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Janus Henderson Financials

JHG
Trailing 12 months to March 31, 2026
Revenue $3.2B +24.5% YoY
Net Income $786.1M +96.8% YoY
EPS (Diluted) $5.06 +101.6% YoY
Free Cash Flow $941.6M +36.0% YoY
Source SEC Filings (10-K/10-Q) Latest period Q1 FY2026, ended Mar 31, 2026 Reported Currency USD FYE December

Janus Henderson (JHG) reported $3.2B in revenue over the twelve months to Mar 31, 2026, up 24.5% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 11 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI JHG FY2025

FY2025’s dominant mechanic is operating leverage: revenue recovery translated into disproportionate operating profit, while cash conversion lagged reported earnings.

Net income nearly doubled from FY2024 to FY2025, but operating cash flow rose only 3.6%, making the latest earnings surge materially less cash-backed than the prior year. With free cash flow at 98.8% of operating cash flow and capex of $8.6M, the shortfall is not a reinvestment burden; it is primarily a conversion gap between accounting profit and cash.

Revenue recovery translated into operating margin expansion, from 26.1% in FY2024 to 31.5% in FY2025. SG&A rose 15.8% while revenue rose 25.2%, indicating fixed-cost absorption or operating efficiency rather than merely top-line recovery.

Current ratio rose from 3.6x to 4.2x as assets grew 19.0%, suggesting expansion was accompanied by greater short-term balance-sheet capacity. Debt-to-equity stayed below 0.1x, so the asset increase does not appear primarily debt-funded.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Profitability Growth Leverage Liquidity CashFlow Returns 87 / 100
Financial Health Score 87/100

Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Janus Henderson's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability
91

Janus Henderson has an operating margin of 31.5%, meaning the company retains $32 of operating profit per $100 of revenue. This strong profitability earns a score of 91/100, reflecting efficient cost management and pricing power. This is up from 26.1% the prior year.

Growth
83

Janus Henderson's revenue surged 25.2% year-over-year to $3.1B, reflecting rapid business expansion. This strong growth earns a score of 83/100.

Leverage
95

Janus Henderson carries a low D/E ratio of 0.08, meaning only $0.08 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 95/100, indicating a strong balance sheet with room for future borrowing.

Liquidity
87

With a current ratio of 4.18, Janus Henderson holds $4.18 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 87/100.

Cash Flow
90

Janus Henderson converts 22.9% of revenue into free cash flow ($710.9M). This strong cash generation earns a score of 90/100.

Returns
75

Janus Henderson earns a strong 16.0% return on equity (ROE), meaning it generates $16 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 75/100. This is up from 8.9% the prior year.

Altman Z-Score Safe
3.65

Janus Henderson scores 3.65, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($8.0B) relative to total liabilities ($2.2B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial
7/8

Janus Henderson passes 7 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, all 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Mixed
0.88x

For every $1 of reported earnings, Janus Henderson generates $0.88 in operating cash flow ($719.5M OCF vs $815.9M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage Safe
40.36x

Janus Henderson earns $40.36 in operating income for every $1 of interest expense ($976.8M vs $24.2M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

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Earnings & Revenue

Revenue
$3.1B
YoY+25.2%
5Y CAGR+6.1%
10Y CAGR+10.4%

Janus Henderson generated $3.1B in revenue in fiscal year 2025. This represents an increase of 25.2% from the prior year.

EBITDA
$1.0B
YoY+51.2%
5Y CAGR+41.7%
10Y CAGR+11.5%

Janus Henderson's EBITDA was $1.0B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 51.2% from the prior year.

Net Income
$815.9M
YoY+99.5%
5Y CAGR+40.1%
10Y CAGR+9.4%

Janus Henderson reported $815.9M in net income in fiscal year 2025. This represents an increase of 99.5% from the prior year.

EPS (Diluted)
$5.23
YoY+104.3%
5Y CAGR+49.5%

Janus Henderson earned $5.23 per diluted share (EPS) in fiscal year 2025. This represents an increase of 104.3% from the prior year.

Cash & Balance Sheet

Free Cash Flow
$710.9M
YoY+3.9%
5Y CAGR+2.5%
10Y CAGR+6.6%

Janus Henderson generated $710.9M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 3.9% from the prior year.

Cash & Debt
$1.3B
YoY+3.0%
5Y CAGR+2.5%
10Y CAGR+7.9%

Janus Henderson held $1.3B in cash against $395.5M in long-term debt as of fiscal year 2025.

Dividends Per Share
$1.59
YoY+1.9%
5Y CAGR+2.0%

Janus Henderson paid $1.59 per share in dividends in fiscal year 2025. This represents an increase of 1.9% from the prior year.

Shares Outstanding
154M
YoY-2.2%
5Y CAGR-2.2%

Janus Henderson had 154M shares outstanding in fiscal year 2025. This represents a decrease of 2.2% from the prior year.

