IHS Holding Ltd financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data IHS Holding Ltd files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,231	1,403	1,580	1,961	1,925	1,527	1,582
Cost of revenue	811	838	907	1,157	1,037	734	705
Gross profit	420	565	672	804	889	794	877
General and administrative	556	236	337	501	365	275	235
Operating income	-157	332	388	312	524	604	821
Interest expense	289	634	422	872	2,357	2,042	350
Interest income	36	149	25.5	15.8	18.5	27.5	219
Pre-tax income	-410	-153	-8.14	-544	-1,814	-1,411	691
Income tax	13.5	170	18	-75	103	69.3	86.4
Income from continuing operations					-1,917	-1,480	604
Net income to minority interests		-0.69	-0.29	-9.96	-11.6	-12.2	-16.8
Net income	-423	-322	-25.8	-459	-1,977	-1,632	144
EBITDA	227	741	771	781	960	967
EPS, basic	-1.44	-1.09	-0.09	-1.39	-5.93	-4.90	0.43
EPS, diluted	-1.44	-1.09	-0.09	-1.39	-5.93	-4.90	0.42

Balance sheet

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	899	585	916	514	294	578	826
Receivables		327	472	663	608	313	181
Inventory		49.2	42	74.2	40.6	30.6	42.1
Total current assets		989	1,430	1,253	973	924	2,503
Property, plant and equipment		1,438	1,714	2,075	1,710	1,322	816
Lease right-of-use assets		468	521	965	887	699	370
Goodwill	518	656	780	763	619	403	263
Intangible assets		691	846	1,049	933	674	289
Total assets		4,448	5,542	6,321	5,334	4,247	4,490
Accounts payable		409	499	669	498	377	278
Short-term debt		186	208
Total current liabilities		684	831	1,266	1,188	648	1,203
Lease liabilities		287	326	518	511	471	312
Total liabilities		3,223	3,799	4,961	5,006	4,561	4,579
Total debt	2,056	2,203	2,609	3,344	3,511	3,348	3,138
Paid-in capital			5,125	5,212	5,295	5,303	5,319
Retained earnings		-2,835	-2,860	-3,318	-5,293	-6,944	-6,800
Shareholders' equity		1,210	1,520	1,133	110	-473	-251
Minority interests		14.2	223	227	238	159	162
Total equity	1,430	1,224	1,744	1,342	329	-314	-89.8
Total liabilities and equity		4,448	5,542	6,321	5,365	4,247	4,490

Cash flow statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-423	-323	-26.1	-469	-1,988	-1,644	127
Depreciation and amortization	385	409	383	469	436	363
Cash from operations	642	635	750	907	854	729	936
Capital expenditures		-94.8	-238	-379	-465	-235	-218
Cash from investing	-236	-759	-878	-1,517	-722	63.2	-22.3
Debt issued	1,800	232	1,076	1,263	987	2,208	196
Debt repaid	-1,622	-99.9	-654	-507	-690	-2,149	-387
Stock issued	12.4		378
Share buybacks					-10
Cash from financing	-138	-128	524	398	-162	-431	-644
Exchange rate effect	2.46	62	-65.4	-191	-189	-77.4	5.5
Free cash flow		540	512	529	389	494	719
Income taxes paid	13.4	14.5	29.1	51.2	45.4	38.6	44.7

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $8.43 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	55.4%	Gross profit / revenue.
Operating margin	51.9%	Operating income / revenue.
Pre-tax margin	43.7%	Pre-tax income / revenue.
Net margin	9.1%	Net income / revenue.
FCF margin	45.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	59.2%	Cash from operations / revenue.
Effective tax rate	12.5%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	3.3%	Net income / average total assets.
Return on invested capital (ROIC)	33.0%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Capex / revenue	13.7%	Capital expenditures / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	3.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-6.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	2.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	10.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	2.9%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	9.2%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	36.0%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	38.0%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	19.9%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	28.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	1.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	8.1%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	45.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	10.8%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	5.9%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	5.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-10.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	0.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.08x	Current assets / current liabilities.
Quick ratio	0.84x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.69x	(Cash + short-term investments) / current liabilities.
Debt / assets	69.9%	Total debt / total assets.
Liabilities / assets	102.0%	Total liabilities / total assets.
Net debt	$2.31B	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	2.35x	Operating income / interest expense.
Working capital	$1.30B	Current assets - current liabilities.
Goodwill and intangibles / assets	12.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$802.9M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.36x	Revenue / average total assets.
Fixed asset turnover	1.48x	Revenue / average property, plant and equipment.
Inventory turnover	19.4x	Cost of revenue / average inventory.
Days inventory	19 days	365 x average inventory / cost of revenue.
Receivables turnover	6.39x	Revenue / average receivables.
Days sales outstanding	57 days	365 x average receivables / revenue.
Days payables	169 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	-94 days	Days inventory + days sales outstanding - days payables.
FCF conversion	500.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	23.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.42	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$0.43	Net income per basic share, as reported (split-adjusted).

Valuation

Metric	Value	How it is calculated
Market cap	$2.83B	Share price x shares outstanding.
Enterprise value	$5.14B	Market cap + total debt - cash - short-term investments.
P/E	19.7x	Market cap / net income. Only when net income is positive.
P/S	1.79x	Market cap / revenue.
P/FCF	3.94x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	3.02x	Market cap / cash from operations, when positive.
EV/Sales	3.25x	Enterprise value / revenue.
EV/EBIT	6.26x	Enterprise value / operating income, when both are positive.
EV/FCF	7.15x	Enterprise value / free cash flow, when both are positive.
FCF yield	25.4%	Free cash flow / market cap.
Earnings yield	5.1%	Net income / market cap (the inverse of P/E).

What was IHS Holding Ltd's revenue in fiscal 2025?

IHS Holding Ltd reported revenue of $1.58B for fiscal 2025, 3.6% higher than the year before.

Was IHS Holding Ltd profitable in fiscal 2025?

Yes. Net income was $143.6M, a net margin of 9.1%.

How much free cash flow did IHS Holding Ltd generate in fiscal 2025?

Cash from operations of $936.2M minus capital expenditures of $217.5M left free cash flow of $718.7M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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