Ninety One
N91 · Main Market · Financial Services · mcap £1,967m · 206.2p
Financials · balance sheet 30 Sep 25 · last twelve months · today’s market value
Source: results 17 Nov 25 ↗
⚠ Market value uncertain: price × shares in issue gives £1,362m, other sources £1967.3m – a change in the share count (tender offer, consolidation) may be missing. Ratios on the market value are uncertain.
- Market cap
- £1,362m ⚠
- Owner’s net cash
- £331.2m
- Net cash / market cap
- 24%
- EV ex leases
- £1,029m
- Price / tangible book
- 3.70×
Share price × shares in issue (from the company’s voting-rights notices)Yahoo: £1,967m – more than 25% apart: a share count may be missing (tender offer, consolidation); ratios on it are uncertain
Net cash ex leases − Pension deficit − Deferred consideration − Paid out since£331.2m − £0.0m − £0.0m − £0.0m = £331.2m
Owner’s net cash ÷ Market cap£331.2m ÷ £1,362m
Market cap + Borrowings − Cash + Pension deficit + Deferred consideration + Non-controlling interests − Associates & JVs + Paid out since£1,362m + £0.0m − £331.2m + £0.0m + £0.0m + £0.2m − £2.5m + £0.0m = £1,029m
Market cap ÷ Tangible book£1,362m ÷ £367.9m
Market value
- Market cap
- £1,362m ⚠
Share price × shares in issue (from the company’s voting-rights notices)Yahoo: £1,967m – more than 25% apart: a share count may be missing (tender offer, consolidation); ratios on it are uncertain
Cash and debt · balance sheet 2025-09-30
- Cash
- £331.2m
- Borrowings
- £0.0m
- Net cash / (debt) ex leases
- £331.2m
- Lease liabilities
- £81.6m
- Owner’s net cash
- £331.2m
- Net cash / market cap
- 24%
- Cash − total liabilities
- −£12,920m
Balance sheet 2025-09-30
Borrowings, current + Borrowings, non-current£0.0m + £0.0m
Cash − Borrowings£331.2m − £0.0m = £331.2m
Lease liabilities, current + non-current (left out of net cash and EV ex leases)£9.8m + £71.8m
Net cash ex leases − Pension deficit − Deferred consideration − Paid out since£331.2m − £0.0m − £0.0m − £0.0m = £331.2m
Owner’s net cash ÷ Market cap£331.2m ÷ £1,362m
Cash − Total assets − Total equity (no ‘Total liabilities’ line) (the strictest view: cash covers everything owed)£331.2m − £13,251m = −£12,920m
Last twelve months · LTM incomplete
- Revenue
- –
- Operating profit
- –
- EBITDA (pre-IFRS 16)
- –
- Net income (owners)
- –
- Cash from operations
- –
- Free cash flow after leases
- –
Revenue, last twelve monthsLTM incomplete
Operating profit, last twelve monthsLTM incomplete
Operating profit + Depreciation (owned assets) + Amortisation
Net income (owners), last twelve monthsmissing
Cash from operations, last twelve monthsLTM incomplete
Cash from operations − Capex (PP&E) − Capex (intangibles) − Lease principal paid − Lease interest paid
Enterprise value
- EV ex leases
- £1,029m
- EV incl. leases
- £1,110m
Market cap + Borrowings − Cash + Pension deficit + Deferred consideration + Non-controlling interests − Associates & JVs + Paid out since£1,362m + £0.0m − £331.2m + £0.0m + £0.0m + £0.2m − £2.5m + £0.0m = £1,029m
EV ex leases + Lease liabilities£1,029m + £81.6m
Valuation at today’s market cap
- EV / EBIT
- –
- EV / EBITDA
- –
- FCF yield
- –
- Price / book
- 3.48×
- Tangible book
- £367.9m
- Price / tangible book
- 3.70×
- NCAV (net current asset value)
- £194.1m
