IHS

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IHS Holding Limited

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Key Metrics

Previous Close: $8.33
52-Week Range: $5.71 – $8.95
Market Cap: $2.83B
P/E (TTM): 5.13
EPS (TTM): 1.63
Dividend Yield: —

Advanced Metrics

Price/Book: —
PEG Ratio: —
Return on Equity: —
Return on Assets: 7.76%
Gross Margin: 54.03%
Operating Margin: 20.48%
Profit Margin: 8.63%
Current Ratio: 1.93
Debt/Equity: —
Total Debt: $3.49B
Free Cash Flow: $-325.25M
Revenue Growth: 10.40%
Earnings Growth: —
Enterprise Value: $5.23B

IHS Income statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Revenue	$1.96B	$1.93B	$1.53B	$1.58B
Cost of Revenue	$1.16B	$1.04B	$733.60M	$705.40M
Gross Profit	$804.30M	$888.70M	$793.60M	$876.60M
Selling, General & Admin	$286.77M	$296.50M	$265.60M	$275.80M
Operating Expenses	$298.57M	$316.70M	$277.20M	$290.90M
Operating Income	$505.73M	$572.00M	$516.40M	$585.70M
EBITDA	$252.65M	-$1.02B	-$674.80M	$1.39B
Pretax Income	-$543.98M	-$1.81B	-$1.41B	$690.80M
Income Tax	-$75.01M	$102.80M	$69.30M	$86.40M
Net Income	-$459.01M	-$1.98B	-$1.63B	$143.60M
Diluted EPS	-1.39	-5.93	-4.90	0.42
Diluted Shares	331.25M	333.18M	333.07M	341.90M

IHS Balance Sheet statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	$514.08M	$293.82M	$578.00M	$825.70M
Receivables	$664.64M	$547.23M	$289.50M	$158.50M
Inventory	$74.22M	$40.59M	$30.60M	$42.10M
Current Assets	$1.25B	$972.61M	$924.30M	$2.50B
Total Assets	$6.32B	$5.36B	$4.25B	$4.49B
Current Liabilities	$1.27B	$1.22B	$648.20M	$1.20B
Long-Term Debt	$2.91B	$3.06B	$3.22B	$2.84B
Total Debt	$3.95B	$4.11B	$3.90B	$3.51B
Total Liabilities	$4.96B	$5.02B	$4.56B	$4.58B
Retained Earnings	-$3.32B	-$5.29B	-$6.94B	-$6.80B
Shareholders' Equity	$1.13B	$109.85M	-$473.20M	-$251.30M
Working Capital	-$13.45M	-$249.35M	$276.10M	$1.30B
Net Debt	$2.83B	$3.22B	$2.77B	$2.31B

IHS Cash Flow statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	$907.30M	$853.50M	$729.40M	$936.20M
Capital Expenditure	-$559.37M	-$598.80M	-$269.10M	-$252.10M
Free Cash Flow	$347.93M	$254.70M	$460.30M	$684.10M
Depreciation & Amortisation	$468.90M	$435.60M	$362.80M	$375.90M
Stock-Based Compensation	$13.27M	$13.40M	$27.90M	$29.10M
Investing Cash Flow	-$1.52B	-$722.20M	$63.20M	-$22.30M
Financing Cash Flow	$398.24M	-$162.30M	-$431.00M	-$644.10M
Dividends Paid	$0.00	$0.00	$0.00	$0.00
Share Repurchases	$0.00	-$10.00M	$0.00	$0.00
Net Change in Cash	-$211.74M	-$31.00M	$361.60M	$269.80M

IHS Income statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Revenue	$392.10M	$433.30M	$455.10M	$254.00M	$415.40M
Cost of Revenue	$173.80M	$211.00M	$239.00M	$41.70M	$183.60M
Gross Profit	$218.30M	$222.30M	$216.10M	$212.30M	$231.80M
Selling, General & Admin	$62.30M	$74.70M	$58.30M	$76.70M	$101.90M
Operating Expenses	$65.20M	$79.70M	$58.30M	$91.80M	$107.50M
Operating Income	$153.10M	$142.60M	$157.80M	$120.50M	$124.30M
EBITDA	$266.50M	$256.10M	$290.10M	$358.30M	$260.10M
Pretax Income	$91.00M	$67.70M	$188.40M	$365.50M	$117.20M
Income Tax	$44.10M	$35.40M	$41.00M	-$28.50M	$50.10M
Net Income	$33.10M	$35.40M	$151.00M	-$75.90M	$75.80M
Diluted EPS	0.10	0.10	0.44	-0.23	0.22
Diluted Shares	333.60M	340.15M	343.18M	329.57M	344.55M

IHS Balance Sheet statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Cash & Equivalents	$629.00M	$531.80M	$647.60M	$825.70M	$940.50M
Receivables	$287.90M	$277.30M	$275.80M	$158.50M	$155.40M
Inventory	$44.30M	$39.00M	$40.80M	$42.10M	$41.10M
Current Assets	$961.20M	$984.50M	$1.07B	$2.50B	$2.69B
Total Assets	$4.42B	$4.49B	$4.68B	$4.49B	$4.67B
Current Liabilities	$755.50M	$641.20M	$667.10M	$1.20B	$1.34B
Long-Term Debt	$3.17B	$3.14B	$3.14B	$2.84B	$2.81B
Total Debt	$3.96B	$3.83B	$3.90B	$3.51B	$3.50B
Total Liabilities	$4.60B	$4.59B	$4.65B	$4.58B	$4.69B
Retained Earnings	-$6.89B	-$6.88B	-$6.72B	-$6.80B	-$6.72B
Shareholders' Equity	-$352.30M	-$270.80M	-$135.80M	-$251.30M	-$193.30M
Working Capital	$205.70M	$343.30M	$402.10M	$1.30B	$1.35B
Net Debt	$2.75B	$2.71B	$2.62B	$2.31B	$2.20B

IHS Cash Flow statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Operating Cash Flow	$200.30M	$237.70M	$251.30M	$246.90M	$228.60M
Capital Expenditure	-$56.60M	-$46.30M	-$74.40M	-$76.60M	-$46.40M
Free Cash Flow	$143.70M	$191.40M	$176.90M	$170.30M	$182.20M
Depreciation & Amortisation	$89.40M	$89.00M	—	—	$55.80M
Stock-Based Compensation	$5.50M	$8.50M	—	—	$41.40M
Investing Cash Flow	-$39.20M	-$47.30M	-$43.30M	$107.50M	-$30.20M
Financing Cash Flow	-$108.10M	-$291.30M	-$93.00M	-$151.80M	-$84.20M
Dividends Paid	$0.00	$0.00	$0.00	$0.00	$0.00
Net Change in Cash	$53.00M	-$100.90M	$115.00M	$202.60M	$114.20M

Market Snapshot

About

IHS Holding Limited is one of the largest independent owners, operators, and developers of shared telecommunications infrastructure in the world by tower count. The company operates primarily in Africa, Latin America, and the Middle East, providing critical tower infrastructure to mobile network operators. IHS owns and manages over 30,000 towers across markets including Nigeria, Cameroon, Ivory Coast, Zambia, Rwanda, Brazil, Colombia, and Kuwait. The company generates revenue through long-term lease agreements with telecom carriers, providing essential infrastructure that enables mobile network expansion and improving connectivity in emerging markets.