Margins & Returns

Operating Margin
31.5%
YoY+5.4pp
5Y CAGR+26.0pp
10Y CAGR+4.1pp

Janus Henderson's operating margin was 31.5% in fiscal year 2025, reflecting core business profitability. This is up 5.4 percentage points from the prior year.

Net Margin
26.3%
YoY+9.8pp
5Y CAGR+19.8pp
10Y CAGR-2.3pp

Janus Henderson's net profit margin was 26.3% in fiscal year 2025, showing the share of revenue converted to profit. This is up 9.8 percentage points from the prior year.

Return on Equity
16.0%
YoY+7.1pp
5Y CAGR+12.8pp
10Y CAGR-1.4pp

Janus Henderson's ROE was 16.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 7.1 percentage points from the prior year.

Gross Margin

Not reported for fiscal year 2025.

Capital Allocation

Capital Expenditures
$8.6M
YoY-14.9%
5Y CAGR-13.5%
10Y CAGR-3.4%

Janus Henderson invested $8.6M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 14.9% from the prior year.

R&D Spending

Not reported for fiscal year 2025.

Share Buybacks

Not reported for fiscal year 2025.

JHG Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

JHG quarterly income statement
MetricQ1'26Q4'25Q3'25Q2'25Q1'25Q4'24Q3'24Q2'24
Revenue$690.0M-39.6%$1.1B+63.1%$700.4M+10.6%$633.2M+1.9%$621.4M-12.3%$708.3M+13.4%$624.8M+6.2%$588.4M
SG&A Expenses$128.0M+18.8%$107.7M+27.3%$84.6M+5.2%$80.4M+6.3%$75.6M-14.0%$87.9M+13.6%$77.4M+15.7%$66.9M
Operating Income$113.9M-76.6%$487.4M+183.4%$172.0M+5.0%$163.8M+6.6%$153.6M-22.2%$197.5M+19.9%$164.7M+0.2%$164.3M
Interest Expense$6.3M+3.3%$6.1M-3.2%$6.3M+6.8%$5.9M0.0%$5.9M-18.1%$7.2M+60.0%$4.5M+40.6%$3.2M
Income Tax$29.1M-75.9%$120.9M+168.7%$45.0M-4.7%$47.2M+44.8%$32.6M-32.8%$48.5M+11.2%$43.6M+4.8%$41.6M
Net Income$90.9M-77.5%$403.2M+183.7%$142.1M-5.2%$149.9M+24.2%$120.7M-0.9%$121.8M+346.2%$27.3M-79.0%$129.7M
EPS (Diluted)$0.59-77.3%$2.60+182.6%$0.92-3.2%$0.95+23.4%$0.77+1.3%$0.76+347.1%$0.17-79.0%$0.81

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses.

JHG Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

JHG quarterly balance sheet
MetricQ1'26Q4'25Q3'25Q2'25Q1'25Q4'24Q3'24Q2'24
Total Assets$7.8B-5.8%$8.3B+8.8%$7.6B+2.2%$7.5B+4.7%$7.1B+2.2%$7.0B-4.1%$7.3B+13.3%$6.4B
Current Assets$3.3B-12.4%$3.8B+21.0%$3.2B+6.7%$3.0B+7.4%$2.8B+4.3%$2.6B-15.8%$3.1B+31.9%$2.4B
Cash & Equivalents$1.4B+10.1%$1.3B+25.8%$996.9M+13.0%$882.6M-18.5%$1.1B-11.0%$1.2B-18.0%$1.5B+46.3%$1.0B
Goodwill$1.6B-0.8%$1.6B0.0%$1.6B-0.8%$1.6B+2.9%$1.6B+2.4%$1.6B+14.7%$1.4B+5.3%$1.3B
Total Liabilities$2.1B-4.1%$2.2B+12.0%$1.9B+7.1%$1.8B+2.9%$1.8B-6.6%$1.9B-12.0%$2.1B+34.2%$1.6B
Current Liabilities$858.6M-5.9%$912.5M+16.3%$784.3M+19.1%$658.4M+4.7%$629.1M-14.4%$735.0M-27.7%$1.0B+73.2%$586.9M
Long-Term Debt$395.6M0.0%$395.5M0.0%$395.4M+0.1%$395.2M0.0%$395.2M+0.1%$395.0M-0.3%$396.2M+30.7%$303.1M
Total Equity$5.2B+1.4%$5.1B+6.9%$4.8B+0.2%$4.8B+1.6%$4.7B+2.3%$4.6B-0.9%$4.6B+3.5%$4.5B
Retained Earnings$1.6B+6.0%$1.5B+26.7%$1.2B+1.3%$1.2B+3.4%$1.1B+3.0%$1.1B+0.8%$1.1B-6.3%$1.2B

Not reported in any period shown, so not listed: Inventory, Accounts Receivable.

