IHS Real Estate

IHS Holding Limited

$8.44-0.47%

Price as of close on Nov 3, 2026 · Financials updated Sep 30, 2026

Basics

Sector: Real Estate
Industry: Real Estate Services
Country: United Kingdom
Market cap: 2.9B USD
Enterprise value: 5.1B USD
Full-time employees: 2,344

Overall health

Drawback: higher risk than most peers on debt, liquidity or share-price swings

Ranks #123 of 632 real estate companies (top 20%)

See how it ranks against its peers

Worth knowing

Negative shareholders' equity. Liabilities exceed assets on the balance sheet.
IHS's liabilities exceed its assets on the balance sheet. Large share buybacks can cause this in healthy companies, but so can accumulated losses; either way, debt-based ratios need care.
Earnings turned from a loss to a profit. Profit per share this year after a loss last year.
IHS made a profit per share in its latest year after a loss the year before.
Operating margin at a 6-year high. 52% in 2025, the best of the last 6 years.
IHS kept 52% of revenue as operating profit in 2025, its highest in the 6 years of filings we have.
Valuation signals disagree. Cheaper than 95% of peers on operating cash profit (EBITDA), but only 48% on earnings.Cheaper than 95% of peers on operating cash profit, but only 48% on earnings.
Relative to its operating cash profit (EBITDA), IHS looks cheaper than 95% of peers; relative to its earnings, cheaper than only 48%. The valuation score blends the two, so look at which measure fits this business best.Relative to its operating cash profit, IHS looks cheaper than 95% of peers; relative to its earnings, cheaper than only 48%. The valuation score blends the two, so look at which measure fits this business best.

StockQuotient Score

67/ 100

Oct 5 67 → Nov 4 67

Valuation

Is the price right?

96/100

Strong

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Stronger than most peers on:

▲ EBITDA yield
▲ FCF yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield5.1%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value30% base weight · Z-score -0.06Sector median: 0.0535 · MAD: 0.0484

EBITDA yield23.4%

SEC filings (IFRS mapped) · 12 months to Dec 2025Outlier capped at sector 5th/95th percentile50% base weight · Z-score 6.83Sector median: 0.0536 · MAD: 0.0204

Free cash flow yield25.4%

SEC filings (IFRS mapped) · 12 months to Dec 2025 · operating cash flow − capital spendingReported value20% base weight · Z-score 4.25Sector median: 0.0650 · MAD: 0.0444

Other data (not scored)

Book yield-8.9%

SEC filings (IFRS mapped) · latest balance sheetOutlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 1.1277 · MAD: 0.5490

Growth

Is it growing?

72/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: ▼ Weaker

12-month revenue fell 10.4%

Why

Stronger than most peers on:

▲ EPS growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

Earnings per share turned from a loss to a profit33% base weight · Z-score 3.90Sector median: 0.1117 · MAD: 0.3101

3-year revenue growth-6.9%

SEC filings (IFRS mapped) · 3 years to Dec 2025Reported value33% base weight · Z-score -1.44Sector median: 0.0378 · MAD: 0.0744

Revenue growth3.6%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score 0.07Sector median: 0.0297 · MAD: 0.0927

Profitability

Does it earn well?

96/100

Strong

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

Operating margin rose 13.3 points to 51.9%

Why

Stronger than most peers on:

▲ ROIC
▲ Operating margin
▲ ROA

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin51.9%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score 1.11Sector median: 0.2683 · MAD: 0.2257

Return on assets3.2%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score 0.81Sector median: 0.0211 · MAD: 0.0134

Return on invested capital31.5%

SEC filings (IFRS mapped) · 12 months to Dec 2025Outlier capped at sector 5th/95th percentile33% base weight · Z-score 6.82Sector median: 0.0341 · MAD: 0.0197

Other data (not scored)

Gross margin55.4%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported valueInformational · 0% composite weightSector median: 0.5380 · MAD: 0.2259

Return on equityUnavailable

Missing · left out of the scoreInformational · 0% composite weightSector median: 0.0521 · MAD: 0.0465

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Debt / equity

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta0.74

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score 0.04Sector median: 0.7490 · MAD: 0.3270

Current ratio2.08×

SEC filings (IFRS mapped) · latest balance sheetReported value33% base weight · Z-score 1.23Sector median: 1.1950 · MAD: 0.7210

Debt / equityUnavailable

Shareholders' equity is negative, so debt/equity counts as among the highest in its peer group33% base weight · Z-score -10.12Sector median: 0.8040 · MAD: 0.3893

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about IHS

Is IHS getting weaker?: Its latest SEC filing (Mar 16, 2026) was mixed: some things better, some worse: operating margin rose 13.3 points to 51.9%; 12-month revenue fell 10.4%. Its overall score is unchanged at 67/100 since Oct 28, 2026.
How is IHS valued vs its peers?: Priced lower than most peers relative to what it earns. Valuation scores 96/100 against 762 real estate peers. EBITDA yield 23.4% vs a peer median of 5.4% (stronger than 95% of peers).EBITDA yield 23.4% vs peers 5.4% (stronger than 95% of peers).
Is IHS growing?: Yes, faster than most of its peers. Growth scores 72/100 against 762 real estate peers. 3-year revenue growth -6.9% vs a peer median of 3.8% (weaker than 79% of peers).3-year revenue growth -6.9% vs peers 3.8% (weaker than 79% of peers).
How profitable is IHS?: More profitable than most of its peers. Profitability scores 96/100 against 762 real estate peers. Return on invested capital 31.5% vs a peer median of 3.4% (stronger than 95% of peers).Return on invested capital 31.5% vs peers 3.4% (stronger than 95% of peers).
How risky is IHS?: Higher risk relative to 762 real estate peers, judged on debt, liquidity and share-price swings. Current ratio 2.08× vs a peer median of 1.20× (stronger than 75% of peers).Current ratio 2.08× vs peers 1.20× (stronger than 75% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Dec 31, 2025 · filed Mar 16, 2026 · compared with the quarter ended Sep 30, 2025

