MeritValue

Janus Henderson Group Ltd.

JHGdata completeness 100%11 fiscal years on file
The thesis, from the filings

Janus Henderson Group Ltd. earns about 14% on invested capital, and has bought back 9% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$2.77B1$2.2B2$2.1B3$2.47B3$3.1B3
Net income$618.5M4$372.4M5$392M6$408.9M6$815.9M6
Operating cash flow$895.4M7$473.3M8$441.6M9$694.6M9$719.5M9
Capital expenditure$10.4M10$17.6M11$10.8M12$10.1M12$8.6M12
Free cash flow (derived)$885M7$455.7M8$430.8M9$684.5M9$710.9M9
Total debt$310.4M13$307.5M14$304.6M15$395M16$395.5M16
Cash & equivalents$1.12B17$1.16B18$1.15B19$1.22B20$1.25B20
Diluted shares168.5M162.0M160.5M155.8M152.7M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$334.54
your share of equity
Profit it earned you last year
$53.43
Free cash flow it threw off
$46.56
Debt you’d be carrying
$25.9

10 shares is a claim on $334.54 of net worth that earned you $53.43 and generated $46.56 of cash last year, against $25.9 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
14% avg · 5y
FY21 16%FY22 8%FY23 12%FY24 12%FY25 22%

It earned an average 14% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−9% shares · 5y

Share count is down 9% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 27% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth —

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001437749-24-005720 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001437749-25-005488 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001437749-26-005628 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001437749-24-005720 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001437749-25-005488 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001437749-26-005628 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001437749-24-005720 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001437749-25-005488 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001437749-26-005628 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001437749-24-005720 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001437749-25-005488 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001437749-26-005628 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001558370-23-002417 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0001437749-24-005720 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0001437749-25-005488 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001437749-26-005628 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0001437749-24-005720 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  18. 10-K · period ending 2022-12-31 · accession 0001437749-24-005720 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001437749-25-005488 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001437749-26-005628 (CashAndCashEquivalentsAtCarryingValue)