IHS Holding Ltd (IHS) Key Metrics
IHS valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $2.86B
- Enterprise value
- $5.27B
- P/E (TTM)
- 5.4
- Forward P/E
- 9.3
- PEG ratio
- —
- Price / sales
- 1.7 10-yr median 1.0
- Price / book
- 2.0 10-yr median 3.0
- EV / EBITDA
- 4.1 10-yr median 11.3
- Dividend yield
- —
- Beta
- 0.74
IHS key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsIHS valuation Price multiples at each fiscal year-end price.
Price / sales+183.5%
1.6
2025 · hover or tap a bar for each year
20162025
EV / EBITDA
3.8
2025 · hover or tap a bar for each year
20162025
Price / free cash flow+188.9%
6.1
2025 · hover or tap a bar for each year
20162025
Free cash flow yield−30.9 pts
16.4%
2025 · hover or tap a bar for each year
20162025
IHS returns How much profit the business earns on the capital it uses.
Return on invested capital−2.4 pts
8.8%
2025 · hover or tap a bar for each year
20162025
Return on assets+37.1 pts
3.3%
2025 · hover or tap a bar for each year
20162025
Free cash flow margin−0.5 pts
26.4%
2025 · hover or tap a bar for each year
20162025
Asset turnover+1.7%
0.36
2025 · hover or tap a bar for each year
20162025
IHS per-share figures Results divided by the shares outstanding at year-end.
Revenue per share−9.9%
$4.63
2025 · hover or tap a bar for each year
20162025
Earnings per share
$0.42
2025 · hover or tap a bar for each year
20162025
Free cash flow per share−11.6%
$1.22
2025 · hover or tap a bar for each year
20162025
Book value per share
−$0.74
2025 · hover or tap a bar for each year
20162025
Dividends per share
$0.00
2025 · hover or tap a bar for each year
20162025
Shares outstanding+2.6%
341.6M
2025 · hover or tap a bar for each year
20162025
IHS financial health Debt, liquidity and how easily interest is covered.
Net debt−$638.1M
$2.68B
2025 · hover or tap a bar for each year
20162025
Net debt / EBITDA
1.93
2025 · hover or tap a bar for each year
20162025
Current ratio+56.1%
2.08
2025 · hover or tap a bar for each year
20162025
Interest coverage−22.4%
0.8
2025 · hover or tap a bar for each year
20162025
Debt / assets−14.3%
0.78
2025 · hover or tap a bar for each year
20162025
IHS efficiency & capital use Working capital cycle and where the cash goes.
Days sales outstanding−40 days
54 days
2025 · hover or tap a bar for each year
20162025
Days of inventory+4 days
19 days
2025 · hover or tap a bar for each year
20162025
Days payables outstanding−19 days
97 days
2025 · hover or tap a bar for each year
20162025
Cash conversion cycle−17 days
-24 days
2025 · hover or tap a bar for each year
20162025
Capex / revenue+0.2 pts
15.9%
2025 · hover or tap a bar for each year
20162025
Dividends + buybacks / FCF0.0 pts
0.0%
2025 · hover or tap a bar for each year
20162025
IHS valuation history
Fiscal year-endToday10-year median
IHS returns on capital
ROEROICROA
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
IHS debt vs cash
