IHS Holding Ltd (IHS) Balance Sheet
IHS balance sheet, 2025
December 31, 2025 · U.S. dollars$4.49B assets = $4.58B liabilities + −$89.8M equity
Liabilities exceed assets: shareholders’ equity is negative (−$89.8M).
Both columns are drawn to the same scale: what IHS owns equals what it owes plus shareholders’ equity. Hover a block for its value.
IHS financial health
Descriptive bands, not a rating. Fiscal 2025.
IHS balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $4.05B2016 | $4.49B2025 | +1.1%/yr | |
| Total liabilities | $2.56B2016 | $4.58B2025 | +6.7%/yr | |
| Shareholders’ equity | $1.42B2016 | −$251.3M2025 | — | |
| Cash & short-term investments | $476.1M2016 | $825.7M2025 | +6.3%/yr | |
| Total debt | $2.00B2016 | $3.51B2025 | +6.4%/yr | |
| Net cash (debt) | −$1.53B2016 | −$2.68B2025 | −$1.2B | |
| Working capital | $438.4M2016 | $1.30B2025 | +$861.3M | |
| Book value per share | $5.932016 | −$0.742025 | — | |
| Current ratio | 2.172016 | 2.082025 | −0.09 | |
| Debt / equity | 1.412016 | 37.442023 | +36.03 | |
| Shares outstanding | 239.4M2016 | 341.6M2025 | +4.0%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
IHS assets
IHS liabilities and equity
IHS debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
IHS balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $825.7M | $578.0M | $293.8M | $514.1M | $916.5M | $585.4M | $898.8M | $633.5M | $646.2M | $476.1M |
| Cash & equivalents | $825.7M | $578.0M | $293.8M | $514.1M | $916.5M | $585.4M | $898.8M | $633.5M | $646.2M | $476.1M |
| Short-term investments | — | — | $565,000 | — | — | — | — | — | $5,000 | — |
| Receivables | $170.9M | $300.3M | $580.6M | $664.6M | $431.1M | $309.1M | $262.9M | $187.7M | $135.0M | $182.8M |
| Inventory | $42.1M | $30.7M | $40.6M | $74.2M | $42.0M | $49.2M | $48.7M | $21.5M | $24.9M | $32.2M |
| Other current assets | $1.46B | $15.3M | $57.6M | $0 | $40.8M | $45.6M | $13.3M | $121.7M | $272.0M | $120.7M |
| Total current assets | $2.50B | $924.3M | $972.6M | $1.25B | $1.43B | $989.3M | $1.22B | $964.3M | $1.08B | $811.7M |
| Property, plant & equipment (net) | $1.19B | $2.05B | $2.63B | $3.04B | $2.28B | $1.91B | $1.91B | $1.53B | $1.55B | $1.71B |
| Goodwill & intangible assets | $551.6M | $1.08B | $1.55B | $1.81B | $1.63B | $1.35B | $967.8M | $1.01B | $1.07B | $1.21B |
| Long-term investments | $0 | $0 | $13,000 | $10,000 | $11,000 | $8,000 | $11,000 | $0 | $0 | $0 |
| Other non-current assets | $249.0M | $223.8M | $212.6M | $214.8M | $203.1M | $205.0M | $66.2M | $319.1M | $305.9M | $323.8M |
| Total assets | $4.49B | $4.28B | $5.36B | $6.32B | $5.54B | $4.45B | $4.16B | $3.82B | $4.00B | $4.05B |
| Liabilities | ||||||||||
| Accounts payable | $148.4M | $232.9M | $330.6M | $443.0M | $342.8M | $301.8M | $338.4M | $281.3M | $238.0M | $185.6M |
| Short-term debt | $356.4M | $210.8M | $545.3M | $525.4M | $258.2M | $214.4M | $122.0M | $187.4M | $113.6M | $99.0M |
