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IHSIHS Holding Limited
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IHS logoIHS Holding Limited(IHS)Earnings, Financials & Key Ratios

IHS•NYSE•Utilities
19.4× P/E·Price updated Jun 19, 2026
SectorCommunication ServicesIndustryTelecom ServicesSub-IndustryTowers and Shared Telecom Infrastructure
AboutIHS Holding Limited, together with its subsidiaries, owns, operates, and develops shared telecommunications infrastructure in Africa, Latin America, Europe, and the Middle East. It offers colocation and lease agreement, build-to-suit, fiber connectivity, and rural telephony solutions. The company serves mobile network operators, internet service providers, broadcasters, security functions, and private corporations. IHS Holding Limited was founded in 2001 and is based in London, the United Kingdom.Show more
  • Revenue$1.58B-7.6%
  • EBITDA$648M-23.1%
  • Net Income$144M+108.8%
  • Free Cash Flow$418M-9.3%
  • EBITDA Margin40.95%-16.8%
  • Net Margin9.08%+109.5%
  • Interest Coverage0.84+132.1%

IHS Key Insights

IHS Holding Limited (IHS) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓Strong Piotroski F-Score: 7/9

✗Weaknesses

  • ✗High leverage: 5.4x Debt/EBITDA
  • ✗Weak interest coverage of 0.8x

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

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IHS Price & Volume

IHS Holding Limited (IHS) stock price & volume — 10-year historical chart

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IHS Growth Metrics

IHS Holding Limited (IHS) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years8.09%
5 Years2.43%
3 Years-6.91%
TTM-10.12%

Profit CAGR

10 Years-
5 Years-
3 Years-
TTM508.3%

EPS CAGR

10 Years-
5 Years-
3 Years-
TTM478.57%

Return on Capital

10 Years6.38%
5 Years9.45%
3 Years10.56%
Last Year7.75%

IHS Recent Earnings

IHS Holding Limited (IHS) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 4/12 qtrs (33%)●Beat Revenue 9/12 qtrs (75%)
Q2 2026Latest
May 12, 2026
Metric
Actual
Est
EPS
$0.20-38.5%
$0.33
Rev
$467M+6.4%
$439M
Q2 2026
Mar 16, 2026
Metric
Actual
Est
EPS
$0.98+476.5%
$0.17
Rev
$398M-7.2%
$429M
Q4 2025
Nov 12, 2025
Metric
Actual
Est
EPS
$0.44+340.0%
$0.10
Rev
$455M+6.2%
$429M
Q3 2025
Aug 12, 2025
Metric
Actual
Est
EPS
$0.10-41.2%
$0.17
Rev
$433M+3.1%
$420M
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestMay 12, 2026
$0.20vs $0.33-38.5%
$467Mvs $439M+6.4%
Q2 2026Mar 16, 2026
$0.98vs $0.17+476.5%
$398Mvs $429M-7.2%
Q4 2025Nov 12, 2025
$0.44vs $0.10+340.0%
$455Mvs $429M+6.2%
Q3 2025Aug 12, 2025
$0.10vs $0.17-41.2%
$433Mvs $420M+3.1%
Based on last 12 quarters of dataView full earnings history →

IHS Peer Comparison

IHS Holding Limited (IHS) competitors in Towers and Shared Telecom Infrastructure — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
Institutional Holdings
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
AMT logoAMTAmerican Tower CorporationDirect Competitor82.02B176.0532.665.11%26.6%27.44%4.34
CCI logoCCICrown Castle Inc.Direct Competitor35.8B82.0580.44-35.06%25.13%
SBAC logoSBACSBA Communications CorporationDirect Competitor19.82B186.8719.075.06%35.66%
ATUS logoATUSAltice USA, Inc.Direct Competitor539.38M1.89-8.59-4.06%-21.76%
UNIT logoUNITUniti Group Inc.Product Competitor2.83B11.642.3991.49%40.53%342.98%26.35
LUMN logoLUMNLumen Technologies, Inc.Product Competitor8.45B8.20-4.69-5.39%-14.34%-79.42%
CCOI logoCCOICogent Communications Holdings, Inc.Product Competitor710.6M14.19-3.73-5.82%-17.88%-229.15%
VNET logoVNETVNET Group, Inc.Product Competitor2.4B8.75-65.7417.18%-21.78%-26.68%3.14

Compare IHS vs Peers

IHS Holding Limited (IHS) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs AMT

Most directly comparable listed peer for IHS.

