A Business at a Glance
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JANUS HENDERSON GROUP PLC
JHG
$8.1B
Mkt Cap
JANUS HENDERSON GROUP PLC (JHG) has a current P/E ratio of 9.9, compared to its historical median P/E of 9.1. The stock is currently considered Fair based on its historical valuation range.
JANUS HENDERSON GROUP PLC (JHG) has a 5-year average return on invested capital (ROIC) of 10.4%. This indicates solid capital allocation.
JANUS HENDERSON GROUP PLC (JHG) has a market capitalization of $8.0B. It is classified as a mid-cap stock.
Yes, JANUS HENDERSON GROUP PLC (JHG) pays a dividend with a trailing twelve-month yield of 2.36%. The company also returns capital through share buybacks, with a buyback yield of 1.21%.
Based on historical P/E analysis, JANUS HENDERSON GROUP PLC (JHG) appears fair. The current P/E of 9.9 is 8% above its historical median of 9.1. The estimated fair value CAGR (P/E method) is 8.6%.
JANUS HENDERSON GROUP PLC (JHG) operates in the Investment Advice industry, within the Financials sector.
JANUS HENDERSON GROUP PLC (JHG) reported annual revenue of $3.1 billion in its most recent fiscal year, based on SEC EDGAR filings.
Janus Henderson Group plc is an independent global asset manager with $493.2 billion in assets under management as of December 31, 2025, serving institutional and retail clients across North America, the UK, continental Europe, Latin America, the Middle East, Asia, and Australia. The company generates revenue primarily through management fees calculated as a percentage of AUM and performance fees tied to specified investment hurdles, derived from a diverse range of investment strategies across four capabilities: Equities, Fixed Income, Multi-Asset, and Alternatives. The business model relies on attracting and retaining client investments while delivering superior investment performance, with AUM fluctuating based on organic net flows, investment performance, market movements, and strategic acquisitions or divestitures. JHG operates through a diverse client base including intermediaries, institutional investors, and self-directed clients, with a global distribution model tailored to regional needs. The company's competitive differentiation centers on disciplined investment management, world-class client service, and a broad range of investment products spanning traditional and alternative asset classes, supported by approximately 2,300 employees worldwide.
【Strategic platform consolidation underway】 Management is executing a multi-year transition to a unified technology and investment management platform (Aladdin) expected to enhance scalability and service delivery, though this transition will increase adjusted operating costs by approximately 1% in 2026 and 2027 before generating operational improvements and efficiencies thereafter. The company anticipates continued positive momentum in organic net new revenue generation across a broad range of strategies and regions, with particular strength in the U.S. market where net flows have been positive for nine consecutive quarters. Management expects strong performance fee generation in the near term, reflecting robust hedge fund performance, while maintaining disciplined cost management and strategic investments in high-return-on-investment initiatives such as marketing and client-related expenses. The firm remains committed to opportunistic inorganic growth through acquisitions and partnerships, particularly in areas where clients seek expanded solutions such as private credit and emerging market debt, while returning capital to shareholders through dividends and share buybacks.
| Metric | Target | Period |
|---|---|---|
| Adjusted operating costs increase | approximately 1% | 2026 and 2027 |
| Adjusted compensation ratio | 43%-44% | Full year 2025 |
| Non-compensation expense growth | high single-digit % | Full year 2025 compared to 2024 |
| Tax rate on adjusted net income | 23%-25% | 2025 |
Adjusted operating costs increase (2026 and 2027): “While we anticipate an approximately 1% increase in adjusted operating costs for 2026 and 2027 from this transition, all else equal, in 2028 and beyond, we expect this transition to deliver ongoing operational improvements and efficiencies at our attractive ROI.”
Adjusted compensation ratio (Full year 2025): “Our 2025 expectation and an adjusted compensation range of 43%- 44% remains unchanged.”
Non-compensation expense growth (Full year 2025 compared to 2024): “For non-compensation guidance, our expectation of high single-digit % growth in full-year non-compensation compared to 2024 remains unchanged, reflecting investments supporting our ongoing strategic initiatives and operational efficiencies, inflation, the full-year impact of the consolidation of VPC , NBK, Tabula, and Guardian, and the FX impact of a weaker U.S. dollar year to date in 2025.”
