Ihs Holding Ltd. (IHS) intrinsic value & 10-year financials

Ihs Holding Ltd. (IHS) has a Graham intrinsic value of $6.17 per share. Over the last 8 fiscal years revenue grew 4.3% a year to $1.6B, with an average return on invested capital of 10.9%.

Graham intrinsic value
$6.17
Revenue (FY2025)
$1.6B
Revenue growth (8-yr CAGR)
4.3%
ROIC (10-yr avg)
10.9%
Free cash flow (FY2025)
$718.7M

IHS 10-year financial history

Fiscal year Revenue Net income EPS (diluted) Free cash flow Operating margin ROIC
FY2025 $1.6B $126.8M $0.42 $718.7M 51.9% 20.8%
FY2024 $1.7B -$1.6B -$4.90 $494.1M 28.0% 15.9%
FY2023 $2.1B -$2.0B -$5.93 $388.6M 25.0% 13.7%
FY2022 $2.0B -$470.4M -$1.39 $528.8M 15.9% 7.1%
FY2021 $1.6B -$26.1M -$0.09 $512.0M 24.6% 12.4%
FY2020 $1.4B -$322.7M -$1.09 $540.5M 23.7% 12.2%
FY2019 $1.2B -$423.5M -$1.44 — -12.8% -6.1%
FY2018 — — — — — —

Source: annual 10-K filings on SEC EDGAR. Figures in USD.

Executive summary

IHS Holding Ltd revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.

IHS Holding Ltd returns on capital have been average, hovering around 10.9% ROIC over the decade.

Over the decade, IHS Holding Ltd shows that the company has leveraged its balance sheet to sustain operations.

Benjamin Graham lens

Under Benjamin Graham's formula using SEC EDGAR fundamentals, IHS Holding Ltd is modeled at 4.3% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $6.17 per share.

IHS stock: frequently asked questions

What is the intrinsic value of Ihs Holding Ltd. (IHS) stock?

Using Benjamin Graham's revised formula, V = EPS × (8.5 + 2g) × 4.4 / Y, with reported diluted earnings per share, a 4.3% normalized growth rate (capped at 15%) and a 5.1% AAA corporate bond yield, IHS's intrinsic value is about $6.17 per share.

Does Ihs Holding Ltd. generate free cash flow?

Ihs Holding Ltd. generated $718.7M of free cash flow (operating cash flow minus capital expenditures) in fiscal 2025. Free cash flow was positive in 6 of the last 6 reported years.

What is IHS's return on invested capital?

Average ROIC over the last 8 fiscal years was 10.9%, and average return on equity was -966.5%. Sustained ROIC above about 15% usually points to a durable competitive advantage.

Where does this IHS data come from?

From Ihs Holding Ltd.'s annual 10-K filings on SEC EDGAR, most recently filed Mar 16, 2026. Prices are end-of-day snapshots; valuations are formula outputs, not investment advice.

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