Scale Benchmark

vs CSCO

Larger-name benchmark to compare IHS against a more recognizable public peer.

Peer Set

Compare Top 5

vs AMT, CCI, SBAC, ATUS

IHS Income Statement

IHS Holding Limited (IHS) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Revenue
1.11B1.17B1.23B1.4B1.58B1.96B2.13B1.71B1.58B1.56B
Revenue Growth %
22.23%5.52%5.39%13.98%12.58%24.15%8.37%-19.49%-7.55%-10.12%
Cost of Revenue
710.75M766.73M810.97M838.42M907.39M1.16B1.08B890.53M717.8M730.55M
Gross Profit
396.2M▲ 0%
401.36M▲ 1.3%
420.09M▲ 4.7%
564.73M▲ 34.4%
672.34M▲ 19.1%
804.3M▲ 19.6%
1.04B▲ 29.4%
820.69M▼ 21.1%
864.2M▲ 5.3%
827.25M▲ 0%
Gross Margin %
35.79%34.36%34.12%40.25%42.56%41.01%48.97%47.96%54.63%53.1%
Gross Profit Growth %
46.23%1.3%4.67%34.43%19.06%19.63%29.41%-21.15%5.3%-
Operating Expenses
595.57M181.32M577.19M232.78M283.97M492.05M510.16M341.55M598.1M245.18M
Other Operating Expenses
----------
EBITDA
517.07M525.35M227.4M740.61M771.25M781.15M966.24M841.88M647.8M915.48M
EBITDA Margin %
46.71%44.98%18.47%52.78%48.82%39.83%45.46%49.2%40.95%58.77%
EBITDA Growth %
73.38%1.6%-56.71%225.68%4.14%1.28%23.69%-12.87%-23.05%-6.87%
Depreciation & Amortization
324.09M319.42M384.51M408.66M382.88M468.9M435.59M362.74M381.7M333.4M
D&A / Revenue %
29.28%27.35%31.23%29.12%24.24%23.91%20.49%21.2%24.13%21.4%
Operating Income (EBIT)
192.99M▲ 0%
205.93M▲ 6.7%
-157.1M▼ 176.3%
331.94M▲ 311.3%
388.37M▲ 17.0%
312.25M▼ 19.6%
530.65M▲ 69.9%
479.15M▼ 9.7%
266.1M▼ 44.5%
582.08M▲ 0%
Operating Margin %
17.43%17.63%-12.76%23.66%24.58%15.92%24.97%28%16.82%37.37%
Operating Income Growth %
584.44%6.71%-176.29%311.29%17%-19.6%69.95%-9.71%-44.46%-
Interest Expense
0186.25M209.85M209.63M216.75M320.64M437.44M443.56M317.3M4M
Interest Coverage
-0.54x-0.95x0.28x0.96x-0.67x-3.28x-2.61x0.84x-
Interest / Revenue %
0%15.95%17.05%14.94%13.72%16.35%20.58%25.92%20.06%0.26%
Non-Operating Income
-1000K-1000K-1000K-1000K-1000K-1000K-1000K-1000K1000K0
Pretax Income
-396.41M▲ 0%
-86.02M▲ 78.3%
-409.97M▼ 376.6%
-152.85M▲ 62.7%
-8.14M▲ 94.7%
-543.98M▼ 6582.0%
-1.88B▼ 245.7%
-1.61B▲ 14.4%
690.8M▲ 142.9%
738.8M▲ 0%
Pretax Margin %
-35.81%-7.36%-33.3%-10.89%-0.52%-27.74%-88.48%-94.1%43.67%47.43%
Income Tax
25.13M46.75M13.52M169.83M17.98M-75.01M107.53M33.96M86.4M98M
Effective Tax Rate %
-6.34%-54.34%-3.3%-111.11%-220.86%13.79%-5.72%-2.11%12.51%13.26%
Net Income
-425.45M▲ 0%
-132.77M▲ 68.8%
-423.49M▼ 219.0%
-321.99M▲ 24.0%
-25.83M▲ 92.0%
-459.01M▼ 1676.9%
-1.98B▼ 330.6%
-1.63B▲ 17.4%
143.6M▲ 108.8%
186.3M▲ 0%
Net Margin %
-38.43%-11.37%-34.4%-22.95%-1.64%-23.4%-92.99%-95.37%9.08%11.96%
Net Income Growth %
48.52%68.79%-218.97%23.97%91.98%-1676.89%-330.63%17.43%108.8%508.3%
EPS (Diluted)
-1.48▲ 0%
-0.40▲ 73.0%
-1.28▼ 220.0%
-0.98▲ 23.4%
-0.08▲ 91.9%
-1.42▼ 1681.7%
-5.93▼ 317.6%
-4.90▲ 17.4%
0.42▲ 108.6%
0.54▲ 0%
EPS Growth %
57.1%72.97%-220%23.44%91.87%-1681.68%-317.61%17.37%108.57%478.57%
EPS (Basic)
-1.48-0.40-1.28-0.98-0.08-1.42-5.93-4.900.43-
Diluted Shares Outstanding
286.56M328.05M330.75M330.75M327.82M330.96M333.18M333.06M341.64M343.11M