Tax rate on adjusted net income (2025): “Our expectation of the firm's tax rate on adjusted net income attributable to JHG remains unchanged in the range of 23%- 25%.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call, Q4 FY2024 Earnings Call, Q3 FY2024 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 3.2B | 3.1B | 2.5B | 2.1B | 2.2B | 2.8B |
| Net Income | 769M | 816M | 409M | 392M | 372M | 612M |
| EPS | $4.98 | $5.23 | $2.56 | $2.37 | $2.23 | $3.57 |
| Free Cash Flow | 942M | 711M | 685M | 431M | 456M | 885M |
| ROIC | 19.2% | 15.6% | 8.2% | 8.1% | 8.0% | 12.4% |
| Gross Margin | - | 71.8% | 71.0% | 71.8% | 72.2% | 74.9% |
| Debt/Equity | 0.08 | 0.08 | 0.09 | 0.07 | 0.07 | 0.07 |
| Dividends/Share | $1.22 | $1.59 | $1.56 | $1.56 | $1.55 | $1.50 |
| Operating Income | 937M | 977M | 646M | 484M | 490M | 821M |
| Operating Margin | 29.6% | 31.5% | 26.1% | 23.0% | 22.2% | 29.7% |
| ROE | 14.9% | 16.8% | 8.9% | 8.6% | 8.5% | 13.2% |
| Shares Outstanding | 154M | 156M | 160M | 165M | 167M | 172M |
| Metric | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||||||
| Revenue | 1.2B | 1000M | 1.7B | 2.3B | 2.2B | 2.3B | 2.8B | 2.2B | 2.1B | 2.5B | 3.1B | 3.2B |
| Gross Margin | 51.6% | 47.6% | 36.4% | 73.4% | 72.5% | 73.1% | 74.9% | 72.2% | 71.8% | 71.0% | 71.8% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 236M | 227M | 202M | 254M | 261M | 255M | 272M | 279M | 295M | 301M | 348M | 401M |
| EBIT | 317M | 232M | 442M | 650M | 541M | 158M | 821M | 490M | 484M | 646M | 977M | 937M |
| Op. Margin | 27.5% | 23.2% | 25.4% | 28.2% | 24.7% | 6.9% | 29.7% | 22.2% | 23.0% | 26.1% | 31.5% | 29.6% |
| Net Income | 321M | 185M | 638M | 500M | 446M | 183M | 612M | 372M | 392M | 409M | 816M | 769M |
| Net Margin | 27.8% | 18.5% | 36.6% | 21.7% | 20.3% | 7.9% | 22.1% | 16.9% | 18.7% | 16.5% | 26.3% | 24.3% |
| Non-Recurring | 0 | 0 | 0 | 7.2M | 18M | 124M | 122M | 0 | 0 | 0 | 8.1M | 8.1M |
| Returns on Capital | ||||||||||||
| ROIC | 16.7% | 9.8% | 18.2% | 9.7% | 8.6% | 3.6% | 12.4% | 8.0% | 8.1% | 8.2% | 15.6% | 19.2% |
| ROE | 16.7% | 10.4% | 19.7% | 10.3% | 9.1% | 3.9% | 13.2% | 8.5% | 8.6% | 8.9% | 16.8% | 14.9% |
| ROA | N/A | 15.4% | 13.2% | 7.2% | 5.8% | 2.7% | 9.1% | 6.0% | 6.0% | 5.9% | 10.7% | 9.9% |
| Cash Flow | ||||||||||||
| Op. Cash Flow | 389M | 235M | 444M | 671M | 463M | 646M | 895M | 473M | 442M | 695M | 720M | 952M |
| Free Cash Flow | 377M | 221M | 426M | 642M | 425M | 628M | 885M | 456M | 431M | 685M | 711M | 942M |
| Owner Earnings | 322M | 170M | 324M | 526M | 326M | 530M | 787M | 351M | 341M | 598M | 603M | 831M |
| CapEx | 12M | 14M | 18M | 29M | 38M | 18M | 10M | 18M | 11M | 10M | 8.6M | 9.9M |
| Maint. CapEx | 23M | 28M | 53M | 63M | 63M | 49M | 41M | 32M | 23M | 25M | 36M | 39M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 23M | 28M | 53M | 63M | 63M | 49M | 41M | 32M | 23M | 25M | 36M | 39M |
| CapEx/OCF | N/A | N/A | 4.0% | 4.3% | 8.2% | 2.8% | 1.2% | 3.7% | 2.4% | 1.5% | 1.2% | 1.0% |
| Capital Allocation | ||||||||||||
