Detailed financial statements for IHS Holding Limited (IHS): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
IHS Holding Limited, through its subsidiaries, is a leading provider in the telecommunications industry, specializing in the ownership, operation, and development of shared infrastructure across a wide geographic footprint including Africa, Latin America, Europe, and the Middle East.
Analysis Summary
IHS Holding Limited reported revenue of $1.58B in the most recent fiscal year, growing at a 5-year CAGR of 2.4%.
Trailing-twelve-month margins: gross margin 52.3%, operating margin 33.4%, net margin 9.1%. Free cash flow grew at 0.6% CAGR over 5 years.
At the current price of $8.42, IHS trades at a P/E of 20.54 and an ROE of -74.58%. Market capitalisation stands at $2.8B.
Balance sheet quality for IHS: current ratio of 2.1, net debt of $2.68B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $417.5M represents 291% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $905.6M | $1.11B | $1.17B | $1.23B | $1.40B | $1.58B | $1.96B | $2.13B | $1.71B | $1.58B |
| Cost of Revenue | $634.7M | $710.8M | $766.7M | $811.0M | $838.4M | $907.4M | $1.16B | $1.08B | $890.5M | $717.8M |
| Gross Profit | $270.9M | $396.2M | $401.4M | $420.1M | $564.7M | $672.3M | $804.3M | $1.04B | $820.7M | $864.2M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $244.1M | $203.2M | $125.2M | $495.0M | $180.2M | $241.8M | $286.8M | $421.4M | $302.5M | $657.9M |
| Operating Expenses | $1.20B | $595.6M | $181.3M | $577.2M | $232.8M | $284.0M | $492.1M | $510.2M | $341.5M | $598.1M |
| Operating Income | $28.2M | $193.0M | $205.9M | -$157.1M | $331.9M | $388.4M | $312.2M | $530.7M | $479.1M | $266.1M |
| EBITDA | $298.2M | $517.1M | $419.6M | $186.1M | $468.1M | $591.5M | $252.6M | -$998.5M | -$794.8M | $1.39B |
| Interest Expense | 0 | 0 | $186.3M | $209.9M | $209.6M | $216.8M | $320.6M | $437.4M | $443.6M | $317.3M |
| Pre-tax Income | -$1.12B | -$396.4M | -$86.0M | -$410.0M | -$152.9M | -$8.1M | -$544.0M | -$1.88B | -$1.61B | $690.8M |
| Income Tax | -$176.3M | $25.1M | $46.7M | $13.5M | $169.8M | $18.0M | -$75.0M | $107.5M | $34.0M | $86.4M |
| Net Income | -$826.4M | -$425.4M | -$132.8M | -$423.5M | -$322.0M | -$25.8M | -$459.0M | -$1.98B | -$1.63B | $143.6M |
| EPS | $-3.45 | $-1.48 | $-0.40 | $-1.28 | $-0.98 | $-0.08 | $-1.42 | $-5.93 | $-4.90 | $0.43 |
| EPS (Diluted) | $-3.45 | $-1.48 | $-0.40 | $-1.28 | $-0.98 | $-0.08 | $-1.42 | $-5.93 | $-4.90 | $0.42 |
| Shares Outstanding (Diluted) | $239.4M | $286.6M | $328.1M | $330.8M | $330.8M | $327.8M | $331.0M | $333.2M | $333.1M | $341.6M |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $476.1M | $646.2M | $633.5M | $898.8M | $585.4M | $916.5M | $514.1M | $293.8M | $578.0M | $825.7M |
| Short-term Investments | 0 | $5000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $182.8M | $135.0M | $187.7M | $262.9M | $309.1M | $431.1M | $664.6M | $580.6M | $300.3M | $170.9M |
| Inventory | $32.2M | $24.9M | $21.5M | $48.7M | $49.2M | $42.0M | $74.2M | $40.6M | $30.7M | $42.1M |
| Total Current Assets | $811.7M | $1.08B | $964.3M | $1.22B | $989.3M | $1.43B | $1.25B | $972.6M | $924.3M | $2.50B |
| Property, Plant & Equipment | $1.71B | $1.55B | $1.53B | $1.91B | $1.91B | $2.28B | $3.04B | $2.63B | $2.05B | $1.19B |
| Goodwill | $611.0M | $552.3M | $530.7M | $518.1M | $656.3M | $779.9M | $763.4M | $619.3M | $403.2M | $262.7M |
| Intangible Assets | $597.4M | $513.3M | $478.8M | $449.6M | $690.8M | $845.7M | $1.05B | $933.0M | $674.0M | $288.9M |
| Total Assets | $4.05B | $4.00B | $3.82B | $4.16B | $4.45B | $5.54B | $6.32B | $5.36B | $4.28B | $4.49B |
| Accounts Payable | $185.6M | $238.0M | $281.3M | $338.4M | $301.8M | $342.8M | $443.0M | $330.6M | $232.9M | $148.4M |
| Short-term Debt | $99.0M | $113.6M | $187.4M | $122.0M | $214.4M | $207.6M | $438.1M | $454.2M | $128.7M | $356.4M |
| Total Current Liabilities | $373.2M | $429.8M | $573.5M | $566.5M | $683.6M | $830.6M | $1.27B | $1.22B | $693.6M | $1.20B |
| Long-term Debt | $1.90B | $1.87B | $1.71B | $1.95B | $2.02B | $2.40B | $2.91B | $3.06B | $3.22B | $2.84B |