Total debtCash & short-term investments
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
IHS cash returned to shareholders
DividendsBuybacksFree cash flow
IHS price vs earnings per share
Share price at year-endEPS (right axis)
IHS key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $2.55B | $972.5M | $1.53B | $2.04B | $4.62B | — | — | — | — | — |
| Enterprise value | $5.23B | $4.30B | $5.35B | $5.47B | $6.69B | — | — | — | — | — |
| P/E ratio | 17.7 | — | — | — | — | — | — | — | — | — |
| Price / sales | 1.6 | 0.6 | 0.7 | 1.0 | 2.9 | — | — | — | — | — |
| Price / book | — | — | 14.0 | 1.8 | 3.0 | — | — | — | — | — |
| Price / free cash flow | 6.1 | 2.1 | 6.0 | 5.9 | 13.3 | — | — | — | — | — |
| Price / operating cash flow | 3.8 | 1.3 | 1.8 | 2.2 | 6.2 | — | — | — | — | — |
| EV / sales | 3.3 | 2.5 | 2.5 | 2.8 | 4.2 | — | — | — | — | — |
| EV / EBITDA | 3.8 | — | — | 21.7 | 11.3 | — | — | — | — | — |
| EV / free cash flow | 12.5 | 9.3 | 21.0 | 15.7 | 19.2 | — | — | — | — | — |
| Earnings yield | 5.6% | −167.8% | −129.0% | −22.6% | −0.6% | — | — | — | — | — |
| Free cash flow yield | 16.4% | 47.3% | 16.6% | 17.1% | 7.5% | — | — | — | — | — |
| Dividend yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — | — | — |
| Shareholder yield (dividends + buybacks) | 0.0% | 0.0% | 0.7% | 0.0% | 0.0% | — | — | — | — | — |
| Share price at fiscal year-end | $7.46 | $2.92 | $4.60 | $6.15 | $14.10 | — | — | — | — | — |
| Per share | ||||||||||
| Revenue per share | $4.63 | $5.14 | $6.38 | $5.93 | $4.82 | $4.24 | $3.72 | $3.56 | $3.86 | $3.78 |
| Earnings per share | $0.42 | −$4.90 | −$5.93 | −$1.39 | −$0.08 | −$0.97 | −$1.28 | −$0.40 | −$1.48 | −$3.45 |
| Operating cash flow per share | $1.96 | $2.19 | $2.56 | $2.74 | $2.29 | $1.92 | $1.94 | $1.41 | $1.59 | $1.74 |
| Free cash flow per share | $1.22 | $1.38 | $0.76 | $1.05 | $1.06 | $1.23 | $1.16 | $0.26 | $0.72 | −$0.74 |
| Cash per share | $2.42 | $1.74 | $0.88 | $1.55 | $2.80 | $1.77 | $2.72 | $1.93 | $2.25 | $1.99 |
| Book value per share | −$0.74 | −$1.36 | $0.33 | $3.42 | $4.64 | $3.66 | $4.32 | $4.06 | $5.14 | $5.93 |
| Tangible book value per share | −$2.35 | −$4.60 | −$4.33 | −$2.05 | −$0.32 | −$0.41 | $1.40 | $0.98 | $1.42 | $0.89 |
| Dividends per share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | — | — |
| Capex per share | $0.74 | $0.81 | $1.80 | $1.69 | $1.23 | $0.69 | $0.78 | $1.15 | $0.87 | $2.47 |
| Debt per share | $10.27 | $11.71 | $12.34 | $11.93 | $9.11 | $7.61 | $6.77 | $5.78 | $6.91 | $8.37 |
| Shares outstanding | 341.6M | 333.1M | 333.2M | 331.0M | 327.8M | 330.8M | 330.8M | 328.1M | 286.6M | 239.4M |
| Change in shares outstanding | +2.6% | −0.0% | +0.7% | +1.0% | −0.9% | 0.0% | +0.8% | +14.5% | +19.7% | +9.4% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | — | — | −318.1% | −34.6% | −1.9% | −24.4% | −30.7% | −9.5% | −29.4% | −44.7% |