- Price / NCAV
- 7.02×
- Net-net working capital
- −£12,740m
EV ex leases ÷ Operating profit (LTM)£1,029m ÷ –
EV ex leases ÷ EBITDA (pre-IFRS 16)£1,029m ÷ –
Free cash flow after leases ÷ Market cap– ÷ £1,362m
Market cap ÷ Total equity£1,362m ÷ £391.0m
Total equity − Goodwill − Other intangibles£391.0m − £0.0m − £23.1m
Market cap ÷ Tangible book£1,362m ÷ £367.9m
Current assets − Total assets − Total equity (no ‘Total liabilities’ line)£13,445m − £13,251m
Market cap ÷ NCAV£1,362m ÷ £194.1m
Cash + 75% × Trade receivables + 50% × Inventories − Total assets − Total equity (no ‘Total liabilities’ line)£331.2m + 0.75 × £239.2m + 0.5 × £0.0m − £13,251m
Returns and quality
- ROCE
- –
- ROE
- –
- Current ratio
- 1.03×
- Net debt / EBITDA
- net cash
- Accruals ratio
- –
Operating profit (LTM) ÷ (Total assets − Current liabilities)– ÷ (£13,642m − £13,074m) = – ÷ £568.4m
Net income (owners, LTM) ÷ Total equity– ÷ £391.0m
Current assets ÷ Current liabilities£13,445m ÷ £13,074m
(Borrowings − Cash) ÷ EBITDA (pre-IFRS 16)
(Net income − Cash from operations) ÷ Total assets – high: profit not backed by cash(– − –) ÷ £13,642m
H1 25 vs H1 24 · results 17 Nov 25 ↗
- Revenue
- £357m +4%
- Operating profit
- £96.1m +12%
- Cash from operations
- −£89.3m prior £17.2m
Hover or tap a figure for its formula and the values used – the names are the line names of the key figures below. Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.
The statement exactly as printed in one results announcement – its own columns (the period and its comparatives), lines and headings, in the company's currency and units. Choose the report above; to compare several years, use Key figures.
Standardised line items in £m, comparable across companies; when a later report restated a period, the later figure is shown and marked r (hover for the figure first reported). Italic = calculated (LTM, H2 = FY − H1); a year of other than 12 months is marked (15m). Hover a value for its source.
Trading update 13 Oct 262 figures since the last report
AUM fell to £181.4bn at 30 September 2026 from £184.0bn three months earlier.
| AUM at 30 September 2026 | £181.4 billion | £184.0 billion |
| AUM at 30 September 2025 | £152.1 billion |
As stated by the company, unaudited. Read it →
Latest report: H1 25 (six months to 30 Sep 25), published 17 Nov 25 · read the results ↗
| 2025 £'m (Reviewed) | 2024 £'m (Reviewed) | |
|---|---|---|
| Revenue | 356.9 | 343.0 |
| Commission expense | (52.2) | (52.7) |
| Net revenue | 304.7 | 290.3 |
| Operating expenses | (217.4) | (206.4) |
| Share of (loss)/profit from associates | (0.1) | 0.5 |
| Net gain on investments and other income | 8.9 | 1.1 |
| Operating profit | 96.1 | 85.5 |
| Interest income | 7.6 | 9.6 |
| Interest expense | (1.5) | (1.8) |
| Profit before tax | 102.2 | 93.3 |
| Tax expense | (25.5) | (24.5) |
| Profit after tax | 76.7 | 68.8 |
| Other comprehensive income | ||
| Items that will not be reclassified to profit or loss | ||
| Net remeasurements on pension fund | - | (1.2) |
| Items that may be reclassified subsequently to profit or loss | ||
| Foreign exchange differences on translation of foreign subsidiaries | 3.7 | 4.1 |
| Other comprehensive income for the period | 3.7 | 2.9 |