| Total Liabilities | $2.56B | $2.52B | $2.49B | $2.73B | $3.22B | $3.80B | $4.96B | $5.02B | $4.57B | $4.58B |
| Retained Earnings | -$1.53B | -$1.96B | -$2.09B | -$2.51B | -$2.83B | -$2.86B | -$3.32B | -$5.29B | -$6.93B | -$6.80B |
| Total Equity | $1.42B | $1.47B | $1.33B | $1.43B | $1.21B | $1.52B | $1.13B | $109.8M | -$454.6M | -$251.3M |
| Total Debt | $2.00B | $1.98B | $1.90B | $2.24B | $2.52B | $2.99B | $3.95B | $4.11B | $3.90B | $3.51B |
| Net Debt | $1.53B | $1.33B | $1.26B | $1.34B | $1.93B | $2.07B | $3.44B | $3.82B | $3.32B | $2.68B |
| Working Capital | $438.4M | $648.3M | $390.8M | $657.2M | $305.7M | $599.8M | -$13.5M | -$249.3M | $230.7M | $1.30B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$826.4M | -$425.4M | -$86.0M | -$410.0M | -$152.9M | -$8.1M | -$544.0M | -$1.88B | -$1.61B | $621.2M |
| Depreciation & Amortization | $270.0M | $324.1M | $317.3M | $384.5M | $408.7M | $382.9M | $468.9M | $435.6M | $362.7M | $381.7M |
| Stock-based Compensation | $88.2M | -$27.4M | -$5.1M | $351.1M | $8.3M | $11.8M | $13.3M | $13.4M | $27.9M | 0 |
| Change in Working Capital | -$95.5M | -$91.9M | -$67.1M | -$18.1M | -$157.8M | -$69.8M | -$46.2M | -$225.0M | -$158.7M | $13.2M |
| Operating Cash Flow | $415.5M | $456.1M | $462.3M | $641.9M | $635.3M | $750.2M | $907.3M | $853.5M | $729.3M | $669.5M |
| Capital Expenditure | -$592.4M | -$248.6M | -$378.0M | -$258.3M | -$229.2M | -$402.5M | -$559.4M | -$598.8M | -$269.0M | -$252.0M |
| Acquisitions | -$219.7M | $54000 | $1.9M | $2.4M | -$542.9M | -$401.0M | -$735.7M | -$4.5M | $119.0M | $171.8M |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$10.0M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$176.9M | $207.5M | $84.3M | $383.7M | $406.1M | $347.7M | $347.9M | $254.7M | $460.3M | $417.5M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +22.2% | +5.5% | +5.4% | +14.0% | +12.6% | +24.2% | +8.4% | -19.5% | -7.6% | |
| Net Income Growth (YoY) | +48.5% | +68.8% | -219.0% | +24.0% | +92.0% | -1676.9% | -330.6% | +17.4% | +108.8% | |
| EPS Growth (YoY) | +57.1% | +73.0% | -220.0% | +23.4% | +91.9% | -1681.7% | -317.6% | +17.4% | +108.8% | |
| Shares Change (YoY) | +19.7% | +14.5% | +0.8% | +0.0% | -0.9% | +1.0% | +0.7% | -0.0% | +2.6% | |
| FCF Growth (YoY) | +217.3% | -59.4% | +355.2% | +5.8% | -14.4% | +0.1% | -26.8% | +80.7% | -9.3% | |
| Gross Margin | 29.9% | 35.8% | 34.4% | 34.1% | 40.2% | 42.6% | 41.0% | 49.0% | 48.0% | 54.6% |
| Operating Margin | 3.1% | 17.4% | 17.6% | -12.8% | 23.7% | 24.6% | 15.9% | 25.0% | 28.0% | 16.8% |
| EBITDA Margin | 32.9% | 46.7% | 35.9% | 15.1% | 33.4% | 37.4% | 12.9% | -47.0% | -46.4% | 87.9% |
| Net Margin | -91.3% | -38.4% | -11.4% | -34.4% | -22.9% | -1.6% | -23.4% | -93.0% | -95.4% | 9.1% |
| FCF Margin | -19.5% | 18.7% | 7.2% | 31.2% | 28.9% | 22.0% | 17.7% | 12.0% | 26.9% | 26.4% |
| Effective Tax Rate | 15.8% | -6.3% | -54.3% | -3.3% | -111.1% | -220.9% | 13.8% | -5.7% | -2.1% | 12.5% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-0.74 | $0.72 | $0.26 | $1.16 | $1.23 | $1.06 | $1.05 | $0.76 | $1.38 | $1.22 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $239.4M | $286.6M | $328.1M | $330.8M | $330.8M | $327.8M | $331.0M | $333.2M | $333.1M | $335.0M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | -74.58% |
| Return on Invested Capital | 12.52% |
| Return on Assets | 3.26% |
| Gross Margin | 52.29% |
| Operating Margin | 33.38% |
| Net Margin | 9.15% |
Financial Health
| Debt / Equity | -19.21 |
| Current Ratio | 1.93 |
| Piotroski F-Score | 7 |
| Altman Z-Score | -0.90 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -4.93 | -11.49 | -42.50 | -13.28 | -17.35 | -176.91 | -4.33 | -0.78 | -0.60 | 17.35 |
| P/B | 2.86 | 3.31 | 4.19 | 3.93 | 4.65 | 3.04 | 1.80 | 13.95 | -2.14 | -9.95 |
| P/S | 4.49 | 4.40 | 4.77 | 4.57 | 4.01 | 2.93 | 1.04 | 0.72 | 0.57 | 1.58 |
| Gross Margin | 29.9% | 35.8% | 34.4% | 34.1% | 40.2% | 42.6% | 41.0% | 49.0% | 48.0% | 54.6% |
| Operating Margin | 3.1% | 17.4% | 17.6% | -12.8% | 23.7% | 24.6% | 15.9% | 25.0% | 28.0% | 16.8% |
| Net Margin | -91.3% | -38.4% | -11.4% | -34.4% | -22.9% | -1.6% | -23.4% | -93.0% | -95.4% | 9.1% |
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