IHS Holding Ltd key statistics and ratios

In fiscal 2025, IHS Holding Ltd had an operating margin of 51.9% and a current ratio of 2.08. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

IHS Holding Ltd: financial ratios, annual
Fiscal year	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	34.1%	40.2%	42.6%	41.0%	46.2%	52.0%	55.4%
Operating margin	−12.8%	23.7%	24.6%	15.9%	27.2%	39.5%	51.9%
Net margin	−34.4%	−22.9%	−1.6%	−23.4%	−102.7%	−106.9%	9.1%
Free-cash-flow margin	—	38.5%	32.4%	27.0%	20.2%	32.4%	45.4%
Return on equity	−29.6%	−24.4%	−1.9%	−34.6%	—	—	—
Return on assets	—	−7.2%	−0.5%	−7.7%	−33.9%	−34.1%	3.3%
Asset turnover	—	0.32	0.32	0.33	0.33	0.32	0.36
Current ratio	—	1.45	1.72	0.99	0.82	1.43	2.08
Debt to equity	143.7%	182.1%	171.6%	295.2%	>999%	—	—
Interest cover (operating income ÷ interest)	n/m	1.6x	1.9x	1.0x	1.5x	1.7x	2.8x
Effective tax rate	—	—	—	—	—	—	12.5%
Capital spending as % of revenue	—	6.8%	15.1%	19.3%	24.1%	15.4%	13.7%
Free cash flow ÷ net income	—	—	—	—	—	—	500.5%
Dividends and buybacks ÷ free cash flow	—	—	—	—	2.6%	—	—

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

2 of 5 checks passed · December 31, 2025

What it owns · $4.5bn

Short-term assets $2.5bnLonger-term assets $2.0bn

What it owes, and who funded it · $4.6bn

Short-term liabilities $1.2bnLonger-term liabilities $3.4bnShareholders' equity $-251m

Short-term assets cover short-term liabilities $2.5bn of assets due within a year against $1.2bn of liabilities due within a year.
Short-term assets cover long-term liabilities $2.5bn short-term assets against $3.4bn of longer-dated liabilities.
More cash than debt $826m of cash against $2.8bn of debt.
Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
A year's operating cash flow covers at least 20% of debt $936m of operating cash flow against $2.8bn of debt.
Operating profit covers interest at least five times over Operating income of $821m against $294m of interest.

From IHS Holding Ltd's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from IHS Holding Ltd's SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to IHS Holding Ltd.