | 9.38× | -318.1% |
| FY2022 | -23.4% | 0.33× | 4.47× | -34.6% |
| FY2021 | -1.6% | 0.32× | 3.66× | -1.9% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
8of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$143.60M
- Cash generatingOperating cash flow above zero$936.20M
- Return on assets improvedROA up on the prior year-30.6% → 3.4%
- Earnings backed by cashOperating cash flow above net income$936.20M vs $143.60M
- Less leverageLong-term debt to assets fell75.8% → 63.3%
- Better liquidityCurrent ratio rose1.43 → 2.08
- No dilutionShare count did not rise333M → 335M
- Gross margin improvedGross margin up on the prior year51.96% → 55.41%
- More efficientAsset turnover rose0.29 → 0.37