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

IHS•NYSE•Utilities
$8.24
$2.76B mkt cap·19.6× P/E·Price updated May 7, 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 Coverage0.84-22.4%
  • Net Debt/EBITDA4.14+5.0%
  • CapEx / Revenue15.94%+2.9%
  • CapEx Coverage2.66-3.5%
Technical→

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.

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-7.55%

Profit CAGR

10 Years-
5 Years-
3 Years-
TTM108.8%

EPS CAGR

10 Years-
5 Years-
3 Years-
TTM108.35%

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
Mar 16, 2026
EPS
$0.98
Est $0.17
+476.5%
Revenue
$398M
Est $429M
-7.2%
Q4 2025
Nov 12, 2025
EPS
$0.44
Est $0.10
+340.0%
Revenue
$455M
Est $429M
+6.2%
Q3 2025
Aug 12, 2025
EPS
$0.10
Est $0.17
-41.2%
Revenue
$433M
Est $420M
+3.1%
Q2 2025
May 20, 2025
EPS
$0.10
Est $0.17
-41.2%
Revenue
$440M
Est $425M
+3.4%
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestMar 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%
Q2 2025May 20, 2025
$0.10vs $0.17-41.2%
$440Mvs $425M+3.4%
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
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
AMT logoAMTAmerican Tower CorporationDirect Competitor83.69B179.6433.335.11%26.6%27.44%4.34
CCI logoCCICrown Castle Inc.Direct Competitor39.74B91.0789.28-35.06%25.13%
SBAC logoSBACSBA Communications CorporationDirect Competitor23.19B218.6222.315.06%35.66%
ATUS logoATUSAltice USA, Inc.Direct Competitor539.38M1.89-8.59-4.06%-21.76%
UNIT logoUNITUniti Group Inc.Product Competitor2.64B11.122.2891.49%56.8%342.98%26.35
LUMN logoLUMNLumen Technologies, Inc.Product Competitor8.71B8.46-4.83-5.39%-14.34%-79.42%
CCOI logoCCOICogent Communications Holdings, Inc.Product Competitor817.27M16.32-4.29-5.82%-17.88%-229.15%
VNET logoVNETVNET Group, Inc.Product Competitor2.6B8.9692.3911.41%-5.98%-7.63%2.67

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 CAT

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
Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Revenue1.11B1.17B1.23B1.4B1.58B1.96B2.13B1.71B1.58B
Revenue Growth %22.23%5.52%5.39%13.98%12.58%24.15%8.37%-19.49%-7.55%
Cost of Revenue710.75M766.73M810.97M838.42M907.39M1.16B1.08B890.53M717.8M
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%
Gross Margin %35.79%34.36%34.12%40.25%42.56%41.01%48.97%47.96%54.63%
Gross Profit Growth %46.23%1.3%4.67%34.43%19.06%19.63%29.41%-21.15%5.3%
Operating Expenses595.57M181.32M577.19M232.78M283.97M492.05M510.16M341.55M598.1M
Other Operating Expenses---------
EBITDA517.07M525.35M227.4M740.61M771.25M781.15M966.24M841.88M647.8M
EBITDA Margin %46.71%44.98%18.47%52.78%48.82%39.83%45.46%49.2%40.95%
EBITDA Growth %73.38%1.6%-56.71%225.68%4.14%1.28%23.69%-12.87%-23.05%
Depreciation & Amortization324.09M319.42M384.51M408.66M382.88M468.9M435.59M362.74M381.7M
D&A / Revenue %29.28%27.35%31.23%29.12%24.24%23.91%20.49%21.2%24.13%
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%
Operating Margin %17.43%17.63%-12.76%23.66%24.58%15.92%24.97%28%16.82%
Operating Income Growth %584.44%6.71%-176.29%311.29%17%-19.6%69.95%-9.71%-44.46%
Interest Expense0186.25M209.85M209.63M216.75M320.64M437.44M443.56M317.3M
Interest Coverage-1.11x-0.75x1.58x1.79x0.97x1.21x1.08x0.84x
Interest / Revenue %0%15.95%17.05%14.94%13.72%16.35%20.58%25.92%20.06%
Non-Operating Income-1000K-1000K-1000K-1000K-1000K-1000K-1000K-1000K1000K
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%
Pretax Margin %-35.81%-7.36%-33.3%-10.89%-0.52%-27.74%-88.48%-94.1%43.67%
Income Tax25.13M46.75M13.52M169.83M17.98M-75.01M107.53M33.96M86.4M
Effective Tax Rate %-6.34%-54.34%-3.3%-111.11%-220.86%13.79%-5.72%-2.11%12.51%
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%
Net Margin %-38.43%-11.37%-34.4%-22.95%-1.64%-23.4%-92.99%-95.37%9.08%
Net Income Growth %48.52%68.79%-218.97%23.97%91.98%-1676.89%-330.63%17.43%108.8%
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%
EPS Growth %57.1%72.97%-220%23.44%91.87%-1681.68%-317.61%17.37%108.57%
EPS (Basic)-1.48-0.40-1.28-0.98-0.08-1.42-5.93-4.900.43
Diluted Shares Outstanding286.56M328.05M330.75M330.75M327.82M330.96M333.18M333.06M341.64M

