Latest Ratios: P/E Ratio 19.7x · EV/EBITDA 8.4x · ROE N/A. (2007–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.8B | $2.5B | $973M | $1.5B | $2.0B | $4.6B | — | — | — | — | — |
| Enterprise Value | $5.5B | $5.2B | $4.3B | $5.4B | $5.5B | $6.7B | — | — | — | — | — |
| P/E Ratio → | 19.67 | 17.76 | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 1.75 | 1.61 | 0.57 | 0.72 | 1.04 | 2.93 | — | — | — | — | — |
| P/B Ratio | — | — | — | 4.41 | 1.50 | 2.65 | — | — | — | — | — |
| P/FCF | 6.64 | 6.10 | 2.11 | 6.02 | — | — | — | — | — | — | — |
| P/OCF | 4.14 | 3.81 | 1.33 | 1.80 | 2.24 | 6.16 | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.31 | 2.51 | 2.52 | 2.79 | 4.24 | — | — | — | — | — |
| EV / EBITDA | 8.42 | 8.08 | 5.10 | 5.54 | 7.00 | 8.68 | — | — | — | — | — |
| EV / EBIT | 20.50 | 19.67 | — | — | — | 32.07 | — | — | — | — | — |
| EV / FCF | — | 12.53 | 9.33 | 21.01 | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 54.6% | 54.6% | 48.0% | 49.0% | 41.0% | 42.6% | 40.2% | 34.1% | 34.4% | 35.8% | 29.9% |
| Operating Margin | 16.8% | 16.8% | 28.0% | 25.0% | 15.9% | 24.6% | 23.7% | -12.8% | 17.6% | 17.4% | 3.1% |
| Net Profit Margin | 9.1% | 9.1% | -95.4% | -93.0% | -23.4% | -1.6% | -22.9% | -34.4% | -11.4% | -38.4% | -91.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | -6332.4% | -231.5% | -29.6% | -1.7% | -24.3% | -30.7% | -9.5% | -28.7% | -41.4% |
| ROA | 3.3% | 3.3% | -33.9% | -33.8% | -7.7% | -0.5% | -7.5% | -10.6% | -3.4% | -10.6% | -19.0% |
| ROIC | 7.1% | 7.1% | 10.0% | 8.9% | 5.4% | 8.4% | 8.4% | -4.4% | 5.7% | 5.0% | 0.7% |
| ROCE | 7.7% | 7.7% | 12.4% | 11.5% | 6.4% | 9.2% | 9.0% | -4.6% | 6.0% | 5.3% | 0.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | 11.84 | 2.90 | 1.71 | 2.06 | 1.57 | 1.42 | 1.35 | 1.34 |
| Debt / EBITDA | 5.42 | 5.42 | 4.63 | 4.26 | 5.06 | 3.87 | 3.40 | 9.85 | 3.61 | 3.83 | 6.72 |
| Net Debt / Equity | — | — | — | 10.99 | 2.53 | 1.19 | 1.58 | 0.94 | 0.95 | 0.91 | 1.02 |
| Net Debt / EBITDA | 4.14 | 4.14 | 3.95 | 3.95 | 4.40 | 2.68 | 2.61 | 5.90 | 2.41 | 2.58 | 5.12 |
| Debt / FCF | — | 6.43 | 7.22 | 15.00 | — | — | — | 3.50 | 15.00 | 6.43 | — |
| Interest Coverage | 0.84 | 0.84 | -2.61 | -3.28 | -0.67 | 0.96 | 0.28 | -0.95 | 0.54 | — | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.08 | 2.08 | 1.33 | 0.80 | 0.99 | 1.72 | 1.45 | 2.16 | 1.68 | 2.51 | 2.17 |
| Quick Ratio | 2.05 | 2.05 | 1.29 | 0.76 | 0.93 | 1.67 | 1.38 | 2.07 | 1.64 | 2.45 | 2.09 |
| Cash Ratio | 0.69 | 0.69 | 0.83 | 0.24 | 0.41 | 1.10 | 0.86 | 1.59 | 1.10 | 1.50 | 1.28 |
| Asset Turnover | — | 0.35 | 0.40 | 0.40 | 0.31 | 0.29 | 0.32 | 0.30 | 0.31 | 0.28 | 0.22 |
| Inventory Turnover | 17.05 | 17.05 | 28.96 | 26.72 | 15.59 | 21.59 | 17.03 | 16.65 | 35.72 | 28.53 | 19.74 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.1% | 5.6% | — | — | — | — | — | — | — | — | — |
| FCF Yield | 15.1% | 16.4% | 47.3% | 16.6% | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.7% | 0.0% | 0.0% | — | — | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.7% | 0.0% | 0.0% | — | — | — | — | — |
| Shares Outstanding | — | $342M | $333M | $333M | $331M | $328M | $331M | $331M | $328M | $287M | $239M |
Currency and Geopolitical Exposure
According to current market data, IHS trades at a forward P/E of 7.56, which suggests that investors are heavily discounting the company's future earnings potential compared to global tower peers like American Tower, likely due to the persistent volatility inherent in its emerging market operational footprint.