| Deferred revenue | $46.6M | $64.9M | $41.5M | $86.4M | $20.4M | $2.2M | $2.7M | — | — | — |
| Total current liabilities | $1.20B | $693.6M | $1.22B | $1.27B | $830.6M | $683.6M | $566.5M | $573.5M | $429.8M | $373.2M |
| Long-term debt | $3.15B | $3.69B | $3.57B | $3.42B | $2.73B | $2.30B | $2.12B | $0 | $0 | $0 |
| Lease obligations | $372.4M | $552.5M | $602.0M | $604.5M | $376.1M | $314.7M | $184.5M | — | — | — |
| Other long-term liabilities | $222.4M | $189.5M | $227.9M | $270.5M | $241.0M | $236.2M | $49.6M | $1.92B | $2.09B | $2.18B |
| Total liabilities | $4.58B | $4.57B | $5.02B | $4.96B | $3.80B | $3.22B | $2.73B | $2.49B | $2.52B | $2.56B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $100.7M | $100.0M | $5.39B | $5.31B | $5.22B | $4.53B | $4.53B | $4.52B | $4.52B | $3.49B |
| Retained earnings (deficit) | −$6.80B | −$6.93B | −$5.29B | −$3.32B | −$2.86B | −$2.83B | −$2.51B | −$2.09B | −$1.96B | −$1.53B |
| Accumulated other comprehensive income | $1.13B | $1.06B | $8.4M | −$861.3M | −$842.9M | −$489.5M | −$591.2M | −$1.10B | −$1.09B | −$535.7M |
| Minority interest | $161.5M | $158.8M | $237.5M | $227.2M | — | — | — | — | — | — |
| Total shareholders' equity | −$251.3M | −$454.6M | $109.8M | $1.13B | $1.52B | $1.21B | $1.43B | $1.33B | $1.47B | $1.42B |
| Key figures | ||||||||||
| Total debt | $3.51B | $3.90B | $4.11B | $3.95B | $2.99B | $2.52B | $2.24B | $1.90B | $1.98B | $2.00B |
| Net cash (debt) | −$2.68B | −$3.32B | −$3.82B | −$3.44B | −$2.07B | −$1.93B | −$1.34B | −$1.26B | −$1.33B | −$1.53B |
| Working capital | $1.30B | $230.7M | −$249.3M | −$13.5M | $599.8M | $305.7M | $657.2M | $390.8M | $648.3M | $438.4M |
| Tangible book value | −$802.9M | −$1.53B | −$1.44B | −$679.5M | −$105.3M | −$137.1M | $462.5M | $322.6M | $406.7M | $212.2M |
| Book value per share | −$0.74 | −$1.36 | $0.33 | $3.42 | $4.64 | $3.66 | $4.32 | $4.06 | $5.14 | $5.93 |
| Shares outstanding | 341.6M | 333.1M | 333.2M | 331.0M | 327.8M | 330.8M | 330.8M | 328.1M | 286.6M | 239.4M |
| Current ratio | 2.08 | 1.33 | 0.80 | 0.99 | 1.72 | 1.45 | 2.16 | 1.68 | 2.51 | 2.17 |
| Quick ratio | 0.83 | 1.27 | 0.72 | 0.93 | 1.62 | 1.31 | 2.05 | 1.43 | 1.82 | 1.77 |
| Debt / equity | — | — | 37.44 | 3.49 | 1.96 | 2.08 | 1.57 | 1.42 | 1.35 | 1.41 |
| Equity / assets | −5.6% | −10.6% | 2.0% | 17.9% | 27.4% | 27.2% | 34.3% | 34.8% | 36.8% | 35.1% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $1.07B | $940.5M | $825.7M | $647.6M | $531.8M | $629.0M | $578.0M | $397.5M | $445.7M | $333.2M | $293.8M | $425.4M |
| Cash & equivalents | $1.07B | $940.5M | $825.7M | $647.6M | $531.8M | $629.0M | $578.0M | $397.5M | $445.7M | $333.2M | $293.8M | $425.4M |
| Short-term investments | — | — | — | — | — | — | — | — | $86.0M | — | $565,000 | — |
| Receivables | $190.7M | $192.3M | $170.9M | $275.8M | $277.3M | $287.9M | $300.3M | $389.6M | $378.8M | $296.3M | $580.6M | $607.4M |
