# Ninety One Group (N91.L) fundamentals

Data as of 2026-09-08. LSE, United Kingdom. Sector: Financial Services / Asset Management. Price 212p, market value 2.0 billionp.

## Valuation
- **P/E (trailing): 12.5×** (5-yr avg 1062.8×, 3-yr avg 1044.4×). Ninety One Group trades at 12.5× trailing earnings, well below its own five-year average of 1062.8×: cheap by its own standards. The Financial Services median in the September 2026 study was 13.1×. Forward P/E is 11.2×, lower than trailing, so analysts expect earnings to grow.
- **Price / sales: 1.4×**. Each dollar of revenue is priced at 1.4×.
- **Price / book: 2.9×**. The shares trade at 2.9× book value; book value is a meaningful part of the valuation.
- **EV / EBITDA: 4.0×**. Enterprise value is 4.0× operating earnings before depreciation, the multiple that ignores how the company is financed; below 8× is inexpensive for most sectors.
- **Free-cash-flow yield: 24.0%** (5-yr avg 0.2%). Free cash flow equals 24.0% of the market value, above its five-year average of 0.2%, so the shares are cheaper on cash than they have usually been. Above 5% is generally attractive.
- **Earnings yield: 8.0%**. The inverse of the P/E: 8.0% of the price is earned each year.

## Profitability
- **Gross margin: 75.8%**. Ninety One Group keeps 75.8% of revenue after the direct cost of what it sells, the kind of margin that comes with software, brands or pricing power.
- **Operating margin: 26.8%**. 26.8% of revenue is left after running the business, an exceptional level.
- **Net margin: 19.6%**. 19.6% of each dollar of sales reaches the bottom line.
- **Return on equity: 21.9%**. 21.9% on shareholders' equity is excellent if it is not driven by leverage; sustained above 20% usually signals a competitive advantage.
- **Return on invested capital: 82.5%**. Return on all capital, debt included, is 82.5%: comfortably above what that capital costs.
- **Return on assets: 2.0%**. Each dollar of assets produces 2.0% of profit; low single digits are normal for banks and insurers.

## Growth
- **Revenue growth (1 yr): 11.7%** (3-yr 1.6%/yr, 5-yr 0.7%/yr). Revenue grew 11.7% over the last year, against 0.7% a year compounded over five years: growth is accelerating.
- **EPS growth (1 yr): 0.0%** (3-yr -1.9%/yr, 5-yr 0.0%/yr). Earnings per share rose 0.0%, slower than revenue, so margins compressed.
- **Free-cash-flow growth (3 yr): 32.5%/yr**. Free cash flow has compounded at 32.5% a year over three years, keeping pace with earnings: the growth is real cash.

## Financial health
- **Piotroski F-score: 5/9**. 5 of 9 checks pass: mixed.
- **Cash and short-term investments: 462 millionp**. Leverage ratios are shown differently for banks and insurers, whose balance sheets are built on deposits and reserves; use return on equity and the regulatory capital in the filings instead.

## Dividends
- **Dividend yield: 6.27%** (0p per share, trailing). Ninety One Group yields 6.27%, high enough to check carefully: yields this high often precede a cut.
- **Payout ratio: 75%** (46% of free cash flow). 75% of earnings goes out as dividends, leaving a thin cushion.
- **Consecutive years of increases: 1**. 1 straight year of increases.
- **Dividend growth (5 yr): 16.8%/yr** (1-yr 8.5%). The dividend has compounded at 16.8% a year over five years, doubling roughly every 4 years at that pace.
- **Shareholder yield: 10.6%**. Dividends plus net buybacks return 10.6% of the market value a year.

## Price and momentum
- **Total return (1 yr): 13.1%** (YTD -0.9%, 3-mo -2.2%). The shares are up 13.1% over twelve months including dividends.
- **From 52-week high: -19.1%** (15.5% above the low). Trading 19% below its 52-week high.
- **200-day average: below**. The price sits below its 200-day moving average, the usual definition of a downtrend.
- **RSI (14-day): 49**. An RSI of 49 is neutral.
- **Beta (1 yr): 1.09** (volatility 27%). Beta of 1.09 against the FTSE All-Share: the shares move roughly with the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=N91.L · Page: https://foliofundamentals.com/stocks/n91.l

Not investment advice.