Latest Ratios: P/E Ratio 9.9x · EV/EBITDA 7.1x · ROE 14.3%. (2004–2025 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 | $8.0B | $7.3B | $6.6B | $4.8B | $3.8B | $7.1B | $5.8B | $4.6B | $4.1B | $6.2B | $2.3B |
| Enterprise Value | $7.1B | $6.4B | $5.9B | $4.1B | $3.0B | $6.4B | $5.2B | $4.3B | $3.5B | $5.8B | $2.0B |
| P/E Ratio → | 9.93 | 9.10 | 16.61 | 12.72 | 10.55 | 11.75 | 46.44 | 11.06 | 7.94 | 9.74 | 12.45 |
| P/S Ratio | 2.58 | 2.35 | 2.68 | 2.30 | 1.73 | 2.55 | 2.54 | 2.10 | 1.76 | 3.42 | 2.26 |
| P/B Ratio | 1.30 | 1.19 | 1.30 | 1.00 | 0.83 | 1.47 | 1.21 | 0.83 | 0.81 | 1.23 | 1.24 |
| P/FCF | — | — | 9.68 | 11.23 | 8.36 | 7.99 | 9.31 | 10.84 | 6.33 | 14.56 | 10.40 |
| P/OCF | 11.12 | 10.10 | 9.54 | 10.96 | 8.05 | 7.89 | 9.06 | 9.96 | 6.05 | 13.98 | 9.77 |
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 | — | 2.07 | 2.38 | 1.93 | 1.38 | 2.31 | 2.26 | 1.96 | 1.50 | 3.19 | 1.94 |
| EV / EBITDA | 7.05 | 6.32 | 8.77 | 8.00 | 5.82 | 7.42 | 29.29 | 7.10 | 4.86 | 11.70 | 7.59 |
| EV / EBIT | 7.32 | 12.12 | 9.33 | 7.51 | 7.82 | 7.70 | 24.02 | 7.16 | 5.11 | 12.62 | 9.03 |
| EV / FCF | — | — | 8.59 | 9.41 | 6.66 | 7.22 | 8.28 | 10.08 | 5.40 | 13.59 | 8.93 |
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 | 71.8% | 71.8% | 68.7% | 69.5% | 70.0% | 73.1% | 70.9% | 70.3% | 71.4% | 67.7% | 68.6% |
| Operating Margin | 31.5% | 31.5% | 26.1% | 23.0% | 22.2% | 29.7% | 5.6% | 24.7% | 28.2% | 24.3% | 22.8% |
| Net Profit Margin | 25.8% | 25.8% | 16.5% | 18.7% | 16.9% | 22.4% | 5.7% | 19.5% | 22.7% | 36.1% | 18.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 14.3% | 14.3% | 8.2% | 8.3% | 7.9% | 12.9% | 2.5% | 8.1% | 10.4% | 19.0% | 11.1% |
| ROA | 10.5% | 10.5% | 6.1% | 6.2% | 5.8% | 9.3% | 1.8% | 5.9% | 7.4% | 13.5% | 7.7% |
| ROIC | 12.1% | 12.1% | 9.0% | 7.1% | 7.2% | 11.7% | 1.7% | 7.1% | 9.1% | 9.1% | 9.6% |
| ROCE | 13.5% | 13.5% | 10.7% | 8.4% | 8.5% | 13.8% | 2.0% | 8.3% | 10.4% | 10.7% | 12.7% |
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 | 0.06 | 0.06 | 0.10 | 0.08 | 0.09 | 0.09 | 0.10 | 0.08 | 0.06 | 0.07 | — |
| Debt / EBITDA | 0.39 | 0.39 | 0.73 | 0.76 | 0.77 | 0.52 | 2.58 | 0.78 | 0.45 | 0.77 | — |
| Net Debt / Equity | — | -0.14 | -0.15 | -0.16 | -0.17 | -0.14 | -0.13 | -0.06 | -0.12 | -0.08 | -0.17 |
| Net Debt / EBITDA | -0.85 | -0.85 | -1.12 | -1.55 | -1.49 | -0.78 | -3.66 | -0.54 | -0.84 | -0.84 | -1.24 |
| Debt / FCF | — | — | -1.09 | -1.82 | -1.71 | -0.76 | -1.03 | -0.76 | -0.93 | -0.97 | -1.46 |
| Interest Coverage | 21.83 | 21.83 | 34.99 | 42.50 | 30.79 | 64.88 | 16.78 | 39.64 | 43.15 | 38.60 | 33.11 |
Net cash position: cash ($1.3B) exceeds total debt ($396M)
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 | 53.82 | 53.82 | 3.59 | 3.89 | 3.63 | 3.07 | 3.01 | 3.35 | 2.77 | 2.23 | 2.34 |
| Quick Ratio | 53.82 | 53.82 | 3.59 | 3.89 | 3.63 | 3.07 | 3.01 | 3.35 | 2.77 | 2.23 | 2.34 |
| Cash Ratio | 53.82 | 53.82 | 1.68 | 1.85 | 1.93 | 1.42 | 1.52 | 1.03 | 1.26 | 0.79 | 0.71 |
| Asset Turnover | — | 0.37 | 0.36 | 0.32 | 0.35 | 0.41 | 0.34 | 0.29 | 0.33 | 0.25 | 0.42 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| 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 | 3.1% | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | 31.2% | 31.2% | 61.2% | 66.0% | 69.7% | 41.3% | 201.8% | 63.7% | 52.5% | 39.1% | 83.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 10.1% | 11.0% | 6.0% | 7.9% | 9.5% | 8.5% | 2.2% | 9.0% | 12.6% | 10.3% | 8.0% |
| FCF Yield | — | — | 10.3% | 8.9% | 12.0% | 12.5% | 10.7% | 9.2% | 15.8% | 6.9% | 9.6% |
| Buyback Yield | 3.3% | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 6.5% | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $153M | $156M | $161M | $162M | $169M | $180M | $189M | $196M | $162M | $111M |