| Return on invested capital (ROIC) | 8.8% | 11.1% | 9.9% | 6.0% | 9.1% | 8.9% | −4.6% | 6.0% | 5.3% | 0.7% |
| Return on assets (ROA) | 3.3% | −33.9% | −33.8% | −7.7% | −0.5% | −7.5% | −10.6% | −3.4% | −10.6% | −19.0% |
| Return on tangible assets | 3.6% | −51.0% | −51.8% | −10.2% | −0.7% | −10.4% | −13.2% | −4.7% | −14.5% | −29.1% |
| Free cash flow margin | 26.4% | 26.9% | 12.0% | 17.7% | 22.0% | 28.9% | 31.2% | 7.2% | 18.7% | −19.5% |
| Income quality (OCF / net income) | 4.66 | — | — | — | — | — | — | — | — | — |
| Financial health | ||||||||||
| Total debt | $3.51B | $3.90B | $4.11B | $3.95B | $2.99B | $2.52B | $2.24B | $1.90B | $1.98B | $2.00B |
| Cash & short-term investments | $825.7M | $578.0M | $293.8M | $514.1M | $916.5M | $585.4M | $898.8M | $633.5M | $646.2M | $476.1M |
| Net debt | $2.68B | $3.32B | $3.82B | $3.44B | $2.07B | $1.93B | $1.34B | $1.26B | $1.33B | $1.53B |
| Debt / equity | — | — | 37.44 | 3.49 | 1.96 | 2.08 | 1.57 | 1.42 | 1.35 | 1.41 |
| Debt / assets | 0.78 | 0.91 | 0.77 | 0.62 | 0.54 | 0.57 | 0.54 | 0.50 | 0.50 | 0.49 |
| Net debt / EBITDA | 1.93 | — | — | 13.60 | 3.50 | 4.13 | 7.21 | 3.01 | 2.58 | 5.12 |
| Current ratio | 2.08 | 1.33 | 0.80 | 0.99 | 1.72 | 1.45 | 2.16 | 1.68 | 2.51 | 2.17 |
| Quick ratio | 2.05 | 1.29 | 0.76 | 0.93 | 1.67 | 1.38 | 2.07 | 1.64 | 2.45 | 2.09 |
| Interest coverage | 0.8 | 1.1 | 1.2 | 1.0 | 1.8 | 1.6 | -0.7 | 1.1 | — | — |
| Working capital | $1.30B | $230.7M | −$249.3M | −$13.5M | $599.8M | $305.7M | $657.2M | $390.8M | $648.3M | $438.4M |
| Invested capital | $2.43B | $2.87B | $3.93B | $4.57B | $3.59B | $3.14B | $2.77B | $2.60B | $2.81B | $2.95B |
| Tangible asset value | −$641.4M | −$1.37B | −$1.20B | −$452.3M | $117.9M | −$122.9M | $462.5M | $322.6M | $406.7M | $288.8M |
| Net current asset value | −$2.08B | −$3.65B | −$4.04B | −$3.71B | −$2.37B | −$2.23B | −$1.51B | −$1.53B | −$1.45B | −$1.74B |
| Graham net-net per share | −$10.55 | −$11.27 | −$12.81 | −$11.82 | −$7.74 | −$7.20 | −$4.88 | −$5.21 | −$6.16 | −$8.05 |
| Capital allocation | ||||||||||
| Dividends paid | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | — | — |
| Share buybacks (net) | $0 | $0 | $10.0M | $0 | $0 | $0 | $0 | $0 | — | — |
| Dividend payout ratio | 0.0% | — | — | — | — | — | — | — | — | — |
| Dividends + buybacks / free cash flow | 0.0% | 0.0% | 3.9% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Capex / revenue | 15.9% | 15.7% | 28.2% | 28.5% | 25.5% | 16.3% | 21.0% | 32.4% | 22.5% | 65.4% |
| Capex / operating cash flow | 37.6% | 36.9% | 70.2% | 61.7% | 53.6% | 36.1% | 40.2% | 81.8% | 54.5% | 142.6% |
| Capex / depreciation | 0.66 | 0.74 | 1.37 | 1.19 | 1.05 | 0.56 | 0.67 | 1.19 | 0.77 | 2.19 |
| Stock-based compensation / revenue | 1.8% | 1.6% | 0.6% | 0.7% | 0.7% | 0.6% | 28.5% | −0.4% | −2.5% | 9.7% |
| SG&A / revenue | 17.4% | 17.7% | 19.8% | 14.6% | 15.3% | 12.8% | 40.2% | 10.7% | 18.4% | 27.0% |
| Efficiency | ||||||||||