| Inventory | $46.5M | $41.1M | $42.1M | $40.8M | $39.0M | $44.3M | $30.7M | $31.9M | $33.6M | $39.9M | $40.6M | $60.4M |
| Other current assets | $1.04B | $1.52B | $1.46B | $105.0M | $136.4M | $0 | $15.3M | $33.8M | $24.2M | $66.7M | $57.6M | $45.4M |
| Total current assets | $2.35B | $2.69B | $2.50B | $1.07B | $984.5M | $961.2M | $924.3M | $852.7M | $882.3M | $736.1M | $972.6M | $1.14B |
| Property, plant & equipment (net) | $1.18B | $1.19B | $1.19B | $2.16B | $2.10B | $2.10B | $2.05B | $2.24B | $2.22B | $2.38B | $2.63B | $2.64B |
| Goodwill & intangible assets | $558.8M | $550.8M | $551.6M | $1.15B | $1.15B | $1.11B | $1.08B | $1.25B | $1.25B | $1.33B | $1.55B | $1.55B |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $6,000 | $9,000 | $13,000 | $10,000 |
| Other non-current assets | $268.2M | $233.8M | $249.0M | $303.3M | $264.6M | $239.9M | $223.8M | $222.9M | $192.6M | $156.7M | $212.6M | $216.7M |
| Total assets | $4.36B | $4.67B | $4.49B | $4.68B | $4.49B | $4.42B | $4.28B | $4.57B | $4.54B | $4.61B | $5.36B | $5.54B |
| Liabilities | ||||||||||||
| Accounts payable | $178.8M | $183.6M | $148.4M | $335.3M | $201.9M | $398.3M | $232.9M | $219.1M | $208.5M | $238.6M | $330.6M | $356.1M |
| Short-term debt | $389.9M | $385.2M | $356.4M | $232.4M | $194.9M | $299.1M | $210.8M | $270.7M | $247.9M | $272.4M | $545.3M | $544.8M |
| Deferred revenue | $45.9M | $48.6M | $46.6M | $28.3M | $32.2M | $75.4M | $64.9M | $48.9M | $46.1M | $35.7M | $41.5M | $63.9M |
| Total current liabilities | $1.22B | $1.34B | $1.20B | $667.1M | $641.2M | $755.5M | $693.6M | $740.4M | $707.9M | $783.2M | $1.22B | $1.23B |
| Long-term debt | $2.79B | $2.81B | $3.15B | $3.66B | $3.64B | $3.66B | $3.69B | $3.87B | $3.42B | $3.29B | $3.06B | $3.08B |
| Lease obligations | $379.9M | $366.0M | $372.4M | $624.7M | $594.8M | $574.8M | $552.5M | $607.2M | $582.8M | $581.7M | $602.0M | $593.9M |
| Other long-term liabilities | $533.7M | $535.1M | $222.4M | $315.1M | $307.5M | $186.7M | $189.5M | $228.5M | $700.0M | $701.0M | $738.7M | $739.2M |
| Total liabilities | $4.54B | $4.69B | $4.58B | $4.65B | $4.59B | $4.60B | $4.57B | $4.84B | $4.83B | $4.77B | $5.02B | $5.06B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $5.44B | $5.42B | $100.7M | $5.42B | $5.42B | $5.42B | $100.0M | $5.40B | $5.40B | $5.40B | $5.39B | $5.39B |
| Retained earnings (deficit) | −$6.73B | −$6.72B | −$6.80B | −$6.72B | −$6.88B | −$6.89B | −$6.93B | −$7.17B | −$6.97B | −$6.85B | −$5.29B | −$4.81B |
| Accumulated other comprehensive income | $1.11B | $1.11B | $1.13B | $1.17B | $1.19B | $1.12B | $1.06B | $1.30B | $1.08B | $1.06B | $8.4M | −$325.5M |
| Minority interest | −$900,000 | $169.6M | $161.5M | $173.9M | $172.4M | — | — | — | — | — | — | — |
| Total shareholders' equity | −$181.7M | −$193.3M | −$251.3M | −$135.8M | −$270.8M | −$352.3M | −$454.6M | −$472.4M | −$492.3M | −$390.0M | $109.8M | $255.6M |