| Dividends Paid | 161M | 158M | 256M | 275M | 272M | 263M | 256M | 259M | 259M | 250M | 249M | 188M |
| Dividend Yield | N/A | N/A | 7.0% | 7.1% | 8.4% | 7.3% | 4.8% | 6.6% | 6.6% | 4.7% | 4.0% | 2.4% |
| Share Buybacks | 38M | 0 | 0 | 87M | 200M | 49M | 372M | 114M | 57M | 80M | 97M | 97M |
| Buyback Yield | 0.0% | N/A | 1.2% | 3.2% | 5.5% | 0.9% | 6.2% | 3.4% | 1.2% | 1.2% | 1.3% | 1.2% |
| Stock-Based Comp | 44M | 37M | 67M | 82M | 74M | 67M | 68M | 91M | 77M | 72M | 80M | 81M |
| Debt Repayment | 0 | 203M | 93M | 95M | 0 | 0 | 0 | 0 | 0 | 304M | 0 | 0 |
| Balance Sheet | ||||||||||||
| Net Debt | N/A | -120M | -415M | -853M | -670M | -786M | -796M | -1.1B | -1.2B | -1.2B | -1.2B | -1.5B |
| Cash & Equiv. | 584M | 323M | 794M | 880M | 734M | 1.1B | 1.1B | 1.2B | 1.2B | 1.2B | 1.3B | 1.9B |
| Long-Term Debt | N/A | 203M | 322M | 319M | 316M | 313M | 310M | 308M | 305M | 395M | 396M | 396M |
| Debt/Equity | N/A | 0.12 | 0.08 | 0.07 | 0.06 | 0.07 | 0.07 | 0.07 | 0.07 | 0.09 | 0.08 | 0.08 |
| Interest Coverage | 15.8 | 35.2 | 37.2 | 41.4 | 35.8 | 12.2 | 64.1 | 38.9 | 38.1 | 35.9 | 40.4 | 38.1 |
| Equity | 1.9B | 1.6B | 4.8B | 4.8B | 4.9B | 4.7B | 4.6B | 4.4B | 4.5B | 4.6B | 5.1B | 5.2B |
| Total Assets | N/A | 2.4B | 7.3B | 6.9B | 7.6B | 6.7B | 6.7B | 6.2B | 6.5B | 7.0B | 8.3B | 7.8B |
| Total Liabilities | N/A | 583M | 2.2B | 1.9B | 2.0B | 1.9B | 1.9B | 1.6B | 1.6B | 1.9B | 2.2B | 2.1B |
| Intangibles | N/A | 401M | 3.2B | 3.1B | 3.1B | 2.7B | 2.5B | 2.4B | 2.4B | 2.5B | 2.5B | 2.5B |
| Retained Earnings | N/A | 765M | 1.2B | 1.3B | 1.3B | 1.1B | 1.0B | 1.1B | 1.1B | 1.1B | 1.5B | 1.6B |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | ||||||||||||
| EPS | 2.78 | 0.16 | 3.93 | 2.61 | 2.21 | 0.87 | 3.57 | 2.23 | 2.37 | 2.56 | 5.23 | 4.98 |
| Owner EPS | 2.79 | 0.15 | 1.99 | 2.75 | 1.62 | 2.52 | 4.58 | 2.10 | 2.06 | 3.75 | 3.87 | 5.39 |
| Book Value | 16.56 | 1.46 | 29.79 | 25.28 | 24.23 | 22.47 | 26.95 | 26.11 | 27.44 | 28.75 | 32.75 | 33.60 |
| Cash Flow/Share | 3.37 | 0.21 | 2.73 | 3.50 | 2.30 | 3.08 | 5.22 | 2.83 | 2.67 | 4.35 | 4.61 | 5.25 |
| Dividends/Share | 1.40 | 0.14 | 1.58 | 1.40 | 1.44 | 1.44 | 1.50 | 1.55 | 1.56 | 1.56 | 1.59 | 1.22 |
| Shares Out. | 115.4M | 1.1B | 162.4M | 191.4M | 201.7M | 209.9M | 171.5M | 167.0M | 165.4M | 159.7M | 156.0M | 154.1M |
| Valuation | ||||||||||||
| P/E Ratio | N/A | N/A | 6.4 | 5.4 | 8.2 | 29.2 | 9.8 | 9.0 | 11.8 | 16.2 | 9.1 | 10.4 |
| P/FCF | N/A | N/A | 9.6 | 4.2 | 8.6 | 8.5 | 6.8 | 7.4 | 10.7 | 9.7 | 10.5 | 8.4 |
| EV/EBIT | N/A | N/A | 8.8 | 2.8 | 5.5 | 28.9 | 6.3 | 4.6 | 7.1 | 8.5 | 6.4 | 6.9 |
| Price/Book | N/A | N/A | 0.9 | 0.6 | 0.7 | 1.1 | 1.3 | 0.8 | 1.0 | 1.4 | 1.5 | 1.5 |
| Price/Sales | N/A | N/A | 2.1 | 1.7 | 1.5 | 1.6 | 1.9 | 1.8 | 1.9 | 2.2 | 2.0 | 2.5 |
| FCF Yield | N/A | N/A | 10.1% | 23.7% | 11.7% | 11.8% | 14.8% | 13.6% | 9.3% | 10.3% | 9.6% | 11.8% |
| Market Cap | 0 | N/A | 4.2B | 2.7B | 3.6B | 5.3B | 6.0B | 3.4B | 4.6B | 6.6B | 7.4B | 8.0B |
| Avg. Price | 0.00 | N/A | 22.56 | 20.32 | 16.13 | 17.20 | 30.81 | 23.70 | 23.73 | 33.49 | 40.21 | 51.62 |