IHS Balance Sheet

IHS Holding Limited (IHS) balance sheet — assets, liabilities & shareholders' equity

MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Total Assets
4B3.82B4.16B4.45B5.54B6.32B5.36B4.28B4.49B4.67B
Asset Growth %
-1.39%-4.29%8.88%6.79%24.61%14.05%-15.13%-20.28%4.97%11.97%
PP&E (Net)
1.55B1.53B1.91B1.91B2.28B3.04B2.63B2.05B1.19B1.19B
PP&E / Total Assets %
38.7%40.05%45.79%42.86%41.19%48.1%48.97%47.97%26.42%25.54%
Total Current Assets
1.08B964.29M1.22B989.32M1.43B1.25B972.61M924.31M2.5B2.69B
Cash & Equivalents
646.2M633.45M898.8M585.42M916.49M514.08M293.82M577.96M825.7M940.5M
Receivables
1000K1000K1000K1000K1000K1000K1000K1000K1000K1000K
Inventory
24.91M21.47M48.71M49.22M42.02M74.22M40.59M30.75M42.1M41.1M
Other Current Assets
241.31M83.79M53K27.5M0-49.93M26.61M01.45B1.5B
Long-Term Investments
12K10K42.62M170.69M11K10K13K117.84M50.1M300.6M
Goodwill
552.31M530.66M518.14M656.26M779.9M763.39M619.3M403.24M262.7M269.5M
Intangible Assets
513.28M478.85M449.63M690.84M845.73M1.05B933.03M673.95M288.9M281.3M
Other Assets
305.89M319.09M18.78M20.93M192.08M136.47M148.83M32.6M133.8M21.1M
Total Liabilities
2.52B2.49B2.73B3.22B3.8B4.96B5.02B4.57B4.58B4.69B
Total Debt
1.98B1.9B2.24B2.52B2.99B3.95B4.11B3.9B3.51B3.5B
Net Debt
1.33B1.26B1.34B1.93B2.07B3.44B3.82B3.32B2.68B2.56B
Long-Term Debt
1.87B1.71B1.95B2.02B2.4B2.91B3.06B3.22B2.84B2.81B
Short-Term Borrowings
113.61M187.44M122M214.37M207.62M438.11M454.15M128.73M356.4M385.2M
Capital Lease Obligations
00167.66M286.5M376.1M605.56M601.99M552.54M311.7M1.83B
Total Current Liabilities
429.77M573.53M566.46M683.64M830.56M1.27B1.22B693.57M1.2B1.34B
Accounts Payable
238.04M281.28M338.4M301.81M342.84M442.96M330.62M232.93M148.4M183.6M
Accrued Expenses
10.16M21.5M18.87M27.48M53.45M45.33M46.28M42.84M34.4M120.6M
Deferred Revenue
002.69M2.22M20.43M86.36M41.46M64.88M46.6M48.6M
Other Current Liabilities
67.97M83.31M54.12M89.06M4.11M1.88M182.67M10.38M547.6M596.3M
Deferred Taxes
001000K1000K1000K1000K1000K1000K1000K177.4M
Other Liabilities
226.87M208.93M29.8M59.03M71.91M85.99M90.76M89.09M70.8M66.8M
Total Equity
1.47B▲ 0%
1.33B▼ 9.5%
1.43B▲ 7.4%
1.22B▼ 14.4%
1.74B▲ 42.4%
1.36B▼ 22.0%
347.35M▼ 74.5%
-295.81M▼ 185.2%
-89.8M▲ 69.6%
-23.7M▲ 0%
Equity Growth %
-1.66%-9.53%7.38%-14.41%42.43%-21.99%-74.46%-185.16%69.64%337.14%
Shareholders Equity
1.47B1.33B1.43B1.21B1.52B1.13B109.85M-454.58M-251.3M-193.3M
Minority Interest
00014.22M223.19M227.2M237.51M158.77M161.5M169.6M
Common Stock
4.52B4.52B4.53B4.53B5.22B5.31B5.39B100.03M100.66M5.42B
Additional Paid-in Capital
000000005.32B0
Retained Earnings
-1.96B-2.09B-2.51B-2.83B-2.86B-3.32B-5.29B-6.93B-6.8B-6.72B
Accumulated OCI
-1.09B-1.1B-591.17M-489.52M-842.91M-861.27M8.43M1.06B1.13B1.11B
Return on Assets (ROA)
-10.57%-3.4%-10.6%-7.48%-0.52%-7.74%-33.83%-33.85%3.28%4.07%
Return on Equity (ROE)
-28.65%-9.47%-30.66%-24.26%-1.74%-29.58%-231.51%-6332.43%--428.77%
Debt / Equity
1.35x1.42x1.57x2.06x1.71x2.90x11.84x---147.77x
Debt / Assets
49.57%49.62%53.79%56.61%53.86%62.49%76.66%91.2%78.18%75.06%
Net Debt / EBITDA
2.58x2.41x5.90x2.61x2.68x4.40x3.95x3.95x4.14x2.80x
Book Value per Share
5.144.064.323.75.324.111.04-0.89-0.26-0.07

