Cash flow Ninety One Plc

Equities

N91

GB00BJHPLV88

Investment Management & Fund Operators

Market Closed - London S.E. Other stock markets 11:35:23 2026-03-06 am EST			5-day change	1st Jan Change
234.80 ^GBX	-3.06%		-5.85%	+8.60%

Feb. 26	Ninety One SA Ltd. acquired an additional minority stake in Rainbow Chicken Limited.	CI
Feb. 26	LSEG investors welcome $4.1 billion buyback, eye more share-boosting moves	RE

9fc6.o-0MX0hajIX7gTFDolUHOeP8AXluM0gtNuhaZ79--uQ.0sBHbAZt6P28wAgUxT1JSLalNwkXQwFKYL4dP_I9rdPgul0AGz28tY74fA

Published financial data: NINETY ONE PLC

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: March	2021	2022	2023	2024	2025
Revenues	625M	664M	627M	588M	595M
Total Revenues	625M	664M	627M	588M	595M
Cost of Goods Sold, Total	300M	280M	280M	293M	305M
Gross Profit	325M	384M	347M	296M	289M
Selling General & Admin Expenses, Total	109M	122M	133M	92.7M	99.4M
Depreciation & Amortization - (IS)	16.6M	15M	14.8M	13.5M	13.8M
Other Operating Expenses	-1.6M	-	-	-11.8M	-9.7M
Other Operating Expenses, Total	124M	137M	148M	94.4M	104M
Operating Income	202M	248M	198M	201M	186M
Interest Expense, Total	-3.9M	-4M	-3.8M	-3.9M	-3.3M
Interest And Investment Income	18M	5.8M	15.8M	18.1M	19.3M
Net Interest Expenses	14.1M	1.8M	12M	14.2M	16M
Income (Loss) On Equity Invest.	600K	400K	1.4M	1.3M	2.4M
Currency Exchange Gains (Loss)	-6.3M	1.2M	1.1M	-1M	-1.8M
Other Non Operating Income (Expenses)	-	-	-	-	-
EBT, Excl. Unusual Items	210M	251M	213M	216M	202M
Impairment of Goodwill	-	-	-	-	-
Gain (Loss) On Sale Of Investments	-	1.2M	-300K	1.2M	1.9M
Gain (Loss) On Sale Of Assets	-	14.9M	-	-	-
Other Unusual Items	-6M	-	-	-	-
EBT, Incl. Unusual Items	204M	267M	213M	217M	204M
Income Tax Expense	49.5M	61.8M	48.8M	52.9M	54.2M
Earnings From Continuing Operations	155M	205M	164M	164M	150M
Net Income to Company	155M	205M	164M	164M	150M
Minority Interest	-200K	-	-	-	-
Net Income - (IS)	154M	205M	164M	164M	150M
Net Income to Common Incl Extra Items	154M	205M	164M	164M	150M
Net Income to Common Excl. Extra Items	154M	205M	164M	164M	150M
Per Share Items
Net EPS - Basic	0.17	0.23	0.18	0.18	0.17
Basic EPS - Continuing Operations	0.17	0.23	0.18	0.18	0.17
Basic Weighted Average Shares Outstanding	913M	908M	900M	890M	874M
Net EPS - Diluted	0.17	0.22	0.18	0.18	0.17
Diluted EPS - Continuing Operations	0.17	0.22	0.18	0.18	0.17
Diluted Weighted Average Shares Outstanding	917M	918M	905M	894M	874M
Normalized Basic EPS	0.14	0.17	0.15	0.15	0.14
Normalized Diluted EPS	0.14	0.17	0.15	0.15	0.14
Dividend Per Share	0.13	0.15	0.13	0.12	0.12
Payout Ratio	34.91	60.25	79.49	70.65	71.42
Supplemental Items
EBITDA	207M	253M	203M	205M	190M
EBITA	202M	248M	198M	201M	186M
EBIT	202M	248M	198M	201M	186M
EBITDAR	-	252M	202M	203M	189M
Total Revenues (As Reported)	625M	664M	627M	588M	595M
Effective Tax Rate - (Ratio)	24.25	23.14	22.95	24.4	26.53
Total Current Taxes	49.1M	62.8M	50M	56.5M	53.5M
Total Deferred Taxes	400K	-1M	-1.2M	-3.6M	700K
Normalized Net Income	131M	157M	133M	135M	126M
Interest on Long-Term Debt	3.9M	4M	3.8M	3.9M	3.3M
Non-Cash Pension Expense	-	-	-	-	-
Supplemental Operating Expense Items
General and Administrative Expenses	109M	122M	133M	92.7M	99.4M
Net Rental Expense, Total	-	-1.3M	-1.2M	-2M	-1.5M
Imputed Operating Lease Interest Expense	-	-379K	-344K	-632K	-437K
Imputed Operating Lease Depreciation	-	-921K	-856K	-1.37M	-1.06M
Stock-Based Comp., COGS (Total)	8.8M	12.7M	14.5M	16.5M	16.2M
Stock-Based Comp., Other (Total)	-	-	-	-	-
Total Stock-Based Compensation	8.8M	12.7M	14.5M	16.5M	16.2M