| Year-End Price | 0.00 | N/A | 25.17 | 14.13 | 18.09 | 25.45 | 34.93 | 20.09 | 27.94 | 41.51 | 47.66 | 51.62 |
JANUS HENDERSON GROUP PLC passes 6 of 9 quality checks, suggesting mixed fundamentals.
JANUS HENDERSON GROUP PLC trades at 9.9x trailing earnings, compared to its 15-year median P/E of 9.1x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 11.3x vs a median of 8.6x. The company's 5-year average ROIC is 10.4% with a gross margin of 72.4%. Total shareholder yield (dividends + buybacks) is 3.6%. At current prices, the estimated annualized return to fair value is +5.4%.
JANUS HENDERSON GROUP PLC (JHG) has a net profit margin of 26.3%. This is a strong margin indicating high profitability.
JANUS HENDERSON GROUP PLC (JHG) generated $711 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
JANUS HENDERSON GROUP PLC (JHG) has a debt-to-equity ratio of 0.08. This indicates a conservatively financed balance sheet.
JANUS HENDERSON GROUP PLC (JHG) reported earnings per share (EPS) of $5.23 in its most recent fiscal year.
JANUS HENDERSON GROUP PLC (JHG) has a return on equity (ROE) of 16.8%. This indicates the company generates strong returns for shareholders.
JANUS HENDERSON GROUP PLC (JHG) has a 5-year average gross margin of 72.4%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 11 years of financial data for JANUS HENDERSON GROUP PLC (JHG), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
JANUS HENDERSON GROUP PLC (JHG) has a book value per share of $32.75, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management is executing a multi-year transition to a unified technology and investment management platform (Aladdin) expected to enhance scalability and service delivery, though this transition will increase adjusted operating costs by approximately 1% in 2026 and 2027 before generating operational improvements and efficiencies thereafter. The company anticipates continued positive momentum in organic net new revenue generation across a broad range of strategies and regions, with particular strength in the U.S. market where net flows have been positive for nine consecutive quarters. Management expects strong performance fee generation in the near term, reflecting robust hedge fund performance, while maintaining disciplined cost management and strategic investments in high-return-on-investment initiatives such as marketing and client-related expenses. The firm remains committed to opportunistic inorganic growth through acquisitions and partnerships, particularly in areas where clients seek expanded solutions such as private credit and emerging market debt, while returning capital to shareholders through dividends and share buybacks.
Based on recent SEC filings and earnings calls, JANUS HENDERSON GROUP PLC (JHG) has provided the following forward guidance: Adjusted operating costs increase: approximately 1% (2026 and 2027); Adjusted compensation ratio: 43%-44% (Full year 2025); Non-compensation expense growth: high single-digit % (Full year 2025 compared to 2024); Tax rate on adjusted net income: 23%-25% (2025).