The significant spread between the TTM P/E of 19.62 and the forward multiple indicates that the market is pricing in a substantial contraction in earnings or is skeptical of the company's ability to maintain current profitability levels. This valuation gap warrants further investigation into whether the stock is being mispriced as a distressed asset rather than a long-term infrastructure play.
Based on reported figures, the company's ROIC has remained stagnant in the 3.5% to 4.0% range over recent quarters, indicating that IHS is struggling to generate returns that meaningfully exceed its cost of capital in the current high-interest rate and currency-devaluation environment.
The inability to drive ROIC higher despite the high-margin nature of tower leasing suggests that the capital-intensive energy requirements and maintenance costs in Nigeria are eroding the compounding potential of the business. Investors should monitor whether the transition to renewable energy sources can eventually improve these returns by reducing reliance on expensive, volatile diesel fuel.
As reported in financial statements, the company's cash conversion cycle remains highly erratic, with DPO levels fluctuating significantly between 81 and 164 days, reflecting the operational complexity of managing supplier relationships across diverse and logistically challenging emerging markets in Africa and Latin America.
The wide swings in the cash conversion cycle suggest that IHS is frequently forced to adjust its payment terms to manage liquidity, which may indicate limited leverage over suppliers in certain jurisdictions. This inconsistency in working capital management complicates the predictability of free cash flow generation for institutional investors.
Based on the latest quarterly data, the interest coverage ratio has shown extreme volatility, ranging from -13.30 to 5.43, which highlights the precarious nature of the company's debt service capacity when faced with sudden currency devaluations and fluctuating operating income in its core markets.
The high debt-to-EBITDA levels, often exceeding 15x in recent periods, suggest that the company's balance sheet is highly sensitive to any disruption in cash flow. This leverage profile appears significantly more strained than that of global peers, necessitating a cautious outlook on the company's ability to refinance its obligations without further equity dilution or asset sales.
The most commonly misapplied metric for IHS is the standard EV/EBITDA multiple, which fails to account for the company's unique role as a power-as-a-service provider, thereby obscuring the true operational value of its energy infrastructure moat in logistically complex markets.
By treating IHS as a traditional real estate tower company, analysts often overlook the significant portion of revenue that is merely a pass-through for fuel costs, which artificially inflates the denominator and distorts valuation comparisons. A more accurate approach would involve adjusting EBITDA for these energy-related pass-throughs to better reflect the underlying profitability of the tower leasing business.
Includes 30+ ratios · 19 years · Updated daily
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Quick answers to the most common questions about buying IHS stock.
IHS Holding Limited's current P/E ratio is 19.7x. The historical average is 17.8x. This places it at the 100th percentile of its historical range.
IHS Holding Limited's current EV/EBITDA is 8.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 6.9x.
Based on historical data, IHS Holding Limited is trading at a P/E of 19.7x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
IHS Holding Limited has 54.6% gross margin and 16.8% operating margin. Operating margin between 10-20% is typical for established companies.
IHS Holding Limited's Debt/EBITDA ratio is 5.4x, indicating high leverage. A ratio above 4x may signal elevated financial risk.