Fiscal Period: March	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	338M	407M	380M	375M	387M
Short Term Investments	3.1M	2.7M	2.9M	3.2M	4.7M
Total Cash And Short Term Investments	341M	409M	382M	378M	391M
Accounts Receivable, Total	253M	266M	261M	230M	140M
Other Receivables	5.9M	10.4M	9.2M	11.6M	63.1M
Total Receivables	259M	276M	270M	242M	204M
Prepaid Expenses	-	-	-	-	18.6M
Other Current Assets, Total	9.15B	10.85B	9.98B	10.32B	11.43B
Total Current Assets	9.75B	11.53B	10.64B	10.94B	12.04B
Gross Property Plant And Equipment	129M	-	117M	114M	108M
Accumulated Depreciation	-8.4M	-	-17.2M	-20.5M	-22.2M
Net Property Plant And Equipment	121M	110M	99.7M	93.3M	85.9M
Long-term Investments	6.2M	10.1M	13.4M	21.5M	26.5M
Goodwill	-	-	-	-	-
Other Intangibles, Total	-	-	-	-	-
Deferred Tax Assets Long-Term	24.8M	28.1M	25.5M	28.5M	28M
Other Long-Term Assets, Total	3M	3.3M	37.4M	34.5M	27.1M
Total Assets	9.9B	11.68B	10.81B	11.12B	12.21B
Liabilities
Accounts Payable, Total	219M	189M	157M	55.2M	47.8M
Accrued Expenses, Total	202M	200M	167M	194M	203M
Current Portion of Leases	4.3M	9.9M	10.5M	10M	10M
Current Income Taxes Payable	8.8M	11.2M	10.4M	9.4M	10.9M
Unearned Revenue Current, Total	-	-	-	-	-
Other Current Liabilities	9.04B	10.77B	9.97B	10.33B	11.41B
Total Current Liabilities	9.48B	11.18B	10.31B	10.59B	11.69B
Long-Term Leases	106M	99.5M	92.2M	84.7M	76.6M
Pension & Other Post Retirement Benefits	700K	100K	-	-	-
Deferred Tax Liability Non Current	29M	30.4M	24.3M	38.3M	43.9M
Other Non Current Liabilities	39.6M	30.2M	33.7M	33M	31.1M
Total Liabilities	9.65B	11.34B	10.46B	10.75B	11.84B
Common Stock, Total	441M	441M	441M	419M	404M
Retained Earnings	902M	986M	1.02B	1.06B	1.1B
Treasury Stock	-19.5M	-35.7M	-51.4M	-49.8M	-67.5M
Comprehensive Income and Other	-1.07B	-1.05B	-1.06B	-1.06B	-1.06B
Total Common Equity	253M	342M	350M	367M	373M
Minority Interest	100K	100K	100K	200K	200K
Total Equity	253M	342M	350M	368M	374M
Total Liabilities And Equity	9.9B	11.68B	10.81B	11.12B	12.21B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	912M	907M	899M	885M	869M
ECS Total Common Shares Outstanding	912M	907M	899M	885M	869M
Book Value / Share	0.28	0.38	0.39	0.42	0.43
Tangible Book Value	253M	342M	350M	367M	373M
Tangible Book Value Per Share	0.28	0.38	0.39	0.42	0.43
Total Debt	110M	109M	103M	94.7M	86.6M
Net Debt	-230M	-300M	-280M	-284M	-305M
Debt Equivalent of Unfunded Proj. Benefit Obligation	700K	-	-2.6M	-2.7M	-700K
Debt Equivalent Oper. Leases	-	-10.4M	-9.6M	-16M	-12M
Minority Interest, Total (Incl. Fin. Div)	100K	100K	100K	200K	200K
Equity Method Investments, Total	700K	900K	1.3M	1.4M	2.6M
Account Code - Inventory Valuation	3	3	3	3	3
Machinery, Total	13.9M	-	14.2M	15.3M	15.7M
Full Time Employees	1.17K	1.18K	1.19K	1.18K	1.23K