| Days sales outstanding | 54.4 | 93.9 | 106.9 | 102.0 | 85.5 | 74.4 | 66.8 | 50.4 | 52.4 | 54.8 |
| Days of inventory on hand | 18.5 | 14.6 | 19.3 | 18.3 | 18.4 | 21.3 | 15.8 | 11.0 | 14.7 | 17.7 |
| Days payables outstanding | 97.0 | 115.5 | 130.2 | 123.9 | 129.7 | 139.4 | 139.5 | 123.6 | 108.8 | 110.2 |
| Cash conversion cycle (days) | -24.1 | -6.9 | -3.9 | -3.7 | -25.8 | -43.6 | -56.9 | -62.2 | -41.7 | -37.8 |
| Receivables turnover | 6.71 | 3.89 | 3.41 | 3.58 | 4.27 | 4.91 | 5.46 | 7.24 | 6.97 | 6.66 |
| Payables turnover | 3.76 | 3.16 | 2.80 | 2.94 | 2.82 | 2.62 | 2.62 | 2.95 | 3.36 | 3.31 |
| Inventory turnover | 19.71 | 24.97 | 18.90 | 19.91 | 19.89 | 17.12 | 23.11 | 33.06 | 24.91 | 20.66 |
| Asset turnover | 0.36 | 0.35 | 0.36 | 0.33 | 0.32 | 0.33 | 0.31 | 0.30 | 0.28 | 0.21 |
| Average receivables | $235.6M | $440.5M | $622.6M | $547.9M | $370.1M | $286.0M | $225.3M | $161.3M | $158.9M | $135.9M |
| Average payables | $190.7M | $281.8M | $386.8M | $392.9M | $322.3M | $320.1M | $309.8M | $259.7M | $211.8M | $191.6M |
| Average inventory | $36.4M | $35.7M | $57.4M | $58.1M | $45.6M | $49.0M | $35.1M | $23.2M | $28.5M | $30.7M |
| Intangibles / total assets | 12.3% | 25.2% | 28.9% | 28.7% | 29.3% | 30.3% | 23.2% | 26.4% | 26.7% | 29.8% |
Computed from IHS's annual financial statements (latest annual report filed March 16, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
IHS valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), IHS traded at 17.7 times earnings. Based on the latest twelve months, the trailing P/E is 5.4 and the forward P/E is 9.3. IHS earned a return on invested capital of 8.8% in fiscal 2025. It ended the year with $3.5 billion of debt and $825.7 million in cash and short-term investments, net debt of $2.7 billion. The share count rose 42.7% from 239.4M to 341.6M over 9 years.
See the IHS income statement, the IHS chart for price history, or the IHS stock overview for the latest quote and news.
IHS key metrics FAQ
What is IHS's P/E ratio?
IHS's trailing P/E ratio is 5.4 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 9.3. At the end of fiscal 2025 it was 17.7.
What is IHS's EV/EBITDA?
IHS's enterprise value was 3.8 times EBITDA at the end of fiscal 2025 (enterprise value $5.2 billion, EBITDA $1.4 billion); the current EV/EBITDA is 4.1.
What is IHS's ROIC?
IHS's return on invested capital was 8.8% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does IHS have?
IHS had total debt of $3.5 billion at the end of fiscal 2025 and $2.7 billion of net debt (1.93 times EBITDA).
Does IHS pay a dividend?
IHS did not pay a dividend in fiscal 2025.
What is IHS's free cash flow yield?
IHS generated $417.5 million of free cash flow in fiscal 2025, a free cash flow yield of 16.4% on its market value at year-end ($2.5 billion).
What is IHS's current ratio?
IHS's current ratio was 2.08 at the end of fiscal 2025: current assets were 2.08 times current liabilities.