IHS Balance Sheet

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

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Total Assets4B3.82B4.16B4.45B5.54B6.32B5.36B4.28B4.49B
Asset Growth %-1.39%-4.29%8.88%6.79%24.61%14.05%-15.13%-20.28%4.97%
PP&E (Net)1.55B1.53B1.91B1.91B2.28B3.04B2.63B2.05B1.19B
PP&E / Total Assets %38.7%40.05%45.79%42.86%41.19%48.1%48.97%47.97%26.42%
Total Current Assets1.08B964.29M1.22B989.32M1.43B1.25B972.61M924.31M2.5B
Cash & Equivalents646.2M633.45M898.8M585.42M916.49M514.08M293.82M577.96M825.7M
Receivables1000K1000K1000K1000K1000K1000K1000K1000K1000K
Inventory24.91M21.47M48.71M49.22M42.02M74.22M40.59M30.75M42.1M
Other Current Assets241.31M83.79M53K27.5M0-49.93M26.61M01.45B
Long-Term Investments12K10K42.62M170.69M11K10K13K117.84M50.1M
Goodwill552.31M530.66M518.14M656.26M779.9M763.39M619.3M403.24M262.7M
Intangible Assets513.28M478.85M449.63M690.84M845.73M1.05B933.03M673.95M288.9M
Other Assets305.89M319.09M18.78M20.93M192.08M136.47M148.83M32.6M133.8M
Total Liabilities2.52B2.49B2.73B3.22B3.8B4.96B5.02B4.57B4.58B
Total Debt1.98B1.9B2.24B2.52B2.99B3.95B4.11B3.9B3.51B
Net Debt1.33B1.26B1.34B1.93B2.07B3.44B3.82B3.32B2.68B
Long-Term Debt1.87B1.71B1.95B2.02B2.4B2.91B3.06B3.22B2.84B
Short-Term Borrowings113.61M187.44M122M214.37M207.62M438.11M454.15M128.73M356.4M
Capital Lease Obligations00167.66M286.5M376.1M605.56M601.99M552.54M311.7M
Total Current Liabilities429.77M573.53M566.46M683.64M830.56M1.27B1.22B693.57M1.2B
Accounts Payable238.04M281.28M338.4M301.81M342.84M442.96M330.62M232.93M148.4M
Accrued Expenses10.16M21.5M18.87M27.48M53.45M45.33M46.28M42.84M34.4M
Deferred Revenue002.69M2.22M20.43M86.36M41.46M64.88M46.6M
Other Current Liabilities67.97M83.31M54.12M89.06M4.11M1.88M182.67M10.38M547.6M
Deferred Taxes001000K1000K1000K1000K1000K1000K1000K
Other Liabilities226.87M208.93M29.8M59.03M71.91M85.99M90.76M89.09M70.8M
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%
Equity Growth %-1.66%-9.53%7.38%-14.41%42.43%-21.99%-74.46%-185.16%69.64%
Shareholders Equity1.47B1.33B1.43B1.21B1.52B1.13B109.85M-454.58M-251.3M
Minority Interest00014.22M223.19M227.2M237.51M158.77M161.5M
Common Stock4.52B4.52B4.53B4.53B5.22B5.31B5.39B100.03M100.66M
Additional Paid-in Capital000000005.32B
Retained Earnings-1.96B-2.09B-2.51B-2.83B-2.86B-3.32B-5.29B-6.93B-6.8B
Accumulated OCI-1.09B-1.1B-591.17M-489.52M-842.91M-861.27M8.43M1.06B1.13B
Return on Assets (ROA)-10.57%-3.4%-10.6%-7.48%-0.52%-7.74%-33.83%-33.85%3.28%
Return on Equity (ROE)-28.65%-9.47%-30.66%-24.26%-1.74%-29.58%-231.51%-6332.43%-
Debt / Equity1.35x1.42x1.57x2.06x1.71x2.90x11.84x--
Debt / Assets49.57%49.62%53.79%56.61%53.86%62.49%76.66%91.2%78.18%
Net Debt / EBITDA2.58x2.41x5.90x2.61x2.68x4.40x3.95x3.95x4.14x
Book Value per Share5.144.064.323.75.324.111.04-0.89-0.26