Fiscal Period: March	2021	2022	2023	2024	2025
Net Income	154M	205M	164M	164M	150M
Depreciation & Amortization - CF	16.6M	15M	14.8M	13.5M	13.8M
Depreciation & Amortization, Total	16.6M	15M	14.8M	13.5M	13.8M
Amortization of Deferred Charges, Total - (CF)	-	-	-	-	-
(Gain) Loss From Sale Of Asset	400K	-14.9M	-	-	-
(Gain) Loss on Sale of Investments - (CF)	-1.21B	-480M	-360M	-569M	-641M
Asset Writedown & Restructuring Costs	-	-	-	-	-
(Income) Loss On Equity Investments - (CF)	-600K	-400K	-1.4M	-1.3M	-2.4M
Stock-Based Compensation (CF)	7.8M	12.1M	14.2M	16.5M	16.2M
Other Operating Activities, Total	1.41B	969M	299M	531M	760M
Change In Accounts Receivable	-3.7M	-13.1M	5.5M	31.4M	11.1M
Change In Accounts Payable	77.3M	-27.6M	-52.2M	-31.7M	600K
Change in Unearned Revenues	-	-	-	-	-
Change in Other Net Operating Assets	1.6M	-10.8M	-9.4M	17.5M	9.8M
Cash from Operations	459M	655M	74.6M	172M	318M
Capital Expenditure	-19.4M	-1.4M	-1.2M	-2.5M	-4.4M
Sale of Property, Plant, and Equipment	-	-	-	-	-
Cash Acquisitions	-	-	-	-	-
Divestitures	-	17.7M	-	-	-
Sale (Purchase) of Intangible assets	-	-	-	-	-
Investment in Marketable and Equity Securities, Total	-389M	-409M	3.6M	-1.9M	-3.4M
Cash from Investing	-409M	-393M	2.4M	-4.4M	-7.8M
Long-Term Debt Repaid, Total	-4M	-5.3M	-10.3M	-10.1M	-10.1M
Total Debt Repaid	-4M	-5.3M	-10.3M	-10.1M	-10.1M
Repurchase of Common Stock	-9.6M	-16.7M	-23.8M	-37.9M	-48.1M
Common Dividends Paid	-53.9M	-124M	-130M	-116M	-107M
Common & Preferred Stock Dividends Paid	-53.9M	-124M	-130M	-116M	-107M
Other Financing Activities, Total	-1.4M	-	-	-	-
Cash from Financing	-68.9M	-146M	-164M	-164M	-165M
Foreign Exchange Rate Adjustments	28.6M	7.5M	-32.1M	-17.4M	-2.6M
Net Change in Cash	10.4M	123M	-119M	-13.8M	143M
Supplemental Items
Cash Interest Paid	1.4M	1.9M	3.8M	3.6M	3.3M
Cash Income Tax Paid (Refund)	48.9M	69.7M	54.2M	59.8M	43.7M
Levered Free Cash Flow	150M	165M	122M	126M	141M
Unlevered Free Cash Flow	153M	167M	124M	128M	143M
Change In Net Working Capital	-20.7M	13.8M	28M	25.2M	-900K
Net Debt Issued / Repaid	-4M	-5.3M	-10.3M	-10.1M	-10.1M

