IHS Holding (IHS) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

IHS Holding

NYSE•Real Estate•Real Estate Services

$8.42-0.04(<0.01%)Pre-market

Market Cap

$2.85B

P/E

20.0x

P/S

1.8x

IHS Holding Limited, together with its subsidiaries, develops, owns, and operates shared communications infrastructure in Nigeria, Cameroon, Côte d'Ivoire, South Africa, and Zambia. The company offers colocation and lease amendment services, which allows customers to lease space on existing towers alongside current tenants, install additional equipment on a tower, and request for ancillary services; build-to-suit sites; in-building solutions and distributed antenna systems, which allows customers to lease space in secure locations within large building complexes, such as shopping malls, stadiums, and airports; non-intrusive small cell installation services on commercial premises, lampposts, and poles; fiber-to-the-tower connectivity services; rural telephony services; and managed services, including maintenance, security, and power supply services. It serves communication service providers, 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.

How this company scores

WeakMetricSide Score: 55/100

Grade capped at D — Negative equity — the balance sheet is insolvent. Strongest: Cash & Earnings Quality (16/25); weakest: Growth (10/25).

Profitability14/25

Growth10/25

Balance Sheet & Red Flags15/25

Cash & Earnings Quality16/25

Strengths

Strong marginsRising earningsInterest easily coveredCash-backed earnings

Grade capped at D

Negative equity — the balance sheet is insolvent.

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 19.5x5y range 4.9x – 195.5x

Currently near its 7-quarter median.

P/S · 1.8x5y range 0.6x – 3.6x

Currently above its 20-quarter median.

P/B · 13.9x5y range 1.5x – 13.9x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Earnings Quality

Watch

FCF/Net Income has dropped below 0.7x in 3 quarters — monitor for earnings quality deterioration.

Revenue Decline

Red Flag

Revenue declined in 5 of the last 7 quarters — persistent contraction signals a fundamental problem.

Price & Volume

Market Cap $2.85B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $1.55B
Q. Revenue: $428.60M
TTM EBITDA: $1.16B
TTM Op. Income: $518.48M
Q. Op. Income: $82.80M
TTM Net Income: $142.10M
Q. Net Income: $-8.80M
EPS: N/A
Shares Out.: $338.25M

$1.55B in TTM revenue declined 10.3% YoY, reaching $428.60M last quarter. TTM EBITDA of $1.16B and TTM operating income of $518.48M show growth is flowing through to the bottom line. TTM net income of $142.10M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has fallen for 3 consecutive quarters — a weakening trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: 32.3%
Op. Margin: 19.3%
Net Margin: -2.1%

Op. margin of 19.3% is down 14.5% YoY — costs are rising relative to revenue. Net margin at -2.1% Across the last 8 quarters, operating margin has fallen for 2 consecutive quarters — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 19.5x
P/S Ratio: 1.8x
P/B Ratio: N/A

At 19.5x P/E, the stock trades within typical market levels. P/S of 1.8x and P/B of 0.0x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Over the past year, P/E is up 10% — a weakening trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $4.36B
Cash: $1.07B
Long-Term Debt: N/A
Book Value: $-181.70M
D/E Ratio: N/A
Debt/EBITDA: 0.0

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

TTM Free Cash Flow: $536.32M
FCF Margin: 34.5%
FCF / Net Income: 3.8

TTM FCF of $536.32M. The FCF / Net Income ratio of 3.8x means free cash flow covers net income — earnings are backed by cash. Over the past year, free cash flow is down 25% — a weakening trend.