JHG Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

JHG quarterly cash flow statement
MetricQ1'26Q4'25Q3'25Q2'25Q1'25Q4'24Q3'24Q2'24
Operating Cash Flow$234.8M-27.2%$322.7M+24.7%$258.8M+91.4%$135.2M+4728.6%$2.8M-98.9%$247.3M+8.2%$228.5M+2.1%$223.8M
Capital Expenditures$3.2M+39.1%$2.3M-4.2%$2.4M+20.0%$2.0M+5.3%$1.9M-50.0%$3.8M+46.2%$2.6M+36.8%$1.9M
Free Cash Flow$231.6M-27.7%$320.4M+25.0%$256.4M+92.5%$133.2M+14700.0%$900K-99.6%$243.5M+7.8%$225.9M+1.8%$221.9M
Investing Cash Flow-$159.7M-1002.3%$17.7M-55.1%$39.4M+113.5%-$290.8M-27.9%-$227.3M-613.1%$44.3M+120.6%-$215.0M-256.0%-$60.4M
Financing Cash Flow$48.9M+155.7%-$87.8M+46.2%-$163.2M-141.1%-$67.7M-185.1%$79.6M+115.3%-$518.9M-222.2%$424.6M+934.2%-$50.9M
Dividends Paid$0-100.0%$61.5M-1.4%$62.4M-2.2%$63.8M+3.7%$61.5M-0.8%$62.0M-0.5%$62.3M-0.5%$62.6M

Not reported in any period shown, so not listed: Share Buybacks.

JHG Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples.

JHG quarterly financial ratios
MetricQ1'26Q4'25Q3'25Q2'25Q1'25Q4'24Q3'24Q2'24
Operating Margin16.5%-26.2pp42.7%+18.1pp24.6%-1.3pp25.9%+1.1pp24.7%-3.2pp27.9%+1.5pp26.4%-1.6pp27.9%
Net Margin13.2%-22.1pp35.3%+15.0pp20.3%-3.4pp23.7%+4.2pp19.4%+2.2pp17.2%+12.8pp4.4%-17.7pp22.0%
Return on Equity1.8%-6.1pp7.9%+4.9pp3.0%-0.2pp3.1%+0.6pp2.6%-0.1pp2.6%+2.1pp0.6%-2.3pp2.9%
Return on Assets1.2%-3.7pp4.9%+3.0pp1.9%-0.1pp2.0%+0.3pp1.7%-0.1pp1.8%+1.4pp0.4%-1.6pp2.0%
Current Ratio3.89-0.3x4.18+0.2x4.02-0.5x4.49+0.1x4.38+0.8x3.59+0.5x3.08-1.0x4.05
Debt-to-Equity0.080.0x0.080.0x0.080.0x0.080.0x0.080.0x0.090.0x0.090.0x0.07
FCF Margin33.6%+5.5pp28.1%-8.6pp36.6%+15.6pp21.0%+20.9pp0.1%-34.2pp34.4%-1.8pp36.2%-1.6pp37.7%

Not reported in any period shown, so not listed: Gross Margin.

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Frequently Asked Questions

What is Janus Henderson's annual revenue?

Janus Henderson (JHG) reported $3.1B in total revenue for fiscal year 2025. This represents a 25.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Janus Henderson's revenue growing?

Janus Henderson (JHG) revenue grew by 25.2% year-over-year, from $2.5B to $3.1B in fiscal year 2025.

Is Janus Henderson profitable?

Yes, Janus Henderson (JHG) reported a net income of $815.9M in fiscal year 2025, with a net profit margin of 26.3%.

Janus Henderson (JHG) reported diluted earnings per share of $5.23 for fiscal year 2025. This represents a 104.3% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Janus Henderson (JHG) had EBITDA of $1.0B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2025, Janus Henderson (JHG) had $1.3B in cash and equivalents against $395.5M in long-term debt.

Janus Henderson (JHG) had an operating margin of 31.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

Janus Henderson (JHG) had a net profit margin of 26.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Yes, Janus Henderson (JHG) paid $1.59 per share in dividends during fiscal year 2025.

Janus Henderson (JHG) has a return on equity of 16.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Janus Henderson (JHG) generated $710.9M in free cash flow during fiscal year 2025. This represents a 3.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

Janus Henderson (JHG) generated $719.5M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Janus Henderson (JHG) had $8.3B in total assets as of fiscal year 2025, including both current and long-term assets.

Janus Henderson (JHG) invested $8.6M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Janus Henderson (JHG) had 154M shares outstanding as of fiscal year 2025.

Janus Henderson (JHG) had a current ratio of 4.18 as of fiscal year 2025, which is generally considered healthy.

Janus Henderson (JHG) had a debt-to-equity ratio of 0.08 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Janus Henderson (JHG) had a return on assets of 9.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Janus Henderson (JHG) has an Altman Z-Score of 3.65, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

Janus Henderson (JHG) has a Piotroski F-Score of 7 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Janus Henderson (JHG) has an earnings quality ratio of 0.88x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Janus Henderson (JHG) has an interest coverage ratio of 40.36x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

Janus Henderson (JHG) scores 87 out of 100 on our Financial Health Score, indicating strong standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.

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