Fiscal Period: March	2021	2022	2023	2024	2025
Profitability
Return on Assets	1.44	1.43	1.1	1.15	1
Return on Total Capital	40.9	37.99	27.45	27.48	25.18
Return On Equity %	76.46	69.02	47.38	45.69	40.5
Return on Common Equity	76.45	69.04	47.39	45.71	40.52
Margin Analysis
Gross Profit Margin %	52.06	57.87	55.27	50.21	48.65
SG&A Margin	17.39	18.32	21.27	15.75	16.72
EBITDA Margin %	33.08	38.09	32.42	34.83	32
EBITA Margin %	32.27	37.29	31.64	34.17	31.25
EBIT Margin %	32.27	37.29	31.64	34.17	31.25
Income From Continuing Operations Margin %	24.73	30.92	26.12	27.85	25.24
Net Income Margin %	24.7	30.92	26.12	27.85	25.24
Net Avail. For Common Margin %	24.7	30.92	26.12	27.85	25.24
Normalized Net Income Margin	20.97	23.63	21.22	22.9	21.27
Levered Free Cash Flow Margin	24.05	24.82	19.41	21.33	23.64
Unlevered Free Cash Flow Margin	24.44	25.19	19.79	21.75	23.99
Asset Turnover
Asset Turnover	0.07	0.06	0.06	0.05	0.05
Fixed Assets Turnover	5.44	5.76	5.99	6.1	6.64
Receivables Turnover (Average Receivables)	2.5	2.56	2.38	2.4	4.16
Short Term Liquidity
Current Ratio	1.03	1.03	1.03	1.03	1.03
Quick Ratio	0.06	0.06	0.06	0.06	0.05
Operating Cash Flow to Current Liabilities	0.05	0.06	0.01	0.02	0.03
Days Sales Outstanding (Average Receivables)	145.89	142.78	153.28	152.59	87.75
Average Days Payable Outstanding	229.81	266.28	225.38	63.08	52.84
Long Term Solvency
Total Debt/Equity	43.58	32.03	29.35	25.76	23.18
Total Debt / Total Capital	30.35	24.26	22.69	20.48	18.82
LT Debt/Equity	41.89	29.13	26.35	23.04	20.5
Long-Term Debt / Total Capital	29.17	22.06	20.37	18.32	16.64
Total Liabilities / Total Assets	97.44	97.08	96.76	96.69	96.94
EBIT / Interest Expense	51.72	61.9	52.21	51.56	56.3
EBITDA / Interest Expense	55.97	65.65	56.11	55.03	60.48
(EBITDA - Capex) / Interest Expense	51	65.3	55.79	54.38	59.15
Total Debt / EBITDA	0.51	0.42	0.48	0.44	0.43
Net Debt / EBITDA	-1.05	-1.14	-1.31	-1.32	-1.53
Total Debt / (EBITDA - Capex)	0.56	0.42	0.48	0.45	0.44
Net Debt / (EBITDA - Capex)	-1.16	-1.15	-1.32	-1.34	-1.56
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	2.49	6.21	-5.54	-6.16	1.04
Gross Profit, 1 Yr. Growth %	-3.36	18.07	-9.79	-3.65	-2.1
EBITDA, 1 Yr. Growth %	3.82	23.25	-19.61	-2.15	-7.17