| Key figures | ||||||||||||
| Total debt | $3.49B | $3.50B | $3.51B | $3.90B | $3.83B | $3.96B | $3.90B | $4.14B | $4.16B | $4.05B | $4.11B | $4.14B |
| Net cash (debt) | −$2.42B | −$2.56B | −$2.68B | −$3.25B | −$3.30B | −$3.33B | −$3.32B | −$3.74B | −$3.72B | −$3.72B | −$3.82B | −$3.71B |
| Working capital | $1.13B | $1.35B | $1.30B | $402.1M | $343.3M | $205.7M | $230.7M | $112.3M | $174.4M | −$47.1M | −$249.3M | −$93.5M |
| Tangible book value | −$740.5M | −$744.1M | −$802.9M | −$1.28B | −$1.42B | −$1.47B | −$1.53B | −$1.72B | −$1.74B | −$1.72B | −$1.44B | −$1.29B |
| Book value per share | −$0.53 | −$0.56 | −$0.75 | −$0.40 | −$0.76 | −$1.06 | −$1.35 | −$1.41 | −$1.48 | −$1.17 | $0.33 | $0.77 |
| Shares outstanding | 344.1M | 343.1M | 335.5M | 342.8M | 354.0M | 331.0M | 337.7M | 334.7M | 333.1M | 332.6M | 332.5M | 334.0M |
| Current ratio | 1.93 | 2.01 | 2.08 | 1.60 | 1.54 | 1.27 | 1.33 | 1.15 | 1.25 | 0.94 | 0.80 | 0.92 |
| Quick ratio | 1.03 | 0.84 | 0.83 | 1.38 | 1.26 | 1.21 | 1.27 | 1.06 | 1.16 | 0.80 | 0.72 | 0.84 |
| Debt / equity | — | — | — | — | — | — | — | — | — | — | 37.44 | 16.18 |
| Equity / assets | −4.2% | −4.1% | −5.6% | −2.9% | −6.0% | −8.0% | −10.6% | −10.3% | −10.8% | −8.5% | 2.0% | 4.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 16, 2026); data from EODHD.
IHS financial position
At the end of fiscal 2025 (December 31, 2025), IHS had total assets of $4.5 billion (up 5.0% from a year earlier), total liabilities of $4.6 billion and shareholders' equity of -$251.3 million. It held $825.7 million in cash and short-term investments against $3.5 billion of debt, net debt of $2.7 billion. Its current ratio was 2.08. In the latest quarter (ended June 30, 2026) total assets were $4.4 billion and equity -$181.7 million.
Related: IHS income statement, IHS cash flow statement, IHS key metrics. See the IHS stock overview for the latest quote and news.
IHS balance sheet FAQ
What are IHS's total assets?
IHS reported total assets of $4.5 billion at the end of fiscal 2025 (December 31, 2025), compared with $4.3 billion a year earlier.
How much debt does IHS have?
IHS had $3.5 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was —.
How much cash does IHS have?
IHS held $825.7 million in cash and short-term investments at the end of fiscal 2025; with $3.5 billion of debt that is net debt of $2.7 billion.
What is IHS's book value?
IHS's shareholders' equity (book value) was -$251.3 million at the end of fiscal 2025, or −$0.74 per share.
What is IHS's current ratio?
IHS had current assets of $2.5 billion and current liabilities of $1.2 billion, a current ratio of 2.08 (it can cover its short-term obligations).
How much goodwill does IHS have?
IHS carried $551.6 million of goodwill and intangible assets, 12.3% of total assets, at the end of fiscal 2025.