IHS Cash Flow Statement

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

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Cash from Operations456.11M462.31M641.94M635.26M750.19M907.3M853.45M729.3M669.5M
Operating CF Growth %9.77%1.36%38.86%-1.04%18.09%20.94%-5.94%-14.55%-8.2%
Operating CF / Revenue %41.2%39.58%52.15%45.27%47.49%46.26%40.15%42.62%42.32%
Net Income-425.45M-86.02M-409.97M-152.85M-8.14M-543.98M-1.88B-1.61B621.2M
Depreciation & Amortization324.09M317.3M384.51M408.66M382.88M468.9M435.59M362.74M381.7M
Deferred Taxes056.34M82.77M000000
Other Non-Cash Items676.8M246.82M251.72M528.87M433.5M1.02B2.51B2.11B-346.6M
Working Capital Changes-91.9M-67.07M-18.13M-157.76M-69.83M-46.24M-224.98M-158.67M13.2M
Capital Expenditures-248.64M-378.02M-258.28M-758.51M-877.95M-1.52B-598.77M-269.01M-252M
CapEx / Revenue %22.46%32.36%20.98%54.06%55.58%77.36%27.1%15.49%15.94%
CapEx / D&A0.77x1.19x0.67x1.86x2.29x3.24x1.32x0.73x0.66x
CapEx Coverage (OCF/CapEx)1.83x1.22x2.49x0.84x0.85x0.60x1.48x2.75x2.66x
Cash from Investing-344.31M-264.6M-235.81M-758.51M-877.95M-1.52B-722.25M63.18M-64.6M
Acquisitions54K1.86M2.4M-542.9M-401.04M-735.74M-4.49M118.96M171.8M
Purchase of Investments0000-103.65M-512.11M-183.4M-43.66M0
Sale of Investments000001000K1000K1000K0
Other Investing-95.73M113.43M20.07M11.13M24.16M3.4M5.44M41.46M15.7M
Cash from Financing113.17M-202.78M-138.32M-128.14M524.26M398.24M-162.3M-431M-335.1M
Dividends Paid000000000
Dividend Payout Ratio %---------
Debt Issuance (Net)1000K-1000K1000K1000K1000K1000K1000K1000K-1000K
Stock Issued0012.37M0378M0000
Share Repurchases000000-10.04M00
Other Financing-132.63M-123.2M-257.67M-221.3M-212.97M-281.9M-376.07M-434.83M-123.2M
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%
Exchange Rate Effect-1000K-1000K-1000K-1000K-1000K-1000K-1000K-1000K-1000K
Cash at Beginning476.08M646.2M633.45M898.8M585.42M916.49M514.08M293.82M577.96M
Cash at End646.2M633.45M898.8M585.42M916.49M514.08M293.82M577.96M825.7M
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%
FCF Growth %217.27%-59.38%355.21%-132.13%-3.65%-377.45%141.75%80.73%-9.3%
FCF Margin %18.74%7.22%31.17%-8.78%-8.09%-31.1%11.98%26.9%26.39%
FCF / Net Income %-48.76%-63.48%-90.59%38.28%494.58%132.89%-12.88%-28.2%290.74%

IHS Key Ratios

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

Metric2016201720182019202020212022202320242025
Return on Equity (ROE)-41.4%-28.65%-9.47%-30.66%-24.26%-1.74%-29.58%-231.51%-6332.43%-
EBITDA Margin32.93%46.71%44.98%18.47%52.78%48.82%39.83%45.46%49.2%40.95%
Net Debt / EBITDA5.12x2.58x2.41x5.90x2.61x2.68x4.40x3.95x3.95x4.14x
Interest Coverage--1.11x-0.75x1.58x1.79x0.97x1.21x1.08x0.84x
CapEx / Revenue65.42%22.46%32.36%20.98%54.06%55.58%77.36%27.1%15.49%15.94%
Debt / Equity1.34x1.35x1.42x1.57x2.06x1.71x2.90x11.84x--
EPS Growth-73.37%57.1%72.97%-220%23.44%91.87%-1681.68%-317.61%17.37%108.57%

IHS Frequently Asked Questions

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

Growth & Financials

IHS Holding Limited (IHS) reported $1.58B in revenue for fiscal year 2025. This represents a 187% 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 $143.6M in net income for fiscal year 2025 (9.1% net margin).

Dividend & Returns

IHS Holding Limited (IHS) generated $599.4M 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.

Explore More IHS

IHS Holding Limited (IHS) financial analysis — history, returns, DCA and operating performance tools

Total Return Calculator

Historical returns with dividends reinvested

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DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

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Price History

Long-term charts & historical price data

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Revenue History

Sales growth patterns & revenue breakdown

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Financial Ratios

30 years of market, efficiency and balance-sheet ratios

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Valuation

DCF intrinsic value, peer multiples & estimates

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