Janus Henderson Group

JHG

Asset Management · Financial Services

Price

$51.95

-0.02 (-0.04%)

Market Cap

$8.00B

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Share count falling — buybacks

−9.4% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 168.5M (2021) → 152.7M (2025)

Janus Henderson Group is an investment management company. It manages money on behalf of individuals, financial advisors, pension funds, and large institutions around the world. The company runs hundreds of mutual funds, ETFs, and other investment portfolios across stocks, bonds, and alternative assets.

Janus Henderson earns money by charging fees based on how much money it manages — a model called assets under management, or AUM. The more money clients invest with them, and the better markets perform, the more revenue the company collects. It operates globally, with major offices in the US, UK, and Australia, and manages roughly $350 billion in client assets. Its main competitive advantage is its lineup of well-known active investment strategies, but active managers face a long-running challenge as investors increasingly shift money into cheaper, passive index funds — a trend that puts steady pressure on fees and client retention.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+13.1% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-23.4% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

0.5%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$1.4B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Janus Henderson Group is a rare growth stock that's already generating positive cash flow while growing at 13%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

73.0%

Premium pricing power — 73.0% gross margin

Operating Margin

18.1%

Healthy — 18.1% operating margin

ROCE

2.3%

Weak — 2.3% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+25.0%

Fast-growing sales (25.0% YoY)

EPS YoY

+101.6%

Earnings growing fast (101.6% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

124%

Turns 124% of profit into real cash

FCF Margin

19.5%

Converts sales into free cash efficiently (19.5%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

0.08

Conservative — low debt load (0.08)

Interest Cover

38.63x

Comfortably covers interest (38.6x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

10.2x

Attractive valuation — P/E 10.2

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

-1.1

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend Yield

1.54%

Small dividend — 1.54% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth

+1.9%

Dividend flat

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