EBITA, 1 Yr. Growth %	2.54	23.74	-19.87	-1.71	-7.61
EBIT, 1 Yr. Growth %	2.54	23.74	-19.87	-1.71	-7.61
Earnings From Cont. Operations, 1 Yr. Growth %	-0.9	32.79	-20.21	0.06	-8.42
Net Income, 1 Yr. Growth %	-0.64	32.97	-20.21	0.06	-8.42
Normalized Net Income, 1 Yr. Growth %	5.13	29.26	-16.31	1.27	-6.12
Diluted EPS Before Extra, 1 Yr. Growth %	0	33.33	-19.2	1.1	-6.15
Accounts Receivable, 1 Yr. Growth %	2.8	5.05	-2.07	-11.7	-3.37
Net Property, Plant and Equip., 1 Yr. Growth %	11.32	-9.34	-9.12	-6.42	-7.93
Total Assets, 1 Yr. Growth %	29.45	17.95	-7.44	2.83	9.84
Tangible Book Value, 1 Yr. Growth %	68.02	34.87	2.43	5.03	1.63
Common Equity, 1 Yr. Growth %	68.02	34.87	2.43	5.03	1.63
Cash From Operations, 1 Yr. Growth %	-43.54	42.49	-67.89	132.48	85.33
Capital Expenditures, 1 Yr. Growth %	44.78	-92.78	-14.29	108.33	76
Levered Free Cash Flow, 1 Yr. Growth %	36.29	10.33	-36.55	-0.04	11.96
Unlevered Free Cash Flow, 1 Yr. Growth %	36.11	10.2	-36.15	0.01	11.44
Dividend Per Share, 1 Yr. Growth %	-	15.87	-9.59	-6.82	-0.81
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	5.95	4.33	0.16	-5.85	-2.63
Gross Profit, 2 Yr. CAGR %	36.44	6.82	3.21	-12.3	-2.88
EBITDA, 2 Yr. CAGR %	11.75	12.68	-0.46	-9.97	-4.69
EBITA, 2 Yr. CAGR %	11.04	12.19	-0.43	-9.88	-4.7
EBIT, 2 Yr. CAGR %	11.04	12.19	-0.43	-9.88	-4.7
Earnings From Cont. Operations, 2 Yr. CAGR %	5.16	14.72	2.93	-10.65	-4.27
Net Income, 2 Yr. CAGR %	5.28	14.94	3	-10.65	-4.27
Normalized Net Income, 2 Yr. CAGR %	8.38	12.16	4.71	-7.94	-2.5
Diluted EPS Before Extra, 2 Yr. CAGR %	5.49	15.47	3.8	-9.61	-2.59
Accounts Receivable, 2 Yr. CAGR %	2.35	3.92	1.43	-7.01	-26.57
Net Property, Plant and Equip., 2 Yr. CAGR %	296.41	0.46	-9.23	-7.78	-7.18
Total Assets, 2 Yr. CAGR %	6.08	23.56	4.48	-2.44	6.28
Tangible Book Value, 2 Yr. CAGR %	13.92	50.54	17.54	3.72	3.32
Common Equity, 2 Yr. CAGR %	13.92	50.54	17.54	3.72	3.32
Cash From Operations, 2 Yr. CAGR %	-19.53	-10.3	-59.7	-14	107.57
Capital Expenditures, 2 Yr. CAGR %	72.76	-67.68	-75.13	33.63	91.49
Levered Free Cash Flow, 2 Yr. CAGR %	22.93	22.22	-9.71	-19.1	5.79
Unlevered Free Cash Flow, 2 Yr. CAGR %	23.92	22.07	-9.57	-18.85	5.57
Dividend Per Share, 2 Yr. CAGR %	-	-	2.35	-8.21	-3.86