IHS Cash Flow Statement

IHS Holding Limited (IHS) cash flow — operating, investing & free cash flow history

MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Cash from Operations
456.11M462.31M641.94M635.26M750.19M907.3M853.45M729.3M669.5M865.1M
Operating CF Growth %
9.77%1.36%38.86%-1.04%18.09%20.94%-5.94%-14.55%-8.2%72.67%
Operating CF / Revenue %
41.2%39.58%52.15%45.27%47.49%46.26%40.15%42.62%42.32%55.53%
Net Income
-425.45M-86.02M-409.97M-152.85M-8.14M-543.98M-1.88B-1.61B621.2M186.3M
Depreciation & Amortization
324.09M317.3M384.51M408.66M382.88M468.9M435.59M362.74M381.7M333.4M
Deferred Taxes
056.34M82.77M0000000
Other Non-Cash Items
676.8M246.82M251.72M528.87M433.5M1.02B2.51B2.11B-346.6M-210.67M
Working Capital Changes
-91.9M-67.07M-18.13M-157.76M-69.83M-46.24M-224.98M-158.67M13.2M40.37M
Capital Expenditures
-248.64M-378.02M-258.28M-758.51M-877.95M-1.52B-598.77M-269.01M-252M-250.08M
CapEx / Revenue %
22.46%32.36%20.98%54.06%55.58%77.36%27.1%15.49%15.94%16.05%
CapEx / D&A
0.77x1.19x0.67x1.86x2.29x3.24x1.32x0.73x0.66x0.75x
CapEx Coverage (OCF/CapEx)
1.83x1.22x2.49x0.84x0.85x0.60x1.48x2.75x2.66x3.46x
Cash from Investing
-344.31M-264.6M-235.81M-758.51M-877.95M-1.52B-722.25M63.18M-64.6M-32.3M
Acquisitions
54K1.86M2.4M-542.9M-401.04M-735.74M-4.49M118.96M171.8M185.37M
Purchase of Investments
0000-103.65M-512.11M-183.4M-43.66M0-14.8M
Sale of Investments
00000270.83M36.16M211.45M01.4M
Other Investing
-95.73M113.43M20.07M11.13M24.16M3.4M5.44M41.46M15.7M45.82M
Cash from Financing
113.17M-202.78M-138.32M-128.14M524.26M398.24M-162.3M-431M-335.1M-491.73M
Dividends Paid
0000000000
Dividend Payout Ratio %
----------
Debt Issuance (Net)
1000K-1000K1000K1000K1000K1000K1000K1000K-1000K-4M
Stock Issued
0012.37M0378M00000
Share Repurchases
000000-10.04M000
Other Financing
-132.63M-123.2M-257.67M-221.3M-212.97M-281.9M-376.07M-434.83M-123.2M-273.66M
Net Change in Cash
170.12M▲ 0%
-12.75M▼ 107.5%
265.35M▲ 2181.8%
-313.39M▼ 218.1%
331.07M▲ 205.6%
-402.41M▼ 221.5%
-220.25M▲ 45.3%
284.13M▲ 229.0%
247.74M▼ 12.8%
315.4M▲ 0%
Exchange Rate Effect
-54.84M-7.68M-2.46M-61.99M-65.43M-190.67M-189.16M-77.36M-22.06M-25.68M
Cash at Beginning
476.08M646.2M633.45M898.8M585.42M916.49M514.08M293.82M577.96M825.7M
Cash at End
646.2M633.45M898.8M585.42M916.49M514.08M293.82M577.96M825.7M940.5M