Mixed: some things better, some worse

Operating margin rose 13.3 points to 51.9%
12-month revenue fell 10.4%

	Previous quarter	Latest quarter	Change
Revenue (12 months)	1.8B USD	1.6B USD	−10.4%
Net income (12 months)	466.1M USD	143.6M USD	−69.2%
Operating margin	38.6%	51.9%	+13.3 pts
Free cash flow (12 months)	822.9M USD	718.7M USD	−12.7%
Debt	3.3B USD	3.1B USD	−4.1%
Cash	647.6M USD	825.7M USD	+27.5%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	42.6%	41.0%	46.2%	52.0%	55.4%	▲ 3.4 pts
Operating margin	24.6%	15.9%	27.2%	39.5%	51.9%	▲ 12 pts
Net margin	-1.6%	-23.4%	-102.7%	-106.9%	9.1%	▲ 116 pts
Return on assets (ROA)	-0.5%	-7.3%	-37.1%	-38.4%	3.2%	▲ 42 pts
Return on equity (ROE)	-1.7%	-40.5%	-1799.4%	—	—	—
Free cash flow margin	32.4%	27.0%	20.2%	32.4%	45.4%	▲ 13 pts
Current ratio	1.72×	0.99×	0.82×	1.43×	2.08×	▲ 46%
Quick ratio	1.67×	0.93×	0.78×	1.38×	2.05×	▲ 48%
Debt to equity	1.72×	2.95×	31.96×	—	—	—
Interest coverage	2.17×	0.36×	0.22×	0.30×	2.35×	▲ 694%

IHS price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Worth knowing

Negative shareholders' equity. Liabilities exceed assets on the balance sheet.

IHS's liabilities exceed its assets on the balance sheet. Large share buybacks can cause this in healthy companies, but so can accumulated losses; either way, debt-based ratios need care.

Earnings turned from a loss to a profit. Profit per share this year after a loss last year.

IHS made a profit per share in its latest year after a loss the year before.

Operating margin at a 6-year high. 52% in 2025, the best of the last 6 years.

IHS kept 52% of revenue as operating profit in 2025, its highest in the 6 years of filings we have.

Valuation signals disagree. Cheaper than 95% of peers on operating cash profit (EBITDA), but only 48% on earnings.Cheaper than 95% of peers on operating cash profit, but only 48% on earnings.

Relative to its operating cash profit (EBITDA), IHS looks cheaper than 95% of peers; relative to its earnings, cheaper than only 48%. The valuation score blends the two, so look at which measure fits this business best.Relative to its operating cash profit, IHS looks cheaper than 95% of peers; relative to its earnings, cheaper than only 48%. The valuation score blends the two, so look at which measure fits this business best.

Questions investors ask about IHS

Is IHS getting weaker?

Its latest SEC filing (Mar 16, 2026) was mixed: some things better, some worse: operating margin rose 13.3 points to 51.9%; 12-month revenue fell 10.4%. Its overall score is unchanged at 67/100 since Oct 28, 2026.

How is IHS valued vs its peers?

Priced lower than most peers relative to what it earns. Valuation scores 96/100 against 762 real estate peers. EBITDA yield 23.4% vs a peer median of 5.4% (stronger than 95% of peers).EBITDA yield 23.4% vs peers 5.4% (stronger than 95% of peers).

Is IHS growing?

Yes, faster than most of its peers. Growth scores 72/100 against 762 real estate peers. 3-year revenue growth -6.9% vs a peer median of 3.8% (weaker than 79% of peers).3-year revenue growth -6.9% vs peers 3.8% (weaker than 79% of peers).

How profitable is IHS?

More profitable than most of its peers. Profitability scores 96/100 against 762 real estate peers. Return on invested capital 31.5% vs a peer median of 3.4% (stronger than 95% of peers).Return on invested capital 31.5% vs peers 3.4% (stronger than 95% of peers).

How risky is IHS?

Higher risk relative to 762 real estate peers, judged on debt, liquidity and share-price swings. Current ratio 2.08× vs a peer median of 1.20× (stronger than 75% of peers).Current ratio 2.08× vs peers 1.20× (stronger than 75% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

1.8B USD

1.6B USD

−10.4%

Net income (12 months)

466.1M USD

143.6M USD

−69.2%

Operating margin

38.6%

51.9%

+13.3 pts

Free cash flow (12 months)

822.9M USD

718.7M USD

−12.7%

Debt

3.3B USD

3.1B USD

−4.1%

Cash

647.6M USD

825.7M USD

+27.5%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

42.6%

41.0%

46.2%

52.0%

55.4%

▲ 3.4 pts

Operating margin

24.6%

15.9%

27.2%

39.5%

51.9%

▲ 12 pts

Net margin

-1.6%

-23.4%

-102.7%

-106.9%

9.1%

▲ 116 pts

Return on assets (ROA)

-0.5%

-7.3%

-37.1%

-38.4%

3.2%

▲ 42 pts

Return on equity (ROE)

-1.7%

-40.5%

-1799.4%

—

Free cash flow margin

32.4%

27.0%

20.2%

32.4%

45.4%

▲ 13 pts

Current ratio

1.72×

0.99×

0.82×

1.43×

2.08×

▲ 46%

Quick ratio

1.67×

0.93×

0.78×

1.38×

2.05×

▲ 48%

Debt to equity

1.72×

2.95×

31.96×

—

Interest coverage

2.17×

0.36×

0.22×

0.30×

2.35×

▲ 694%