| Total comprehensive income for the period | 80.4 | 71.7 |
| Earnings per share (pence) | ||
| Basic 7(a) | 8.9 | 7.8 |
| Diluted 7(a) | 8.9 | 7.8 |
| 30 September 2025 £'m (Reviewed) | 30 September 2024 £'m (Reviewed) | 31 March 2025 £'m (Audited) | |
|---|---|---|---|
| Assets | |||
| Investments | 59.9 | 47.2 | 48.6 |
| Investment in associates | 2.5 | 1.3 | 2.6 |
| Property and equipment | 19.8 | 20.4 | 21.2 |
| Right-of-use assets | 60.3 | 66.6 | 64.7 |
| Intangible asset | 23.1 | - | - |
| Deferred tax assets | 29.2 | 28.1 | 28.0 |
| Other receivables | 1.5 | 2.4 | 1.7 |
| Pension fund asset | 0.6 | 0.9 | 0.7 |
| Total non-current assets | 196.9 | 166.9 | 167.5 |
| Investments | 20.2 | 20.6 | 34.7 |
| Linked investments backing policyholder funds | 12,848.4 | 11,330.0 | 11,401.1 |
| Income tax recoverable | 6.2 | 4.9 | 3.2 |
| Trade and other receivables | 239.2 | 239.5 | 219.0 |
| Cash and cash equivalents | 331.2 | 331.7 | 386.6 |
| Total current assets | 13,445.2 | 11,926.7 | 12,044.6 |
| Total assets | 13,642.1 | 12,093.6 | 12,212.1 |
| Liabilities | |||
| Other liabilities | 36.8 | 30.7 | 31.1 |
| Lease liabilities | 71.8 | 78.9 | 76.6 |
| Deferred tax liabilities | 68.8 | 46.6 | 43.9 |
| Total non-current liabilities | 177.4 | 156.2 | 151.6 |
| Policyholder investment contract liabilities | 12,792.9 | 11,319.5 | 11,359.7 |
| Other liabilities | 17.4 | 19.7 | 33.0 |
| Lease liabilities | 9.8 | 10.1 | 10.0 |
| Trade and other payables | 238.6 | 230.7 | 273.3 |
| Income tax payable | 15.0 | 9.5 | 10.9 |
| Total current liabilities | 13,073.7 | 11,589.5 | 11,686.9 |
| Equity | |||
| Share capital 12(a) | 394.6 | 408.1 | 403.7 |
| Share premium 12(a) | 23.6 | - | - |
| Demerger reserves 12(b) | (321.3) | (321.3) | (321.3) |
| Own share reserve 12(c) | (66.1) | (63.3) | (67.5) |
| Other reserves 12(b) | (11.5) | (12.7) | (9.5) |
| Retained earnings | 371.5 | 336.9 | 368.0 |
| Shareholders' equity excluding non-controlling interests | 390.8 | 347.7 | 373.4 |
| Non-controlling interests | 0.2 | 0.2 | 0.2 |
| Total equity | 391.0 | 347.9 | 373.6 |
| Total equity and liabilities | 13,642.1 | 12,093.6 | 12,212.1 |
| 2025 £'m (Reviewed) | 2024 £'m (Reviewed) | |
|---|---|---|
| Cash flows from operations - shareholders 14(a) | 52.9 | 59.0 |
| Cash flows from operations - policyholders 14(a) | (123.6) | (20.6) |
| Cash flows from operations | (70.7) | 38.4 |
| Interest received | 7.6 | 9.6 |
| Interest paid in respect of lease liabilities 14(b) | (1.5) | (1.8) |
| Dividends received from associates | - | 0.6 |
| Income tax paid | (24.7) | (29.6) |
| Net cash flows from operating activities | (89.3) | 17.2 |
| Cash flows from investing activities | ||
| Acquisition of investments | (19.9) | (14.8) |
| Disposal of investments | 30.3 | 22.2 |
| Distribution from investments | 0.3 | - |
| Additions to property and equipment | (1.0) | (1.2) |
| Net cash flows from investing activities | 9.7 | 6.2 |
| Cash flows from financing activities | ||
| Principal elements of lease payments 14(b) | (5.2) | (4.8) |
| Purchase of own shares 12(c) | (12.4) | (25.4) |
| Share buybacks 12(a) | (20.4) | (11.8) |
| Dividends paid | (61.2) | (58.7) |
| Net cash flows from financing activities | (99.2) | (100.7) |