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	5.19	6.03	0.93	-1.99	-3.61
Gross Profit, 3 Yr. CAGR %	4.51	30.02	0.97	-3.16	-9.02
EBITDA, 3 Yr. CAGR %	5.12	15.16	0.68	-0.03	-9.04
EBITA, 3 Yr. CAGR %	4.62	14.81	0.29	0.17	-9.13
EBIT, 3 Yr. CAGR %	4.62	14.81	0.29	0.17	-9.13
Earnings From Cont. Operations, 3 Yr. CAGR %	3.24	13.67	1.64	1.97	-9.91
Net Income, 3 Yr. CAGR %	3.2	13.8	1.77	2.01	-9.91
Normalized Net Income, 3 Yr. CAGR %	17.42	12.01	2.18	3.55	-7.34
Diluted EPS Before Extra, 3 Yr. CAGR %	-	14.06	2.52	2.89	-8.47
Accounts Receivable, 3 Yr. CAGR %	3.85	3.24	1.89	-3.15	-19.18
Net Property, Plant and Equip., 3 Yr. CAGR %	227.55	142.42	-2.84	-8.3	-7.83
Total Assets, 3 Yr. CAGR %	2.99	9.89	12.22	3.93	1.49
Tangible Book Value, 3 Yr. CAGR %	6.28	20.52	32.4	13.21	3.02
Common Equity, 3 Yr. CAGR %	6.26	20.52	32.4	13.21	3.02
Cash From Operations, 3 Yr. CAGR %	-14.17	-2.64	-54.91	-27.95	11.08
Capital Expenditures, 3 Yr. CAGR %	125.36	-40.06	-55.26	-49.49	46.48
Levered Free Cash Flow, 3 Yr. CAGR %	2.12	18.31	3.34	-5.62	-9.85
Unlevered Free Cash Flow, 3 Yr. CAGR %	2.64	18.91	3.41	-5.52	-9.8
Dividend Per Share, 3 Yr. CAGR %	-	-	-	-0.8	-5.81
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-	6.5	3.15	1.11	-0.51
Gross Profit, 5 Yr. CAGR %	-	8.74	3.99	11.07	-2.99
EBITDA, 5 Yr. CAGR %	-	10.56	2.69	4.36	-0.91
EBITA, 5 Yr. CAGR %	-	10.34	2.41	4.21	-1.13
EBIT, 5 Yr. CAGR %	-	10.34	2.41	4.21	-1.13
Earnings From Cont. Operations, 5 Yr. CAGR %	-	9.97	3.12	3.23	-0.77
Net Income, 5 Yr. CAGR %	-	9.97	3.12	3.31	-0.69
Normalized Net Income, 5 Yr. CAGR %	-	15.39	10.44	3.84	0.28
Diluted EPS Before Extra, 5 Yr. CAGR %	-	-	-	3.92	0.44
Accounts Receivable, 5 Yr. CAGR %	-	2.68	2.88	-0.99	-10.63
Net Property, Plant and Equip., 5 Yr. CAGR %	-	96.39	96.04	64.69	-4.6
Total Assets, 5 Yr. CAGR %	-	7.12	3.58	4.78	9.8
Tangible Book Value, 5 Yr. CAGR %	-	11.78	10.65	13.49	19.9
Common Equity, 5 Yr. CAGR %	-	11.77	10.63	13.49	19.9
Cash From Operations, 5 Yr. CAGR %	-	6.6	-36.57	-24.69	-17.11
Capital Expenditures, 5 Yr. CAGR %	-	-4.57	-6.67	-17.4	-19.97
Levered Free Cash Flow, 5 Yr. CAGR %	-	-	-2.92	4.76	4.97
Unlevered Free Cash Flow, 5 Yr. CAGR %	-	-	-2.56	5.17	4.91