IHS

MKT CAP:$3B

IHS Holding Limited

Market Cap

$3B

Communication Services·Telecommunications Services·🇬🇧 United Kingdom·NYSE

Communication·Telecommunications·🇬🇧·NYSE

Stock Price

$8.22+$0.87 (+11.84%)

Apr 23, 2026

Company Details

IHS Holding Limited, together with its subsidiaries, owns, operates, and develops shared telecommunications infrastructure in Africa, Latin America, Europe, and the Middle East. It offers colocation and lease agreement, build-to-suit, fiber...

CEO

Sam Darwish

IPO Date

Oct 14, 2021

Website

www.ihstowers.com

Key Metrics TTM

Revenue

$1.6B

+39.0% YoY

Net Income

-$1.6B

EPS (Diluted)

-$4.96

Free Cash Flow

$407M

Revenue / Share

$4.74

Gross Margin

44.7%

Operating Margin

27.4%

Net Margin

-101.1%

FCF Margin

25.1%

P/S

1.7x

P/E

—

Earnings Reports

Q3 2025

Nov 12, 2025

$455M+8.3%EPS $0.44

Q3 2024

Nov 12, 2024

$420MEPS -$0.61

Q1 2024

May 14, 2024

$418MEPS -$4.67

Q2 2020

Jun 29, 2020

$332MEPS -$0.12

Q1 2020

Mar 30, 2020

$333MEPS -$1.00

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 15	$591M	$363M	$83M
Q3 15	$588M	$365M	$95M
Q4 15	$459M	$306M	$65M
Q1 16	$237M	$75M	-$13M
Q2 16	$237M	$75M	-$13M
Q3 16	$216M	$61M	$27M
Q4 16	$216M	$61M	$27M
Q1 17	$271M	$103M	$56M
Q2 17	$271M	$103M	$56M
Q3 17	$283M	$95M	$41M
Q4 17	$283M	$95M	$41M
Q1 20	$333M	$115M	$29M
Q2 20	$332M	$132M	$79M
Q1 24	$418M	$160M	$81M
Q3 24	$420M	$219M	$126M
Q3 25	$455M	$216M	$160M

Valuation

Quarter	P/S	P/E
Q2 15	2.4x	27.5x
Q3 15	2.3x	25.8x
Q4 15	2.5x	22.6x
Q1 16	2.9x	—
Q2 16	3.6x	—
Q3 16	4.7x	—
Q4 16	6.0x	—
Q1 17	5.8x	—
Q2 17	5.6x	—
Q3 17	5.2x	—
Q4 17	4.9x	—
Q1 20	4.6x	—
Q2 20	4.4x	—
Q1 24	0.8x	—
Q3 24	0.7x	—
Q3 25	1.3x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 15	$146M	$116M
Q3 15	$162M	$134M
Q4 15	$116M	$91M
Q1 16	$151M	$19M
Q2 16	$151M	$19M
Q3 16	$57M	-$107M
Q4 16	$57M	-$107M
Q1 17	$106M	$37M
Q2 17	$106M	$37M
Q3 17	$122M	$67M
Q4 17	$122M	$67M
Q1 20	$144M	$91M
Q2 20	$157M	$109M
Q1 24	$76M	$9M
Q3 24	$175M	$113M
Q3 25	$251M	$177M

Capital Expenditures

Quarter	CapEx
Q2 15	$30M
Q3 15	$29M
Q4 15	$25M
Q1 16	$132M
Q2 16	$132M
Q3 16	$164M
Q4 16	$164M
Q1 17	$68M
Q2 17	$68M
Q3 17	$56M
Q4 17	$56M
Q1 20	$53M
Q2 20	$48M
Q1 24	$67M
Q3 24	$62M
Q3 25	$74M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 15	+4.1%	+5.7%
Q3 15	+5.7%	+2.3%
Q4 15	-21.2%	-20.4%
Q1 16	-56.6%	-48.0%
Q2 16	-59.9%	-50.8%
Q3 16	-63.3%	-61.8%
Q4 16	-53.0%	-52.2%
Q1 17	+14.1%	-14.2%
Q2 17	+14.1%	-14.2%
Q3 17	+31.2%	+28.5%
Q4 17	+31.2%	+28.5%
Q1 20	+22.9%	+41.2%
Q2 20	+22.5%	+17.8%
Q1 24	+47.7%	+39.2%
Q3 24	+48.6%	+21.6%
Q3 25	+36.8%	-2.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 15	$34M	5.8%
Q3 15	$33M	5.7%
Q4 15	$34M	7.5%
Q1 16	$45M	19.1%
Q2 16	$45M	19.1%
Q3 16	-$1M	-0.5%
Q4 16	-$1M	-0.5%
Q1 17	$6M	2.3%
Q2 17	$6M	2.3%
Q3 17	-$20M	-7.1%
Q4 17	-$20M	-7.1%
Q1 20	$7M	2.2%
Q2 20	-$371.0K	-0.1%
Q1 24	$3M	0.8%
Q3 24	$2M	0.4%
Q3 25	$6M	1.3%

OpEx Breakdown

Quarter	G&A	S&M
Q2 15	$210M	$298M
Q3 15	$208M	$285M
Q4 15	$181M	$213M
Q1 16	$73M	$282M
Q2 16	$73M	$296M
Q3 16	$18M	$16M
Q4 16	$18M	$16M
Q1 17	$34M	$13M
Q2 17	$34M	$13M
Q3 17	$9M	$45M
Q4 17	$9M	$45M
Q1 20	$74M	$4M
Q2 20	$38M	$2M
Q1 24	$66M	$5M
Q3 24	$97M	—
Q3 25	$58M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$509M	$0	$509M
Q2 22	$567M	$0	$567M
Q3 22	$530M	$0	$530M
Q4 22	$514M	$0	$514M
Q1 23	$516M	$0	$516M
Q2 23	$433M	$0	$433M
Q3 23	$425M	$0	$425M
Q4 23	$294M	$0	$294M
Q1 24	$333M	$0	$333M
Q2 24	$446M	$0	$446M
Q3 24	$397M	$0	$397M
Q4 24	$578M	$0	$578M
Q1 25	$629M	$0	$629M
Q2 25	$532M	$0	$532M
Q3 25	$648M	$0	$648M
Q4 25	$826M	$0	$826M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 15	69M	-0.1%	+0.8%
Q3 15	69M	-0.1%	+0.5%
Q4 15	69M	+0.2%	+0.2%
Q1 16	237M	+242.0%	+241.9%
Q2 16	237M	0.0%	+242.1%
Q3 16	242M	+2.1%	+249.6%
Q4 16	242M	0.0%	+249.0%
Q1 17	284M	+17.3%	+19.7%
Q2 17	284M	0.0%	+19.7%
Q3 17	294M	+3.5%	+21.4%
Q4 17	294M	0.0%	+21.4%
Q1 20	317M	+8.0%	+11.7%
Q2 20	294M	-7.2%	+3.7%
Q1 24	333M	+13.1%	+13.3%
Q3 24	335M	+0.6%	+14.0%
Q3 25	343M	+2.4%	+8.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 15	—	—
Q3 15	—	—
Q4 15	—	—
Q1 16	—	—
Q2 16	—	—
Q3 16	—	—
Q4 16	—	—
Q1 17	—	—
Q2 17	—	—
Q3 17	—	—
Q4 17	—	—
Q1 20	—	—
Q2 20	—	—
Q1 24	$139.8K	3K
Q3 24	$140.7K	3K
Q3 25	$158.9K	3K

Revenue / Employee