Free Cash Flow
207.47M▲ 0%
84.28M▼ 59.4%
383.66M▲ 355.2%
-123.26M▼ 132.1%
-127.76M▼ 3.7%
-609.99M▼ 377.4%
254.68M▲ 141.8%
460.29M▲ 80.7%
417.5M▼ 9.3%
615.02M▲ 0%
FCF Growth %
217.27%-59.38%355.21%-132.13%-3.65%-377.45%141.75%80.73%-9.3%3.23%
FCF Margin %
18.74%7.22%31.17%-8.78%-8.09%-31.1%11.98%26.9%26.39%39.48%
FCF / Net Income %
-48.76%-63.48%-90.59%38.28%494.58%132.89%-12.88%-28.2%290.74%330.12%

IHS Key Ratios

IHS Holding Limited (IHS) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric201720182019202020212022202320242025TTM
Return on Equity (ROE)
-28.65%-9.47%-30.66%-24.26%-1.74%-29.58%-231.51%-6332.43%--428.77%
EBITDA Margin
46.71%44.98%18.47%52.78%48.82%39.83%45.46%49.2%40.95%58.77%
Net Debt / EBITDA
2.58x2.41x5.90x2.61x2.68x4.40x3.95x3.95x4.14x2.80x
Interest Coverage
-0.54x-0.95x0.28x0.96x-0.67x-3.28x-2.61x0.84x-
CapEx / Revenue
22.46%32.36%20.98%54.06%55.58%77.36%27.1%15.49%15.94%16.05%
Dividend Payout Ratio
---------0%
Debt / Equity
1.35x1.42x1.57x2.06x1.71x2.90x11.84x---147.77x
EPS Growth
57.1%72.97%-220%23.44%91.87%-1681.68%-317.61%17.37%108.57%478.57%
Related:IHS Dividend History·IHS Revenue History·IHS Price History·IHS P/E History·IHS Financial Ratios·IHS Institutional Holders

IHS Frequently Asked Questions

IHS Holding Limited (IHS) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

IHS Holding Limited (IHS) reported $1.56B in revenue for fiscal year 2025. This represents a 183% increase from $550.8M in 2007.

IHS Holding Limited (IHS) saw revenue decline by 7.6% over the past year.

Yes, IHS Holding Limited (IHS) is profitable, generating $186.3M in net income for fiscal year 2025 (9.1% net margin).

Dividend & Returns

IHS Holding Limited (IHS) generated $615.0M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

Industry Metrics

IHS Holding Limited (IHS) has a dividend payout ratio of 0%. This suggests the dividend is well-covered and sustainable.

What if you invested $1,000 in IHS back in 2007?

Total return calculator · dividends reinvested · 19+ years of data

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How much would $100/month in IHS be worth today?

Dollar cost averaging calculator · DCA vs lump sum

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