Janus Henderson Group plcJHG
NYSE•Financial Services•Asset Management
Janus Henderson Group plc is an asset management holding entity. Through its subsidiaries, the firm provides services to institutional, retail clients, and high net worth clients. It manages separate client-focused equity and fixed income portfolios. The firm also manages equity, fixed income, and balanced mutual funds for its clients. It specializes in growth capital, middle market & buyout investments. It focuses on commercial services and supplies, air freight & logistics, consumer durables and apparel, hotels, beverage & food products, health care, diversified financial services, multi-sector holdings, specialized finance, consumer finance, capital markets, REITs, mortgage REITs, communication equipment, media, alternative energy resource. It invests in public equity and fixed income markets, as well as invests in real estate and private equity. The firm invests in companies based in China & India. It invests between $10 million and $30 million. Janus Henderson Group plc was founded in 1934 and is based in London, United Kingdom with additional offices in Australia and North America.
Janus Henderson Group plc (JHG) reported trailing twelve months revenue of $3.17B as of March 2026, a 24.5% increase year-over-year. Quarterly revenue reached $690.00M, reflecting continued top-line momentum.
Janus Henderson Group plc generated $786.10M in TTM net income, with quarterly EBITDA of $125.30M. The operating margin contracted from 24.7% to 16.5%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (16.5%) and net margin (13.2%) indicates tight cost control with minimal non-operating drag. Net margin has narrowed from 19.4% a year ago, reflecting increased costs or interest expense.
JHG trades at a P/E of 9.9x (below the broader market average) and a P/S of 2.5x. The price-to-book ratio of 1.5x reflects a moderate premium to book value.
The company generated $231.60M in free cash flow over the trailing twelve months, a 25633.3% increase year-over-year, indicating cash generation ability. The balance sheet shows $7.80B in total assets with $395.60M in long-term debt against $5.18B in stockholders equity for a debt-to-equity ratio of 0.1, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are expanding at ~27.1%, suggesting durable pricing power and cost discipline.
ROE is positive at ~11.0% on average, adequate but below the threshold typically associated with wide moats.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (7 of 7 quarters up), with ~42.0% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~27.4% — no sign of cost or pricing stress.
FCF covers net income by 2.3x on average — earnings are well-supported by cash generation.
D/E ratio is 0.1 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares decreased 3.5% — net buybacks are reducing shares outstanding and boosting per-share value.