Persistent Net Outflow Pressure
Based on current market data, JHG trades at a TTM P/E of 9.93, which appears to reflect a significant valuation discount compared to peers like Affiliated Managers, suggesting investors are pricing in persistent net outflows rather than the firm's potential for successful strategic repositioning into alternative investment vehicles.
The forward P/E of 12.28 indicates that the market anticipates a contraction in earnings, likely driven by the ongoing fee compression in the active management space. This valuation gap relative to historical averages warrants investigation into whether the firm's specialized boutiques can truly command a premium in a market increasingly dominated by passive and model-based allocations.
As reported in financial statements, JHG's ROIC has remained suppressed, hovering between 1.5% and 2.6% over the last ten quarters, which indicates that the firm is struggling to generate meaningful returns on its invested capital base amidst a challenging environment for active asset management fee generation.
The persistent gap between ROE and ROIC suggests that the firm's capital structure is not being utilized to drive superior compounding, but rather to maintain a defensive posture. Investors should monitor whether the recent pivot toward private markets can improve these returns, or if the current capital allocation strategy remains a drag on long-term shareholder value creation.
According to recent SEC filings, the firm's asset turnover has remained consistently low at approximately 0.09x, highlighting the inherent difficulty in scaling an active management business model where revenue is tied to AUM levels rather than the velocity of asset utilization or traditional inventory-based working capital cycles.
The lack of clear trends in DSO and CCC metrics reflects the service-oriented nature of the business, where revenue recognition is largely decoupled from traditional operational efficiency metrics. This suggests that management's focus on cost rationalization is more critical to margin stability than improvements in working capital management.
Based on reported figures, the P/E ratio is frequently misapplied to JHG, as it fails to account for the non-cash distortions from seed capital gains and merger-related intangible amortization that frequently obscure the firm's true, recurring cash-generating power in the volatile asset management industry.
Analysts should instead prioritize FCF-based metrics or EV/AUM to better capture the underlying health of the management fee stream. Relying on P/E risks misinterpreting temporary performance fee spikes as sustainable earnings growth, which can lead to an inaccurate assessment of the firm's long-term valuation floor.
Includes 30+ ratios · 22 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying JHG stock.
Janus Henderson Group plc's current P/E ratio is 9.9x. The historical average is 20.2x. This places it at the 30th percentile of its historical range.
Janus Henderson Group plc's current EV/EBITDA is 7.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.7x.
Janus Henderson Group plc's return on equity (ROE) is 14.3%. The historical average is 11.2%.
Based on historical data, Janus Henderson Group plc is trading at a P/E of 9.9x. This is at the 30th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Janus Henderson Group plc's current dividend yield is 3.14% with a payout ratio of 31.2%.
Janus Henderson Group plc has 71.8% gross margin and 31.5% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Janus Henderson Group plc's Debt/EBITDA ratio is 0.4x, indicating low leverage. A ratio below 2x is generally considered financially healthy.