| Cash and cash equivalents at 1 April | 599.7 | 457.1 |
| Net change in cash and cash equivalents | (178.8) | (77.3) |
| Effect of foreign exchange rate changes | 3.0 | 17.2 |
| Cash and cash equivalents at 30 September | 423.9 | 397.0 |
| Available for use by the Group (shareholders) | 331.2 | 331.7 |
| Related to policyholders as presented within linked investments backing policyholder funds | 92.7 | 65.3 |
| H1 25 | vs H1 24 | H1 24 | |
|---|---|---|---|
| Revenue to operating profit | |||
| Revenue | 356.9 | +4% | 343.0 |
| Adjusted operating profit | 98.8 | +12% | 88.6 |
| Operating profit | 96.1 | +12% | 85.5 |
| Share-based payments | 9.6 | – | – |
| Operating profit to net income | |||
| Finance costs | (1.5) | −17% | (1.8) |
| Profit before tax | 102.2 | +10% | 93.3 |
| Tax | (25.5) | +4% | (24.5) |
| Per share | |||
| EPS basic | 8.9p | – | 7.8p |
| EPS diluted | 8.9p | – | 7.8p |
| Dividend per share | 6.0p | – | 5.4p |
| H1 25 | vs H1 24 | H1 24 | |
|---|---|---|---|
| Operating activities | |||
| Cash from operations | (89.3) | n/m | 17.2 |
| Tax paid | (24.7) | −17% | (29.6) |
| Investing activities | |||
| Capex (PP&E) | (1.0) | −17% | (1.2) |
| Financing activities | |||
| Lease principal paid | (5.2) | +8% | (4.8) |
| Lease interest paid | (1.5) | −17% | (1.8) |
| Dividends paid | (61.2) | +4% | (58.7) |
| Share buybacks | (12.4) | −51% | (25.4) |
| 30 Sep 25 | |
|---|---|
| Non-current assets | |
| Other intangibles | 23.1 |
| Property, plant & equipment | 19.8 |
| Associates & JVs | 2.5 |
| Non-current assets | 196.9 |
| Current assets | |
| Trade receivables | 239.2 |
| Cash | 331.2 |
| Current assets | 13,445.2 |
| Total assets | 13,642.1 |
| Current liabilities | |
| Trade payables | 238.6 |
| Lease liabilities, current | 9.8 |
| Current liabilities | 13,073.7 |
| Non-current liabilities | |
| Lease liabilities, non-current | 71.8 |
| Pension surplus / (deficit) | 0.6 |
| Equity | |
| Non-controlling interests | 0.2 |
| Total equity | 391.0 |
| Net cash and other figures | |
| Shares in issue | 627.8m |
| 30 Sep 25 | 30 Sep 24 | |
|---|---|---|
| Non-current assets | ||
| Other intangibles | 23.1 | – |
| Property, plant & equipment | 19.8 | 20.4 |
| Associates & JVs | 2.5 | 1.3 |
| Non-current assets | 196.9 | 166.9 |
| Current assets | ||
| Trade receivables | 239.2 | 239.5 |
| Cash | 331.2 | 331.7 |
| Current assets | 13,445.2 | 11,926.7 |
| Total assets | 13,642.1 | 12,093.6 |
| Current liabilities | ||
| Trade payables | 238.6 | 230.7 |
| Lease liabilities, current | 9.8 | 10.1 |
| Current liabilities | 13,073.7 | 11,589.5 |
| Non-current liabilities | ||
| Lease liabilities, non-current | 71.8 | 78.9 |
| Pension surplus / (deficit) | 0.6 | 0.9 |
| Equity | ||
| Non-controlling interests | 0.2 | 0.2 |
| Total equity | 391.0 | 347.9 |
| Net cash and other figures | ||
| Shares in issue | 627.8m | – |
No annual income statement figures were extracted for this company yet. See the latest results ↗
No annual cash flow figures were extracted for this company yet. See the latest results ↗
Read automatically from each results announcement. Check the source before relying on a figure.
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Company filings. Not investment advice.